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]

| 证券代码：300263 | 证券简称：隆华科技 | 公告编号：2025－020 | | --- | --- | --- | | 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 关于使用闲置自有资金进行委托理财的公告 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。 重要内容提示： 1、投资种类：低风险类商业银行、证券公司等理财产品。 2、投资额度：总额度不超过 60,000 万元（含），在上述额度内，资金可以循环 滚动使用。 3、风险提示：公司投资的委托理财产品必须属于低风险类，但金融市场受宏观 经济的影响较大，不排除该项投资受到市场波动的影响，公司将根据经济形势以及 金融市场的变化适时适量的介入，因此短期投资的实际收益不可预期。 隆华科技集团（洛阳）股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日 召开第六届董事会第五次会议及第六届监事会第五次会议，审议通过了《关于使用 闲置自有资金进行委托理财的议案》，同意公司（含控股子公司）在确保资金安全、 流动性的基础上以自有流动资金通过商业银行理财及其他理 ...

| 证券代码：300263 | 证券简称：隆华科技 公告编号：2025－023 | | --- | --- | | 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 关于全资子公司开展贵金属及外汇套期保值业务的公告 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。 重要内容提示： 2、交易品种及交易方式：丰联科光电主要原材料白银及与生产经营所使用的主要 结算外币。 3、交易场所：贵金属套期保值业务只限于境内合法运营的交易所。外汇套期保值 业务只限于经营稳健、资信良好且具有合法外汇衍生品交易业务经营资格的银行等金 融机构。 4、交易金额：开展贵金属及外汇套期保值业务预计使用资金不超过2,000万元（持 仓保证金和应付行情变化的风险金），在有效期间内循环使用（有效期内任一时点占用 的保证金/风险金不超过2,000万元人民币），任一交易日持有的最高合约价值上限为1 亿元。 5、已履行的审议程序：公司于2025年4月21日分别召开第六届董事会第五次会议 及第六届监事会第五次会议，审议通过了《关于全资子公司开展贵金属及外汇套期保 值业务 ...

隆华科技集团（洛阳）股份有限公司 关于全资子公司开展贵金属及外汇套期保值业务 的可行性分析报告 一、开展套期保值业务的目的 随着隆华科技集团（洛阳）股份有限公司（以下简称"公司"）全资子公司丰 联科光电（洛阳）股份有限公司（以下简称"丰联科光电"或"子公司"）业务的 发展和新产品的研发、生产和销售，银合金靶材产量规模逐渐提升，白银成为子公 司产品的主要原材料之一，原材料价格的大幅波动将对子公司产品成本造成压力。 为规避原材料价格大幅波动带来的不利影响、有效控制市场风险，在保证其自身正 常生产经营的前提下，子公司拟开展套期保值业务，利用套期保值工具规避生产经 营所需原材料及存货价格波动给子公司带来的经营风险。同时随着丰联科光电国际 业务的增加，为有效规避或防范外币汇率、利率波动风险，合理降低财务费用，实 现稳健经营，基于实际业务需要，拟开展外汇套期保值业务，不进行单纯以投机为 目的的外汇交易。 二、开展套期保值业务的基本情况 1、套期保值涉及业务品种 套期保值品种仅限于丰联科光电对白银及与生产经营所使用的主要结算外币 进行套期保值，严禁进行以逐利为目的的任何投机交易。 3、操作风险：套期保值交易专业性较强，存在 ...

一、2024 年度会计师事务所基本情况 （一）会计师事务所基本情况 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年在上 海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会计师事务 所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网络 BDO 的成 员所，长期从事证券服务业务，新证券法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委员会（PCAOB）注册登记。 截至 2024 年末，立信会计师事务所拥有合伙人 296 名、注册会计师 2,498 名、 从业人员总数 10,021 名，签署过证券服务业务审计报告的注册会计师人数 743 名。 （二）聘任会计师事务所履行的程序 隆华科技集团（洛阳）股份有限公司 董事会审计委员会关于对会计师事务所 2024 年度 履行监督职责情况报告 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 2 号——创业板上市公司规范运作》和隆华科技集团（洛阳）股份有限 公司（以下简 ...

| 证券代码：300263 | 证券简称：隆华科技 | 公告编号：2025－016 | | --- | --- | --- | | 债券代码：123120 | 债券简称：隆华转债 | | | | 项目 | 2024 年度 | 年度 2023 | 增减率 | | --- | --- | --- | --- | --- | | 一、 | 营业收入 | 2,710,665,159.80 | 2,467,153,920.09 | 9.87% | | 二、 | 营业总成本 | 2,530,745,207.63 | 2,270,614,179.30 | 11.46% | | 其中 | 营业成本 | 2,087,095,455.80 | 1,865,938,908.81 | 11.85% | | | 税金及附加 | 17,959,442.93 | 17,593,785.22 | 2.08% | | | 销售费用 | 116,121,560.90 | 107,145,760.18 | 8.38% | | | 管理费用 | 134,329,222.73 | 123,746,889.75 | 8.55% | | | 研发费用 | ...

| 证券代码：300263 | 证券简称：隆华科技 公告编号：2025－018 | | --- | --- | | 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 年度内部控制评价报告 隆华科技集团（洛阳）股份有限公司全体股东： 为加强和规范隆华科技集团（洛阳）股份有限公司（以下简称"公司"或"隆 华科技"）内部控制，提高公司管理水平和风险控制能力，促进公司长期可持续发 展，根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求 （以下简称"企业内部控制规范体系"）,公司结合实际经营情况与所处环境，以 2024 年内控建设为基础，持续优化内控体系和运行机制。 公司董事会、董事会审计委员会、审计部对公司 2024 年度内部控制体系设计 和执行的有效性进行了全面的检查。在内部控制日常监督和专项监督的基础上，对 公司 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控制有效性进行了评 价。 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日， 不存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制规范体 系和 ...