Group 1: 3D Printing Technology Development - The development of smart manufacturing technology has made 3D printing an important force in cultivating new productive forces in China [1] - 3D printing technology is transitioning from an optional choice to a necessary option in high-end manufacturing fields such as aerospace [7] - The global 3D printing market is expected to reach $88.3 billion by 2030, while the Chinese 3D printing equipment market is projected to exceed 120 billion yuan by 2029, with a compound annual growth rate of approximately 19.5% from 2024 to 2029 [7] Group 2: Company Activities in 3D Printing - Companies like Protolabs predict significant growth in the 3D printing market, indicating a robust future for the industry [7] - A-share market has over 30 stocks related to 3D printing, with companies like Jinggong Technology focusing on robot-related 3D printing equipment [7] - Aitide has developed 3D printing zirconia ceramic technology and has received FDA and NMPA registration for its high solid content printing materials [7] Group 3: Market Performance and Trends - The average increase of 3D printing concept stocks is 17.18% year-to-date, with four stocks seeing cumulative gains over 50% [10] - Sixteen 3D printing concept stocks have seen a daily average trading volume increase of over 10% since May, with five stocks doubling their trading volume [11] - As of May 12, eight stocks have a rolling price-to-earnings ratio below 40, indicating potential investment opportunities [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that the company's profitability is beginning to recover, with expectations for production capacity to ramp up and new process trial lines to be established [6][8] - The company is positioned as a leader in carbonyl iron powder in China, with its fundraising projects expected to contribute to performance growth and cost-reduction new processes opening up growth opportunities [8] Financial Performance - In 2024, the company achieved revenue of 418 million RMB, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 70 million RMB, a year-on-year decrease of 12% [8] - The first quarter of 2025 saw revenue of 96 million RMB, a year-on-year increase of 9.2%, and a net profit of 17 million RMB, a year-on-year increase of 0.3% [8] - The company expects net profits for 2025-2027 to be 99 million RMB, 140 million RMB, and 169 million RMB respectively, with year-on-year growth rates of 40.5%, 42.1%, and 20.5% [8] Revenue and Profitability Forecast - Revenue projections for 2025 are estimated at 553 million RMB, with a year-on-year growth rate of 32.29% [7] - The report anticipates a gross margin of 36.23% in 2025, with a net margin of 17.90% [9] - The company's return on equity (ROE) is expected to improve to 12.80% in 2025 [7] Market Position and Growth Drivers - The company is actively working on new product development, including carbonyl iron powder for magnetorheological dampers, which has already been supplied to overseas customers [8] - The carbonyl iron powder fundraising project has been put into production, with a new cost-reduction process being actively tested [8]

Core Insights - The company reported a revenue of 418 million RMB for 2024, a year-on-year increase of 13%, but a net profit of 70 million RMB, a decrease of 12% year-on-year [1] - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, totaling 30 million RMB, with a payout ratio of 42.62% [5] - The company expects revenue growth for 2025-2027, projecting revenues of 499 million, 654 million, and 898 million RMB respectively, with corresponding net profits of 101 million, 130 million, and 195 million RMB [6] Financial Performance - In Q1 2025, the company achieved a revenue of 96 million RMB, a 9% increase year-on-year but a 10% decrease quarter-on-quarter [1] - The overall gross margin for 2024 was 35.40%, down 5.06 percentage points year-on-year, primarily due to increased costs from projects transitioning to fixed assets [1] Product Performance - The demand for soft magnetic powder increased due to the rise in automotive intelligence, leading to a revenue of 153 million RMB in 2024, a 19% increase year-on-year [4] - The revenue from atomized alloy powder products reached 46 million RMB in 2024, reflecting a 13% year-on-year increase, with sales volume up by 27% [2] - The revenue from carbonyl iron powder products was 122 million RMB in 2024, a 6% increase year-on-year, although the gross margin decreased by 4.91 percentage points due to production ramp-up effects [3] Capacity Expansion - The company is in the process of ramping up production capacity for its carbonyl iron powder and atomized alloy powder projects, with the carbonyl iron powder project expected to add 6,000 tons per year upon completion [4] - The first phase of the Ningxia project, which includes a 3,000-ton carbonyl iron powder project, is expected to enter trial production in 2025 [4] Investment Outlook - The company maintains an "Accumulate-A" rating, with a target price adjustment to 32.4 RMB per share, based on anticipated performance improvements from new production lines [6]

Investment Rating - The investment rating for the company is "Accumulate-A" with a 12-month target price of 32.4 CNY per share, while the current share price is 26.18 CNY [5]. Core Views - The company reported a revenue of 418 million CNY in 2024, representing a year-on-year increase of 13%, but the net profit attributable to shareholders decreased by 12% to 70 million CNY [1]. - The growth in demand for inductors is boosting the demand for soft magnetic powders, while technological substitution is enhancing the demand for Metal Injection Molding (MIM) materials [2]. - The company is in the process of ramping up production capacity from its fundraising projects, with the first phase of the Ningxia project expected to enter trial production in 2025 [8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 418 million CNY, with a net profit of 70 million CNY, and a gross margin of 35.40%, down by 5.06 percentage points year-on-year due to increased operating costs [1]. - For Q1 2025, the company reported a revenue of 96 million CNY, a year-on-year increase of 9%, and a net profit of 17 million CNY, reflecting a slight increase of 0.3% year-on-year [1]. Product Segments - **Atomized Alloy Powder**: Revenue for 2024 was 46 million CNY, up 13% year-on-year, with sales volume increasing by 27% to 867 tons [2]. - **Carbonyl Iron Powder**: Revenue reached 122 million CNY in 2024, a 6% increase year-on-year, with a sales volume of 2887 tons, up 9% [2]. - **MIM Feedstock**: Revenue surged by 34% to 74 million CNY in 2024, with sales volume increasing by 72% to 1540 tons [2]. - **Soft Magnetic Powder**: Revenue increased by 19% to 153 million CNY, driven by the rising demand in the automotive electronics sector [3]. - **Absorbing Materials**: Revenue grew by 83% to 4 million CNY, with sales volume increasing by 78% [3]. Capacity Expansion - The company has existing capacities of approximately 5000 tons/year for carbonyl iron powder and over 1000 tons/year for atomized alloy powder [8]. - The fundraising projects are expected to add 6000 tons/year for carbonyl iron powder and 4000 tons/year for atomized alloy powder, with the Ningxia project expected to begin trial production in 2025 [8]. Dividend Policy - The company plans to distribute a cash dividend of 2.50 CNY per 10 shares, totaling 30 million CNY, with a payout ratio of 42.62% [9].

证券代码：688786 证券简称：悦安新材 公告编号：2025-024 江西悦安新材料股份有限公司 江西悦安新材料股份有限公司董事会 2025 年5 月9 日 附件：于缘宝先生简历 于缘宝先生，1968 年出生，中国国籍，无境外永久居留权，本科学历，高级工程 师。1992 年 7月至 2005 年 3月任广州番禺桥丰水泥制品有限公司总经理、总工程师； 2005 年 3 月至 2008 年 2 月任天津建成基业集团有限公司副总经理；2008 年 3 月至 201 4 年 6 月任唐山市龙禹水泥制品有限公司曹妃甸分公司总经理；2014 年 6 月至 2015 年 2 月任广东奔达建材有限公司总工程师；2016 年 11 月至今任江西悦安新材料股份有限 公司董事；2019 年 6 月至今任江西悦安新材料股份有限公司总经理助理、副总工程师。 截至本公告披露日，于缘宝先生持有公司股份 11,459,000 股（占公司总股本的 9.56%），通过江西百富源新材料创业投资基金（有限合伙）间接持有公司 6,941 股 （占公司总股本的 0.01%）。于缘宝先生与公司控股股东、实际控制人及其他董事、 监事、高级管理人员之间不存 ...

江西悦安新材料股份有限公司 2024 年年度股东会会议资料 江西悦安新材料股份有限公司 2024年年度股东会会议资料 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 2024 年年度股东会 会议资料 中国江西 二〇二五年五月 2024 年年度股东会会议资料 目录 | 年年度股东会会议资料 1 2024 | | | --- | --- | | 年年度股东会会议须知 3 2024 | | | 年年度股东会会议议程 5 2024 | | | 年年度股东会会议议案 7 2024 | | | 议案一：关于 2024 年度董事会工作报告的议案 | 7 | | 议案二：关于 2024 年度监事会工作报告的议案 | 8 | | 议案三：关于 2024 年度财务决算报告的议案 | 9 | | 议案四：关于 2025 年度非独立董事薪酬方案的议案 | 10 | | 议案五：关于 2025 年度独立董事薪酬方案的议案 | 11 | | 议案六：关于 2025 年度监事薪酬方案的议案 | 12 | | 议案七：关于续聘 2025 年度会计师事务所的议案 | 13 | | 议案八：关于 2024 年度利润分配及 ...

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 2024 年度持续督导跟踪报告 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，光大证券股份有限公司（以下简称"光大证券"或"保荐机 构"）作为江西悦安新材料股份有限公司（以下简称"悦安新材"、"公司"或 "发行人"）持续督导的保荐机构，负责悦安新材的持续督导工作，并出具 2024 年度持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | | 保荐机构已建立健全并有效执行 | | | 建立健全并有效执行持续督导工作制度，并针 | 了持续督导制度，已根据公司的 | | | 对具体的持续督导工作制定相应的工作计划。 | 具体情况制定了相应的工作计 | | | | 划。 | | 2 | 根据中国证监会相关规定，在持续督导工作开 | | | | 始前，与上市公司签署持续督导协议，明确双 | 保荐机构已与公司签署持续督导 | | | 方在持续督导期间的权利义务，并报上海 ...

光大证券现根据《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》等相关规定，出具本保荐总结报告书： 一、保荐人及保荐代表人承诺 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，保荐人及保荐代表人对其真实性、准确性、完整性承担 法律责任。 2、本机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和 调查。 3、本机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》的有关规定采取的监管措施。 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 首次公开发行股票并在科创板上市之持续督导保荐总结报告书 光大证券股份有限公司（以下简称"光大证券"、"保荐人"或"本机构"） 为江西悦安新材料股份有限公司（以下简称"悦安新材"、"公司"、"上市 公司"或"发行人"）首次公开发行股票并在科创板上市的持续督导保荐人。 截至 2024 年 12 月 31 日，悦安新材首次公开发行股票并在科创板上市的持续 督导期 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 418 million yuan in 2024, representing a year-over-year increase of 13.4%, while the net profit attributable to the parent company was 70.29 million yuan, down 12% year-over-year [1][5]. - The company is currently in a capacity ramp-up phase for its IPO-funded carbonyl iron powder project, which is expected to double its production capacity from 5,500 tons to 11,500 tons, contributing to future revenue growth [4][5]. - The company is focusing on optimizing its product structure towards high-end products, which is anticipated to enhance profitability as scale effects become evident [4][5]. Financial Performance Summary - In 2024, the company reported revenues of 418 million yuan, with a growth rate of 13.38% expected for 2025 [5][12]. - The gross profit margin for carbonyl iron powder was 44.76%, while the overall gross margin was 35.22%, reflecting a decline of 3.85 percentage points year-over-year [3][5]. - The net profit margin for 2024 was 16.23%, down 5.15 percentage points year-over-year, primarily due to increased operating costs from the ramp-up of new projects [3][5]. Capacity and Production Insights - The company’s carbonyl iron powder project reached its intended usable state by the end of Q3 2023 and is currently ramping up production based on market demand [4]. - The company plans to release additional capacity for high-performance powders, including 2,000 tons of soft magnetic powder, which is expected to further enhance its market position [4]. Future Profitability Projections - The projected net profits for the company are estimated to be 110.52 million yuan in 2025, 135.08 million yuan in 2026, and 169.26 million yuan in 2027, reflecting a significant growth trajectory [5][12]. - The company’s price-to-earnings ratio is projected to decrease from 26 times in 2025 to 17 times in 2027, indicating an improving valuation as profitability increases [5][12].

Summary of Key Points Core Viewpoint - On April 29, a total of 10 stocks listed on the STAR Market experienced block trading, with a cumulative transaction amount of 2.09 billion yuan and a total trading volume of 611.49 million shares [1]. Block Trading Overview - The stock with the highest transaction amount was Pioneering Technology, with a block trading volume of 3.0563 million shares and a transaction amount of 122.25 million yuan [1]. - Other notable stocks included Guobo Electronics and Yuenan New Materials, with transaction amounts of 33.11 million yuan and 14.05 million yuan, respectively [1]. - The average transaction prices and their respective premiums or discounts relative to the closing prices varied across the stocks, with Pioneering Technology priced at 40.00 yuan per share, reflecting a discount of 1.60% [1].