| --- | --- | --- | |----------|-------|-------| | | | | | 报告要点 | | | 范超 李金宝 11-09 ⚫ 下游需求保持较快增长。2023 年，全球光伏新增装机超过 390GW，创历史新高。2023 年，我国国内光伏新增装机量 216.88GW，同比增加 148.1%。2023 年多晶硅、硅片、电 池片、组件产量同比增长均在 64%以上。同时，随着下游拉晶工艺的升级以及大尺寸、N 型单晶硅片占比的持续提升，下游对大尺寸高品质石英坩埚的需求将持续增长。 联合研究丨公司点评丨欧晶科技（001269.SZ） SAC：S0490513080001 SFC：BQK473 欧晶科技（001269.SZ） cjzqdt11111 2024-05-15 公司发布：1、2023 年报：营业收入 31.3 亿元，同比增长 118.25%；归属净利润 6.54 亿元， 同比增长 174.33%；2、2024Q1 报：营业收入 3.4 亿，同比下降 46.6%，归属净利润 0.22 亿 元，同比下降 87.4%。 ⚫ 2024 年 2 月，公司与矽比科北美公司签署了原材料 ...

Investment Rating - Maintains an "Overweight" rating for Oujing Technology (001269) [14] - Target price adjusted to 47.04 CNY, down from the previous forecast of 110.59 CNY [14] Core Views - Oujing Technology reported revenue of 3.129 billion CNY in 2023, with net profit attributable to shareholders of 654 million CNY, aligning with the preliminary forecast [14] - Q1 2024 revenue was 340 million CNY, with net profit of 22 million CNY, below market expectations [14] - The company's profitability is under pressure due to compressed margins in the main industry chain, particularly in the crucible segment [14] - The company's EPS forecasts for 2024-2026 have been revised downward to 1.47, 2.05, and 2.87 CNY, respectively [14] Financial Performance - Revenue growth in 2023 was 118%, with EBIT growth of 172% and net profit growth of 174% [14] - Operating margin in 2023 was 24%, with a return on equity (ROE) of 36.1% and return on invested capital (ROIC) of 28.2% [14] - The company's net debt ratio increased to 95.5% in 2023, up from 76% in 2022 [16] Industry and Market Position - Oujing Technology is a leader in the quartz crucible market, a key component in the solar and semiconductor industries [16] - The company benefits from upstream access to high-quality raw materials and downstream partnerships with major players like Zhonghuan [14] - The crucible segment faces pricing and profitability pressures due to industry-wide margin compression [14] Valuation and Metrics - The company's PE ratio for 2023 was 11.65, with a PB ratio of 5.68 and EV/EBITDA of 12.08 [16] - The dividend yield for 2023 was 3.0% [16] Future Outlook - The company expects limited growth in crucible shipments in 2024 due to weak downstream demand and pricing pressures [14] - The company is undergoing a product structure transformation, with significant asset impairment charges in Q4 2023 and Q1 2024 [14] - The company's long-term outlook remains positive, supported by its leading position in the quartz crucible market and strategic partnerships [14]

石英坩埚量价齐升，盈利能力有所下滑 产能进一步提升，技术储备充足 盈利预测与投资建议 鲍荣富 分析师 SAC 执业证书编号：S1110520120003 baorongfu@tfzq.com 熊可为 分析师 SAC 执业证书编号：S1110523120001 xiongkewei@tfzq.com 风险提示：下游需求不及预期、上游原材料涨价超预期、原材料新技术进 展超预期、单一大客户风险 营业收入 1,433.84 3,129.35 4,690.51 5,333.94 5,859.73 管理费用 43.40 47.31 70.36 74.68 76.18 公允价值变动收益 0.00 0.02 (20.02) 0.00 0.00 营业利润 273.83 733.48 597.97 998.23 1,157.73 归属于母公司净利润 238.39 653.93 521.39 871.58 1,011.27 营业利润 应收账款周转率 每股收益 市净率 请务必阅读正文之后的信息披露和免责申明 2 一般声明 | --- | --- | --- | --- | |---------------------------|- ...

内蒙古欧晶科技股份有限公司2023年年度报告全文 内蒙古欧晶科技股份有限公司 2023 年年度报告 ...

Revenue and Profit Performance - Revenue for the first quarter was RMB 339.92 million, a decrease of 46.56% compared to the same period last year[5] - Net profit attributable to shareholders of the listed company was RMB 21.68 million, a decrease of 87.41% year-on-year[5] - Total revenue for the current period is 339,920,893.12, a significant decrease from the previous period's 636,124,487.44[27] - Net profit for the current period is 21,675,839.18, compared to 172,111,946.55 in the previous period[28] - Basic earnings per share for the current period are 0.1127, down from 0.8946 in the previous period[28] - Diluted earnings per share for the current period are 0.1370, compared to 0.8946 in the previous period[28] - Total comprehensive income for the current period is 21,675,839.18, a significant decrease from 172,111,946.55 in the previous period[28] - The company's revenue decline was primarily due to a decrease in quartz crucible sales[17] Cash Flow and Financial Activities - Operating cash flow was negative RMB 166.93 million, a decrease of 47.48% compared to the same period last year[5] - Cash flow from financing activities was RMB 141.44 million, an increase of 301.26% compared to the same period last year, mainly due to increased bank financing[17] - Sales revenue from goods and services received in cash increased to 550.18 million yuan, up 39.3% from 394.82 million yuan in the previous period[31] - Total cash inflow from operating activities rose to 596.63 million yuan, a 38.4% increase from 431.03 million yuan in the previous period[31] - Cash outflow for operating activities surged to 763.57 million yuan, up 40.3% from 544.22 million yuan in the previous period[31] - Net cash flow from operating activities was negative at -166.93 million yuan, compared to -113.19 million yuan in the previous period[31] - Cash received from investment activities increased significantly to 150.40 million yuan from 13,550 yuan in the previous period[31] - Cash outflow for investment activities rose to 382.25 million yuan, up 328.9% from 89.14 million yuan in the previous period[31] - Net cash flow from investment activities was negative at -231.85 million yuan, compared to -89.13 million yuan in the previous period[31] - Cash received from financing activities increased to 150.00 million yuan, up 200.3% from 49.95 million yuan in the previous period[32] - Net cash flow from financing activities was positive at 141.44 million yuan, up 301.2% from 35.25 million yuan in the previous period[32] - The ending balance of cash and cash equivalents decreased to 518.99 million yuan, down 33.1% from 776.33 million yuan at the beginning of the period[32] - Cash and cash equivalents decreased from 847,238,659.62 yuan to 563,621,217.93 yuan[43] Assets and Liabilities - Total assets at the end of the reporting period were RMB 3.51 billion, a slight decrease of 0.73% compared to the end of the previous year[5] - Total assets for the current period are 3,513,505,856.06, slightly down from 3,539,395,455.08 in the previous period[25] - Total liabilities for the current period are 1,681,263,639.82, slightly down from 1,728,829,078.02 in the previous period[25] - Total equity attributable to the parent company is 1,832,242,216.24, compared to 1,810,566,377.06 in the previous period[25] - Monetary funds at the end of the reporting period were RMB 563.62 million, a decrease of 33.48% compared to the beginning of the period, mainly due to increased purchase of financial products[17] - Accounts receivable at the end of the reporting period were RMB 320.01 million, a decrease of 56.41% compared to the beginning of the period, mainly due to a decrease in revenue[17] - Prepayments at the end of the reporting period were RMB 407.60 million, an increase of 78.40% compared to the beginning of the period, mainly due to increased prepayment for raw materials[17] - Short-term borrowings at the end of the reporting period were RMB 236.23 million, an increase of 153.80% compared to the beginning of the period, mainly due to increased bank loans[17] - Trading financial assets increased significantly from 20,020,641.79 yuan to 200,000,000.00 yuan[43] - Accounts receivable decreased from 734,092,122.90 yuan to 320,008,910.48 yuan[43] - Prepayments increased from 228,480,493.62 yuan to 407,600,286.49 yuan[43] - Inventory increased from 487,821,395.65 yuan to 544,554,289.97 yuan[43] - Fixed assets increased slightly from 459,918,221.65 yuan to 466,499,348.35 yuan[45] - Construction in progress increased from 76,823,310.18 yuan to 87,646,047.55 yuan[45] - Short-term borrowings increased significantly from 93,075,625.02 yuan to 236,225,286.05 yuan[45] - Accounts payable decreased from 402,726,274.88 yuan to 288,260,895.76 yuan[45] Operating Costs and Expenses - Total operating costs for the current period are 316,555,338.55, down from 442,183,501.97 in the previous period[27] - R&D expenses for the current period are 10,245,180.93, a decrease from 13,737,098.23 in the previous period[27] Strategic Agreements - The company signed a long-term quartz sand procurement agreement with Sibelco North America for a total of $350 million to ensure stable supply of high-purity quartz sand raw materials[42]

证券代码：001269 证券简称：欧晶科技 内蒙古欧晶科技股份有限公司 投资者关系活动记录表 编号：2023-06 □特定对象调研 □分析师会议 投资者关系活动 □媒体采访 业绩说明会 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 通过全景网参与 2023年三季度业绩说明会的投资者 人员名称 时间 2023 年10月31日15:00-16:00 公司通过全景网“投资者关系互动平台”（https://ir.p5w.net） 地点 采用网络远程的方式召开业绩说明会 总经理：安旭涛 上市公司接待人 董事、副总经理兼财务总监：马雷 员姓名 独立董事：袁良杰 董事会秘书、副总经理：刘敏 公司就投资者在本次说明会中提出的问题进行了回 ...

证券代码：001269 证券简称：欧晶科技 公告编号：2023-051 内蒙古欧晶科技股份有限公司 2023 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 内蒙古欧晶科技股份有限公司 2023 年第三季度报告 1 内蒙古欧晶科技股份有限公司 2023 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|----------- ...

证券代码：001269 证券简称：欧晶科技 内蒙古欧晶科技股份有限公司 投资者关系活动记录表 编号：2023-05 □特定对象调研 □分析师会议 投资者关系活动 □媒体采访 业绩说明会 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 通过全景网参与 2023年半年度业绩说明会的投资者 人员名称 时间 2023 年9月22日15:00-16:00 公司通过全景网“投资者关系互动平台”（https://ir.p5w.net） 地点 采用网络远程的方式召开业绩说明会 董事长：张良 总经理：安旭涛 上市公司接待人 董事、副总经理兼财务总监：马雷 员姓名 独立董事：袁良杰 董事会秘书、副总经理：刘敏 ...

发出存货采用月末一次加权平均法。 3.存货可变现净值的确定依据及存货跌价准备的计提方法 资产负债表日，存货采用成本与可变现净值孰低计量，按照存货类别成本高于可变现净值的差额计提存货跌价准备。 直接用于出售的存货，在正常生产经营过程中以该存货的估计售价减去估计的销售费用和相关税费后的金额确定其可变 现净值；需要经过加工的存货，在正常生产经营过程中以所生产的产成品的估计售价减去至完工时估计将要发生的成本、 估计的销售费用和相关税费后的金额确定其可变现净值；资产负债表日，同一项存货中一部分有合同价格约定、其他部 内蒙古欧晶科技股份有限公司 2023 年半年度报告全文 1.投资成本的确定 2.后续计量及损益确认方法 63 23、投资性房地产 24、固定资产 （1） 确认条件 公司的固定资产是指为生产商品、提供劳务、出租或经营管理而持有的、使用年限超过一个会计年度的有形资产。 固定资产以取得时的实际成本入账，并从其达到预定可使用状态的次月起采用年限平均法计提折旧。 （2） 折旧方法 | --- | --- | --- | --- | --- | |----------------|------------|------ ...

证券代码：001269 证券简称：欧晶科技 内蒙古欧晶科技股份有限公司 投资者关系活动记录表 编号：2023-04 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 其他（内蒙古辖区上市公司 2023 年投资者网上集体接待 日活动） 参与单位名称及 通过全景网平台参与公司内蒙古辖区上市公司 2023 年投资 人员名称 者网上集体接待日活动的投资者 时间 2023 年 6 月 9 日 15:30-17:00 地点 全景网"投资者关系互动平台"（https://ir.p5w.net） 上市公司接待人 总经理安旭涛；董事、副总经理兼财务总监马雷；董事会秘 员姓名 书、副总经理于宏宇；证券部主管王建龙及相关人员 1、在中长期内，欧晶科技的产品力和客户绑定能力如 何保持领先地位？是否有相关的规划和战略？ 尊敬的投资者：您好！公司将紧跟行业发展趋势，整合 现有技术优势，加速新技术研发储备，不断提升研发管理能 力，保持核心技术优势、产品优势和成本优势。加快新技术 新产品转换，加快项目建设和产能释放，提升公司市场竞争 投资者关系活动 力。感谢您的关注与支持，谢 ...