Core Viewpoint - Company reports a steady growth in revenue driven by the semiconductor business, with expectations for profit release in the future [1][2][3] Revenue Performance - In 2024, the company achieved revenue of 2.859 billion yuan, a year-on-year increase of 5.43%; Q4 revenue was 697 million yuan, down 5.11% year-on-year, slightly below market expectations due to revenue recognition timing [2] - The semiconductor segment benefited from a recovery in domestic market demand and accelerated domestic substitution, with an estimated revenue growth of about 50% in H1 2024 [2] - The food segment faced a declining industry demand but the company's market share in China continued to increase, mitigating some negative impacts [2] - The pharmaceutical segment is expected to remain under pressure due to intensified competition [2] Profitability Analysis - The company reported a net profit attributable to shareholders of 249 million yuan in 2024, a year-on-year increase of 5.73%; the non-recurring net profit was 232 million yuan, up 1.60% [3] - In Q4, the net profit attributable to shareholders was 51.38 million yuan, down 23.94% year-on-year, primarily due to concentrated fixed asset depreciation rather than operational factors [3] - The gross profit margin showed an upward trend due to the rapid growth of the semiconductor business and a decline in raw material prices in the food sector [3] Market Opportunities - The company is positioned to benefit significantly from the BIS sanctions, with a projected domestic semiconductor component market exceeding 25 billion yuan by 2025 [4] - The company’s products meet the demands of advanced 7nm processes and have been successfully delivered to major global semiconductor players [4] - A new joint venture was established with an investment of 14 million yuan to expand into cloud computing and related technologies, indicating a strategic move to diversify and grow [5] Future Outlook - Revenue forecasts for 2024-2026 have been adjusted to 2.859 billion, 3.412 billion, and 4.317 billion yuan, with year-on-year growth rates of 5.4%, 19.4%, and 26.5% respectively [7] - Net profit forecasts for the same period are adjusted to 249 million, 372 million, and 537 million yuan, with corresponding growth rates of 5.5%, 49.5%, and 44.2% [7] - The company maintains a "buy" rating with a projected PE ratio of 42, 28, and 20 for the years 2025-2026 [7]

Financial Performance - The total operating revenue for 2024 reached ¥2,858,704,915.63, an increase of 5.43% compared to the previous year[4] - Operating profit was ¥282,506,519.05, reflecting a growth of 7.71% year-over-year[4] - The total profit amounted to ¥281,801,735.28, up by 7.49% from the same period last year[4] - Net profit attributable to shareholders was ¥249,413,716.80, which is a 5.73% increase compared to the previous year[4] - The basic earnings per share increased to ¥0.6109, a rise of 5.32% year-over-year[4] Assets and Equity - The company's total assets at the end of the reporting period were ¥4,954,000,356.99, representing a 13.88% increase from the beginning of the period[6] - Shareholders' equity attributable to the company was ¥1,995,167,885.95, up 12.10% from the start of the period[6] Industry Investment and Performance - The company has increased its investment in the semiconductor industry, leading to higher sales and R&D expenses[6] - The gross profit margin for semiconductor products has shown an upward trend compared to the previous year due to increased orders[6] Financial Stability - The company’s financial condition is generally aligned with its operational performance, indicating stability[6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [3][11]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 245-280 million yuan in 2024, representing a year-on-year growth of 3.86%-18.69%. This growth is driven by a recovery in domestic semiconductor market demand and accelerated domestic substitution of key semiconductor components [2]. - The company anticipates improvements in gross margins in 2024 due to increased investments in the semiconductor sector and a decline in raw material prices in the food industry, leading to a positive trend in profitability [2]. - The company plans to leverage the opportunities presented by the domestic semiconductor industry's shift and aims for rapid growth in the semiconductor equipment and components market [2]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 3 billion, 3.45 billion, and 4 billion yuan respectively, with corresponding net profits of 264 million, 354 million, and 461 million yuan [3][8]. - The expected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 38, 28, and 22 respectively, indicating a favorable valuation trend [3][8]. Market Position - The company has a strong market presence in the semiconductor sector, with its products accounting for approximately 3%-5% of total investments in chip manufacturing and 5%-10% of raw material procurement for semiconductor equipment [2]. - The report highlights the company's established reputation and recognition in the vacuum application sector, with a wide range of products being utilized by both domestic and international clients [2]. Growth Drivers - The report emphasizes the acceleration of domestic substitution in the valve and spray head markets, which is expected to contribute significantly to the company's growth [2]. - The semiconductor manufacturing equipment market is projected to experience a robust recovery, with sales expected to reach historical highs by 2025, particularly benefiting from China's leading procurement position [2].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [3][11]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 245-280 million yuan in 2024, representing a year-on-year growth of 3.86%-18.69%. This growth is driven by a recovery in domestic semiconductor market demand and accelerated domestic substitution of key semiconductor components [2]. - The company anticipates improvements in gross margins in 2024 due to increased investments in the semiconductor sector and a decline in raw material prices in the food industry [2]. - The company plans to leverage the domestic shift in the semiconductor supply chain to expand its market presence in the semiconductor equipment and components sector, expecting high growth in this business segment [2]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 3 billion, 3.45 billion, and 4 billion yuan respectively, with net profits of 264 million, 354 million, and 461 million yuan respectively. The corresponding price-to-earnings ratios (PE) are 38, 28, and 22 [3][8]. - The company’s revenue growth rates are projected at 10.75%, 14.91%, and 15.95% for the years 2024, 2025, and 2026 respectively [8][10]. - The gross margin is expected to improve from 25.6% in 2023 to 26.8% in 2026, while the net profit margin is projected to increase from 8.7% to 11.5% over the same period [10].

Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately RMB 245 million to RMB 280 million for the year 2024, representing a year-on-year increase of 3.86% to a decrease of 18.69%[3]. - The net profit after deducting non-recurring gains and losses is projected to be between RMB 229 million and RMB 264 million, showing a slight increase of 0.10% compared to the previous year[3]. - The estimated impact of non-recurring gains and losses on net profit for 2024 is approximately RMB 16 million, mainly from government subsidies[6]. Industry Trends and Investments - The increase in net profit is primarily due to the recovery in demand within the domestic semiconductor industry and the acceleration of domestic substitution for key components[5]. - The company has increased its investment in the semiconductor sector, leading to a rising trend in product gross margins compared to the previous year[6]. - The gross margin for products in the food industry has also improved due to a decline in raw material prices compared to the previous year[6]. Overall Performance and Risks - The company’s overall performance is stable and improving, despite a decrease in demand from downstream customers in the food industry[5]. - The performance forecast has not been audited by a registered accounting firm, but there are no significant disagreements with the auditors regarding the forecast[4]. - Detailed financial data will be disclosed in the company's 2024 annual report, with actual figures subject to that report[7]. - Investors are advised to make cautious decisions and be aware of investment risks[7].

Group 1: Company Overview and Business Segments - New Lai Clean Application Materials Co., Ltd. specializes in the research, production, and sales of clean application materials and high-purity materials, primarily serving the food safety, biomedicine, and semiconductor industries [2] - The company has developed a complete technical system for clean application materials and high-purity materials over more than 20 years [2] - The subsidiary, Shandong Bihai Packaging Materials Co., Ltd., focuses on sterile packaging materials for liquid foods and has established a strong presence in the market [2][6] Group 2: Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 2.161 billion RMB, representing a year-on-year growth of 9.35% [2] - The net profit attributable to shareholders was 198 million RMB, with a year-on-year increase of 17.63% [2] - The semiconductor sector has shown significant growth, driven by recovering market demand, while the food industry has maintained stable market share despite reduced downstream demand [3] Group 3: Market Trends and Competitive Position - The semiconductor products account for approximately 3% to 5% of total chip factory investments and 5% to 10% of semiconductor equipment manufacturers' raw material procurement [5] - The global market for food industry products exceeds 200 billion RMB, with the domestic market around 50 billion RMB [5] - The company has entered the supply chains of leading domestic and international enterprises, enhancing its market share through technology advantages [6] Group 4: Future Strategies - The company aims to capitalize on the domestic shift in the semiconductor industry and expand its presence in the semiconductor equipment and components market [6] - In the food safety sector, the focus will be on the "equipment + packaging" business model to increase market share among domestic brands [6] - Increased R&D investment in high-value pharmaceutical-grade pumps and valves is planned to mitigate future market risks [6]

昆山新莱洁净应用材料股份有限公司 2024 年第一次临时股东会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 证券代码：300260 证券简称：新莱应材 公告编号：2024-039 1. 本次股东会无变更、否决议案； 2. 本次股东会未涉及变更前次股东大会决议的情况； 3. 本次股东会以现场投票和网络投票相结合的方式。 一、会议召开和出席情况 1、昆山新莱洁净应用材料股份有限公司（以下称"公司"）于2024年10月25 日以公告形式发布了《关于召开2024年第一次临时股东会的通知》。 2、会议召开方式：本次股东会采取现场投票和网络投票相结合的方式召开。 3、会议召开时间： （1）现场会议召开时间2024年11月13日（星期三）下午2:30； （2）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11月13日 （星期三）9:15-9:25、9:30-11:30、13:00-15:00； （3）通过深圳证券交易所互联网系统（http://wltp.cninfo.com.cn）投票的具 体时间为2024年11月13日（星期三）9:15至15: ...

国浩律师（南京）事务所 关 于 昆山新莱洁净应用材料股份有限公司 2024 年第一次临时股东会 之 2024 年 11 月 | 一、 | 关于本次股东会的召集、召开程序 | 2 | | --- | --- | --- | | 二、 | 关于本次股东会出席人员的资格和召集人资格 | 3 | | 三、 | 关于本次股东会的表决程序及表决结果 | 4 | | 四、 | 结论意见 | 6 | | | 签署页 | 7 | 国浩律师(南京)事务所 法律意见书 国浩律师（南京）事务所 法律意见书 南京市汉中门大街 309 号 B 座 5/7/8 层 邮编：210036 5,7,8th Floor, Block B, 309 Hanzhongmen Street, Nanjing 210036, China 电话/Tel: +86 25 8966 0900 传真/Fax: +86 25 8966 0966 网址/Website: http://www.grandall.com.cn 关于昆山新莱洁净应用材料股份有限公司 2024年第一次临时股东会之法律意见书 致：昆山新莱洁净应用材料股份有限公司 根据《中华人民共和国公司法》 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance continues to grow, with Q3 net profit under short-term pressure due to increased R&D and financial expenses [2] - The company is expected to benefit from the domestic substitution in the semiconductor and food sectors, showcasing strong growth potential [4] - The profit forecast for 2024-2026 has been adjusted downwards, with the current market value corresponding to P/E ratios of 36, 22, and 16 times respectively [5] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 2.161 billion yuan, a year-on-year increase of 9.4%, and a net profit of 198 million yuan, up 17.6% year-on-year [2] - The gross margin for Q1-Q3 2024 was 25.1%, with a net profit margin of 8.5% [3] - As of Q3 2024, the company's contract liabilities stood at 138 million yuan, and inventory was 1.576 billion yuan, indicating stability in cash flow and operations [3] Sector Growth Potential - The semiconductor sector is expected to see significant growth, with global semiconductor sales projected to increase by 11.6% to 18.3% from Q4 2023 to Q2 2024 [4] - The food sector is anticipated to grow, with the sterile packaging market in China expected to exceed 25 billion yuan by 2025 [4] - The pharmaceutical sector is also showing promise, with products recognized by well-known domestic and international companies [4]

Group 1: Company Overview and Financial Performance - New Lai Clean Application Materials Co., Ltd. specializes in the R&D, production, and sales of clean application materials and high-purity materials, primarily serving the food safety, biomedicine, and semiconductor sectors [3] - In the first three quarters of 2024, the company achieved total revenue of CNY 2.161 billion, representing a year-on-year growth of 9.35%, and a net profit attributable to shareholders of CNY 198 million, up 17.63% year-on-year [3] - The semiconductor industry business has shown significant growth, with the company increasing its investment in this sector, although gross margins have slightly declined compared to the previous year [4] Group 2: Market Trends and Order Trends - The net profit attributable to shareholders increased due to a recovery in domestic semiconductor market demand, leading to improved orders, while the food industry saw a decrease in downstream customer demand [3] - The company is actively enhancing its market share in the domestic food industry despite reduced demand from downstream clients [4] Group 3: Competitive Advantages and Product Offerings - The company has established a comprehensive technical system for clean application materials and high-purity materials over more than 20 years, gaining recognition from domestic and international clients [3] - Key products include high and ultra-high vacuum components, which meet stringent requirements for semiconductor processes, and are widely used in various applications such as thin-film technology and hydrogen energy [5][6] Group 4: Future Strategies and Market Opportunities - The company aims to capitalize on the domestic semiconductor industry's shift towards local sourcing, with semiconductor products accounting for approximately 3%-5% of total chip factory investments and 5%-10% of semiconductor equipment procurement [6] - The global market for food industry products is estimated to exceed CNY 200 billion, with the domestic market around CNY 50 billion, indicating significant growth potential [6][7] - Future strategies include focusing on domestic brand market share in the food safety sector and increasing R&D investment in high-value pharmaceutical-grade pumps and valves to mitigate market risks [7]