Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a total revenue of 2.54 billion yuan for the first three quarters, a year-on-year decrease of 0.73%, and a net profit attributable to shareholders of 342 million yuan, down 6.04% year-on-year. In the third quarter alone, revenue was 927 million yuan, an increase of 5.94% year-on-year, while net profit was 135 million yuan, a decrease of 3.5% year-on-year [4][6]. - Overall, the company's operations appear relatively stable, with growth in demand from emerging sectors like shipping and new energy, while traditional markets such as ceramics and cement remain under pressure due to real estate cycles [4][5]. - The company is focusing on differentiated competition to enhance market penetration, leveraging its advantages in production capacity and cost to capture market share in the low-end insulation market while maintaining stable pricing in the high-end refractory product market [5][6]. - The company is actively promoting the integration of technology and processes with its major shareholder, aiming to reduce production costs and enhance market competitiveness through local sourcing of raw materials [5][6]. - The outlook for ceramic fiber products is positive, with expectations for accelerated demand in late 2024 to 2025 as downstream project progress improves [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 2.54 billion yuan, reflecting a slight decline of 0.73% year-on-year. The net profit attributable to shareholders was 342 million yuan, down 6.04% year-on-year. The third quarter revenue was 927 million yuan, showing a year-on-year increase of 5.94%, while net profit was 135 million yuan, a decrease of 3.5% year-on-year [4][6]. - The company's gross profit margin for the first three quarters was 31%, with a slight improvement in the third quarter to 31% from 29% in the previous quarters [4][6]. Market Position and Strategy - The company holds over 40% market share in the domestic ceramic fiber product market and aims to continue increasing its market share through strategic pricing and product differentiation [5][6]. - The company is also focusing on enhancing operational quality and production efficiency through collaboration with its major shareholder, particularly in the automotive and new energy sectors [5][6]. Future Outlook - The company forecasts net profits of 480 million yuan and 660 million yuan for 2024 and 2025, respectively, corresponding to price-earnings ratios of 13 and 9 times [6].

证券研究报告 非金融公司|公司点评|鲁阳节能（002088） 收入利润降幅均收窄，关注新业务拓展 进展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 公司公告 2024 年三季报，24Q1-3 收入 25.4 亿元，yoy-0.7%（同口径，后文同），归母净利 3.4 亿元，yoy-6.0%，扣非归母净利 3.4 亿元，yoy-12.7%。24Q3 收入 9.3 亿元，yoy+6.0%； 归母净利 1.3 亿元，yoy-3.5%；扣非归母净利 1.3 亿元，yoy-4.5%。收入利润降幅收窄，单 Q3 收入增速回正。23 年公司收购并表奇耐上海（2023 年 11 月末完成合并），致 23 年非经规 模阶段偏多。公司作为陶纤龙头地位稳固、竞争力预计持续强化，汽车衬垫与工业过滤产品正 进入积极发展轨道，多材料发展格局初步奠定，公司成长前景值得期待。维持"买入"评级。 |分析师及联系人 SAC：S0590523080005 武慧东 吴红艳 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月04日 ...

证券代码：002088 证券简称：鲁阳节能 公告编号：2024-050 山东鲁阳节能材料股份有限公司 关于同一控制下企业合并追溯调整财务数据的公告 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。 山东鲁阳节能材料股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开 第十一届董事会第十一次会议和第十一届监事会第十次会议，审议通过了《关于同一 控制下企业合并追溯调整财务数据的议案》。现将相关事项公告如下： 一、本次追溯调整背景情况 | 1.归属于母公司股东的净利 | 390,383,598.60 | 363,688,469.74 | -26,695,128.86 | | --- | --- | --- | --- | | 润（净亏损以"-"号填列） | | | | | 2.少数股东损益（净亏损以 | - | -1,869,113.53 | -1,869,113.53 | | "-"号填列） | | | | | 六、其他综合收益的税后净 | -131,538.26 | -131,538.26 | - | | 额 | | | | | 归属母公司所有 ...

因此，监事会同意本激励计划的预留授予日为 2024 年 10 月 29 日，并同意以 6.36 元/股的价格向 49 名激励对象授予 131 万股限制性股票。 2、公司和本次获授限制性股票的激励对象均未发生不得授予限制性股票的情形， 本激励计划设定的激励对象获授限制性股票的条件已经成就。 3、公司董事会确定的预留授予日符合《上市公司股权激励管理办法》和《2024 年 限制性股票激励计划（草案）》中有关授予日的规定。 山东鲁阳节能材料股份有限公司 监事会关于公司 2024 年限制性股票激励计划预留授予 激励对象名单（授予日）的核查意见 山东鲁阳节能材料股份有限公司（以下简称"公司"）监事会依据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股权激励管理办法》（以下简称"《管理办法》"）等相关法律、法规及规范 性文件和《公司章程》的有关规定，对公司 2024 年限制性股票激励计划（以下简称"本 激励计划"）预留授予激励对象名单（授予日）进行核查，现发表核查意见如下： 1、本激励计划预留授予激励对象均具备《公司法》《证券法》等法律、法规和规范 性 ...

山东鲁阳节能材料股份有限公司 反舞弊、反腐败、反商业贿赂合规制度 第一章 总则 第一条 为进一步加强山东鲁阳节能材料股份有限公司（以下简称"公司"）的公司 治理和内部控制，维护公司合法权益，确保公司经营目标的实现，根据《中华人民共和 国刑法》《中华人民共和国反不正当竞争法》《关于禁止商业贿赂行为的暂行规定》《中 华人民共和国公司法》《中华人民共和国证券法》，最高人民检察院《关于依法惩治和预 防民营企业内部人员侵害民营企业合法权益犯罪、为民营经济发展营造良好法治环境 的意见》《企业内部控制基本规范》《深交所上市公司自律监管指引第 1 号——主板上 市公司规范运作（2023 年修订版）》及所有其他与反舞弊、反腐败、反贿赂、企业内部 控制相关的适用法律、法规、司法解释和规范性文件等有关规定，结合《公司章程》和 公司实际，制定本制度。 第二条 本制度的宗旨是规范公司所有员工，特别是中高级管理人员及关键岗位工 作人员的职业行为，要求员工严格遵守相关法律法规、职业道德及公司内部管理制度， 树立正直、廉洁、勤勉、敬业的良好风气，杜绝任何欺诈、舞弊、腐败、贿赂行为，防 止发生损害公司及股东合法正当利益的行为。 第三条 本制度 ...

Financial Performance - The company's revenue for Q3 2024 was ¥926,830,722.21, representing a 5.94% increase compared to ¥874,894,103.81 in the same period last year[3] - Net profit attributable to shareholders was ¥134,791,415.37, a decrease of 3.50% from ¥139,686,244.29 in the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥135,469,867.73, down 4.52% from ¥141,876,585.87 year-on-year[3] - Basic earnings per share decreased by 3.52% to ¥0.2662 from ¥0.2759 in the same period last year[3] - Total operating revenue for the period was CNY 2,539,970,677.47, a decrease of 0.73% compared to CNY 2,558,749,347.81 in the previous period[19] - The total operating revenue for Q3 2024 was approximately CNY 2,453 million, a decrease of about 5.67% compared to CNY 2,601 million in Q3 2023[23] - The net profit for Q3 2024 was CNY 341.74 million, down from CNY 361.82 million in the same period last year, representing a decline of approximately 5.67%[21] - The total comprehensive income for Q3 2024 was CNY 342.04 million, down from CNY 361.69 million in the previous year, reflecting a decrease of about 5.45%[22] - Basic earnings per share for Q3 2024 were CNY 0.6667, compared to CNY 0.7183 in Q3 2023, a decline of approximately 7.19%[22] Cash Flow and Investments - The operating cash flow for the year-to-date period increased by 41.49%, reaching ¥349,576,111.87 compared to ¥247,065,382.31 last year[3] - Net cash flow from operating activities increased by CNY 102,510,729.56, a growth of 41.49%, mainly due to reduced cash payments for raw materials and energy[10] - Cash and cash equivalents increased by CNY 175,565,437.06, a growth of 52.33%, mainly due to reduced payments for raw materials and energy[10] - The cash flow from operating activities for Q3 2024 was CNY 349.58 million, an increase of approximately 41.55% compared to CNY 247.07 million in Q3 2023[24] - The cash outflow from investing activities for Q3 2024 was CNY 139.03 million, compared to CNY 103.95 million in the previous year, indicating an increase in investment activities[24] - The net cash flow from financing activities was -372,009,363.72 CNY, a decrease from -587,707,898.00 CNY in the previous year[25] - The cash and cash equivalents at the end of the period amounted to 434,953,342.22 CNY, down from 654,688,523.14 CNY year-on-year[25] - The net increase in cash and cash equivalents was -159,961,143.94 CNY, compared to -335,526,581.00 CNY in the same period last year[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,834,999,723.83, a decrease of 2.71% from the previous year[3] - Total assets decreased to CNY 3,731,093,799.11 from CNY 3,834,999,723.83, a reduction of 2.69%[18] - Total liabilities decreased to CNY 979,612,249.12 from CNY 1,028,462,334.71, a decline of 4.76%[18] - The company's equity attributable to shareholders decreased to CNY 2,751,481,549.99 from CNY 2,806,537,389.12, a decrease of 1.96%[18] - The company’s non-current assets totaled CNY 1,024,298,248.42, an increase from CNY 985,879,645.29, reflecting a growth of 3.67%[17] Research and Development - The company reported a 55.28% decrease in R&D expenses, amounting to ¥48,789,735.62, due to delays in project progress[8] - Research and development expenses decreased significantly to CNY 39.47 million from CNY 88.26 million, a reduction of approximately 55.24%[21] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 14,838, with the largest shareholder holding 52.43% of the shares[11] - The largest shareholder, Qinaijunwei Fiber Asia Pacific Holdings Limited, holds 268,356,270 shares[11] - The company reported a total of 2,489,650 shares held by the Southern CSI 1000 ETF, accounting for 0.49% of total equity[14] Other Income and Expenses - Other income increased by 108.03% to ¥10,773,867.69, primarily from VAT deductions recognized during the reporting period[8] - The company experienced a significant increase in credit impairment losses, which rose by 1,896.86% to ¥17,337,686.48, mainly due to increased receivables impairment losses[8] - Asset disposal income increased by CNY 304,605.71, a growth of 187.06% compared to the same period last year, mainly due to increased fixed asset disposal income[9] - Operating income from non-operating activities rose by CNY 1,419,775.60, a growth of 33.48%, primarily due to increased government subsidies and non-repayable funds received during the reporting period[9] - Income tax expenses increased by CNY 27,418,619.41, a growth of 55.01%, primarily due to increased income tax payable during the reporting period[9] Financial Position - The financial expenses for Q3 2024 showed a slight improvement, with a net expense of CNY -4.60 million compared to CNY -4.85 million in Q3 2023[21] - The total operating costs for Q3 2024 were CNY 2,122.52 million, a slight decrease from CNY 2,157.50 million in Q3 2023, representing a reduction of about 1.61%[21] Audit Information - The company did not undergo an audit for the third quarter report[25]

证券代码：002088 证券简称：鲁阳节能 公告编号：2024-048 山东鲁阳节能材料股份有限公司 第十一届监事会第十次会议决议公告 本公司及监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。 一、监事会会议召开情况 山东鲁阳节能材料股份有限公司（以下简称"公司"）第十一届监事会第十次会议 于 2024 年 10 月 18 日以电子邮件的方式通知全体监事，本次会议于 2024 年 10 月 29 日以通讯表决方式召开。会议由监事会主席王侃先生主持，应参加会议监事 3 人，实 际参加会议监事 3 人，公司部分高级管理人员列席了会议，会议程序符合《公司法》 等法律法规及《公司章程》的规定，会议合法有效。 二、监事会会议审议情况 经与会监事认真审议，以投票表决的方式审议通过以下议案: 1、审议通过《公司 2024 年第三季度报告》 表决结果：同意 3 票，不同意 0 票，弃权 0 票。 经审核，监事会认为董事会编制和审核公司2024年第三季度报告的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况， 不存在任何虚假记载、误导性陈述或者重 ...

证券代码：002088 证券简称：鲁阳节能 公告编号：2024-052 山东鲁阳节能材料股份有限公司 关于向 2024 年限制性股票激励计划激励对象 3、激励对象获授的限制性股票分配情况 授予预留限制性股票的公告 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： 限制性股票预留授予日：2024 年 10 月 29 日 限制性股票预留授予数量：131.00 万股 限制性股票预留授予价格：6.36 元/股 山东鲁阳节能材料股份有限公司（以下简称"公司"）2024 年限制性股票激励计划 （以下简称"本激励计划"）规定的预留授予条件已经成就，根据公司 2024 年第一次 临时股东大会的授权，公司于 2024 年 10 月 29 日召开第十一届董事会第十一次会议及 第十一届监事会第十次会议，审议通过《关于向 2024 年限制性股票激励计划激励对象 授予预留限制性股票的议案》，董事会同意以 2024 年 10 月 29 日为预留授予日，以 6.36 元/股的价格向 49 名激励对象授予共计 131.00 万股限制性股票。现将有关事项公告如 下： 一、本激励计 ...

山东鲁阳节能材料股份有限公司 关于变更公司类型、经营范围及修订《公司章程》的公告 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。 证券代码：002088 证券简称：鲁阳节能 公告编号：2024-053 | 售；玻璃纤维增强塑料制品制造；玻璃纤维 | 合材料销售；合成材料制造（不含危险化 | | --- | --- | | 增强塑料制品销售；玻璃纤维及制品制造； | 学品）；合成材料销售；玻璃纤维增强塑 | | 玻璃纤维及制品销售；生态环境材料制造； | 料制品制造；玻璃纤维增强塑料制品销售； | | 生态环境材料销售；产业用纺织制成品制造； | 玻璃纤维及制品制造；玻璃纤维及制品销 | | 产业用纺织制成品销售；专用化学产品制造 | 售；生态环境材料制造；生态环境材料销 | | （不含危险化学品）；专用化学产品销售（不 | 售；产业用纺织制成品制造；产业用纺织 | | 含危险化学品）；金属结构制造；金属结构销 | 制成品销售；专用化学产品制造（不含危 | | 售；机械零件、零部件加工；机械零件、零部 | 险化学品）；专用化学产品销售（不含危 | | 件销售；紧 ...

证券代码：002088 证券简称：鲁阳节能 公告编号：2024-047 山东鲁阳节能材料股份有限公司 第十一届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 山东鲁阳节能材料股份有限公司（以下简称"公司"）第十一届董事会第十一次会 议通知、补充通知分别于 2024 年 10 月 18 日、2024 年 10 月 24 日以电子邮件的方式发 送全体董事。本次会议于 2024 年 10 月 29 日以视频会议方式召开。会议由董事长 John Charles Dandolph Iv 先生主持，应参加会议董事 8 人，实际参加会议董事 8 人。监事会 成员及公司部分高级管理人员列席了会议，会议程序符合《公司法》等法律法规及《公 司章程》的规定，会议合法有效。 二、董事会会议审议情况 本议案已经公司董事会审计委员会审议通过。 《关于同一控制下企业合并追溯调整财务数据的公告》（公告编号：2024-050）于 经与会董事认真审议，以投票表决的方式审议通过以下议案： 1、审议通过《公司 2024 年第三季度报告》 表决结果： ...