国投证券股份有限公司 关于北京同益中新材料科技股份有限公司 首次公开发行股票并在科创板上市之保荐总结报告书 2021 年 10 月 19 日，北京同益中新材料科技股份有限公司（以下简称"同 益中""公司"或"发行人"）在上海证券交易所科创板上市。国投证券股份有限 公司（以下简称"国投证券"或"保荐机构"，曾用名为"安信证券股份有限公 司"）作为同益中持科创板上市的联合保荐机构，负责同益中上市后的持续督导 工作，持续督导期为 2021 年 10 月 19 日至 2024 年 12 月 31 日。截至 2024 年 12 月 31 日，同益中首次公开发行股票并在科创板上市的持续督导期限己满，公司 首次公开发行股票募集资金已使用完毕。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法 律、法规的规定，保荐机构出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及 ...

华泰联合证券有限责任公司 关于北京同益中新材料科技股份有限公司 首次公开发行股票并在科创板上市之保荐总结报告书 2021 年 10 月 19 日，北京同益中新材料科技股份有限公司（以下简称"同 益中""公司"或"发行人"）在上海证券交易所科创板上市。华泰联合证券有限 责任公司（以下简称"华泰联合证券"或"保荐机构"）作为同益中科创板上市 的联合保荐机构，负责同益中上市后的持续督导工作，持续督导期为 2021 年 10 月 19 日至 2024 年 12 月 31 日。截至 2024 年 12 月 31 日，同益中首次公开发行 股票并在科创板上市的持续督导期限己满，公司首次公开发行股票募集资金已使 用完毕。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法 律、法规的规定，保荐机构出具本保荐总结报告书。 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 ...

4月9日同益中(688722)收盘价17.45元，收盘涨停，全天换手率8.21%，振幅15.79%，成交额3.03亿元。 科创板交易公开信息显示，当日该股因日收盘价涨幅达15%等上榜。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.15亿元， 其中，买入成交额为6155.12 万元，卖出成交额为5302.61万元，合计净买入852.51万元。具体来看，今日上榜的前五大买入营业部 中，有1家机构专用席位现身，即买二，买入金额分别为1377.24万元，营业部合计买入4777.88万元。卖 出营业部中，卖出金额居首的是中国银河证券股份有限公司烟台证券营业部，卖出金额为2020.88万 元。买卖金额相抵，机构专用席位今日净买入该股1377.24万元。 资金流向方面，该股今日全天主力资金净流入2138.61万元。（数据宝） 同益中4月9日龙虎榜 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 国泰海通证券股份有限公司总部 | 1730.54 | | 机构专用 | 1377.24 | | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 1079.61 | | 摩 ...

融资融券数据显示，该股最新（4月8日）两融余额为1.23亿元，其中，融资余额为1.23亿元，较上一个 交易日减少62.95万元，降幅为0.51%；近10日两融余额合计增加408.81万元，增幅为3.43%，其间融资 余额增长3.43%。 4月9日盘中科创板股同益中涨停，截至14:10，股价报17.45元，成交2.96亿元，换手率8.03%，振幅 16.37%。 科创板个股中，截至发稿上涨的共有538只，涨幅在10%以上的共有16只，涨幅较高的有同益中、皖仪 科技、品高股份等，分别上涨20.01%、19.99%、17.46%，下跌的有45只，跌幅较大的有圣诺生物、浩 欧博、百济神州-U，分别下跌6.30%、5.91%、3.84%。 资金面上，同益中上一交易日主力资金净流出941.37万元，近5日净流出1385.62万元。 3月29日公司发布的2024年报数据显示，2024年公司共实现营业收入6.49亿元，同比增长1.41%，实现净 利润1.30亿元，同比下降15.25%。4月9日公司公布了一季报业绩预告，预计实现净利润4444.10万元， 同比增长153.27%。 从机构评级来看，近一个月该股获6家机构买入评级 ...

Core Viewpoint - The technology innovation sector, particularly the STAR Market, is experiencing a strong rebound driven by multiple positive signals, including significant policy support and increased capital inflow [1][2]. Group 1: Market Performance - The STAR Market Index ETF, Huatai-PineBridge (589080), saw a sharp rebound, rising nearly 3% and at one point exceeding 4%, with a trading volume surpassing 31 million yuan, indicating a significant increase in trading activity compared to the previous day [1]. - Major component stocks of the STAR Market ETF experienced substantial gains, with Tongyi rising over 18%, and other companies like Xindong Lian Ke and Guokai Military Industry increasing by over 14% [1]. Group 2: Policy and Institutional Support - Recent policies, including stock buybacks and increased investments from state-owned enterprises, are creating a synergistic effect that is expected to enhance the attractiveness of A-share core assets [1][2]. - Guoxin Investment Co. plans to increase its holdings in central enterprise stocks and technology innovation stocks through stock buybacks and special re-loans, with an initial amount of 80 billion yuan [1]. Group 3: Market Outlook - According to China International Capital Corporation (CICC), the risk of further declines in the A-share market is limited, supported by historical trends where state-owned enterprises tend to increase stock holdings during liquidity risk phases [2]. - Guoxin Securities emphasizes that technological self-reliance and autonomy are crucial for overcoming challenges posed by trade conflicts, particularly for the domestic electronics industry [2].

Financial Performance Forecast - The company expects to achieve approximately CNY 252.99 million in revenue for Q1 2025, an increase of approximately CNY 141.49 million, representing a year-on-year growth of approximately 126.90%[3] - The estimated net profit attributable to the parent company for Q1 2025 is approximately CNY 44.44 million, an increase of approximately CNY 26.89 million, reflecting a year-on-year increase of approximately 153.27%[3] - The estimated net profit attributable to the parent company after deducting non-recurring gains and losses for Q1 2025 is approximately CNY 41.00 million, an increase of approximately CNY 25.76 million, indicating a year-on-year growth of approximately 168.92%[3] - In Q1 2024, the company reported revenue of CNY 111.50 million and a net profit of CNY 17.55 million attributable to the parent company[6] Performance Drivers - The significant performance increase is attributed to the company's strengths in R&D innovation, production processes, capacity layout, and lean management, as well as the revenue and profit contributions from the acquisition of Supermes[7] Forecast Validity and Disclosure - The performance forecast has not been audited by registered accountants and is based on preliminary calculations by the company's finance department[4] - The company has not identified any major uncertainties that could affect the accuracy of this performance forecast[8] - Investors are advised that the above forecast data is preliminary and the specific financial data will be disclosed in the official Q1 2025 report[9] - The performance forecast period is from January 1, 2025, to March 31, 2025[2] - The announcement was made by the board of directors on April 9, 2025[11]

Core Viewpoint - In 2024, the company achieved revenue of 649 million yuan, a year-on-year increase of 1.41%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year decrease of 15.25%. The future outlook suggests growth in civilian applications such as marine industry, safety protection, and sports equipment due to increased supply and improved technology. The ultra-high molecular weight polyethylene (UHMWPE) fiber possesses exceptional properties, making it suitable for applications in humanoid robotic dexterous hands, indicating a broad market potential. The company is expanding capacity through both mergers and acquisitions and organic growth, focusing on the aramid industry for dual-driven development [1][2][3]. Financial Performance - The company reported revenue of 649 million yuan for 2024, with quarterly revenues of 112 million, 143 million, 173 million, and 222 million yuan for Q1, Q2, Q3, and Q4 respectively. The net profit attributable to shareholders for the quarters was 18 million, 30 million, 34 million, and 49 million yuan [2]. Product Performance - The high-strength PE segment generated revenue of 355 million yuan, a year-on-year increase of 8.32%, with a gross margin of 30.24%, down 7.3 percentage points. The composite materials segment achieved revenue of 283 million yuan, a year-on-year increase of 0.01%, with a gross margin of 46.73%, up 7.2 percentage points. Sales volumes for fibers and composite materials reached 5722 tons and 991 tons, representing year-on-year increases of 41.60% and 63.19% respectively [3]. Market Outlook - The global UHMWPE fiber market is projected to grow at a compound annual growth rate (CAGR) of approximately 7.4% from 2022 to 2025, and around 6% from 2025 to 2030. By 2030, the demand for UHMWPE fiber is expected to reach 200,000 tons. Major domestic companies focusing on capacity expansion include Jiujiumu, Tongyizhong, Qianxilong Fiber, and Nanshan Zhishang. The company is also developing applications for medical fibers and dexterous hand tendon materials, with a focus on reducing invasiveness and tissue irritation in medical devices [4]. Growth Strategy - By the end of 2024, the company will have a UHMWPE fiber production capacity of approximately 8560 tons. The company is pursuing external mergers and acquisitions to enter new industries, having completed the acquisition of Supermeis New Materials Co., Ltd., which specializes in aramid fibers and papers. This strategy aims to establish a "FIBER + composite" core industry system, enhancing the company's integration capabilities and overall profitability while moving towards a high-performance fiber cluster development [5]. Profit Forecast - The company forecasts net profits attributable to shareholders of 176 million, 195 million, and 212 million yuan for 2025, 2026, and 2027 respectively, with earnings per share (EPS) of 0.78, 0.87, and 0.94 yuan, corresponding to price-to-earnings (PE) ratios of 20.8X, 18.8X, and 17.2X [5].

Core Viewpoint - The company reported a slight increase in total revenue for 2024, but a significant decline in net profit, indicating challenges in maintaining profitability despite revenue growth [1][2]. Financial Performance - In 2024, the company achieved total revenue of 649 million yuan, a year-on-year increase of 1.41% - The net profit attributable to shareholders was 130 million yuan, a year-on-year decrease of 15.25% - The non-recurring net profit was 124 million yuan, a year-on-year decrease of 14.65% - In Q4 2024, total revenue reached 222 million yuan, with a quarter-on-quarter increase of 82.46% and a year-on-year increase of 28.04% - Q4 net profit was 49 million yuan, with a quarter-on-quarter increase of 130.62% and a year-on-year increase of 41.58% [1]. Product Performance - The company achieved record sales in UHMWPE fibers and non-woven fabrics, with sales volumes of 5722 tons and 991 tons, respectively, representing year-on-year growth of 41.6% and 63.2% - The average price of UHMWPE fibers was 62,000 yuan per ton, a year-on-year decrease of 23.5% due to lower raw material costs - The gross profit margins for UHMWPE fibers and non-woven fabrics were 30.2% and 46.7%, respectively, with year-on-year changes of -7.3 percentage points and +6.8 percentage points [2][3]. Strategic Development - The company has a comprehensive industry chain layout in the UHMWPE fiber sector and aims to expand its core business boundaries by developing a "3+X" future fiber industry system - The focus is on high-performance, multifunctional, and green development in applications such as medical fibers, robotic dexterous hand tendons, and bulletproof equipment [3][4]. Future Growth Potential - The company acquired a new entity to enter the aramid fiber industry, creating a second growth curve - Continuous investment in R&D led to 24 new patent applications and 9 granted patents in 2024 - The global market for UHMWPE fibers is expected to grow at a compound annual growth rate of approximately 6% from 2025 to 2030, with demand projected to reach 200,000 tons by 2030 [4]. Investment Outlook - Projected net profits for 2025-2027 are 200 million, 240 million, and 290 million yuan, respectively, with corresponding price-to-earnings ratios of 19, 15, and 13 times based on the closing price of 16.25 yuan on March 31 - The company anticipates performance growth driven by new capacity, recovery of high-margin composite orders, and expansion into high-end applications [5].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [9][15]. Core Views - The company achieved a total revenue of 649 million yuan in 2024, a year-on-year increase of 1.41%, while the net profit attributable to shareholders was 130 million yuan, a decrease of 15.25% year-on-year [3][4]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 222 million yuan, up 82.46% year-on-year, and net profit increasing by 130.62% to 49 million yuan [3][4]. - The company is expanding its product matrix with differentiated products, focusing on high-performance and multifunctional materials, particularly in emerging applications such as medical fibers and marine engineering [5][6]. Financial Performance - The company reported a gross margin of 37.7% and a net margin of 20.8% for 2024, with a decline in both margins compared to the previous year due to a greater decrease in product prices than in costs [4]. - The sales volume of the main products, UHMWPE fibers and non-woven fabrics, increased by 41.6% and 63.2% respectively in 2024 [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 200 million, 240 million, and 290 million yuan respectively, with corresponding P/E ratios of 19, 15, and 13 times [9][11]. Market Position and Strategy - The company has a comprehensive industry chain layout in the UHMWPE fiber sector and is recognized in various fields including defense, police, aerospace, and marine oil [5]. - The strategic business layout focuses on "FIBER + composite materials" and aims to create a "3+X" future fiber industry system, with recent acquisitions to expand into the aramid fiber sector [5][6]. - The global market for UHMWPE fibers is expected to grow at a compound annual growth rate of approximately 6% from 2025 to 2030, with demand projected to reach 200,000 tons by 2030 [6].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential price increase of over 15% relative to the benchmark index [4][11]. Core Views - The company is positioned as a leading domestic player in ultra-high molecular weight polyethylene (UHMWPE) fiber, benefiting from rapid growth in both defense and civilian downstream demand [4][3]. - The company achieved a revenue of 649 million yuan in 2024, a year-on-year increase of 1.41%, while the net profit attributable to shareholders decreased by 15.25% to 130 million yuan [1][5]. - The company has a strategic focus on expanding its product applications in the medical field and has successfully obtained ISO13485 certification for its medical device quality management system [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 222 million yuan, a year-on-year increase of 82.46%, and a net profit of 49 million yuan, up 130.62% year-on-year [1]. - The revenue from UHMWPE fiber and composite materials in 2024 was 355 million yuan and 283 million yuan, respectively, with year-on-year growth rates of 20.97% and a decline of 11.90% [2]. Product and Market Development - The company has a production capacity of 8,560 tons for UHMWPE fiber and 2,175 tons for composite materials, with significant projects achieving production in 2024 [3]. - The acquisition of 75.80% of Supermes is expected to enhance the company's capabilities in the aramid fiber sector, contributing to a diversified "3+X" fiber industry system [3]. Future Projections - The company is projected to achieve net profits of 190 million yuan, 218 million yuan, and 251 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.85 yuan, 0.97 yuan, and 1.12 yuan [4][5]. - Revenue forecasts for 2025, 2026, and 2027 are 903 million yuan, 1,042 million yuan, and 1,203 million yuan, reflecting growth rates of 39.0%, 15.4%, and 15.4% [5][9].