| 证券代码：300263 | 证券简称：隆华科技 公告编号：2025－029 | | --- | --- | | 债券代码：123120 | 债券简称：隆华转债 | 隆华科技集团（洛阳）股份有限公司 关于隆华转债暂停转股的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、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： 1、债券代码：123120 债券简称：隆华转债 2、转股期限：2022 年 2 月 7 日至 2027 年 7 月 29 日 3、计划暂停转股时间：2025 年 5 月 19 日至 2024 年年度权益分派股权登记日止 在上述期间，"隆华转债"正常交易，敬请"隆华转债"债券持有人留意。 特此公告。 隆华科技集团（洛阳）股份有限公司 董事会 1 二〇二五年五月十六日 4、计划恢复转股时间：2024 年年度权益分派股权登记日后的第一个交易日 隆华科技集团（洛阳）股份有限公司（以下简称"公司"）将于近日发布 2024 年年度权益分派实施公告，根据《隆华科技集团（洛阳）股份有限公司向不特定对 象发行可转换公司债券并在创业板上市募集说明书》中"转股价格的调整方法及计 算公式"条款 ...

| 证券代码：300263 | 证券简称：隆华科技 公告编号：2025－028 | | --- | --- | | 债券代码：123120 | 债券简称：隆华转债 | 隆华科技集团（洛阳）股份有限公司 2024 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内容的真实、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： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议； 3、本次股东大会以现场投票（现场及视频会议方式投票，下同）、网络投票相 结合的方式召开。 一、会议召开和出席情况 2025 年 4 月 23 日，隆华科技集团（洛阳）股份有限公司（以下简称"公司"） 董事会以公告方式向全体股东发出召开 2024 年度股东大会的会议通知，本次会议以 现场及网络投票相结合的方式召开。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：2025 年 5 月 14 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系统投票的具体时间为：2025 年 5 月 14 日 9：15－15： 00 期间的任意 ...

北京市安理律师事务所 关于隆华科技集团(洛阳) 股份有限公司 2024 年度股东大会的法律意见书 | 我会所 北京市朝阳区东三环中路 5 号财富金融中心 36 层 36th/F,FortuneFinancialCenter,No.5EastThirdRingMiddleRoad,ChaoyangDistrict,Beijing T: +861085879199F: +861085879198W: www.anlilaw.com 北京市安理律师事务所法律意见书 北京市安理律师事务所 关于隆华科技集团(洛阳)股份有限公司 2024 年度股东大会的法律意见书 安理证字 2025 第 0103 号 致:隆华科技集团(洛阳)股份有限公司 北京市安理律师事务所依法接受隆华科技集团(洛阳)股份有限公司(下 称"公司"）的委托,指派李佳畅律师、高风培律师(下称"本所律师"）出 席公司 2024 年度股东大会(下称"本次股东大会")并依法进行见证。 根据《中华人民共和国公司法》(下称"《公司法》")、《中华人民共 和国证券法》(下称"《证券法》")、《上市公司股东会规则》(以下简称 "《股东会规则》"）、《律师事务所从事证券法 ...

Group 1: Company Performance - In 2024, the company achieved a revenue of 2.7 billion yuan, representing a year-on-year growth of 9.87% [3] - The net profit for 2024 was 131 million yuan, with a year-on-year increase of 3.37% [3] Group 2: Production and Capacity - The company has implemented industrial robots in some production lines to enhance efficiency and plans to further automate and smarten production processes [2] - The production capacity for ITO target materials has significantly increased with the successful launch of a 500-ton annual capacity project [3] Group 3: Business Segments - The electronic new materials segment includes ITO targets used in TFT-LCD/AMOLED devices and HIT photovoltaic devices, with profitability aligning with company expectations [2] - The traditional business segments' profit contributions for 2024 will be detailed in the annual report [2] Group 4: Strategic Development - The company aims to strengthen its core competitiveness through systematic R&D innovation and collaboration with universities [3] - The strategic focus includes expanding into aerospace, stealth materials, and carbon fiber composite materials to enhance market presence [3] Group 5: Market Conditions - The company is experiencing high order volumes and capacity utilization in its subsidiary, Zhaoheng Technology, indicating a robust market demand [3] - The company is actively managing raw material costs and improving cash flow quality in response to competitive pressures in the industry [4]

Market Overview - On May 9, A-shares experienced a correction with over 4,100 stocks declining, resulting in the Shanghai Composite Index falling by 0.26% to 3,343.38 points, the Shenzhen Component Index down by 0.84%, and the ChiNext Index down by 1% [1][2] - The total trading volume in A-shares for the half-day session reached 806.287 billion yuan [1] Economic Data - In the first four months, China's total goods trade value reached 14.14 trillion yuan, a year-on-year increase of 2.4%, with exports at 8.39 trillion yuan (up 7.5%) and imports at 5.75 trillion yuan (down 4.2%) [3] - In April alone, the total goods trade value was 3.84 trillion yuan, growing by 5.6%, with exports at 2.27 trillion yuan (up 9.3%) and imports at 1.57 trillion yuan (up 0.8%) [3] Central Enterprises Strategy - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to focus on national strategic services, technological advancements, and the development of AI capabilities across various industries [3] Sector Performance - The textile and apparel sector showed strength, with Huafang Co. achieving a four-day consecutive rise, while power stocks also performed well, with notable gains from Jin控电力, 淮河能源, and 华电辽能 [3][4] - The supercritical power generation sector is seen as crucial for China's low-carbon transition, aligning with the country's dual carbon goals [4] Company Insights 1. **淮河能源**: The company has a strong coal-electricity integration operation, with expectations for improved profitability due to the normal operation of the 潘集电厂 and the closure of loss-making plants [8] 2. **隆华科技**: The company is pursuing a dual strategy in energy-saving and new materials, with a focus on expanding its target material business into the photovoltaic sector [8] 3. **华银电力**: The company anticipates continued recovery in its thermal power segment as domestic coal supply and demand balance out, with ongoing projects expected to enhance profitability [8] 4. **通裕重工**: The company is expanding its capacity in large forging presses, which is expected to improve product quality and cost efficiency, leading to potential performance growth [8]

Group 1 - The core viewpoint of the article emphasizes the financial performance and growth prospects of various companies based on their recent annual and quarterly reports [4][5][6][7][8][9]. Group 2 Binjiang Group (002244.SZ) - In 2024, the company achieved total revenue of 69.152 billion yuan, a year-on-year decrease of 1.83%, with real estate sales at 68.876 billion yuan, also down 1.83%. The net profit attributable to shareholders was 2.546 billion yuan, an increase of 0.66% year-on-year [4]. - For Q1 2025, the company reported total revenue of 22.508 billion yuan, a year-on-year increase of 64.27%, and a net profit of 976 million yuan, up 47.88% year-on-year [4]. China Chemical (601117.SH) - In 2024, the company reported revenue of 185.84 billion yuan, net profit of 5.69 billion yuan, and net profit after deducting non-recurring gains and losses of 5.51 billion yuan, with year-on-year increases of 4.2%, 4.8%, and 6.0% respectively [5]. - For Q1 2025, the company achieved revenue of 44.5 billion yuan, net profit of 1.44 billion yuan, and net profit after deducting non-recurring gains and losses of 1.41 billion yuan, with year-on-year changes of -1.0%, +18.8%, and +22.6% respectively [5]. Lu'an Environmental Energy (601699.SH) - In 2024, the company reported revenue of 35.85 billion yuan, a year-on-year decrease of 16.9%, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [6]. - For Q1 2025, the company achieved revenue of 6.97 billion yuan, a year-on-year decrease of 19.5%, and a net profit of 660 million yuan, down 49.0% year-on-year [6]. Longi Green Energy (601012.SH) - In 2024, the company reported revenue of 82.582 billion yuan, a year-on-year decrease of 36.23%, and a net loss attributable to shareholders of 8.618 billion yuan, down 180.15% year-on-year [7]. - For Q1 2025, the company achieved revenue of 13.652 billion yuan, a year-on-year decrease of 22.75%, and a net loss of 1.436 billion yuan, with a reduction in losses compared to the previous quarter [7]. Longhua Technology (300263.SZ) - In 2024, the company reported revenue of 2.711 billion yuan, a year-on-year increase of 9.87%, and a net profit of 131 million yuan, up 3.37% year-on-year [8]. - For Q1 2025, the company achieved revenue of 639 million yuan, a year-on-year decrease of 0.46%, and a net profit of 45 million yuan, down 18.12% year-on-year [8]. Tianwei Foods (603317.SH) - For Q1 2025, the company reported revenue of 642 million yuan, a year-on-year decrease of 24.80%, and a net profit of 75 million yuan, down 57.53% year-on-year [9]. - The combined performance for Q4 2024 and Q1 2025 showed revenue and net profit changes of -0.8% and -14.5% year-on-year respectively [9]. United Imaging Healthcare (688271.SH) - In 2024, the company reported revenue of 10.3 billion yuan, a year-on-year decrease of 9.7%, and a net profit of 1.262 billion yuan, down 36.1% year-on-year [9]. - For Q1 2025, the company achieved revenue of 2.478 billion yuan, a year-on-year increase of 5.4%, and a net profit of 370 million yuan, up 1.87% year-on-year [9].

Core Viewpoint - The company reported a revenue of 2.711 billion yuan for 2024, marking a year-on-year increase of 9.87%, and a net profit attributable to shareholders of 131 million yuan, up 3.37% year-on-year. However, in Q1 2025, revenue decreased by 0.46% to 639 million yuan, and net profit fell by 18.12% to 45 million yuan [2][3]. Group 1: Business Segments Performance - The electronic new materials segment achieved a revenue of 678 million yuan in 2024, a significant year-on-year growth of 43.38%, with a gross margin of 22.12%, up 2.75 percentage points [3]. - The polymer composite materials segment generated a revenue of 330 million yuan, reflecting a year-on-year increase of 3.94%, with a notable gross margin improvement to 39.89%, up 6.11 percentage points [3]. - The energy-saving and environmental protection products and services segment reported a revenue of 1.702 billion yuan, a year-on-year growth of 1.54%, but with a gross margin of 20.08%, down 3.92 percentage points [3]. Group 2: Technological Advancements and Market Position - The company's target material business has a high technical barrier, with the ITO target material project officially commencing production in 2024. The market share of the optical target material business is gradually expanding, with significant growth in the new silver alloy target material for AMOLED applications [4]. - The company is actively developing multiple tracks in the ITO target material sector, including perovskite and heterojunction stacked batteries, achieving a breakthrough in electronic mobility rates with its self-developed high mobility HITO target material [4]. - The successful production of the 500-ton ITO target material project in July 2024 alleviated capacity bottlenecks [4]. Group 3: Strategic Initiatives in Lithium Battery Recycling - The company has focused its extraction agent business on lithium battery recycling, establishing stable strategic partnerships with leading enterprises across various sectors, including nickel-cobalt separation and rare earths [5]. - In 2024, the company successfully launched a high-performance extraction agent project with an annual production capacity of 60,000 tons, increasing its production capacity from 20,000 tons/year to 80,000 tons/year, with projected annual output value rising from 400 million yuan to 2.7 billion yuan [5]. - The upcoming peak period for retired power batteries presents new opportunities for the application of wet extraction technology and products in the recycling and circular economy sector [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 8.92 RMB [6][7]. Core Views - The company reported a revenue of 2.711 billion RMB in 2024, representing a year-over-year increase of 9.87%, and a net profit attributable to the parent company of 131 million RMB, up 3.37% year-over-year, although below previous expectations due to poor performance in the energy-saving and environmental protection business [1][2]. - The new materials business is actively expanding into sectors such as renewable energy, military, and rail transit, which is expected to improve profitability year-over-year [1][3]. - The company has seen significant growth in its new materials segment, with revenue from target materials and ultra-high temperature special functional materials increasing by 43.38% and 3.94% respectively in 2024, leading to a gross profit increase of 63.73% and 22.75% [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.711 billion RMB, with a year-over-year growth of 9.87% and a net profit of 131 million RMB, reflecting a 3.37% increase [5]. - For Q1 2025, the company reported a revenue of 639 million RMB, a slight decrease of 0.46% year-over-year, and a net profit of 45 million RMB, down 18.11% year-over-year [1][2]. Business Segments - The new materials business has shown strong growth, with a gross profit margin increase to 45.19%, up 12.09 percentage points year-over-year, driven by increased orders [2]. - The energy-saving and environmental protection business has faced challenges, with stable revenue but a gross profit decline of 15.03% in 2024 [2][3]. Valuation and Estimates - The estimated EPS for 2025 is adjusted to 0.26 RMB, with a projected PE ratio of 24.7x for the company, reflecting a positive outlook on the transformation and growth potential of the materials business [4][5]. - The target price of 8.92 RMB corresponds to a PE valuation of 24.7x for 2025, indicating an increase from the previous target price of 8.59 RMB [4][6].

Core Points - The company has established itself as a key player in the electronic new materials sector, particularly in high-purity molybdenum and alloy targets, breaking the long-standing reliance on imports in China [3][4] - The company has successfully developed and supplied various target materials for the semiconductor display industry, becoming a major supplier for leading global panel manufacturers [4][5] - The company is actively expanding its product offerings in the photovoltaic sector, achieving significant breakthroughs in high-efficiency target materials [5] - The company has diversified its business into polymer composite materials and energy-saving environmental protection, focusing on various applications across multiple industries [6][9] Financial and Corporate Developments - The company has proposed a profit distribution plan, distributing a cash dividend of 0.5 yuan per 10 shares to shareholders [2] - The company has established a wholly-owned subsidiary, Longhua International Trade (Hainan) Co., Ltd., with an investment of 3 million yuan [12] - The company has launched several projects, including a 500-ton ITO target production project and a 60,000-ton high-performance extractant project, aimed at enhancing market competitiveness and expanding production capacity [12][13]

Revenue Performance - The company's operating revenue for 2024 was 2,710,665,159.80 yuan, representing a 9.87% increase from 2,467,153,920.09 yuan in 2023 [1] - Manufacturing revenue accounted for 86.48% of total revenue, growing by 10.73% to 2,344,215,864.22 yuan, while engineering contracting and service revenue made up 13.52%, increasing by 4.70% to 366,449,295.58 yuan [1] - Electronic new materials revenue surged by 43.38% to 678,255,804.47 yuan, constituting 25.02% of total revenue, driven by increased orders [1] - The company experienced significant growth in specific regions, with the Southwest region increasing by 70.76%, South China by 62.70%, and international markets by 41.67% [1] Profitability Analysis - The net profit attributable to shareholders was 131,039,702.41 yuan, a 3.37% increase from 126,770,514.93 yuan in 2023 [2] - However, the net profit excluding non-recurring items decreased by 11.57% to 115,671,114.27 yuan from 130,810,790.15 yuan in 2023, indicating pressure on core business profitability [2] - Basic earnings per share rose to 0.15 yuan, up 7.14% from 0.14 yuan in 2023, while the potential decline in non-recurring earnings per share suggests concerns regarding the quality of core business earnings [3] Expense Overview - Financial expenses increased significantly by 24.60% to 50,100,709.87 yuan, with interest expenses rising from 71,729,336.88 yuan to 79,258,643.49 yuan, indicating a heavier debt burden [4] - Sales expenses grew by 8.38% to 116,121,560.90 yuan, and management expenses increased by 8.55% to 134,329,222.73 yuan, reflecting stable investment in market promotion and management [4] - Research and development expenses amounted to 125,138,815.40 yuan, a 7.90% increase, representing 4.62% of operating revenue, showing the company's commitment to technological innovation [4] Cash Flow Analysis - The net cash flow from operating activities was -44,829,309.31 yuan, a drastic decrease of 132.53% from 137,797,398.96 yuan in 2023, primarily due to increased payments to secure raw material prices [6][7] - Cash inflow from investment activities was 1,256,218,172.13 yuan, up 13.61%, while cash outflow increased by 46.66% to 1,526,033,938.76 yuan, resulting in a net cash flow of -269,815,766.63 yuan, indicating significant investment expenditures [7] - Cash inflow from financing activities rose by 93.78% to 935,069,510.66 yuan, with a net cash flow of 252,378,149.17 yuan, reflecting the company's efforts to raise funds for business development [8] R&D Personnel Changes - The total number of R&D personnel decreased, with master's degree holders dropping from 63 to 52, a change of -17.46%, while personnel with less than a bachelor's degree increased from 62 to 106, a change of 70.97% [5] - The age distribution of R&D staff shifted, with those under 30 decreasing from 101 to 77, while those over 40 increased from 83 to 108, indicating a strategic adjustment towards more experienced talent [5] Executive Compensation - The total pre-tax compensation for the chairman was 1.45 million yuan, while the vice chairman received 1.4709 million yuan, and the general manager received 1.35 million yuan, reflecting a compensation structure linked to company performance [9]