Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [1][14]. Core Insights - The company has shown stable revenue performance with a year-on-year increase of 3.03%, achieving a revenue of 1.22 billion yuan in the first half of 2024. However, the net profit attributable to shareholders decreased by 11.50% to 1.05 billion yuan [1]. - The new materials business, particularly in electronic materials, demonstrates strong growth potential, with a revenue increase of 61.89% year-on-year [1]. - The extraction and separation business is expected to become a new growth point, with the company’s subsidiary achieving a revenue of 1.25 billion yuan in the first half of 2024, reflecting a gross margin of 17.6% [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.22 billion yuan, a 3.03% increase year-on-year, while the net profit attributable to shareholders was 1.05 billion yuan, down 11.50% [1]. - The company’s gross margin for the first half of 2024 was 24.46%, an increase of 0.68 percentage points compared to the same period last year [1]. Business Segments - The energy-saving and environmental protection segment generated a revenue of 772 million yuan, up 8.79% year-on-year, with specific contributions from heat exchange equipment and water treatment [1]. - The electronic materials segment, including target materials and ultra-high temperature special materials, achieved a revenue of 273 million yuan, marking a significant growth of 61.89% [1]. Future Projections - Revenue projections for the company are estimated at 2.75 billion yuan for 2024, 2.95 billion yuan for 2025, and 3.18 billion yuan for 2026, with corresponding net profits of 175 million yuan, 184 million yuan, and 205 million yuan respectively [2][9]. - The expected earnings per share (EPS) are projected to be 0.19 yuan for 2024, 0.20 yuan for 2025, and 0.23 yuan for 2026, with a price-to-earnings (PE) ratio of 28.22, 26.84, and 24.10 respectively [2][9].

| 证券代码：300263 | 证券简称：隆华科技 公告编号：2024－069 | | --- | --- | | 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 第六届董事会第一次会议决议公告 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。 一、董事会会议召开情况 隆华科技集团（洛阳）股份有限公司（以下简称"公司"）第六届董事会第一 次会议于 2024 年 9 月 12 日下午 4：00 以现场及通讯相结合会议方式在公司一号会 议室召开，经董事会全体成员同意豁免本次会议通知的时间要求，会议通知于 2024 年 9 月 12 日以邮件方式送达。全体董事共同推举董事李占强先生作为会议的召集 人和主持人，会议应出席董事 9 人，实际出席董事 9 人，独立董事董治国先生、胡 春明先生、孙峙先生以通讯表决方式出席会议。全体监事和高级管理人员列席会议。 本次会议的召开符合法律、行政法规、部门规章和《公司章程》的有关规定。 二、董事会会议审议情况 与会董事对本次会议需审议的全部议案进行了充分讨论，并作出如下决议： 1、审议通过《关于选 ...

隆华科技集团（洛阳）股份有限公司 2024 年第二次临时股东大会决议公告 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； | 证券代码：300263 | 证券简称：隆华科技 | 公告编号：2024－068 | | --- | --- | --- | | 债券代码：123120 | 债券简称：隆华转债 | | 参加本次股东大会现场及网络投票的股东及股东委托代理人共175名，代表股份 279,528,671股，占公司有表决权总股份的31.3720%。其中参加本次股东大会的中小投 资者共165名，代表股份20,824,704股，占公司有表决权总股份的2.3372%。参加本次股 东大会现场会议的股东及股东代理人共13名，代表股份260,026,067股，占公司有表决 权总股份的29.1832%。参加本次股东大会网络投票的股东及股东代理人共162名，代表 股份19,502,604股，占公司有表决权总股份的2.1888%。 本次股东大会由公司董事会召集，董事长李占明先 ...

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 年第二次临时股东大会 的 法律意见书 北京市朝阳区东三环中路 5号财富金融中心 36 层 36th/F,Fortune Financial Center,No.5 East Third Ring Middle Road,Chaoyang District, Beijing T：+86 10 85879199 F：+86 10 85879198 W：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 年第二次临时股东大会的 法律意见书 安理证字 2024 第 0909 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，指派侯旭律师、夏勇律师（下称"本所律师"）出席公 司 2024 年第二次临时股东大会（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》"）、《上市公司股东大会规则》（以下简 称"《股 ...

| 证券代码：300263 | 证券简称：隆华科技 公告编号：2024－071 | | --- | --- | | 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 关于董事会、监事会换届完成暨部分董事、监事、高级管理人员 战略委员会：李占强先生（主任委员）、刘玉峰先生、孙峙先生； 审计委员会：董治国先生（主任委员）、李占强先生、胡春明先生； 提名委员会：孙峙先生（主任委员）、李波波先生、董治国先生； 薪酬与考核委员会：胡春明先生（主任委员）、李明强先生、孙峙先生。 三、第六届监事会成员 股东代表监事：兰春铭先生（监事会主席）、赵自俭先生； 职工代表监事：杨海静女士。 四、高级管理人员、证券事务代表、审计部负责人成员 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。 隆华科技集团（洛阳）股份有限公司（以下简称"公司"）于2024年9月12日召 开了2024年第二次临时股东大会及第六届董事会第一次会议、第六届监事会第一次 会议，审议通过了公司董事会、监事会换届选举及聘任高级管理人员、证券事务代 表、审计部负责人等相关议案。现将成 ...

隆华科技集团（洛阳）股份有限公司（以下简称"公司"）第六届监事会第一次会 议于 2024 年 9 月 12 日下午 4：30 以现场会议方式在公司一号会议室召开，经监事 会全体成员同意豁免本次会议通知的时间要求，会议通知于 2024 年 9 月 12 日以邮 件方式送达。全体监事共同推举监事杨海静女士作为会议的主持人，会议应出席监 事 3 名，实际出席监事 3 名。董事会秘书和证券事务代表列席会议。本次会议的召 开符合法律、行政法规、部门规章和《公司章程》的有关规定。 二、监事会会议审议情况 全体监事经现场充分合议并表决，审议通过如下决议： 1、审议通过《关于选举兰春铭先生为公司第六届监事会主席的议案》 | 证券代码：300263 | 证券简称：隆华科技 | 公告编号：2024－070 | | --- | --- | --- | | 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 第六届监事会第一次会议决议公告 本公司及监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。 一、监事会会议召开情况 附件：兰春铭先生简历 同意选举兰春铭 ...

关于向下修正隆华转债转股价格的公告 | 证券代码：300263 | 证券简称：隆华科技 公告编号：2024－072 | | --- | --- | | 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 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 经深圳证券交易所（以下简称"深交所"）同意，公司79,892.83万元可转换公司 债券已于2021年8月23日起在深交所挂牌交易，债券简称"隆华转债"，债券代码 "123120"。 1 2、修正前转股价格：7.69 元/股 3、修正后转股价格：6.15 元/股 4、修正后转股价格生效日期：2024 年 9 月 13 日 一、可转换公司债券发行上市情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可〔2021〕1474 号"文核准，隆华科技集 团（洛阳）股份有限公司（以下简称"公司"）于 2021 年 7 月 30 日向不特定对象发 行了 798.9283 万张可转换公司债券，每张面值 100 元，发行总 ...

Investment Rating - The report maintains a "Buy" rating for Longhua Technology (300263) [4] Core Views - Longhua Technology's 2024H1 revenue reached 1.22 billion yuan, up 3.0% YoY, while net profit attributable to shareholders was 110 million yuan, down 11.5% YoY [2] - The company's gross margin improved to 24.5%, up 0.7 percentage points YoY [2] - Target material business showed significant improvement, with revenue increasing 61.9% YoY to 270 million yuan and gross margin reaching 27.9% [6] - The company's energy-saving heat exchange equipment is expected to benefit from the ongoing low-carbon trend [2] - New materials business, particularly in the photovoltaic sector, is expected to contribute to future growth [6] Business Performance Target Materials Business - Revenue from target materials and ultra-high-temperature special materials reached 270 million yuan in 2024H1, up 61.9% YoY [6] - The company has established stable relationships with major domestic panel manufacturers and Korean LGD [6] - Breakthroughs in low-indium and indium-free target material technology have been achieved [6] - The company is expected to benefit from the release of HJT capacity and the growth potential of perovskite and tandem technologies [6] Energy-saving Heat Exchange Equipment - Revenue from energy-saving heat exchange equipment was 490 million yuan in 2024H1, down 14.8% YoY [6] - The company maintains a leading position in the large industrial heat transfer sector [6] Polymer Materials - The company's PVC structural foam and PMI foam products maintain a leading position in the domestic market [6] - The company is expanding its extraction business, with a 60,000-ton extraction agent capacity under construction [6] Financial Projections - Revenue is expected to reach 2.98 billion yuan in 2024, 3.69 billion yuan in 2025, and 4.62 billion yuan in 2026 [7] - Net profit attributable to shareholders is projected to be 238 million yuan in 2024, 324 million yuan in 2025, and 417 million yuan in 2026 [7] - EPS is forecasted to be 0.26 yuan in 2024, 0.36 yuan in 2025, and 0.46 yuan in 2026 [7] Valuation Metrics - The company's P/E ratio is expected to be 21.0x in 2024, 15.5x in 2025, and 12.0x in 2026 [7] - The P/B ratio is projected to be 1.6x in 2024, 1.5x in 2025, and 1.3x in 2026 [7] - EV/EBITDA is forecasted to be 10.0x in 2024, 8.2x in 2025, and 6.9x in 2026 [7]

Investment Rating - The report maintains a "Buy" rating for Longhua Technology [2][3] Core Views - The company reported a revenue of 1.222 billion yuan for the first half of 2024, a year-on-year increase of 3.03%, while the net profit attributable to shareholders decreased by 11.50% to 105 million yuan [1] - The traditional heat exchange equipment business saw a revenue decline, but the new materials segment showed significant growth, particularly in electronic new materials and polymer composite materials [1] - The company has successfully launched a new 500-ton ITO target production line, enhancing its competitive strength in the market [1] - Longhua Technology is positioned as a quality supplier in the military market for PMI materials, with potential expansion into the low-altitude economy sector [1] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 580 million yuan, a year-on-year decline of 1.49%, but net profit increased by 27.32% to 51 million yuan [1] - The traditional energy-saving heat exchange equipment revenue was 486 million yuan, down 14.75% year-on-year [1] - The electronic new materials business, particularly Fenglian Technology, reported a revenue of 299 million yuan, up 49.34%, with a net profit of 41 million yuan, a significant increase of 191.42% [1] Business Segments - The new materials segment includes two main areas: electronic new materials and high polymer composite materials, both showing strong growth [1] - The ITO target project, which has broken foreign monopolies, is expected to significantly enhance the company's competitive position [1] - The PMI materials produced by Zhaoheng Technology are essential for various aircraft, and the company is exploring opportunities in the low-altitude economy [1] Profit Forecast and Valuation - The profit forecast for 2024-2026 is set at 275 million, 343 million, and 416 million yuan respectively, with corresponding EPS of 0.30, 0.38, and 0.46 yuan [2] - The company is projected to maintain a strong growth trajectory across multiple business areas, justifying the "Buy" rating [2]

| 证券代码：300263 | 证券简称：隆华科技 | 公告编号：2024－062 | | --- | --- | --- | | 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 第五届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 隆华科技集团（洛阳）股份有限公司（以下简称"公司"）第五届董事会第十 七次会议于 2024 年 8 月 28 日上午 9：30 以现场及通讯相结合会议方式在公司一号 会议室召开，会议通知于 2024 年 8 月 16 日以邮件方式送达。本次会议由公司董事 长李占明先生主持，会议应出席董事 9 人，实际出席董事 9 人，董事吕国会先生、 胡春明先生、董治国先生以通讯表决方式出席会议。全体监事和高级管理人员列席 会议。本次会议的召开符合法律、行政法规、部门规章和《公司章程》的有关规定。 二、董事会会议审议情况 与会董事对本次会议需审议的全部议案进行了充分讨论，并作出如下决议： 董事会认为：公司《2024 年半年度报告》及其摘要审议的程序符合法 ...