Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company achieved a revenue of 2.352 billion yuan in 2024, representing a year-on-year growth of 38.08%, and a net profit attributable to shareholders of 271 million yuan, up 28.15% year-on-year [1][4] - The significant growth in precursor sales and an increase in gross margin were noted, although asset impairment affected the Q4 2024 performance [2][4] - The company is transitioning from a single product focus to a comprehensive electronic materials supplier, with over 30% of revenue coming from the IC sector, which grew by 106% year-on-year [3] Summary by Sections Financial Performance - In 2024, the precursor business generated 578 million yuan in revenue, a substantial increase of 70.3%, with a gross margin improvement of 8.7 percentage points to 48.6% [2] - The specialty gas business achieved revenue of 1.506 billion yuan, a 22.3% increase, but with a decline in gross margin by 6.2 percentage points to 39.9% [2] - The company recorded an asset impairment loss of 127 million yuan for the year, with 103 million yuan recognized in Q4 2024, impacting quarterly performance [2] Business Transformation - The company has diversified its product offerings from a single product (MO source) to multiple products (precursors, specialty gases, photoresists) across various industries (IC, LCD, LED, new energy) [3] - The company is actively expanding its applications in high-end fields such as compound semiconductors and optical coatings [3] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards due to the increase in asset impairment losses and declining profitability in specialty gas products [4] - Expected net profits for 2025, 2026, and 2027 are projected at 349 million yuan, 438 million yuan, and 535 million yuan respectively [4][5]

2025 年第三次临时股东大会的 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 法律意见书 北京国枫律师事务所 国枫律股字[2025]A0102 号 关于江苏南大光电材料股份有限公司 致：江苏南大光电材料股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2025 年第三次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《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律业务管理办法》（以下简称"《证券法律业务管 理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法律业务执 业规则》"）等相关法律、行政法规、规章、规范性文件及《江苏南大光电材料股份有限 公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人 资格、出席会议人员资格、会议表决程序及表决结果等 ...

证券代码：300346 证券简称：南大光电 公告编号：2025-033 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。 江苏南大光电材料股份有限公司 2025年第三次临时股东大会决议公告 特别提示： 1、本次股东大会无否决议案的情况； 2、本次股东大会无涉及变更以往股东大会决议的情形； 3、本次股东大会采取现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 1、召集人：公司董事会； 2、表决方式：现场投票和网络投票相结合的方式； 3、会议召开时间： 现场会议时间：2025 年 4 月 7 日（星期一）14:30 网络投票时间：2025 年 4 月 7 日（星期一） （1）通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 4 月 7 日 9:15-9:25、9:30-11:30、13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 4 月 7 日上午 9:15 至下午 15:00 期间的任意时间。 （2）现场会议出席情况 出席本次股东大会现场会议的股东及股东授权委托代表共 7 人，代表股份 12 ...

截至2025年3月28日收盘，南大光电（300346）报收于36.45元，较上周的36.12元上涨0.91%。本周，南 大光电3月28日盘中最高价报37.84元。3月24日盘中最低价报35.11元。南大光电当前最新总市值215.3亿 元，在电子化学品板块市值排名2/33，在两市A股市值排名738/5140。 公司公告汇总 关于2024年度利润分配预案的公告：公司拟以现有总股本575964086股为基数，向全体股东每10股派发 现金股利1.00元（含税），合计派发现金股利57596408.60元（含税），以资本公积金向全体股东每10股 转增2股。本次利润分配预案需经股东大会审议通过后方可实施，存在不确定性，敬请投资者理性投 资，注意投资风险。 关于提请股东大会授权董事会制定2025年中期分红方案的公告：公司拟在确保持续稳健经营及长远发展 的前提下，通过增加分红频次方式进一步增强投资者获得感。授权内容为简化中期分红程序，提请股东 大会授权董事会在满足条件下制定并实施2025年度中期分红方案。该议案已提交2024年度股东大会审 议，相关审批程序已完成。2025年中期分红安排尚需股东大会审议，存在不确定性，涉及的未来 ...

平安证券股份有限公司陈潇榕,马书蕾近期对南大光电（300346）进行研究并发布了研究报告《前驱体产品销 量高增，IC业务收入增幅显著》，给予南大光电增持评级。 投资建议：氟类特气方面，公司乌兰察布大规模三氟化氮等核心含氟特气项目持续推进，特气业务规模将实 现进一步扩大；氢类特气方面，磷烷混气打入光伏市场，销售规模实现较快增长；半导体前驱体材料方面， 多款产品实现稳定量产，持续导入集成电路量产制程，业务增长后劲足，带动IC收入增势显著；光刻胶及配 套试剂方面，掌握全流程材料自主生产技术，部分产品已实现销售，多款产品处客户认证中，后续有望持续 实现业绩增量。行业层面，终端半导体和面板行业基本面渐转暖、销售规模增势向好，公司特气和前驱体业 务收入有望继续保持良好的增长态势。结合2024年实际数据表现，考虑到氟类特气供应充足，价格和毛利率 下降，下调2025-2026年盈利预测，并新增2027年盈利预测，预计2025-2027年公司归母净利润为3.62亿元(原 值4.17亿元)、4.43亿元(原值4.92亿元)、5.36亿元(新增)，对应2025年4月2日收盘价PE为59.3、48.4和40.1倍， 半导体行业处上行 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 2.352 billion yuan in 2024, representing a year-over-year increase of 38.08%. The net profit attributable to shareholders was 271 million yuan, up 28.15% year-over-year [4][7] - The precursor product sales significantly increased, with revenue from this segment reaching 578 million yuan, accounting for 24.6% of total revenue, and showing a year-over-year growth of 70.3% [7] - The specialty gas business generated 1.506 billion yuan in revenue, making up 64.05% of total revenue, with a year-over-year increase of 22.33% [7] - The company is transitioning from a focus on LED to a more balanced growth across IC, LED, and LCD industries, with IC revenue growing by 106% year-over-year [7][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.352 billion yuan, with a gross profit margin of 41.2% and a net profit margin of 11.5% [6][10] - The company’s total expenses decreased to 22.95% of revenue, down from 29.79% in 2023, indicating improved cost management [7] Revenue Breakdown - The precursor business saw a sales volume increase of 83.39%, with a sales gross margin of 48.61%, up 8.71 percentage points year-over-year [7] - The specialty gas segment's sales volume increased by 25.07%, despite a decline in sales gross margin to 39.95% [7] Future Projections - The company expects to achieve a net profit of 362 million yuan in 2025, with a projected P/E ratio of 59.3 [8][10] - Revenue is forecasted to grow to 3.072 billion yuan in 2025, with a year-over-year growth rate of 30.6% [6][10]

事项： 各项期间费用率同比下调，降本增效成果显现。2024 年公司总期间费用率为22.95%，较2023 年同期的 29.79%下降6.84 个百分点；2024 年销售、管理、研发、财务费用率分别为3.33%、9.14%、9.06%、 1.42%，相较2023年的4.08%、11.90%、11.42%、2.40%，同比均有所下降。 投资建议：氟类特气方面，公司乌兰察布大规模三氟化氮等核心含氟特气项目持续推进，特气业务规模 将实现进一步扩大；氢类特气方面，磷烷混气打入光伏市场，销售规模实现较快增长；半导体前驱体材 料方面，多款产品实现稳定量产，持续导入集成电路量产制程，业务增长后劲足，带动IC 收入增势显 著；光刻胶及配套试剂方面，掌握全流程材料自主生产技术，部分产品已实现销售，多款产品处客户认 证中，后续有望持续实现业绩增量。行业层面，终端半导体和面板行业基本面渐转暖、销售规模增势向 好，公司特气和前驱体业务收入有望继续保持良好的增长态势。结合2024 年实际数据表现，考虑到氟 类特气供应充足，价格和毛利率下降，下调2025-2026 年盈利预测，并新增2027 年盈利预测，预计 2025-2027 年公司归 ...

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

报告期内，公司找准时机下修可转债转股价格，加强信披交流传递公司价值，顺应市场行使强赎权，多项举措并施，顺利完成"南电转债"转股工作， 转股率接近100%。可转债成功转股，将9亿债务转变成公司资本，每年节约4000万元的财务成本，大大降低未来偿债压力，有效优化公司资本结构。 同时，也向市场传递公司经营稳健、前景向好的信号，进一步提升公司市场形象。 （校对/黄仁贵） 4月2日，南大光电发布2024年年度业绩报告。报告显示，公司全年实现营业收入23.52亿元，同比增长38.08%；归属于上市公司股东的净利润2.71亿 元，同比增长28.15%；可转债成功转股，将9亿债务转变成公司资本，每年节约4000万元的财务成本，大大降低未来偿债压力，有效优化公司资本结 构。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 2.351.886.925.83 | 1.703.257.727.12 | 38.08% | 1,581,230,691.98 | | 归属于上市公司股东的 | 270,977,318.11 ...

公募基金方面，本期较上一期持股增加的公募基金共计11个，主要包括招商中证半导体产业ETF、国泰 中证半导体材料设备主题ETF、易方达中证半导体材料设备主题ETF、华夏中证半导体材料设备主题 ETF、博时中证半导体产业ETF等，持股增加占比达0.48%。本期较上一季度持股减少的公募基金共计8 个，主要包括国联安半导体ETF、南方中证1000ETF、华夏中证1000ETF、广发中证1000ETF、富国中 证1000ETF等，持股减少占比达0.86%。本期较上一季度新披露的公募基金共计178个，主要包括易方达 创业板ETF、华安创业板50ETF、诺安成长混合、广发创业板ETF、天弘创业板ETF等。本期较上一季 未再披露的公募基金共计9个，主要包括华夏创业板中盘200ETF、国寿安保创精选88ETF、金元顺安价 值增长混合、易方达创业板中盘200ETF、东兴成长优选混合发起A等。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.13%。 2025年4月3日，南大光电(300346.SZ)发布2024年年度报告。截至2025年4月02日，共有202个机构投资 者披露持 ...