IJKL#MN1OPQRKSTUVWXYZ IJKL(003022.SZ)/[\ _‘ab:;/<=H! 2024c5d6e ]^ [Table_Industry] [!Ta"ble#_T$itle%] &’%( [_F?in@ancAe1B] CD !"#$%17.51& 23 2022A 2023A 2024E 2025E 2026E u-vwx78&y 8,157 6,778 7,908 8,712 9,963 ’()%*+ z]{yoy% 7.6% -16.9% 16.7% 10.2% 14.4% ,-./01%S0740522020001 |}~x78&y 866 446 540 640 885 Email%zengbiao@zts.com.cn z]{yoy% -20.6% -48.5% 21.0% 18.5% 38.3% (cid:127)5v(cid:128)x&y 0.65 0.33 0.40 0.48 0.66 (cid:127)5(cid:129)(cid:130)9(cid:131) 0.99 0.66 1.02 1.11 1.29 ’()%23 |(cid:132)bv(cid:12 ...

北京市金杜律师事务所 关于联泓新材料科技股份有限公司 向特定对象发行 A 股股票 1 金杜于 2024 年 3 月 5 日对《补充法律意见书（二）》中反馈回复部分的内容进行更新。 3-1 本所现根据发行人于 2024 年 3 月 27 日公告的《联泓新材料科技股份有限公 司 2023 年年度报告》（以下简称《2023 年年度报告》）以及发行人自《补充法律意 见书（二）》出具之日2至本补充法律意见书出具之日（以下简称补充核查期间）发 生的重大变化，出具本补充法律意见书。 金杜在《法律意见书》《律师工作报告》《补充法律意见书》和《补充法律意 见书（二）》中发表法律意见的前提和假设，同样适用于本补充法律意见书。本补 充法律意见书中使用的定义与《法律意见书》《律师工作报告》《补充法律意见书》 和《补充法律意见书（二）》相同。 本补充法律意见书仅供发行人为本次发行之目的使用，不得用作任何其他目 的。金杜同意将本补充法律意见书作为发行人本次发行申请所必备的法定文件， 随其他申报材料一起上报，并愿意承担相应的法律责任。 的 补充法律意见书（三） 二〇二四年四月 致：联泓新材料科技股份有限公司 北京市金杜律师事务所（以下简称 ...

证券简称：联泓新科 证券代码：003022 关于联泓新材料科技股份有限公司 申请向特定对象发行股票的审核问询函 的回复报告 保荐机构（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二四年四月 联泓新材料科技股份有限公司 审核问询函的回复报告 深圳证券交易所： 根据贵所于 2023 年 3 月 14 日出具的《关于联泓新材料科技股份有限公司申请向特 定对象发行股票的审核问询函》（审核函〔2023〕120020 号）（以下简称"问询函"）， 联泓新材料科技股份有限公司（以下简称"联泓新科"、"公司"或"发行人"）与保 荐机构中国国际金融股份有限公司（以下简称"保荐机构"）、金杜律师事务所（以下 简称"发行人律师"）、信永中和会计师事务所（特殊普通合伙）（以下简称"发行人 会计师"）对问询函所涉及的问题认真进行了逐项核查和落实，同时按照问询函的要求 对《联泓新材料科技股份有限公司向特定对象发行 A 股股票募集说明书（申报稿）》 （以下简称"募集说明书"）进行了修订和补充，现回复如下，请予审核。 如无特别说明，本回复报告中的简称与《联泓新材料科技股份有限公司向特定对象 发 ...

关于联泓新材料科技股份有限公司 申请向特定对象发行股票的审核问询函的回复报告 深圳证券交易所： 根据贵所于 2023 年 3 月 14 日出具的《关于联泓新材料科技股份有限公司申请向特定对象发 行股票的审核问询函》（审核函〔2023〕120020 号）（以下简称"问询函"）， 联泓新材料科技股 份有限公司（以下简称"联泓新科"、"公司"或"发行人"）与保荐机构中国国际金融股份有 限公司（以下简称"保荐机构"）、金杜律师事务所（以下简称"发行人律师"）、信永中和会计 师事务所（特殊普通合伙）（以下简称"发行人会计师"）对问询函所涉及的问题认真进行了逐 项核查和落实，并就问询函进行逐项回复，具体如下。 如无特别说明，本回复报告中的简称与《联泓新材料科技股份有限公司向特定对象发行 A 股 股票募集说明书（申报稿）》中 "释义"所定义的简称具有相同含义，所用字体对应内容如下： | 问询函所列问题 | 黑体、加粗 | | --- | --- | | 对问题的回答 | 宋体 | | 对募集说明书等申请文件的修改内容 | 楷体、加粗 | 本回复报告中若出现部分合数与各加数相加之和在尾数上有差异，或部分比例指标与相关数 值直 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company experienced a decline in profitability in 2023, with revenue of 6.778 billion yuan, down 16.91% year-on-year, and a net profit of 446 million yuan, down 48.50% year-on-year. A cash dividend of 0.80 yuan per 10 shares (tax included) is planned [5][6]. - EVA production and sales increased by 12.8% and 12.7% year-on-year, respectively, while sales of polypropylene specialty materials decreased by 4.5% and 5.5% year-on-year. The production of epoxy ethane derivatives saw a growth of 5.6% and 5.4% year-on-year [5][6]. - The company is focusing on high-end and differentiated new material platforms, including renewable energy materials and biodegradable materials, with a product matrix that includes photovoltaic materials, lithium battery materials, and specialty fine materials [6][8]. - Key projects under construction are expected to gradually come online from 2024 to 2025, contributing to incremental growth. These include a 200,000 tons/year EVA project, a 300,000 tons/year POE project, and a 13,000 tons/year PLA project, among others [6][8][9]. - The earnings forecast for 2024-2026 estimates EPS of 0.37, 0.45, and 0.85 yuan, respectively, with a reasonable value range of 16.41-16.79 yuan based on comparable company valuations [6][12]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 6.778 billion yuan, a decrease of 16.9% year-on-year, and a net profit of 446 million yuan, down 48.5% year-on-year. The gross margin was 16.2% [7][12]. - The forecast for 2024 projects revenue of 7.452 billion yuan, with a net profit of 496 million yuan, and an EPS of 0.37 yuan [12]. Production and Sales - EVA production and sales reached 160,500 tons and 160,200 tons, respectively, in 2023, marking a year-on-year increase of 12.8% and 12.7%. However, sales of polypropylene specialty materials fell by 4.5% and 5.5% [5][6]. - The average selling price of EVA decreased by 36.6% year-on-year to 12,600 yuan per ton, with a gross profit of approximately 5,174 yuan per ton, down 49.2% [6][10]. Project Development - The company is developing several key projects, including a 200,000 tons/year EVA project and a 300,000 tons/year POE project, which are expected to be operational by 2024 and 2025, respectively [8][9]. - The new material projects are anticipated to generate significant revenue, with projected sales of 740 million yuan in 2024 and 4.447 billion yuan by 2026 [10][12]. Valuation - The company is valued at a P/E ratio of 44-45 times for 2024, with a P/B ratio of 2.9-3.0 times, reflecting a reasonable valuation range of 16.41-16.79 yuan [6][12].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's profitability has significantly improved, with a recovery in EVA profitability driven by self-supply of raw materials and price increases [3] - The company is actively advancing its new materials platform, with several new projects expected to contribute to sustained growth [3] - The forecast for 2024-2026 earnings has been adjusted, reflecting a growth outlook supported by the new materials platform [3] Summary by Sections Performance Overview - In Q1 2024, the company achieved revenue of 1.48 billion yuan, a year-on-year decrease of 6% and a quarter-on-quarter decrease of 19% [2] - The net profit attributable to shareholders was 51.44 million yuan, down 65% year-on-year but up 23% quarter-on-quarter [2] Operational Analysis - Maintenance activities impacted performance, with certain production units undergoing repairs, affecting output [2] - The company has resumed normal production after the maintenance period [2] Profitability Improvement - The gross margin for Q1 improved significantly, recovering 3.7 percentage points to 16.29% compared to Q4 2023, primarily driven by high-margin EVA products [3] - The price of photovoltaic EVA rebounded from 11,500 yuan to 13,500 yuan per ton, supporting profitability [3] New Projects and Growth Prospects - The company is progressing with its new materials platform, with several projects expected to come online in 2024, including high-margin products [3] - The company anticipates a 30% growth in photovoltaic component demand in 2024, which will drive EVA demand [3] Earnings Forecast and Valuation - The earnings forecast for 2024-2026 has been adjusted to 480 million yuan (-13%), 590 million yuan (-13%), and 1.01 billion yuan, respectively [3]

Financial Performance - In Q1 2024, the company achieved operating revenue of CNY 1,487,139,708.13, a decrease of 5.64% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 51,436,308.79, representing a significant decline of 65.05% year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 5,660,404.98, down 80.70% from the previous year[4] - The company reported a net cash flow from operating activities of CNY 26,657,969.16, a decrease of 72.94% compared to the same period last year[4] - The company experienced a 46.90% decrease in government subsidies, impacting overall profitability[8] - The company’s weighted average return on equity decreased to 0.72%, down from 2.10% in the previous year[4] - Total operating revenue for the current period is ¥1,487,139,708.13, a decrease of 5.63% from ¥1,576,009,466.45 in the previous period[18] - Net profit for the current period is ¥52,353,020.65, a decline of 65.05% compared to ¥149,902,642.09 in the previous period[18] - Total profit for the current period is ¥69,813,933.91, down 61.32% from ¥179,945,557.23 in the previous period[18] - Basic earnings per share for the current period is ¥0.04, down from ¥0.11 in the previous period[19] Cash Flow and Financing - The net cash flow from operating activities for Q1 2024 was ¥26,657,969.16, a decrease of 72.94% compared to ¥98,506,299.75 in Q1 2023[9] - The net cash flow from financing activities increased by 115.97% to ¥1,386,120,765.36 in Q1 2024, up from ¥641,819,930.45 in Q1 2023, attributed to increased bank loans for new project investments[9] - The company reported a significant increase in management expenses to ¥105,932,262.91, up from ¥81,805,395.77, representing a rise of 29.49%[18] - The total cash outflow from investing activities was $558,755,038.74, an increase of 28.8% from $433,709,675.20 in the prior period[21] - The net cash flow from financing activities was $1,386,120,765.36, up 116.5% from $641,819,930.45 in the previous period[21] - The cash flow from operating activities showed a total outflow of $1,767,969,203.42, down from $1,860,374,432.86 in the previous period[21] Assets and Liabilities - The company’s total assets increased by 8.38% to CNY 18,451,825,494.34 compared to the end of the previous year[4] - Current assets rose to CNY 5,214,555,936.91, up from CNY 4,020,900,300.24, indicating a growth of about 29.7%[16] - Cash and cash equivalents increased significantly to CNY 3,604,884,451.77 from CNY 2,500,268,846.96, representing a growth of approximately 44.3%[16] - Total liabilities increased to CNY 10,586,192,433.76 from CNY 9,194,640,033.89, marking an increase of around 15.1%[17] - Long-term borrowings surged to CNY 4,271,813,868.89 from CNY 2,900,260,505.56, reflecting an increase of approximately 47.3%[17] - The company's equity attributable to shareholders rose to CNY 7,175,922,767.84 from CNY 7,121,527,565.22, showing a slight increase of about 0.76%[17] New Projects and Developments - The new 90,000 tons/year ethylene vinyl acetate (EVA) plant started successful operations in January 2024, contributing to stable production[3] - A new 20,000 tons/year ultra-high molecular weight polyethylene plant began trial operations at the end of March 2024[3] - The company plans to launch multiple new high-margin product lines throughout 2024, enhancing its product portfolio[3] - The company is in the process of issuing A-shares to specific investors to raise funds for its integrated project in new energy materials and biodegradable materials, currently under review by the Shenzhen Stock Exchange[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 65,064, with the largest shareholder, Lianhong Group Co., Ltd., holding 51.77% of shares[10] - China Academy of Sciences Holdings Co., Ltd. held 25.27% of shares, making it the second-largest shareholder[10] - The top ten shareholders collectively hold significant portions of the company, with the top three shareholders accounting for over 80% of the total shares[10] Certifications and R&D - The company received high-tech enterprise certification in January 2024, which will allow it to enjoy tax benefits from 2023 to 2025, enhancing its R&D capabilities and competitive position[15] - The company’s subsidiary, Lianhong (Jiangsu) New Materials Research Institute Co., Ltd., also received high-tech enterprise certification in February 2024[15] - The company plans to leverage its high-tech status to accelerate the transformation of technological achievements and enhance overall competitiveness[15] Other Financial Metrics - Research and development expenses increased to ¥87,709,260.58, up from ¥73,749,422.79 in the previous period, reflecting a growth of 18.91%[18] - Tax expenses for the current period are ¥17,460,913.26, a decrease of 41.93% from ¥30,042,915.14 in the previous period[18] - Other income decreased significantly to ¥73,928,315.46 from ¥139,220,110.75, a decline of 46.94%[18] - The company did not undergo an audit for the first quarter report[22]

证券代码：003022 证券简称：联泓新科 公告编号：2024-016 联泓新材料科技股份有限公司 2023 年年度权益分派实施公告 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。 联泓新材料科技股份有限公司（以下简称"公司"或"本公司"）2023 年年 度权益分派方案已于 2024 年 4 月 16 日经公司 2023 年年度股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案的情况 1、经公司 2023 年年度股东大会审议通过的 2023 年年度权益分派方案为： 以公司总股本 1,335,568,000 股为基数，向全体股东每 10 股派发现金红利 0.80 元 （含税），不送红股，不以资本公积金转增股本。本次权益分派方案实施时，若 享有利润分配权的股本总额发生变动，则以本次权益分派股权登记日享有利润分 配权的最新总股本为基数，按照"现金分红总额固定不变"的原则对每股现金分 红金额进行调整； 2、自本次权益分派方案披露至实施期间公司股本总额未发生变化； 3、本次实施的权益分派方案与股东大会审议通过的权益分派方案及其调整 原则一致 ...

北京市金杜律师事务所（以下简称本所）接受联泓新材料科技股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人民 共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别 行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规 章和规范性文件和现行有效的《联泓新材料科技股份有限公司章程》（以下简称《公 司章程》）有关规定，指派律师出席了公司于 2024 年 4 月 16 日召开的 2023 年年 度股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律意 见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第一次临时股东大会审议通过的《公司章程》； 2. 公司于 2024 年 3 月 27 日刊登于巨潮资讯网及深圳证券交易所网站的《联 泓新材料科技股份有限公司第二届董事会第十九次会议决议公告》《联泓新材料科 技股份有限公司第二届监事 ...

证券代码：003022 证券简称：联泓新科 公告编号：2024-015 联泓新材料科技股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开时间： 1、现场会议时间：2024 年 4 月 16 日（星期二）14:30 2、网络投票时间：2024 年 4 月 16 日（星期二） 章、规范性文件和《联泓新材料科技股份有限公司章程》的规定。 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 4 月 16 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系统投 票的时间为 2024 年 4 月 16 日 9:15-15:00。 （二）会议地点：北京市海淀区科学院南路 2 号融科资讯中心 C 座南楼 15 层公司会议室 （三）会议召开方式：本次会议采取现场投票与网络投票相结合的方式 （四）会议召集人：公司董事会 （五 ...