Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 2.59 billion yuan for 2024, representing a year-on-year growth of 25.25%. The net profit attributable to shareholders was 68 million yuan, up 59.07%, while the net profit excluding non-recurring items reached 76 million yuan, marking a significant increase of 128.77% [2][6] - The competitive landscape is improving, with expectations for large-size polarizer prices to recover to reasonable levels in the long term. The company's flexible OLED polarizers and 65-inch polarizers are optimizing product structure, enhancing cost competitiveness through a domestic material system, and there is significant potential for global market share growth [2][12] Summary by Sections Financial Performance - The company achieved a quarterly revenue of 716 million yuan in Q4, a year-on-year increase of 35.51% and a quarter-on-quarter growth of 3.77%. The annual global demand for polarizers is projected to be 594 million square meters, with the company's sales expected to reach 33.07 million square meters, a growth of 30.40% year-on-year [12] - The company’s EPS for 2024-2026 is projected to be 0.97, 1.80, and 2.27 yuan, with corresponding P/E ratios of 27.31, 14.69, and 11.65 [12][17] Product Development and Market Position - The company is focusing on the launch of new products and the advancement of its new material system. Key projects include the second phase of production in Hefei, which is designed for 65-inch TV panel cutting, and the development of flexible AMOLED polarizers for small and medium-sized screens [12] - The company has successfully developed a new type of OLED polarizer with features such as thinner design, circular polarization, and blue light protection, with over 20 million units shipped in Q1 2024 [12]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 2.59 billion yuan, a year-on-year growth of 25.25%, and a net profit attributable to shareholders of 68 million yuan, up 59.07% [5][10] - The company is experiencing a recovery in gross margin, which was 17.29% for 2024, an increase of 2.48% year-on-year, with a notable quarterly improvement [8] - The company is accelerating production capacity with new projects coming online, particularly in large-size TV applications and flexible AMOLED polarizers [8] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 2.068 billion yuan in 2023 to 4.325 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.1% [7][10] - Net profit is expected to increase significantly from 43 million yuan in 2023 to 346 million yuan in 2027, reflecting a strong growth trajectory [7][10] - The report adjusts profit forecasts for 2025 and 2026 downwards due to industry price pressures but introduces a new forecast for 2027, maintaining a favorable outlook [8]

Group 1: Sanlipu - In 2024, Sanlipu achieved a total sales volume of polarizers of 33.07 million square meters, a year-on-year increase of 30.40% [1] - The company reported operating revenue of 2,589,692,805.31 yuan, up 25.25% from the previous year [2] - Net profit attributable to shareholders reached 68,091,111.50 yuan, reflecting a significant growth of 59.07% year-on-year [2] - The company’s cash flow from operating activities was 42,211,248.57 yuan, a slight increase of 1.70% compared to the previous year [2] - Sanlipu's gross profit margin improved, with the third and fourth quarters achieving record high revenues [1][2] Group 2: Business Expansion and R&D - Sanlipu's OLED product series continued to grow, with accelerated domestic substitution [3] - The company is advancing the construction of its second phase of production capacity in Hefei, focusing on trial production, yield improvement, and customer certification [3] - In 2024, Sanlipu submitted 29 new patent applications, including 19 invention patents and 10 utility model patents, and obtained 25 new authorized patents [3] Group 3: Hisense Visual - In 2024, Hisense Visual achieved operating revenue of 58.53 billion yuan, a year-on-year increase of 9.17% [4] - The net profit attributable to shareholders was 2.25 billion yuan, up 7.17% from the previous year [5] - The net cash flow from operating activities was 3.59 billion yuan, reflecting a growth of 22.79% year-on-year [5] Group 4: Technology and Product Development - Hisense Visual is focusing on three core display technologies: ULED, Micro LED, and laser display, accelerating platform innovation [5] - The company has seen growth in the shipment of Mini LED backlight TV products across various domestic and international markets [6] - In the AR field, Hisense Visual successfully completed the assembly of Micro LED ultra-small optical modules, achieving significant reductions in size and improvements in performance [6]

Group 1: Company Performance - Western Gold achieved operating revenue of 7.001 billion yuan in 2024, a year-on-year increase of 56.68%, and net profit of 290 million yuan, turning from loss to profit [1] - Jihong Co. reported operating revenue of 5.529 billion yuan in 2024, a year-on-year decrease of 17.41%, with net profit down 47.28% to 182 million yuan [2] - Sanli Co. achieved operating revenue of 227 million yuan in 2024, a year-on-year increase of 14.35%, but reported a net loss of 49.88 million yuan, narrowing the loss by 56.50% [2] - Sanli Co. reported operating revenue of 2.590 billion yuan in 2024, a year-on-year increase of 25.25%, with net profit of 68.09 million yuan, up 59.07% [4] - Huaiqi Mountain achieved operating revenue of 1.631 billion yuan in 2024, a year-on-year increase of 15.60%, with net profit of 196 million yuan, up 17.74% [6] - Huayuan Holdings reported operating revenue of 2.449 billion yuan in 2024, a year-on-year increase of 1.60%, with net profit of 70.74 million yuan, up 739% [8] - Hangfa Power achieved operating revenue of 47.880 billion yuan in 2024, a year-on-year increase of 9.48%, but net profit decreased by 39.48% to 860 million yuan [10] - Zhongcai Energy reported operating revenue of 2.324 billion yuan in 2024, a year-on-year decrease of 24.21%, with net profit down 94.70% to 760,240 yuan [10] - Longxing Technology achieved operating revenue of 4.355 billion yuan in 2024, a year-on-year increase of 1.95%, with net profit of 142 million yuan, up 28.70% [11] - Jinying Co. reported operating revenue of 1.308 billion yuan in 2024, a year-on-year decrease of 4.52%, with net profit down 36.73% to 22.35 million yuan [12] - Zhujiang Co. achieved operating revenue of 1.558 billion yuan in 2024, a year-on-year decrease of 52.38%, but net profit turned to profit at 15.57 million yuan [12] - Chuanwang Media reported operating revenue of 288 million yuan in 2024, a year-on-year increase of 20.05%, but net profit decreased by 24.02% to 23.80 million yuan [13] - Ronglian Technology achieved operating revenue of 2.022 billion yuan in 2024, a year-on-year decrease of 14.91%, with net profit of 28.11 million yuan, up 107.87% [13] - Oufeiguang reported operating revenue of 20.437 billion yuan in 2024, a year-on-year increase of 21.19%, but net profit decreased by 24.09% to 58.38 million yuan [14] Group 2: Dividend Proposals - Western Gold proposed a cash dividend of 0.5 yuan per 10 shares [1] - Jihong Co. proposed a cash dividend of 1.58 yuan per 10 shares [2] - Sanli Co. proposed a cash dividend of 1.50 yuan per 10 shares [4] - Huaiqi Mountain proposed a cash dividend of 4.00 yuan per 10 shares [6] - Huayuan Holdings proposed a cash dividend of 1.00 yuan per 10 shares [8] - Hangfa Power proposed a cash dividend of 0.97 yuan per 10 shares [10] - Zhongcai Energy proposed a cash dividend of 0.05 yuan per 10 shares [10] - Longxing Technology proposed a cash dividend of 1.20 yuan per 10 shares [11] - Jinying Co. proposed a cash dividend of 1.00 yuan per 10 shares [12] - Zhujiang Co. proposed a cash dividend of 1.25 yuan per 10 shares [12] - Chuanwang Media proposed a cash dividend of 1.25 yuan per 10 shares [13] - Ronglian Technology proposed a cash dividend of 0.0425 yuan per share [13] - Oufeiguang proposed a cash dividend of 0.0178 yuan per share [14]

Core Viewpoint - Sanlipu's 2024 annual report shows impressive revenue growth, but underlying challenges in market competition, cost control, and cash flow management remain significant concerns [1][2][5]. Revenue Growth - Sanlipu achieved a record revenue of 2.59 billion yuan in 2024, representing a year-on-year increase of 25.25% [1][2]. - The growth was primarily driven by the expansion in the polarizer market, particularly the ramp-up of OLED series products, with total polarizer sales reaching 33.07 million square meters, up 30.40% year-on-year [2]. Market Competition - Despite the revenue increase, Sanlipu faces intensified market competition as the global display panel industry recovers, leading to structural growth in polarizer demand, projected to reach 594 million square meters, a year-on-year increase of approximately 4.3% [2]. - The rise of domestic competitors and the acceleration of domestic substitution processes pose additional challenges for Sanlipu [2]. Profitability and Cost Control - The company's net profit grew by 59.07% year-on-year to 68.09 million yuan, but concerns about cost control persist [1][3]. - Sanlipu's gross profit was 448 million yuan, with a gross margin of 17.3%, which, while improved from the previous year, still lags behind industry leaders [3]. - Increased R&D investment, with 29 new patent applications submitted, has not significantly improved gross margins and has compressed profit margins [3]. Cash Flow Management - Operating cash flow for 2024 was 42.21 million yuan, a modest increase of 1.7%, indicating insufficient cash flow relative to revenue and net profit growth [5]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 26.03 million yuan, which may further strain cash flow [5]. - Total assets reached 5.256 billion yuan, up 28.6% year-on-year, but net assets grew only 1.2% to 2.361 billion yuan, highlighting challenges in capital management and asset allocation [5].

深圳市三利谱光电科技股份有限公司 2024 年度独立董事述职报告（陈志华） 各位股东及股东代表： 作为深圳市三利谱光电科技股份有限公司（以下简称"公司"）的独立董事， 本人严格按照《公司法》《上市公司独立董事规则》《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》等法律法规和《公司章程》《独 立董事工作制度》等的规定，忠实履行了独立董事的职责，谨慎、认真、勤勉地 行使了独立董事的权利，积极出席相关会议，认真审议董事会的各项议案，对重 要事项发表独立意见，充分发挥独立董事的作用，切实维护公司整体利益和全体 股东尤其是中小股东的合法权益。现将 2024 年任职期间的履职情况汇报如下： 一、独立董事的基本情况 本人陈志华，1971 年出生，中国国籍，南开大学法学、信息学双学士学位， 无永久境外居留权。现任广东格林律师事务所监事会监事长、高级合伙人、专职 律师，兼任本公司独立董事，2023 年 7 月 25 日至今，本人担任公司独立董事。 履职期间内，本人任职符合《上市公司独立董事管理办法》第六条规定的独 立性要求，不存在影响独立性的情况。 二、独立董事年度履职情况 （一）出席公司董事会和股东 ...

深圳市三利谱光电科技股份有限公司 2024 年度独立董事述职报告（郭晋龙） 各位股东及股东代表： 作为深圳市三利谱光电科技股份有限公司（以下简称"公司"）的独立董事， 本人严格按照《公司法》《上市公司独立董事规则》《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》等法律法规和《公司章程》《独 立董事工作制度》等的规定，忠实履行了独立董事的职责，谨慎、认真、勤勉地 行使了独立董事的权利，积极出席相关会议，认真审议董事会的各项议案，对重 要事项发表独立意见，充分发挥独立董事的作用，切实维护公司整体利益和全体 股东尤其是中小股东的合法权益。现将 2024 年任职期间的履职情况汇报如下： 一、独立董事的基本情况 本人郭晋龙，1961 年出生，中国国籍，硕士学历，中国注册会计师，无永 久境外居留权。现任信永中和研究院副院长，深圳市水务规划设计院股份有限公 司独立董事，内蒙古福瑞医疗科技股份有限公司独立董事，深圳市文硕佳音音乐 剧传播有限公司监事，2020 年 7 月至今担任公司独立董事。 履职期间内，本人任职符合《上市公司独立董事管理办法》第六条规定的独 立性要求，不存在影响独立性的情况。 二、 ...

深圳市三利谱光电科技股份有限公司 董事会审计委员会对会计师事务所 2024 年度履职情况 评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上 市公司自律监管指引第1号——主板上市公司规范运作》和《公司章程》等规定 和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将 董事会审计委员会对会计师事务所2024年度履职评估及履行监督职责的情况汇 报如下： 一、2024年年审会计师事务所基本情况 （一）会计师事务所基本情况 天健会计师事务所（特殊普通合伙）（以下简称"天健所"）成立于2011年7 月，注册地址为浙江省杭州市西湖区隐街道西溪路128号，首席合伙人为钟建国 先生。截至2024年12月31日，天健所合伙人数量为241人，注册会计师2,356人， 其中签署过证券服务业务审计报告的注册会计师904人。 2024年度上市公司（含A、B股）审计客户共计707家，收费总额人民币7.20 亿元。这些上市公司主要行业涉及制造业，信息传输、软件和信息技术服务业， 批发和零售业，水利、环境和公 ...

证券代码：002876 证券简称：三利谱 公告编号：2025-019 深圳市三利谱光电科技股份有限公司 关于会计政策变更的公告 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，不存在虚 假记载、误导性陈述或重大遗漏。 深圳市三利谱光电科技股份有限公司（以下简称"公司"）于 2025 年 4 月 1 日召开的第五届董事会 2025 年第二次会议、第五届监事会 2025 年第二次会议 审议通过了《关于会计政策变更的议案》。根据《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 有关规定，公司本次会计政策变更由董事会审议，无需提交股东大会审议。相关 会计政策变更的具体情况如下： 一、本次会计政策变更概述 （一）会计政策变更的原因 2024 年 12 月 6 日，财政部发布了《企业会计准则解释第 18 号》（以下简 称"《准则解释第 18 号》"），其中规定了对于不属于单项履约义务的保证类 质保费用应计入营业成本的相关内容。公司根据前述规定对原会计政策进行相应 变更，将保证类质量保证产生的预计负债，从"销售费用"项目调整至"主营业 务成本""其他业务成 ...

证券代码：002876 证券简称：三利谱 公告编号：2025-021 深圳市三利谱光电科技股份有限公司 关于举行 2024 年度报告网上业绩说明会的公告 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，不存在虚 假记载、误导性陈述或重大遗漏。 深圳市三利谱光电科技股份有限公司（以下简称"公司"）将于2025年4月 10日（星期四）下午15:00—17:00在全景网提供的网上平台举办2024年度报告网 上业绩说明会，本次年度业绩说明会将采用网络远程的方式举行，投资者可登陆 全景网"投资者关系互动平台"（https://ir.p5w.net）参与本次年度业绩说明 会。 公司出席本次年度业绩说明会的人员有：公司董事长、总经理张建军先生， 董事会秘书、副总经理黄慧女士，财务总监、副总经理王小军先生，独立董事胡 春明先生。 为充分尊重投资者、提升交流效率及针对性，现就公司2024年度业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025 年4月10日（星期四）下午15:00前访问https://ir.p5w.net/zj/，或扫描下方二 维码，进入问题征集专题页面。公司将在202 ...