Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company's catalyst business is expected to benefit from the implementation of the National VII standards, while the high-end composite materials business is anticipated to become a new growth driver [1][49]. - The company has established a three-pronged business matrix focusing on environmental catalysts, energy storage, and high-performance composite materials, with high-end composites being a strategic direction for future development [1][54]. Summary by Sections Catalyst Business - The company is a leading domestic manufacturer of exhaust treatment catalysts, having achieved the localization of National VI automotive treatment agents. The implementation of National VII standards will align China's vehicle emission standards with international levels, leading to stricter emission controls and market expansion opportunities [1][49]. - The company has developed a comprehensive product system for various vehicle types, including gasoline, diesel, and natural gas vehicles, and is actively expanding into hydrogen fuel cell catalysts [49][53]. High-End Composite Materials - The performance advantages of carbon fiber composites are significant, with applications in both military and civilian aircraft. The demand for military aircraft is expected to grow, and the civil aviation sector is entering a trillion-yuan market [2][24]. - The company has initiated the construction of a composite structure project in Chengdu, with planned annual production capacities of 1 million square meters of prepreg, 80 tons of aerospace composite materials, and 10,000 assembled aerospace composite parts [2][55]. Financial Forecast and Valuation - The company is projected to have a net profit of -27 million yuan in 2024, followed by 57 million yuan in 2025 and 238 million yuan in 2026. The report maintains these profit forecasts and the "Buy" rating [3][58]. - Revenue is expected to grow significantly from 447 million yuan in 2022 to 3.143 billion yuan in 2026, reflecting a compound annual growth rate driven by the catalyst and composite materials businesses [4][60].

Core Viewpoint - The company is set to release 49,095,957 shares of restricted stock for public trading on April 22, 2025, which represents 41.07% of the total share capital after the initial public offering [2][19]. Group 1: Stock Listing Details - The type of stock being listed is restricted shares from the initial public offering, with a total of 49,095,957 shares available for trading [2][18]. - The total share capital of the company after the initial public offering is 119,564,509 shares, with restricted shares accounting for 41.07% of this total [5][19]. - The lock-up period for these restricted shares is set for 42 months from the date of the company's stock listing [4][19]. Group 2: Shareholder Information - The restricted shares involve six holders, including the company's actual controller and major shareholders, with the largest holder being Chen Qizhang [4][19]. - The company has made commitments regarding the transfer and management of these shares, ensuring compliance with relevant regulations [6][10]. Group 3: Changes in Share Capital - The company underwent a capital increase through a distribution of profits and capital reserves, resulting in an increase in total share capital from 86,034,976 shares to 120,242,886 shares before adjustments [5]. - Following the cancellation of certain repurchased shares, the total share capital was reduced to 119,564,509 shares [5]. Group 4: Regulatory Compliance - The company has confirmed that the release of restricted shares complies with the regulations set forth by the Shanghai Stock Exchange and other relevant authorities [17].

证券代码：688737 证券简称：中自科技 公告编号：2025-014 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 49,095,957 股。 本次股票上市流通总数为 49,095,957 股。 中自科技股份有限公司 首次公开发行部分限售股票上市流通公告 本次股票上市流通日期为 2025 年 4 月 22 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2021 年 8 月 24 日出具的《关于同意中自环 保科技股份有限公司首次公开发行股票注册的批复》（证监许可[2021]2761 号），公 司获准向社会公开发行人民币普通股（A 股）21,508,744 股，并于 2021 年 10 月 22 日在上海证券交易所科创板挂牌上市。本公司首次公开发行 A 股前总股本为 64,526,232 股，首次公开发行 A 股后公司总股本为 86,034,976 股。其中有限售条 件流通股 68,201,571 股，占本公司发行后总股本的 ...

申万宏源证券承销保荐有限责任公司 关于中自科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 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》《科创板上市公司持续监管办法（试行）》等有关法律、法规的规定，申 万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保荐机 构"）作为中自科技股份有限公司（以下简称"中自科技"、"发行人"或"公司"）持 续督导工作的保荐机构，对中自科技限售股上市流通事项进行了审慎核查，并出 具核查意见如下： 一、本次上市流通的限售股类型 公司于 2024 年 8 月 29 日召开第三届董事会第二十六次会议、于 2024 年 9 月 19 日召开 2024 年第二次临时股东会，审议通过了《关于变更部分回购股份用 途并注销暨减少注册资本的议案》，同意公司将存放于回购专用证券账户中 2023 年回购计划回购的 678,377 股股份的用途进行变更并予注销。本次注销完成后， 公司总股本将由 120,242,886 股减少为 119,564,509 股。 截至本核查意见披露日，公司总股本为 119,564,509 股，本次上市流通的限 售股股份数量 ...

截至2025年4月3日收盘，中自科技(688737)报收于18.42元，下跌2.49%，换手率2.29%，成交量1.62万 手，成交额2986.37万元。 交易信息汇总: 当日主力资金净流出343.05万元，占总成交额11.49%。 公司公告汇总: 截至2025年3月31日，中自科技已累计回购公司股份2062238股，占公司总股本的 比例为1.72%，支付的资金总额为人民币29989791.76元。 交易信息汇总 当日主力资金净流出343.05万元，占总成交额11.49%；游资资金净流入290.91万元，占总成交额 9.74%；散户资金净流入52.14万元，占总成交额1.75%。 中自科技股份有限公司关于以集中竞价交易方式回购公司股份的进展公告。截至2025年3月31日，公司 通过上海证券交易所交易系统以集中竞价交易方式已累计回购公司股份2062238股，占公司总股本的比 例为1.72%，回购成交的最高价为17.30元/股，最低价为13.06元/股，支付的资金总额为人民币 29989791.76元（不含印花税、交易佣金等交易费用）。公司于2024年6月6日召开第三届董事会第二十 四次临时会议，审议通过了关于以 ...

Core Viewpoint - The company has made significant progress in its share repurchase program, having repurchased a total of 2,062,238 shares, which represents 1.72% of its total share capital, with a total expenditure of approximately RMB 29.99 million [1][2]. Group 1: Share Repurchase Information - The company approved a share repurchase plan on June 6, 2024, allowing for the use of between RMB 20 million and RMB 40 million of its own funds for the repurchase within 12 months from the date of approval [1][2]. - As of March 31, 2025, the repurchase was executed at a maximum price of RMB 17.30 per share and a minimum price of RMB 13.06 per share [1][2]. - The total number of shares repurchased so far is 2,062,238, with a total payment amounting to RMB 29,989,791.76, excluding transaction fees [2]. Group 2: Compliance and Future Actions - The company will adhere to the relevant regulations and guidelines regarding share repurchase and will make decisions based on market conditions during the repurchase period [2]. - The company commits to timely information disclosure regarding the progress of the share repurchase to keep investors informed [2].

证券代码：688737 证券简称：中自科技 公告编号：2025-013 中自科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司于 2024 年 6 月 6 日召开第三届董事会第二十四次临时会议，审议通过 了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用不低于 人民币 2,000.00 万元、不超过人民币 4,000.00 万元的自有资金，以不超过人民币 29.10 元/股的价格，通过集中竞价交易方式回购公司股份，回购期限自董事会审 议通过回购股份方案之日起 12 个月内。 具体内容详见公司于 2024 年 6 月7 日在上海证券交易所网站（www.sse.com） 披露的《中自科技股份有限公司关于以集中竞价交易方式回购公司股份方案的公 告》（公告编号：2024-031）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购期间，应当在每个月的前 ...

Core Viewpoint - The company, Zhongzi Technology, is focusing on transforming technological achievements into production capabilities, particularly in the fields of automotive exhaust catalysts, energy storage, and hydrogen energy, amidst a supportive policy environment for private enterprises in China [1][2][6]. Group 1: Company Development and Strategy - Zhongzi Technology has established a three-pronged business matrix consisting of environmental catalysts, energy storage, and high-performance composite materials, aiming for a tiered development strategy [1][2]. - The company has successfully transitioned from laboratory products to industrial products through collaboration with universities, particularly in mastering core technologies for automotive exhaust catalysts [2]. - The company emphasizes the importance of technological innovation as the primary productivity driver for private enterprises, especially during the current transformation phase of the Chinese economy [2][6]. Group 2: Market Opportunities and Growth - The rapid growth of new energy vehicles, particularly plug-in hybrid vehicles, is a significant driver for the company's sales, with expectations to sell over one million passenger car catalysts in 2024, nearly half of which will support new energy vehicles [3]. - The implementation of stringent emission standards, such as the National VIb and upcoming National VII standards, is expected to increase market demand for the company's catalyst products [3]. - Zhongzi Technology aims to achieve domestic production of volatile organic compound catalysts and has become a primary supplier for major projects, indicating a strong position in the industrial catalyst market [4]. Group 3: Emerging Business Segments - The company is actively developing its energy storage business, targeting both residential and commercial markets, with a projected revenue growth of nearly four times in 2024 compared to 2023 [5]. - High-performance composite materials are under capacity construction, with applications expected in aerospace, rail transportation, and humanoid robotics [5]. - The hydrogen energy sector is a strategic focus, with the company participating in national key research projects and aiming to become a leading supplier of hydrogen fuel cell catalysts [5][6].

Core Viewpoint - The company has announced its external guarantee plan for 2024, providing guarantees to its wholly-owned subsidiaries to support their project financing needs [1][3]. Group 1: Guarantee Details - The company has provided a guarantee of 24 million yuan for its subsidiary, Sichuan Zhongzi Future Energy Co., Ltd., and a guarantee of 200 million yuan for Sichuan Zhongzi Composite Materials Co., Ltd., with both amounts included in the total guarantee balance [1][3]. - The guarantees are aimed at supporting the construction funding needs of the subsidiaries, specifically for replacing shareholder loans related to energy storage projects and for the establishment of a manufacturing base for complex high-performance composite materials [3][4]. Group 2: Internal Decision-Making Process - The guarantees were approved in the company's third board meeting and the third extraordinary shareholders' meeting, allowing for a total external guarantee limit of up to 1.05 billion yuan for 2024 [4][5]. - The approved guarantee limits for the subsidiaries are 200 million yuan for Zhongzi Future and 250 million yuan for Zhongzi Composite, effective until the next annual shareholders' meeting [4][5]. Group 3: Financial Overview - As of the announcement date, the total external guarantee amount provided by the company is 224 million yuan, which accounts for 11.90% of the company's audited net assets for 2023, with no overdue guarantees reported [6].

证券代码：688737 证券简称：中自科技 公告编号：2025-011 中自科技股份有限公司 关于 2024 年度对外担保计划的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 被担保人均系中自科技股份有限公司（以下简称"公司"或"中自科技"） 合并报表范围内子公司，四川中自未来能源有限公司（以下简称"中自未来"）、 四川中自复合材料有限公司（以下简称"中自复材"）均系公司的全资子公司， 不属于关联担保。 本次担保金额及已实际为其提供的担保余额：公司本次为中自未来提供 的担保金额为 2,400 万元，截至本公告披露日，公司已实际为中自未来提供的担 保余额为 2,400 万元（含本次担保）；公司本次为中自复材提供的担保金额为 20,000 万元，截至公告披露日，公司已实际为中自复材提供的担保余额为 20,000 万元（含本次担保）。 本次担保已经公司第三届董事会第二十八次临时会议、2024 年第三次临 时股东会审议通过。 一、担保情况概述 为满足子公司中自未来项目建设资金需求，近日公司与中国民生银行股 ...