2024 年半年度持续督导跟踪报告 光大证券股份有限公司 关于江西悦安新材料股份有限公司 | | 发现以下情形之一的，保荐机构应督促上市公 | | | --- | --- | --- | | | 司做出说明并限期改正，同时向上海证券交易 | | | | 所报告：（一）上市公司涉嫌违反《上市规则》 | | | | 等上海证券交易所相关业务规则；（二）证券 | | | | 服务机构及其签名人员出具的专业意见可能存 | 经核查，公司及相关主体未发生 | | 14 | 在虚假记载、误导性陈述或重大遗漏等违法违 | 该等情况。 | | | 规情形或其他不当情形；（三）上市公司出现 | | | | 《保荐办法》第七十一条、第七十二条规定的 | | | | 情形；（四）上市公司不配合保荐机构持续督 | | | | 导工作；（五）上海证券交易所或保荐机构认 | | | | 为需要报告的其他情形。 | | | | | 保荐机构已经制定了现场检查的 | | 15 | 制定对上市公司的现场检查工作计划，明确现 | 相关工作计划，并明确了现场检 | | | 场检查工作要求，确保现场检查工作质量 上市公司出现以下情形之一的，应自知道或 ...

证券代码：688786 证券简称：悦安新材 江西悦安新材料股份有限公司 投资者关系活动记录表 编号：2024-016 | --- | --- | --- | |-------------------------|----------------------------------|------------------------------------------------------| | | ☑ | 特定对象调研 □分析师会议 | | 投资者关系活 | □媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | 参与单位名称 及人员姓名 | 甬兴证券、国元证券、中泰证券 | | | 时间 | 2024 年 9 月 4 日 15 | : 00 - 18 : 00 | | 地点 | 现场调研 | | | 上市公司接待 | 董事会秘书：李博 | | | 人员姓名 | 投资总监：李婷 | | | | | | | | 内容如下： | 双方就进一步了解悦安新材相关情况进行了会议沟通，具体 | | | 1 、 ...

公司报告 | 半年报点评 募投铁粉爬坡拖累盈利能力，静待规模效应显现 中报业绩：24 年 H1 实现营收 2.05 亿元，yoy+14.1%；归母净利润 0.37 亿 元，yoy-3.3%；扣非净利润 0.33 亿元，yoy-0.3%。其中 Q2 实现营收 1.17 亿元，yoy+16.2%，环比+32.6%；实现归母净利润 0.2 亿元，yoy-7.6%，环 比+18.6%。 营收稳步增长，铁粉爬坡拖累盈利能力 营收端，公司 24 年 H1 实现营收 2.05 亿元，yoy+14.1%，羰基铁粉/雾化合 金粉/软磁粉末/MIM 喂料分别实现营收 5.9/2.4/7.3/3.9kw，均实现同比增 长，软磁粉&MIM 喂料起量明显。24 年 Q2 实现营收 1.17 亿元，环比+32.6%， 我们认为主要系消费电子需求持续改善和汽车电子增量需求拉动。展望 H2，募投铁粉出货有望逐步兑现增长，叠加折叠屏粉末等产品起量，我们 认为 H2 营收有望延续增长。 盈利端，公司24 年H1 毛利率34.75%，yoy-2.57pct；Q2 单季度毛利率34.55%， 环比-0.46pct。H1 净利率 17.79%，yoy ...

1 证券代码：688786 证券简称：悦安新材 江西悦安新材料股份有限公司 投资者关系活动记录表 编号：2024-015 | --- | --- | --- | |--------------|-----------------------------------|--------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | 投资者关系活 | □媒体采访 | ☑ 业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | | 广发证券、德邦证券、招商证券、天风证券、国泰君安证券、 | | | | 中信证券、光大证券、信达证券、安信证券、甬兴证券、远 | | | | 信资本、昆仑健康保险、华创证券、中航证券、杉树资产、 | | 参与单位名称 | | 乾图私募证券基金、龙鳞私募证券投资基金、耕霁（上海） | | 及人员姓名 | | 投资、上海重阳投资、上海贵源投资、华源证券、长城基金、 | | | | 国信证券、金光紫 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company has achieved revenue growth while maintaining profitability, with a focus on the successful implementation of new production capacities [1][3] - The company reported a revenue of 205 million yuan for the first half of 2024, representing a year-on-year increase of 14.06%, while the net profit attributable to shareholders was 36.69 million yuan, a slight decrease of 3.25% year-on-year [3] - The growth in revenue is driven by increased demand in downstream applications such as consumer electronics, automotive, and electric tools, particularly for products like carbonyl iron powder and soft magnetic powder [3] Financial Performance Summary - The company’s projected revenues for 2024, 2025, and 2026 are 494 million yuan, 633 million yuan, and 901 million yuan respectively, with corresponding net profits of 122 million yuan, 153 million yuan, and 258 million yuan [3][5] - The report anticipates a significant increase in profitability, with a projected net profit growth rate of 52.6% in 2024 and 25.7% in 2025 [6] - The company's gross margin is expected to improve from 39.1% in 2023 to 44.0% by 2026, indicating enhanced operational efficiency [5][6] Production Capacity and Market Strategy - The company is actively advancing its production capacity with projects such as the annual production of 6,000 tons of carbonyl iron powder and 100,000 tons of metal soft magnetic micro-nano powder [3] - The strategic focus includes optimizing production processes and enhancing product quality to meet the growing market demand for high-quality products [3] - The company aims to penetrate new market segments by offering cost-effective products to mid-tier customers, expanding beyond its traditional high-end client base [3]

Financial Performance - The company reported a total revenue of 500 million CNY for the first half of 2024, representing a 15% increase compared to the same period last year[1]. - The company expects a revenue guidance of 1.2 billion CNY for the full year 2024, reflecting a projected growth of 10%[1]. - The company achieved operating revenue of CNY 204,961,635.30 in the first half of 2024, representing a year-on-year increase of 14.06% compared to CNY 179,693,232.93 in the same period last year[15]. - Net profit attributable to shareholders decreased by 3.25% to CNY 36,689,006.02 from CNY 37,921,628.51 in the previous year[15]. - The net cash flow from operating activities increased significantly by 501.47%, reaching CNY 23,646,407.29 compared to CNY 3,931,437.86 in the same period last year[15]. - The gross margin for the first half of 2024 improved to 35%, up from 30% in the previous year[1]. - The company reported a total operating cash inflow of 152,175,793.95 RMB, a decrease of 22% from 194,772,856.24 RMB in the previous year[167]. - The total comprehensive income for the first half of 2024 was approximately ¥36.38 million, a decrease of 3.9% from ¥37.88 million in the same period of 2023[162]. Market Expansion and Product Development - User data indicates a growth in active users by 20%, reaching 1.2 million users by the end of June 2024[1]. - New product development includes the launch of a micro-nano powder product line, which is anticipated to contribute an additional 100 million CNY in revenue by Q4 2024[1]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by the end of 2025[1]. - A strategic acquisition of a local competitor is in progress, expected to enhance production capacity by 30%[1]. - The company is focusing on technological innovation to reduce costs and expand the application range of carbonyl iron powder, which is expected to enhance its market share[27]. - The company is targeting high-end consumer electronics and automotive electronics for profit generation, leveraging core technologies to meet customer demands for customized powder products[46]. Research and Development - The company has invested 50 million CNY in R&D for advanced materials technology, aiming to improve product performance and reduce production costs[1]. - The company's R&D investment accounted for 4.34% of operating revenue, a decrease of 1.03 percentage points compared to 5.37% in the previous year[16]. - The company is currently working on 8 R&D projects, including the development of high-performance soft magnetic materials and low-cost carbonyl iron synthesis technology[53]. - The company has established a provincial-level engineering research center for carbonyl metal powder materials, enhancing its technological capabilities[34]. - The company has developed a strong brand influence, with products exported to over 20 countries and regions, serving major clients like Delta Electronics and Samsung[34]. Operational Efficiency and Cost Management - The company faced increased operating costs due to the ramp-up of production capacity and higher taxes related to property and land[18]. - The company has implemented the "Amoeba" management model to enhance operational efficiency and economic benefits, fostering internal competition and cooperation[71]. - The company has made significant progress in optimizing its cost structure and enhancing market competitiveness through lean inventory management and raw material cost reduction[71]. - The company employs a centralized and standardized procurement model to ensure supply chain stability and product quality, with strategic supplier agreements enhancing supply capabilities[41]. Environmental and Social Responsibility - The company is committed to sustainable development by integrating ESG principles into its operations, focusing on environmental protection and social responsibility[72]. - The company has established wastewater treatment facilities with a capacity of 800 tons per day, ensuring compliance with pollution discharge standards[95]. - The company has implemented a carbon reduction measure, successfully reducing carbon dioxide equivalent emissions by 460.92 tons[105]. - The company has actively participated in the "Ten Thousand Enterprises Helping Ten Thousand Villages" initiative, providing support funds of 117,000 yuan for rural revitalization efforts[107]. Shareholder and Governance Commitments - The company commits to a profit distribution policy that prioritizes cash dividends, ensuring a stable and sustainable return for investors[135]. - The company will not reduce its shareholdings during the lock-up period and has specific conditions for any future share sales[111]. - The company has established long-term commitments that remain effective indefinitely, ensuring stability in governance and management[110]. - The company will ensure compliance with the latest regulations from the China Securities Regulatory Commission regarding compensation measures[126]. Financial Position and Assets - The company's total assets at the end of the reporting period were CNY 868,495,475.48, a decrease of 0.81% from CNY 875,611,575.48 at the end of the previous year[15]. - The company's equity attributable to shareholders decreased by 1.99% to CNY 687,350,161.51, with the net asset per share dropping by 30% to CNY 5.74[76]. - The company’s total liabilities increased to CNY 172,941,953.42 as of June 30, 2024, compared to CNY 165,832,179.79 at the end of 2023, reflecting a growth of approximately 6.4%[158]. - The company’s cash and cash equivalents decreased from ¥185,809,755.75 in December 2023 to ¥113,454,792.98 by June 30, 2024, representing a decline of approximately 39%[156].

江西悦安新材料股份有限公司 2024 年度"提质增效重回报"行动方案的 半年度评估报告 为响应国家关于资本市场高质量发展的战略部署，依据国务院发布的《关于 加强监管防范风险推动资本市场高质量发展的若干意见》，江西悦安新材料股份 有限公司（以下简称"公司"）认真落实政策要求，积极开展提质增效工作；在 中国证监会《关于进一步提高上市公司质量的意见》、上海证券交易所《关于开 展科创板上市公司"提质增效重回报"专项行动的倡议》等相关规定的指引下， 公司制定了《2024 年度"提质增效重回报"行动方案》（以下简称"行动方案"）， 以确保公司经营质量的持续提升和投资者利益的切实保障。 2024 年上半年，公司根据行动方案积极开展和落实各项工作，现对行动方 案的实施效果情况作出评估报告；本报告旨在客观评估公司行动方案的实施进展， 对照政策要求和市场发展需求，全面审视公司在提高治理水平、强化公司核心竞 争力、增强研发创新能力、股东回报和投资者关系管理等方面所取得的成效，以 期为公司未来的稳定健康发展提供坚实支撑。报告内容具体如下： 一、聚焦主业经营，持续提升核心竞争力 2024 年上半年，虽然国内外下游环境仍在一定程度上受到 ...

减持计划的实施结果情况 证券代码：688786 证券简称：悦安新材 公告编号：2024-034 江西悦安新材料股份有限公司 关于持股5%以上股东及其一致行动人减持计划 时间届满暨减持结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，江西悦安新材料股份有限公司（以下简称"公司"）股东 赣州瑞和股权投资合伙企业（有限合伙）（以下简称"瑞和投资"）持有公司股份 3,869,652 股，占减持计划公告时公司总股本的 4.5209%；赣州瑞智股权投资合伙企业 （有限合伙）（以下简称"瑞智投资"）持有公司股份 1,483,100 股，占减持计划公告 时公司总股本的 1.7327%；萍乡瑞岚股权投资合伙企业（有限合伙）（以下简称"瑞岚 投资"）持有公司股份 730,300 股,占减持计划公告时公司总股本的 0.8532%。瑞和投 资、瑞智投资、瑞岚投资均系由深圳德财基金管理有限公司担任执行事务合伙人的有 限合伙企业，三者构成一致行动人，合计持有公司股份 6,083 ...

证券代码：688786 证券简称：悦安新材 公告编号：2024-033 江西悦安新材料股份有限公司 关于收到上海证券交易所《关于终止对江西悦安新材 料股份有限公司向特定对象发行股票审核的决定》的 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。 江西悦安新材料股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开 第二届董事会第十八次会议和第二届监事会第十六次会议，审议通过了《关于终止 公司 2023 年度向特定对象发行 A 股股票事项的议案》，同意公司终止本次向特定 对象发行 A 股股票事项，并向上海证券交易所（以下简称"上交所"）申请撤回本 次发行的申请文件。具体内容详见公司于 2024 年 8 月 15 日在上交所网站 （www.sse.com.cn）披露的《江西悦安新材料股份有限公司关于终止 2023 年度向 特定对象发行 A 股股票的公告》（公告编号：2024-030）。 公司与保荐人光大证券股份有限公司于 2024 年 8 月 16 日向上交所提交了《江 西悦安新材料股份有限公司关于撤回向特 ...

上证科审（再融资）〔2024〕92 号 ─────────────── 上海证券交易所文件 关于终止对江西悦安新材料股份有限公司向 特定对象发行股票审核的决定 江西悦安新材料股份有限公司： 上海证券交易所（以下简称上交所）于 2023 年 11 月 24 日 依法受理了你公司向特定对象发行股票的申请文件，并按照规定 进行了审核。 2024 年 8 月 16 日，你公司和保荐人光大证券股份有限公司 向上交所提交了《江西悦安新材料股份有限公司关于撤回向特定 对象发行 A 股股票申请文件的申请》和《关于撤销光大证券股 份有限公司对江西悦安新材料股份有限公司向特定对象发行 A 股股票保荐工作的申请》，分别申请撤回向特定对象发行股票的 申请文件和申请撤销江西悦安新材料股份有限公司向特定对象 发行股票的保荐工作。根据《上海证券交易所上市公司证券发行 - 1 - 上市审核规则》第十九条、《上海证券交易所股票发行上市审核 规则》第六十三条的有关规定，上交所决定终止对你公司向特定 对象发行股票的审核。 上海证券交易所 二〇二四年八月二十一日 主题词：科创板 再融资 终止通知 上海证券交易所 2024 年 08 月 21 日印发 ...