三环集团（300408.SZ） 优于大市 高容料号进入快速成长期，垂直一体化优势突显 3Q24 毛利率环比增长，利润受财务费用小幅拖累。公司 2024 前三季度实现 营业收入 53.81 亿元(YoY +31.05%)，归母净利润 16.03 亿元(YoY +40.38%)， 扣非净利润 14.37 亿元(YoY +63.66%)，毛利率 42.77%(YoY +2.99pcts)。对 应单三季度实现营业收入 19.53 亿元(YoY +32.29%，QoQ +4.81%)，归母净 利润 5.78 亿元(YoY +40.59%，QoQ -2.50%)，扣非净利润 5.24 亿元(YoY +69.56%，QoQ -2.22%)，毛利率 44.30%(YoY +4.42pct，QoQ +0.93pct)，利 润率 29.55%(YoY +1.68pct，QoQ -2.25pct)。利润率环比小幅下滑主要受到 汇兑收益减少和政府补助减少影响，财务费用环比增加 0.52 亿元。 MLCC 周期触底向上，高容料号进入爆发期。公司以"材料+结构+功能"为发 展方向，MLCC 产品不断朝着微型化、高容化、高频化、高可靠度、 ...

证券研究报告 公司点评 三环集团(300408.SZ) | --- | --- | |-------------------------------|-----------------| | | | | 2024 年 11 月 07 日 | | | 评级 | 增持 | | 交易数据 | 评级变动 首次 | | 当前价格（元） | 38.02 | | 52 周价格区间（元） | 21.97-40.92 | | 总市值（百万） | 72865.24 | | 流通市值（百万） | 71090.11 | | 总股本（万股） | 191649.80 | | 流通股（万股） | 186980.90 | 涨跌幅比较 -32% -12% 8% 28% 48% 2023/11 2024/02 2024/05 2024/08 三环集团 元件 | --- | --- | --- | --- | |----------|-------|-------|-------| | % | 1M | 3M | 12M | | 三环集团 | 2.48 | 20.32 | 18.15 | | 元件 | 11.71 | 31.32 | 25.92 ...

三环集团（ [Table_StockNameRptType] 300408） | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------------------------------------------------------------------------------------------------- ...

证 券 研 究 报 告 三环集团（300408）2024 年三季报点评 强推（维持） 汇兑小幅拖累业绩，主业经营稳健向上 目标价：44.1 元 当前价：37.17 元 事项： 公司 2024 三季度实现营业收入 53.81 亿元（YoY +31.05%）；归母净利润 16.03 亿元（YoY +40.38%）；扣非净利润 14.37 亿元（YoY +63.66%）；毛利率 42.77% （YoY +2.99pcts）。2024Q3 实现营业收入 19.53 亿元（YoY +32.29%，QoQ +4.81%）；归母净利润 5.78 亿元（YoY +40.59%，QoQ -2.50%）；扣非净利润 5.24 亿元（YoY +69.56%，QoQ -2.22%）；毛利率 44.30%（YoY +4.42pcts，QoQ +0.93pcts）。 评论： 业绩符合预期，汇兑小幅拖累业绩。Q3 收入环比持续增长，毛利率 44.3%， 环比继续提升 0.93pcts，我们推测主要系 MLCC 及插芯等高毛利业务所推动， 特别是插芯的下游数据中心需求高景气。利润端来看主要系财务费用受汇兑影 响环比有所增长、政府补助减少造成 ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 幅证券 电子/元件 三环集团（300408.SZ） 2024 年 10 月 31 日 2024Q3 业绩同比高增，MLCC 高端化趋势显著 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 刘天文（分析师） luotong@kysec.cn 证书编号：S0790522070002 liutianwen@kysec.cn 证书编号：S0790523110001 | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/30 | | 当前股价 ( 元 ) | 37.41 | | 一年最高最低 ( 元 ) | 43.88/21.00 | | 总市值 ( 亿元 ) | 716.96 | | 流通市值 ( 亿元 ) | 699.50 | | 总股本 ( 亿股 ) | 19.16 | | 流通股本 ( 亿股 ) | 18.70 | | 近 3 个月换手率 (%) | 42.19 | 2024Q3 业绩同比高增，毛利率稳步增长，维持"买入"评级 公司发布 2024 年三季 ...

三环集团（300408.SZ） 元件 证券研究报告/公司点评报告 2024 年 10 月 30 日 三环集团：三季报高增，MLCC 业务持续突破 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|-------------|-------|------------------------------------------|-------|--------| | 评级： 买入（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 5,149 | 5,727 | 7,538 | 8,987 | 10,305 | | 分析师：王芳 | 增长率 yoy% | -17% | 11% | 32% | 19% | 15% | | 执业证书编号： S0740521120002 | 归母净利润（百万元） | 1,505 | 1,581 | 2,148 | 2,7 ...

Financial Performance - Revenue for the third quarter reached 1.953 billion yuan, a year-on-year increase of 32.29%[2] - Net profit attributable to shareholders of the listed company was 577.74 million yuan, up 40.59% year-on-year[2] - Total revenue for the period reached 5,380,779,711.85 RMB, compared to 4,105,809,876.22 RMB in the same period last year[16] - Net profit attributable to the parent company's shareholders was 1,603,287,677.19 RMB, a 40.38% increase year-over-year[18] - Basic earnings per share (EPS) for the quarter were 0.84 RMB, up from 0.60 RMB in the same period last year[18] - Total comprehensive income for the period was 1,607,748,108.59 RMB, with 1,607,323,254.30 RMB attributable to the parent company's shareholders[18] - Total profit for the quarter was 1,841,641,054.10 RMB, a 41.61% increase compared to the same period last year[17] Cash Flow and Liquidity - Operating cash flow for the first three quarters was 1.506 billion yuan, an increase of 33.35% compared to the same period last year[2] - Cash and cash equivalents decreased by 87.68% to 237.65 million yuan, mainly due to reduced cash flow from financing activities[8] - Investment cash flow was negative 239.85 million yuan, a 144.29% decrease compared to the same period last year[7] - Cash flow from operating activities, specifically from sales of goods and services, was 4,694,165,103.95 RMB, a 30.29% increase year-over-year[19] - Operating cash flow increased to 1.506 billion yuan, up 33.4% year-over-year from 1.130 billion yuan[20] - Investment cash inflow surged to 33.236 billion yuan, a 176.2% increase compared to 12.039 billion yuan in the same period last year[20] - Cash outflow from investment activities reached 33.476 billion yuan, up 191.2% from 11.498 billion yuan in the previous year[20] - Net cash flow from financing activities was negative 1.014 billion yuan, a significant decrease from positive 252.7 million yuan in the prior year[20] - Cash and cash equivalents at the end of the period stood at 1.535 billion yuan, down 70.0% from 5.121 billion yuan in the same period last year[21] - Tax refunds received amounted to 150.2 million yuan, a 9.5% increase from 137.2 million yuan in the previous year[20] - Cash paid for goods and services rose to 1.650 billion yuan, up 31.2% from 1.258 billion yuan in the prior year[20] - Employee compensation and benefits payments increased to 1.325 billion yuan, a 27.6% rise from 1.038 billion yuan in the previous year[20] - Cash received from interest and commission fees was 413.6 million yuan, a slight decrease of 2.0% from 421.9 million yuan in the prior year[20] Assets and Liabilities - Total assets as of the end of the reporting period were 23.036 billion yuan, a 5.54% increase from the end of the previous year[2] - Total assets increased to 23,036,075,320.20 RMB, up from 21,826,964,874.91 RMB in the previous period[14][15] - Cash and cash equivalents stood at 1,536,742,185.36 RMB, a decrease from 2,841,614,932.78 RMB in the previous period[14] - Trade receivables increased to 1,778,011,064.71 RMB, up from 1,626,598,024.69 RMB[14] - Inventory levels rose to 2,123,428,425.78 RMB, compared to 1,753,597,800.43 RMB[14] - Total liabilities amounted to 3,725,945,984.94 RMB, up from 3,587,864,384.36 RMB[15] - Shareholders' equity increased to 19,310,129,335.26 RMB, compared to 18,239,100,490.55 RMB[15] - Fixed assets grew to 5,384,876,184.25 RMB, up from 5,102,682,460.56 RMB[14] - Construction in progress increased to 842,006,479.13 RMB, compared to 681,202,872.22 RMB[14] - Deferred income rose to 988,979,902.82 RMB, up from 879,648,033.34 RMB[15] - Short-term borrowings decreased by 46.38% to 397.08 million yuan as the company repaid some bank loans[5] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 24,370[9] - Chaozhou Sanjiang Investment Co., Ltd. holds 33.67% of the shares, totaling 645,357,856 shares[9] - Hong Kong Securities Clearing Company Ltd. holds 6.36% of the shares, totaling 121,815,734 shares[9] - Zhang Wanzhen holds 2.80% of the shares, totaling 53,592,000 shares, with 40,194,000 shares under restricted conditions[9] - E Fund ChiNext ETF holds 1.81% of the shares, totaling 34,769,865 shares[9] - China Securities Finance Corporation holds 1.44% of the shares, totaling 27,502,680 shares[9] - Huatai-PineBridge CSI 300 ETF holds 1.31% of the shares, totaling 25,122,430 shares[9] - E Fund CSI 300 Index Fund holds 0.89% of the shares, totaling 16,984,041 shares[9] - National Social Security Fund Portfolio 115 holds 0.73% of the shares, totaling 13,900,000 shares[9] - The total number of restricted shares at the end of the period is 46,689,354 shares[12] Expenses and Income - Total operating costs for the quarter were 3,743,188,311.12 RMB, with operating costs accounting for 3,079,517,002.97 RMB[17] - R&D expenses increased to 401,234,255.99 RMB, up 4.16% compared to the previous year[17] - Financial expenses showed a net benefit of -106,649,160.43 RMB, primarily due to interest income of 158,541,320.77 RMB[17] - Other income, including government subsidies, amounted to 195,107,000.66 RMB, slightly down from 205,062,887.99 RMB in the previous year[17] - Income tax expenses for the quarter were 237,928,522.62 RMB, reflecting a higher effective tax rate compared to the previous year[17] - Government subsidies received during the reporting period amounted to 47.28 million yuan[3] Miscellaneous - The company's third quarter report was unaudited[21]

东莞信托要求法院在三环集团收购返还款中优先考虑提议被否 财联社10月22日电，记者从多个信源处 得知，武汉中院判定武汉金凰收购三环集团有限公司来自诈骗资金，该收购被认定为骗取股权，并要求 股权转让方湖北省兴楚国有资产经营管理有限公司将股权收购款48.3亿退还给武汉金凰。 在被认定收购三环集团无效后，造成损失最大的或是东莞信托。 东莞信托曾在后续的沟通会上提出，"其涉案资金是直接支付给三环集团，要求法院在48.3亿元返还款 中优先考虑"，但该提议被法院否定，法院认为"金凰集团的诈骗的资金都是混同的，还是要按比例返 还"。 (澎湃新闻) ...

编号：2024-02 证券代码：300408 证券简称：三环集团 潮州三环（集团）股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | ☑ | 特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 | ☑ 路演活动 | | 类别 | □现场参观 | | | | ☑ 其他 （线上电话会议） | | | | 9 月 2 | 日：人保资产、民生加银 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - MLCC high-capacity products are accelerating domestic substitution [1] - Q2 revenue reached a historical high of 1.864 billion yuan, up 29.42% YoY and 19.20% QoQ, with net profit attributable to the parent company of 593 million yuan, up 44.12% YoY and 36.86% QoQ [2] - MLCC capacity expansion continues, with increasing proportion of high-capacity products, leading to improved gross margin [2] - Optical communication products like ferrules and diaphragm plates benefit from AI computing power demand growth [2] - PKG, substrates, and slurry businesses recover with the consumer electronics industry [2] - Expected revenue for 2024-2026 is 7.395/8.835/10.390 billion yuan, with net profit attributable to the parent company of 2.142/2.527/2.999 billion yuan, corresponding to PE ratios of 27.17/23.04/19.41x [2] Financial Performance and Projections - Q2 2024 revenue: 1.864 billion yuan, up 29.42% YoY and 19.20% QoQ [2] - Q2 2024 net profit: 593 million yuan, up 44.12% YoY and 36.86% QoQ [2] - 2024E revenue: 7.395 billion yuan, up 29.14% YoY [3] - 2024E net profit: 2.142 billion yuan, up 35.49% YoY [3] - 2025E revenue: 8.835 billion yuan, up 19.47% YoY [3] - 2025E net profit: 2.527 billion yuan, up 17.96% YoY [3] - 2026E revenue: 10.390 billion yuan, up 17.60% YoY [3] - 2026E net profit: 2.999 billion yuan, up 18.69% YoY [3] Business Segments - MLCC: High-capacity products are expanding, with improved gross margin [2] - Optical communication products: Ferrules and diaphragm plates benefit from AI computing power demand [2] - PKG, substrates, and slurry: Recovery driven by the consumer electronics industry [2] Valuation Metrics - 2024E PE: 27.17x [2] - 2025E PE: 23.04x [2] - 2026E PE: 19.41x [2] - 2024E PB: 2.97x [3] - 2025E PB: 2.73x [3] - 2026E PB: 2.50x [3]