丨证券研究报告丨 [Table_Title] 景气修复，业绩同比大幅抬升 [Table_Author] 马太 杨洋 张韦华 谢尔曼 王明 请阅读最后评级说明和重要声明 [Table_Title2] 景气修复，业绩同比大幅抬升联合研究丨公司点评 [Table_Rank]投资评级 买入丨维持 1、下游需求不及预期； 联合研究丨公司点评丨洁美科技（002859.SZ） 分析师及联系人 SAC：S0490516100002 SAC：S0490517070012 SAC：S0490517080003 SAC：S0490518070003 SAC：S0490521030001 相关研究 公司发布 2024 年一季报，实现收入 3.6 亿元（同比+17.9%，环比-18.5%），实现归属净利润 0.53 亿元（同比+69.2%，环比-35.9%），实现归属扣非净利润 0.53 亿元（同比+70.4%，环比 -37.4%）。 | --- | --- | --- | |--------------------------------------------------------|----------------------- ...

证券代码：002859 证券简称：洁美科技 债券代码：128137 债券简称：洁美转债 浙江洁美电子科技股份有限公司 2023年度暨2024年第一季度业绩说明会 投资者活动记录表 编号：20240426 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | 业绩说明会 □媒体采访  | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 洁美科技 2023 年度暨 2024 年第一季度业绩说明会采用网络远程方式进行， | | 及人员姓名 | 面向全体投资者 | | 时 间 | 2024 年 4 月 26 日 15:00 至 17:00 | | 地 点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 | | | 主持人：洁美科技 总经理：方隽云 1、董事长, | | 上市公司接待 | 2、独立董事：徐维东 | | 人员姓名 | 3、董事，董事会秘书：张君刚 | | | 4、副总经理：邓水岩 | | | 5、财务负责人（财务总监）：王琼 | | | 6、保荐代表人：董 ...

公司报告 | 季报点评 24Q1 业绩高增，中高端产品业务放量持续推进 事件：洁美科技发布 2024 年一季报：2024 年 Q1 公司实现营收 3.63 亿元， yoy+17.87%；归母净利润 0.53 亿元，yoy+69.19%；扣非归母净利润 0.53 亿 元，yoy+70.39%。 点评：公司秉持横、纵向"产业链一体化"发展理念，是国内唯一集分切、 打孔、压孔、胶带、塑料载带、离型膜生产于一体的综合配套生产企业。 2024 年 Q1 随着下游需求复苏，订单量稳步恢复，盈利能力持续增强。长 期看好公司在 MLCC、半导体等需求复苏上行的背景下，持续推进扩产项 目，离型膜中高端产品验证中，打造成长新动力。 1. 净利润同比高增，毛利率同比环比均上升，业绩增长强劲。 （1）2024Q1 订单量稳步回升：2024 年 Q1 公司实现营收 3.63 亿元， yoy+17.87%；归母净利润 0.53 亿元，yoy+69.19%；扣非归母净利润 0.53 亿 元，yoy+70.39%。下游电子信息行业景气度回升，公司订单量持续回升， 24Q1 稼动率提升，销售收入同比增长。（2）2024Q1 公司销售毛利率达 ...

证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 张威震 邮箱：zhangwz5＠tebon.com.cn 相关研究 事件：4 月 23 日，洁美科技发布 2024 年一季度报告。2024 年 Q1，公司实现营 收 3.63 亿元，同比增长 17.87%；实现归母净利润 5331 万元，同比增长 69.19%； 实现扣非后归母净利润 5274 万元，同比增长 70.39%。 投资建议：我们调整公司 2024 至 2026 年营业收入预测至 21.12 亿元/28.74 亿元 /37.89 亿元，调整公司归母净利润预测至 3.64 亿元/5.15 亿元/6.98 亿元，以 4 月 23 日收盘价计算，对应 2024 至 2026 远期 PE 分别为 23.53 倍/16.62 倍/12.28 倍，维持"买入"评级。 [Table_Finance] 主要财务数据及预测 2 / 4 请务必阅读正文之后的信息披露和法律声明 公司点评 洁美科技（002859.SZ） 陈蓉芳，电子组长，南开大学本科，香港中文大学硕士，电子板块全覆盖，对于汽车电子、消费电子 ...

| 证券代码：002859 | 证券简称：洁美科技 | 公告编号：2024-041 | | --- | --- | --- | | 债券代码：128137 | 债券简称：洁美转债 | | 浙江洁美电子科技股份有限公司 关于回购公司股份比例达到 1%的进展情况公告 1 公司总股本的比例每增加 1%的事实发生之日起三个交易日内披露回购进展情况公告。 现将公司回购进展情况公告如下： 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"公司"）于 2024 年 1 月 24 日召开第 四届董事会第十次会议，审议通过了《关于回购公司股份的议案》，拟使用自有资金以 集中竞价交易方式回购公司股份，回购股份的种类为公司发行的 A 股股份，用于股权激 励或员工持股计划。回购的资金总额不低于人民币 1 亿元（含）且不超过人民币 2 亿元 （含）；回购股份的价格为不超过人民币 34 元/股（含）；回购股份的实施期限为自公 司董事会审议通过本次回购方案之日起 7 个月内；具体回购股份的数量以回购期满时实 际回购的股份数量为准。具体内容详见公司于 2 ...

司 | --- | |---------------------------------------------------------------------------| | | | | | 费用方面， 2023 年销售、管理、研发费率同比分别变化 -0.61 、 -1.55 和-1.26 | | 百分点。单四季度销售、管理、研发费率同比分别变化 +0.25、-1.42 和 | | 百分点，研发费率降低主要因为股权激励终止后相关费用冲回。 24Q1 销售、管 | | 理、研发费率分别同比变化 +0.08、+0.70 和 4.31pct ，研发投入增长主要因为高 | 2）公司发布 2024 年一季报，一季度实现收入 3.63 亿元，同比增长 17.87%， 归母净利润 0.53 亿元，同比增长 69.19%。 ＃相关rel报ate告dReport＃ 《【兴证电子】洁美科技 2023 三季报点评：Q3 盈利能力显著 改善，新产品放量打开成长空 间》2023-10-23 《【兴证电子】洁美科技 2023 中报点评：Q2 业绩环比高速增 长，新产品放量打开成长空间》 2023-08-22 《【兴证电子】洁美科技 ...

Investment Rating - The investment rating for the company is upgraded to "Accumulate" from "Buy" [15][25]. Core Insights - In 2023, the company achieved a revenue of 1.572 billion yuan, representing a year-on-year growth of 20.83%, and a net profit attributable to the parent company of 256 million yuan, up 54.11% year-on-year. The gross margin improved to 35.82%, an increase of 6.37 percentage points from the previous period [5][31]. - The fourth quarter saw a significant revenue increase of 44.37% year-on-year, with a net profit growth of 416.85%, marking the highest quarterly growth since the company went public, indicating a clear recovery in the paper carrier tape business [5][31]. - The company is successfully advancing the verification of MLCC release films, which are expected to gradually ramp up in production [6][27]. Financial Performance Summary - The company reported a gross margin of 35.82% for 2023, compared to 29.45% in the previous year, reflecting a strong improvement in profitability [5]. - The revenue forecast for 2024, 2025, and 2026 has been adjusted to 353 million, 395 million, and 465 million yuan respectively, down from previous estimates due to lower-than-expected smartphone demand [25]. - The company's paper carrier tape business utilization rate has shown significant improvement, with expectations of reaching around 80% in the second quarter of 2024 [16][25]. Business Development - The company is expanding its production capacity for optical-grade BOPET films and has made progress in the verification of MLCC release films with major clients in Japan and South Korea [27]. - The second phase of the BOPET film project is set to double the production capacity, with installation expected to be completed by the end of 2024 [27]. - The company is also enhancing its production environment and technology to reduce manufacturing costs and improve efficiency [33].

Financial Performance - The company's operating revenue for Q1 2024 was ¥363,262,862.18, representing a year-on-year increase of 17.87% compared to ¥308,195,598.58 in the same period last year[16] - Net profit attributable to shareholders for Q1 2024 was ¥53,310,482.93, reflecting a year-on-year growth of 69.19% from ¥31,509,756.70[16] - The gross profit margin improved due to the recovery in the electronic information industry and increased order volume, leading to a rise in operating profit by 66.27% year-on-year[11] - The company reported a total profit of ¥54,644,446.84, up from ¥33,157,443.33, indicating an increase of approximately 64.8%[30] - The company’s comprehensive income for the quarter was ¥49,360,337.34, compared to ¥31,081,398.72, representing an increase of approximately 58.8%[30] - Basic and diluted earnings per share for the current period were both ¥0.12, compared to ¥0.07 in the previous period, reflecting a 71.4% increase[45] Research and Development - Research and development expenses increased by 98.02% year-on-year, primarily due to increased investment in the development of high-end polyester films and other domestic alternative electronic-grade film materials[11] - Research and development expenses surged to ¥38,672,796.83, compared to ¥19,530,113.28, indicating an increase of about 97.9%[30] Cash Flow and Liquidity - Cash flow from operating activities increased by 53.58% year-on-year, attributed to the growth in operating revenue and timely collection of accounts receivable[13] - The company's cash and cash equivalents net increase was 173.32% year-on-year, mainly due to timely collection of payments and reduced loan repayments compared to the previous year[20] - Cash inflow from operating activities increased to $449.46 million, up 53.61% from $292.66 million in the previous period[10] - Cash outflow from operating activities rose to $366.01 million, a 89.12% increase compared to $193.53 million last year[10] - The net cash increase for the period was $180.43 million, contrasting with a decrease of $246.10 million in the previous period[32] - Cash and cash equivalents at the end of the period totaled $749.99 million, compared to $839.41 million at the end of the previous period[32] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥5,333,428,258.78, a 3.53% increase from ¥5,151,369,379.25 at the end of the previous year[16] - Total assets increased to ¥5,333,428,258.78, up from ¥5,151,369,379.25, representing a growth of approximately 3.53%[26] - Current assets rose to ¥1,710,218,569.65, compared to ¥1,573,530,876.43, marking an increase of about 8.69%[26] - Non-current assets totaled ¥3,623,209,689.13, up from ¥3,577,838,502.82, reflecting a growth of around 1.27%[26] - Total liabilities decreased to ¥775,942,950.37 from ¥892,618,494.65, showing a reduction of approximately 13.06%[26] - Total liabilities increased to ¥2,339,405,928.91 from ¥2,172,637,373.50, marking a rise of 7.7%[42] - Non-current liabilities totaled ¥1,563,462,978.54, an increase of 22.1% from ¥1,280,018,878.85[42] Shareholder Information - The controlling shareholder, Zhejiang Yuanlong Equity Investment Management Group Co., Ltd., holds 201,421,240 shares, accounting for 46.54% of the total share capital[38] - The company has a total share capital of 432,822,305 shares as of March 29, 2024[38] - The number of common shareholders at the end of the reporting period was 16,227, with the top 10 shareholders holding significant stakes[36] - The top shareholder, Zhejiang Yuanlong, holds 8.04% of its shares through margin trading accounts[38] - The total number of shares held by Wu Tie is 3,370,000, representing 0.78% of the total share capital[38] Other Financial Metrics - The company's long-term borrowings increased by 43.65% compared to the beginning of the period, reflecting an increase in medium and long-term loans[19] - The company reported a decrease in prepayments from ¥23,575,148.29 to ¥13,274,861.32, a decline of approximately 43.7%[39] - Financial expenses decreased to ¥3,250,376.07 from ¥6,877,930.79, a reduction of about 52.8%[30] - Deferred income tax liabilities rose to ¥65,602,494.90 from ¥61,805,857.57, an increase of 4.5%[42] Accounting and Reporting - The company has not disclosed any new strategies or product developments in the current report[40] - The company has not yet audited the first quarter report for 2024[47] - The company executed new accounting standards starting in 2024, impacting the financial statement items[47]

证券代码：002859 证券简称：洁美科技 公告编号：2024-040 债券代码：128137 债券简称：洁美转债 （问题征集专题页面二维码） 公司董事会及管理层衷心感谢广大投资者对公司的关注与支持，欢迎广大投 资者积极参与本次网上业绩说明会。 特此公告。 浙江洁美电子科技股份有限公司 浙江洁美电子科技股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 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。 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2024 年4月16日及2024年4月23日在公司指定信息披露媒体正式披露了《2023年年度报 告》《2023年年度报告摘要》及《2024年第一季度报告》。为了让广大投资者能 进一步了解公司2023年度及2024年第一季度经营情况，公司定于2024年4月26日 （星期五）15:00～17:00在深圳证券交易所"互动易平台"举办2023年度暨2024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://i ...

证券代码：002859 证券简称：洁美科技 公告编号：2024-038 债券简称：128137 债券代码：洁美转债 浙江洁美电子科技股份有限公司 关于为全资子公司提供担保的公告 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。 重要提示： 1、被担保人：天津洁美电子信息材料有限公司 2、截至公告日，浙江洁美电子科技股份有限公司（以下简称"本公司"或"公司"）为 子公司提供的担保额度总金额为181,700.00万元（含本次担保金额，且均为对本公司合并报表 范围的主体的担保），占公司最近一期经审计净资产的比例为61.00%；本公司为子公司担保 总余额（担保实际确认额，含本次担保）为124,413.37万元，占公司最近一期经审计净资产的 比例为41.77%。其中，本公司为天津洁美电子信息材料有限公司贷款本金为人民币67,000万 元的债务提供连带责任保证，本次担保占公司最近一期经审计净资产的22.49%。 3、本次是否有反担保：否 4、公司对外担保逾期的累计金额：无 一、担保情况概述 （一）审议程序 浙江洁美电子科技股份有限公司分别于2023年4月10日、2023年5 ...