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 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][22]. Core Views - The company reported a revenue of 363 million yuan in Q1 2024, representing a year-on-year growth of 17.87%, and a net profit attributable to the parent company of 53 million yuan, up 69.19% year-on-year [3]. - The overall revenue for 2023 reached 1.572 billion yuan, marking a year-on-year increase of 20.83%, with a net profit of 256 million yuan, up 54.11% [10]. - The company is experiencing a recovery in downstream demand, particularly in consumer electronics, new energy, smart manufacturing, and 5G commercial technologies, which are driving new growth points [9]. - The gross profit margin for the company improved to 35.82% in 2023, an increase of 6.37 percentage points year-on-year, with specific product lines such as electronic packaging thin carrier tape achieving a gross margin of 40.52% [17]. Financial Summary - The company expects to achieve a net profit of 334 million yuan in 2024, corresponding to a PE ratio of 26.0, and 464 million yuan in 2025, with a PE ratio of 18.7 [22]. - The projected revenue for 2024 is 2.006 billion yuan, with a year-on-year growth of 27.6%, and for 2025, it is expected to reach 2.712 billion yuan, growing by 35.2% [16]. - The company’s return on equity (ROE) is projected to increase from 8.6% in 2023 to 10.5% in 2024 and further to 14.6% by 2026 [16].

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 ...

2023 年度持续督导工作定期现场检查报告 中信证券股份有限公司 关于浙江洁美电子科技股份有限公司 | 1.是否按照相关规定建立内部审计制度并设立内部审计部门 | √ | | --- | --- | | 2.是否在股票上市后六个月内建立内部审计制度并设立内部审 | √ | | 计部门 | | | 3.内部审计部门和审计委员会的人员构成是否合规 | √ | | 4.审计委员会是否至少每季度召开一次会议，审议内部审计部门 | √ | | 提交的工作计划和报告等 | | | 5.审计委员会是否至少每季度向董事会报告一次内部审计工作 | √ | | 进度、质量及发现的重大问题等 | | | 6.内部审计部门是否至少每季度向审计委员会报告一次内部审 | √ | | 计工作计划的执行情况以及内部审计工作中发现的问题等 | | | 7.内部审计部门是否至少每季度对募集资金的存放与使用情况 | √ | | 进行一次审计 | | | 8.内部审计部门是否在每个会计年度结束前二个月内向审计委 | √ | | 员会提交次一年度内部审计工作计划 | | | 9.内部审计部门是否在每个会计年度结束后二个月内向审计委 | √ | | 员 ...

中信证券股份有限公司 关于浙江洁美电子科技股份有限公司 2023年度保荐工作报告 | （3）现场检查发现的主要问题及整改情况 | 无 | | --- | --- | | 6、发表专项意见情况 | | | （1）发表专项意见次数 | 6次 | | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | 7、向深圳证券交易所报告情况（现场检查报告除 | | | 外） | | | （1）向深圳证券交易所报告的次数 | 无，除按规定出具的核查意见外，不存在其他需 | | | 向交易所报告的情形 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8、关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 不适用 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9、保荐业务工作底稿记录、保管是否合规 | 是 | | 10、对上市公司培训情况 | | | （1）培训次数 | 1次 | | （2）培训日期 | 2023年12月22日 根据《证券发行上市保荐业务管理办法（2023年 | | | 修 ...

浙江洁美电子科技股份有限公司 2023 年度财务决算报告 2023 年，在公司董事会的正确领导下，在管理层以及全体员工的共同努力 下，公司继续保持稳定良好的发展态势。现将公司 2023 年度财务决算报告向董 事会汇报如下： 一、2023 年度财务报表的审计情况 公司 2023 年度财务报表已经天健会计师事务所审计，经过审计，会计师认 为本公司的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 本公司 2023 年 12 月 31 日的财务状况以及 2023 年度的经营成果和现金流量，并 出具了天健审[2024]1816 号标准无保留意见的审计报告。 | 项目 | 年度 2023 | 年度 2022 | 增减变动 | | --- | --- | --- | --- | | 营业收入（元） | 1,572,267,243.15 | 1,301,182,813.34 | 20.83% | | 归属于上市公司股东的净利润（元） | 255,619,754.84 | 165,869,772.08 | 54.11% | | 归属于上市公司股东的扣除非经常 性损益的净利润（元） | 255,190,162.00 ...