Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 9.007 billion yuan in 2025, representing a year-on-year increase of 22.13%. The net profit attributable to shareholders was 2.618 billion yuan, up 19.54% year-on-year. The company maintains a solid foundation in MLCC and is expected to benefit from the growth in automotive electronics and AI computing infrastructure [6][8] - The company is actively advancing its solid oxide fuel cell (SOFC) business, aiming to expand its market presence in the new energy sector. Additionally, the company plans to list on the Hong Kong Stock Exchange to enhance its global financing capabilities [8] Financial Summary - In 2025, the company reported a revenue of 90.07 billion yuan, with a net profit of 26.18 billion yuan, and a gross profit margin of 42.14% [6] - The fourth quarter of 2025 saw a revenue of 24.99 billion yuan, a year-on-year increase of 25.30%, and a net profit of 6.60 billion yuan, up 12.38% year-on-year [6] - The company forecasts net profits of 3.507 billion yuan, 4.512 billion yuan, and 5.475 billion yuan for 2026, 2027, and 2028, respectively, with corresponding P/E ratios of 28.9, 22.5, and 18.5 [6][9] Business Development - The company has a comprehensive MLCC product matrix, covering various specifications and applications, including automotive electronics and data centers. The sales of core products, particularly ceramic inserts, are among the highest globally [7] - The SOFC business is progressing with the development of high-efficiency systems, and the company is focusing on overseas expansion and technological upgrades through its planned H-share listing [8]

电子/元件 -40% -20% 0% 20% 40% 60% 80% 2025-04 2025-08 2025-12 三环集团 沪深300 数据来源：聚源 相关研究报告 《前三季度利润稳健增长，SOFC 业务 打造新增长曲线—公司信息更新报 告》-2025.10.31 《MLCC 产品线持续完善，全年业绩 稳 健 增 长 — 公 司 信 息 更 新 报 告 》 -2025.4.27 | 陈蓉芳（分析师） | 张威震（分析师） | 刘琦（分析师） | | --- | --- | --- | | chenrongfang@kysec.cn | zhangweizhen@kysec.cn | liuqi1@kysec.cn | | 证书编号：S0790524120002 | 证书编号：S0790525020002 | 证书编号：S0790525020001 | 三环集团（300408.SZ） 2025 年业绩稳健，MLCC 主业与 SOFC 新业务协同并进 2026 年 04 月 01 日 投资评级：买入（维持） | 日期 | 2026/3/31 | | --- | --- | | 当前股价(元) | 52.85 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][14]. Core Views - The company has shown steady growth in 2025, achieving a revenue of 9.007 billion yuan, a year-over-year increase of 22.13%, and a net profit attributable to shareholders of 2.618 billion yuan, up 19.54% year-over-year [6]. - The growth is attributed to the successful expansion of MLCC products and strong demand from AI applications, with the company meeting diverse customer needs through a stable supply of products [6][7]. - The company is positioned as a platform-type enterprise with strong growth momentum across multiple product areas, including MLCC and optical communication [7]. Financial Summary - The total share capital is 1,916.50 million shares, with a market price of 54.84 yuan, resulting in a market capitalization of approximately 105.1 billion yuan [2]. - Revenue projections for the company are as follows: 11.575 billion yuan in 2026, 14.311 billion yuan in 2027, and 16.799 billion yuan in 2028, reflecting growth rates of 29%, 24%, and 17% respectively [4]. - The net profit attributable to shareholders is forecasted to be 3.642 billion yuan in 2026, 4.505 billion yuan in 2027, and 5.467 billion yuan in 2028, with growth rates of 39%, 24%, and 21% respectively [4][9]. - The company's P/E ratio is projected to decrease from 28.9 in 2026 to 19.2 in 2028, indicating improving valuation [4][9]. Product Expansion - The company has expanded its MLCC product line to cover a wide range of specifications and has developed patented products, enhancing its competitive edge in the market [7]. - In the optical communication sector, the company has introduced new products that have garnered attention at major exhibitions, indicating strong market interest [7]. - Future plans include enhancing product quality and performance, expanding into new applications, and increasing collaboration with key customers in various sectors [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][9] Core Views - The company achieved a revenue of 9,007 million yuan in 2025, representing a year-over-year growth of 22.13%, with a net profit attributable to shareholders of 2,618 million yuan, up 19.54% year-over-year [6] - The growth is attributed to the successful expansion of MLCC products and strong demand from AI applications, with the company’s diverse product offerings meeting the needs of various downstream customers [6][7] - The company is expected to continue its robust growth trajectory, with projected net profits of 3,642 million yuan in 2026, 4,505 million yuan in 2027, and 5,467 million yuan in 2028 [9] Financial Summary - Total shares outstanding: 1,916.50 million [2] - Market price: 54.84 yuan [2] - Market capitalization: 105,100.72 million yuan [2] - Revenue projections for 2026 and beyond are 11,575 million yuan in 2026, 14,311 million yuan in 2027, and 16,799 million yuan in 2028, with corresponding growth rates of 29%, 24%, and 17% respectively [4] - The company’s P/E ratio is projected to decrease from 28.9 in 2026 to 19.2 in 2028, indicating improving valuation [4][9]

Summary of SOFC Industry Conference Call Industry Overview - The Solid Oxide Fuel Cell (SOFC) industry presents five core opportunities driven by the need for carbon emission reduction and efficiency improvements in power generation [1][3]. - SOFC technology is particularly suited for Artificial Intelligence Data Centers (AIDC) due to its high efficiency and ability to directly output DC power, which can reduce costs significantly [1][3]. Key Points and Arguments Market Potential and Competitive Advantage - Current Levelized Cost of Electricity (LCOE) for SOFC is approximately 0.59 CNY per kWh, with potential reductions to 0.34 CNY per kWh in the medium term, aided by a 30% Investment Tax Credit (ITC) in the U.S. [1][4][11]. - SOFC's efficiency exceeds 90% when combined with advanced cooling and energy recovery systems, making it a competitive alternative to traditional gas turbines [1][5]. Core Opportunities 1. **AIDC Power Source**: SOFC serves as a primary power source for AIDC, driving down costs [3]. 2. **Carbon Emission Reduction**: SOEC technology can convert CO2 emissions into useful products, thus lowering carbon trading costs [3][13]. 3. **Coal Chemical Industry Integration**: SOFC can utilize coke oven gas for power generation, offering better economic benefits than traditional methods [3][14]. 4. **Mainstream Power Option**: As costs decrease, SOFC is expected to become a mainstream power source, replacing traditional energy sources [3]. 5. **Energy Storage Solution**: Reversible Solid Oxide Cells (RSOC) can store hydrogen when renewable energy is abundant and generate electricity when needed, creating a closed energy loop [3][16]. Industry Structure and Key Players - The SOFC industry chain consists of upstream material suppliers, midstream system integrators, and downstream application developers [4]. - Key players include Bloom Energy, which leads the market with a backlog of $20 billion in orders, and Sanhua Group, a major supplier of electrolyte membranes [1][17]. Technological Advantages - SOFC technology offers fuel flexibility, high energy conversion efficiency, and solid-state design, which enhances stability and reduces corrosion risks [6][9]. - Compared to other fuel cell technologies, SOFC operates at higher temperatures (600-1,000°C), allowing for greater efficiency and versatility in fuel use [6][9]. Cost Structure and Future Outlook - The cost structure of SOFC is expected to improve significantly due to economies of scale and technological advancements, with a clear path to further cost reductions [4][5]. - The U.S. ITC policy provides a stable financial environment for SOFC projects, enhancing their economic viability [11]. Additional Important Insights - The demand for high-chromium alloys in SOFC applications is projected to increase, with a potential market gap of 338,200 tons by 2028 [1][10]. - Demonstration projects, such as the 50 kW SOFC system using coke oven gas by New Hope Group, indicate the technology's practical viability and efficiency [15][17]. - The IGFC (Integrated Gasification Fuel Cell) technology shows promise as a main power source, particularly in China, where it can enhance the efficiency of existing coal-fired power plants [15]. This summary encapsulates the key insights from the SOFC industry conference call, highlighting the market potential, technological advantages, and strategic opportunities within the sector.

证券代码：300408 证券简称：三环集团 公告编号：2026-11 潮州三环（集团）股份有限公司 关于使用暂时闲置资金进行现金管理的公告 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。 潮州三环（集团）股份有限公司（以下简称"公司"或"本公司"）于 2026 年 3 月 26 日召开第十一届董事会第十八次会议，审议通过了《关于使用暂时闲 置资金进行现金管理的议案》，同意公司及子公司使用合计不超过人民币 100 亿 元的暂时闲置自有资金及募集资金进行现金管理（其中使用暂时闲置募集资金的 最高额度不超过人民币 26 亿元），用于购买安全性高、流动性好的现金管理产 品，其中暂时闲置募集资金购买单项理财产品期限最长不超过 12 个月。该事项 有效期自董事会前次授权公司使用暂时闲置资金进行现金管理的有效期届满之 日起至下一年度董事会作出决议之日有效，在有效期内可循环滚动使用额度。具 体情况如下： 一、募集资金基本情况 1、现金管理目的 为了提高公司及子公司闲置自有资金及募集资金使用效率，在确保募集资金 投资项目正常进行、公司日常运营和资金安全的前提下，公司及子公司将使 ...

潮州三环（集团）股份有限公司 企业负责人： 主管会计工作的负责人 ： 会计机构负责人： 1 2025年度非经营性资金占用及其他关联资金往来情况汇总表 上市公司名称： 潮州三环（集团）股份有限公司 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算的会计 | 2025年期初占用资金 | 2025年度占用累计发生 | 2025年度占用资金的 | 2025年度偿还累计发 | 2025年期末占用资金 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 科目 | 余额 | 金额（不含利息） | 利息(如有） | 生金额 | 余额 | 占用形成原因 | | | | 无 | | | | | | | | | | | 控股股东 、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | - | - | - | - | - | - | - | | | 无 | | | | | | | | | | | 前控股股东 ...

潮州三环（集团）股份有限公司 2025 年度内部控制评价报告 根据公司非财务报告内部控制重大缺陷认定情况，截至内部控制评价报告基 准日，公司未发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内部 控制有效性评价结论的因素。 1 三、内部控制评价工作情况 潮州三环（集团）股份有限公司全体股东： 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"），结合潮州三环（集团）股份有限公 司（以下简称"公司"）相关规章制度，在内部控制日常监督和专项监督的基础 上，我们对公司截至 2025 年 12 月 31 日（内部控制评价报告基准日）的内部控制 进行有效性、合理性和全面性的评价。 一、重要声明 根据企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。审计委员会对董事 会建立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。 公司董事会、董事、高级管理人员保证本报告内容不存在任何虚假记载、误导性 陈述或重大遗漏，并对报告内容的真实性、准确性 ...

证券代码：300408 证券简称：三环集团 公告编号：2026-12 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。 为践行以"投资者为本"的上市公司发展理念，承担提升自身投资价值的主 体责任，提振投资者信心，促进公司长远健康可持续发展，基于对公司未来发展 前景的信心和价值认可，潮州三环（集团）股份有限公司（以下简称"公司"） 于 2024 年 3 月 5 日披露了《关于"质量回报双提升"行动方案的公告》，于 2024 年 4 月 29 日和 2025 年 4 月 24 日披露了《关于"质量回报双提升"行动方案的 进展公告》，现将公司落实"质量回报双提升"行动方案的进展情况公告如下： 一、立足"材料+"，聚焦实业 公司凭借多系列、多规格的产品组合和稳定可靠的供货能力，MLCC 等产品 不断实现技术迭代和客户突破，销售规模稳步提升。2025 年度，公司实现营业 收入 90.07 亿元，同比增长 22.13%；实现归属于上市公司股东的净利润 26.18 亿元，同比增长 19.54%；实现归属于上市公司股东的扣除非经常性损益的净利 润 22.49 亿元，同比增长 1 ...

潮州三环（集团）股份有限公司 2025 年环境、社会和公司治理（ESG）报告 2026 年 3 月 股票代码：300408 | 董事长致辞…………………………………………………………………………… 2 | | --- | | 1 报告编制说明 ……………………………………………………………………… 4 | | 2 公司基本信息 ……………………………………………………………………… 8 | | 公司简介………………………………………………………………………… 10 | | 社会认可………………………………………………………………………… 10 | | ESG 治理 ……………………………………………………………………… 12 | | 3 环境篇 ……………………………………………………………………………… 16 | | 应对气候变化…………………………………………………………………… 18 | | 能源利用………………………………………………………………………… 21 | | 环境合规管理…………………………………………………………………… 22 | | 污染物排放………………………………………………………… ...