中信证券股份有限公司 一、保荐工作概述 2024年度保荐工作报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称： 洁美科技 | | --- | --- | | 保荐代表人姓名：王天祺 | 联系电话：010-60834745 | | 保荐代表人姓名：董超 | 联系电话：0571-85783715 | | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是，根据2024年度内控自我评价报告、2024年 度内部控制审计报告，发行人有效执行了相关 | | | 规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 公司募集资金专户已于2023年3 ...

（问题征集专题页面二维码） 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。 浙江洁美电子科技股份有限公司（以下简称"洁美科技"或"公司"）已于 2025 年 4 月 15 日在公司指定信息披露媒体正式披露了《2024 年年度报告》《2024 年 年度报告摘要》，并将于 2025 年 4 月 29 日披露《2025 年第一季度报告》。为了 让广大投资者能进一步了解公司 2024 年度及 2025 年第一季度经营情况，公司定 于 2025 年 4 月 29 日（星期二）15:00～16:30 在深圳证券交易所"互动易平台"举办 2024 年度暨 2025 年第一季度业绩说明会。本次业绩说明会将采用网络远程的方式 举行，投资者可登陆深圳证券交易所"互动易平台"（https://irm.cninfo.com.cn）参 与本次业绩说明会，或者直接进入洁美科技路演厅（http://irm.cninfo.com.cn/intervi ew/interview/activityInfo?activityId=1166245498373730304）参与本次业绩说明会。 出席本 ...

Core Viewpoint - The company reported a revenue of 1.817 billion yuan for 2024, a year-on-year increase of 15.57%, while the net profit attributable to shareholders decreased by 20.91% to 202 million yuan, primarily due to increased R&D investments for new product testing and ramp-up [1] Group 1: Financial Performance - The company's revenue for 2024 reached 1.817 billion yuan, reflecting a 15.57% year-on-year growth [1] - The net profit attributable to shareholders was 202 million yuan, down 20.91% year-on-year [1] - The non-recurring net profit was 199 million yuan, a decline of 21.94% compared to the previous year [1] Group 2: Market Demand and Orders - The company experienced a steady recovery in order volume, driven by the growth of industries such as new energy, smart manufacturing, 5G commercial technology, and AI terminal applications [1] - Sales volume for 2024 reached 9.3898 million rolls, an increase of 19.39% year-on-year, with electronic-grade film materials sales volume growing by 45.9% [1] - Inventory levels decreased by 50.2% year-on-year [1] Group 3: Product Development and Expansion - The electronic-grade film materials generated revenue of 176 million yuan, a year-on-year increase of 35.38% [2] - The company has established stable mass supply to major clients in the MLCC sector and is entering the mass supply phase for Japanese and Korean clients [2] - The first phase of the Zhaoqing base for release films has begun production, and the Tianjin production base is progressing to the main construction phase [2] - The second phase of the BOPET film project has completed equipment installation and is expected to begin trial production in Q2 2025, with capacity expected to more than double upon completion [2] Group 4: Strategic Acquisitions - The company acquired a 56.83% stake in Youzhen Technology for 30 million yuan, enhancing its supply chain in the field of composite materials for new energy battery electrodes [3] - Youzhen Technology's products include composite aluminum foil and copper foil, which are essential for the performance of BOPET films [3] Group 5: Profit Forecast and Valuation - The company has adjusted its profit forecast for 2025-2026, lowering the net profit estimates to 290 million yuan and 400 million yuan, respectively, while introducing a new forecast of 510 million yuan for 2027 [3] - The current stock price corresponds to a PE ratio of 26, 19, and 15 for 2025-2027, which is relatively low compared to historical valuation levels [3]

2025 年 04 月 22 日 洁美科技 (002859) 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 21 日 | | --- | --- | | 收盘价（元） | 17.78 | | 一年内最高/最低（元） | 23.19/15.45 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 1.80 | | 流通 A 股市值（百万元） | 7,211 | | 上证指数/深证成指 | 3,291.43/9,905.53 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 6.59 | | 资产负债率% | 53.78 | | 总股本/流通 A 股（百万） | 431/406 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 -30% ...

获得柔震科技控制权，产品线进一步拓展 事件： 4 月15 日公司发布2024 年度报告，报告期内，公司实现营业收入18.17 亿元，同比增长15.57%，归母净 利润2.02 亿元，同比增长-20.91%；扣非归母净利润1.99 亿元，同比增长-21.94%。 载带龙头经营稳健，持续布局高端产品： 年报披露，公司继续保持纸质载带高品质及较高的市场占有率，一方面持续优化纸质载带系列产品结 构，另一方面不断优化生产流程，加速技术迭代，报告期内，公司电子封装材料营业收入 15.71 亿元， 同比增长 13.09%。新产品方面，公司持续突破各类电子级薄膜产品，离型膜方面，MLCC 离型膜已向 国巨、华新科、风华高科、三环集团等主要客户实现稳定批量供货，并顺利进入韩日系大客户的批量供 货导入阶段，其中韩系客户海外基地也通过产品认证测试；偏光片用离型膜已向主要偏光片生产企业稳 定批量供货。同时，公司自制BOPET 材料为基础的 MLCC 离型膜低粗糙度产品、中高端偏光片离型 膜、 OCA离型膜等新产品的开发，并开始在各家客户送样测试。光学级BOPET膜及流延膜产品，已在 客户端全面展开使用自制基膜离型膜产品的验证及导入， ...

4 月 15 日公司发布 2024 年度报告，报告期内，公司实现营业收 入 18.17 亿元，同比增长 15.57%，归母净利润 2.02 亿元，同比 增长-20.91%；扣非归母净利润 1.99 亿元，同比增长-21.94%。 载带龙头经营稳健，持续布局高端产品： 年报披露，公司继续保持纸质载带高品质及较高的市场占有率，一方 面持续优化纸质载带系列产品结构，另一方面不断优化生产流程，加 速技术迭代，报告期内，公司电子封装材料营业收入 15.71 亿元， 同比增长 13.09%。新产品方面，公司持续突破各类电子级薄膜产品， 离型膜方面，MLCC 离型膜已向国巨、华新科、风华高科、三环集团等 主要客户实现稳定批量供货，并顺利进入韩日系大客户的批量供货导 入阶段，其中韩系客户海外基地也通过产品认证测试；偏光片用离型 膜已向主要偏光片生产企业稳定批量供货。同时，公司自制 BOPET 材 料为基础的 MLCC 离型膜低粗糙度产品、中高端偏光片离型膜、 OCA 离型膜等新产品的开发，并开始在各家客户送样测试。光学级 BOPET 膜及流延膜产品，已在客户端全面展开使用自制基膜离型膜产品的验 证及导入，并有多规格产品通过了 ...

洁美科技 002859.SZ 公司研究 | 年报点评 营收稳健增长，离型膜放量在即 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 0.69/0.91/1.23 元（原 25 年预测为 1.17 元， 主要下调收入及毛利率预测，上调研发费用率预测），根据可比公司 25 年 30 倍 PE 估值水平，对应目标价为 20.70 元，维持给予买入评级。 风险提示 ⚫ 下游需求复苏不及预期、客户拓展不及预期、国产化率不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,572 | 1,817 | 2,268 | 2,743 | 3,301 | | 同比增长 (%) | 20.8% | 15.6% | 24.8% | 21.0% | 20.3% | | 营业利润(百万元) | 286 | 216 | 332 | 435 | 591 | | 同比增长 (%) | 60.9% | -24.5% | 53.5% | 31.2% ...

洁美科技 002859.SZ 公司研究 | 年报点评 营收稳健增长，离型膜放量在即 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 0.69/0.91/1.23 元（原 25 年预测为 1.17 元， 主要下调收入及毛利率预测，上调研发费用率预测），根据可比公司 25 年 30 倍 PE 估值水平，对应目标价为 20.70 元，维持给予买入评级。 风险提示 ⚫ 下游需求复苏不及预期、客户拓展不及预期、国产化率不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,572 | 1,817 | 2,268 | 2,743 | 3,301 | | 同比增长 (%) | 20.8% | 15.6% | 24.8% | 21.0% | 20.3% | | 营业利润(百万元) | 286 | 216 | 332 | 435 | 591 | | 同比增长 (%) | 60.9% | -24.5% | 53.5% | 31.2% ...

Core Viewpoint - Zhejiang Jiemai Electronic Technology Co., Ltd. (Jiemai Technology) reported a revenue of 1.817 billion yuan for 2024, marking a year-on-year increase of 15.57%, with a net profit of 202 million yuan [1] Group 1: Financial Performance - The company achieved a revenue of 1.817 billion yuan, reflecting a growth of 15.57% year-on-year [1] - The net profit for the period was 202 million yuan [1] - R&D investment reached 171 million yuan, a significant increase of 85.5% year-on-year, primarily due to the development of high-end polyester films and other new materials [1] Group 2: Product Development and Market Expansion - Jiemai Technology has initiated the mass production of high-end release films, contributing 176 million yuan to revenue, which is a 35.38% increase [1] - The company has successfully started stable bulk supply of MLCC release films to major clients and has entered the bulk supply phase for Korean and Japanese clients [1] - The electronic packaging materials segment generated 1.571 billion yuan in revenue, up 13.09% year-on-year, with a focus on optimizing paper carrier tape products to meet the miniaturization trend in electronic components [2] Group 3: Strategic Investments - Jiemai Technology has extended its business into the field of new energy battery materials by acquiring control of Zhejiang Rouzhen Technology Co., Ltd. [3] - The company plans to invest 30 million yuan in Rouzhen Technology, acquiring a 5% stake, with an estimated valuation of approximately 600 million yuan [3] - Rouzhen Technology specializes in polymer composite metal membrane materials, which can replace traditional aluminum and copper foils in lithium-ion batteries, enhancing energy density and safety [3]

Group 1 - The core viewpoint of the news is that Jiemai Technology (002859.SZ) has reported its 2024 annual results, highlighting significant institutional investor holdings and changes in share ownership [1] - As of April 14, 2025, a total of 173 institutional investors disclosed holdings in Jiemai Technology A-shares, with a combined holding of 245 million shares, representing 56.83% of the total share capital [1] - The top ten institutional investors collectively hold 53.19% of the shares, with a decrease of 2.28 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, while three funds decreased their holdings, with a reduction rate of 0.22% [2] - A total of 162 new public funds disclosed their holdings in Jiemai Technology, including notable funds such as Huashang New Trend Preferred Mixed and Huashang Advantage Industry Mixed [2] - One new social security fund disclosed its holdings in Jiemai Technology, specifically the Huatai PineBridge Fund Management Co., Ltd. - Social Security Fund 17022 Combination [2] Group 3 - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reported a slight decrease in holdings [3]