近日，公司完成了新增募集资金投资项目专用账户的开立及三方监管协议的 签订，具体情况如下： 一、《募集资金三方监管协议》的签订情况和募集资金专户的开立情况 南充三环电子有限公司已在中国工商银行股份有限公司苏州吴中支行、交通 银行股份有限公司南充分行、中国工商银行股份有限公司南充高坪支行、中国工 商银行股份有限公司潮州分行新增设立募集资金专户，新设立募集资金专户用于 募集资金投资项目"高容量系列多层片式陶瓷电容器扩产项目"募集资金的存储 和使用，并根据相关规定签署了募集资金三方监管协议。 | 账户名称 | 开户行 | 账号 | | --- | --- | --- | | 南充三环电子有限公司 | 中国工商银行股份有限 交通银行股份有限公司 | 1102026219000878890 | | | 公司苏州吴中支行 | | | | | 519519470013000161804 | | | 南充分行 | | | | 中国工商银行股份有限 | 2315533129100216935 | | | 公司南充高坪支行 | | | | 中国工商银行股份有限 | 2004024029200405935 | | | 公司潮州分行 ...

Group 1: Financial Performance - In the first half of 2024, the company achieved operating revenue of 3.427 billion CNY, a year-on-year increase of 30.36% [3] - The net profit attributable to shareholders was 1.026 billion CNY, reflecting a year-on-year growth of 40.26% [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached 914 million CNY, up 60.46% year-on-year [3] Group 2: Product Development and R&D - The company invested 260 million CNY in R&D in the first half of 2024, an increase of 13.03% year-on-year, accounting for 7.58% of operating revenue [4] - The focus of R&D investment includes high-end electronic components and solid oxide fuel cell systems [4] - The company has established research institutes in Guangdong, Sichuan, and Jiangsu, with ongoing projects to enhance R&D capabilities [5] Group 3: Market Strategy and Customer Relations - The company aims to enhance MLCC product technology and expand market applications for high-precision and high-reliability products [4] - A comprehensive quality management system has been established to ensure product quality from R&D to mass production [5] - The sales teams employ a proactive strategy to gather customer feedback and identify potential high-quality clients [5] Group 4: Competitive Advantages - The company has accumulated extensive technology and production experience in MLCC since 2000, covering a wide range of applications [3] - Continuous innovation in MLCC technology is emphasized, focusing on reducing material and management costs while improving production efficiency [3] - The product line includes components, electronic materials, optical communication, packaging, precision ceramic structures, and modules, serving various industries [4]

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]

三环集团：24Q2 同环比高增，盈利能力提升显著 三环集团（300408.SZ）/电子 证券研究报告/公司点评 2024 年 09 月 02 日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

24Q2 营收创新高，持续丰富 MLCC 产品矩阵 投资要点 2024 年 8 月 29 日，三环集团发布 2024 年半年度报告。 24Q2 营收创新高，电子元件及材料毛利率显著改善 受益于消费电子、光通信等下游行业需求持续改善，以及公司 MLCC 产品市场认 可度不断提高，下游应用领域覆盖日益广泛，24H1 公司业绩稳步增长。 24H1 公司实现营收 34.27 亿元，同比增长 30.36%；归母净利润 10.26 亿元，同 比增长 40.26%；扣非归母净利润 9.14 亿元，同比增长 60.46%；毛利率 41.90%， 一年股价表现 同比提升 2.17 个百分点。 分业务看，24H1 电子元件及材料实现收入 14.44 亿元，同比增长 56.71%；毛利 率 39.82%，同比提升 10.16 个百分点。通信部件实现收入 12.21 亿元，同比增长 30.99%；毛利率 43.53%，同比提升 1.59 个百分点。 单季度看，24Q2 公司实现营收 18.64 亿元，同比增长 29.42%，环比增长 19.20%， 创历史新高；归母净利润 5.93 亿元，同比增长 44.12%，环比增长 36.86 ...

证券研究报告 被动元件 三环集团（300408.SZ） 买入-A(维持) 二季度收入创历史新高，MLCC 业务持续受益 AI 产业趋势 2024 年 9 月 3 日 公司研究/公司快报 事件描述 公司近一年市场表现 高宇洋 AI 服务器与笔电升级带动高容值 MLCC 需求，公司有望持续受益 AI 产业趋势。TrendForce 数据显示：（1）AI 服务器，MLCC 总用量（GB200 系统主板）较通用服务器增加一倍，且 1u 以上用量占 60%，X6S/X7S/X7R 耐高温用量高达 85%，系统主板 MLCC 总价也增加一倍；（2）AI PC，WoA 笔电整体 MLCC 用量高达 1160~1200 颗，与 Intel 高端商务机种用量接近， 且 1u 以上 MLCC 用量占总用量近八成。三环集团目前是国内领先的 MLCC 厂商，市场认可度不断提升，公司有望持续受益 AI 产业趋势。 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 近日，公司发布 2024 年半年报 ...

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **36.3 RMB** [2][6] Core Views - The company's H1 2024 revenue reached **3.43 billion RMB**, a **30% YoY increase**, with net profit attributable to shareholders of **1.03 billion RMB**, up **40% YoY** [1] - Q2 2024 revenue was **1.86 billion RMB**, a **29% YoY increase**, with net profit attributable to shareholders of **590 million RMB**, up **44% YoY** [1] - The company's gross margin improved to **41.9%**, up **2.2 pct YoY**, and net margin reached **29.9%**, up **2.1 pct YoY** [1] - The MLCC industry is recovering, driven by strong demand from AI servers, AI PCs, and automotive electronics, with the company's high-capacity MLCC products winning the **12th China Electronics Information Expo Innovation Gold Award** [1] - The company's high-capacity MLCC expansion project is **15% complete**, with expected production by **May 2025**, positioning the company for accelerated domestic substitution [1] - R&D investment increased by **13% YoY**, with products like fiber ceramic ferrules and ceramic substrates for chip resistors recognized as **"Single Champion" products** by the Ministry of Industry and Information Technology [1] - The company is advancing innovation in products like solid oxide fuel cells (SOFC) and has established research institutes in Chengdu and Suzhou [1] Financial Forecasts - The company's revenue is expected to grow from **7.686 billion RMB in 2024E** to **12.367 billion RMB in 2026E**, with a **34.2% YoY growth in 2024E** [3] - Net profit attributable to shareholders is forecasted to increase from **2.178 billion RMB in 2024E** to **3.958 billion RMB in 2026E**, with a **37.7% YoY growth in 2024E** [3] - Gross margin is projected to rise from **44.1% in 2024E** to **46.8% in 2026E**, while net margin is expected to increase from **28.3% in 2024E** to **32.0% in 2026E** [3] - EPS is forecasted to grow from **1.14 RMB in 2024E** to **2.07 RMB in 2026E** [3] Industry and Market Context - The MLCC industry is benefiting from increased demand in AI servers, AI PCs, and automotive electronics, with **NVIDIA's GB200 servers** and AI PCs expected to drive further growth in H2 2024 [1] - The company's MLCC products are widely used in mobile communications, smart terminals, and new energy industries, with a strong competitive position in the high-end market [1]

Investment Rating - The report maintains a "Buy" rating for Sanhuan Group (300408.SZ) [2] Core Views - The company reported significant growth in its 2024 semi-annual results, with revenue reaching 3.427 billion yuan, a year-on-year increase of 30.36%, and net profit attributable to shareholders of 1.026 billion yuan, up 40.26% [4] - The recovery in market demand and improved gross margins are highlighted, with Q2 2024 revenue hitting a record high of 1.864 billion yuan, a 29.42% increase year-on-year [5] - The company's MLCC (Multi-layer Ceramic Capacitor) products are expected to drive a new round of growth, supported by advancements in technology and a broadening application in various sectors [5] Summary by Sections Market Performance - The stock has shown a relative performance against the CSI 300 index, with a notable decline of 34% as of August 2023 [3] Financial Performance - For the first half of 2024, the company achieved a gross margin of 41.90% and a net profit margin of 29.95%, both showing improvements compared to the previous year [4] - The company’s revenue projections for 2024 to 2026 are estimated at 7.168 billion yuan, 8.803 billion yuan, and 10.231 billion yuan respectively, with net profits expected to reach 1.964 billion yuan, 2.467 billion yuan, and 2.980 billion yuan [5][8] Product Development - The company has made significant advancements in MLCC technology, achieving breakthroughs in powder particle size, dielectric layer thickness, and multi-layer technology [5] - The revenue from electronic components and materials for the first half of 2024 was 1.444 billion yuan, a 56.71% increase year-on-year, with a gross margin of approximately 39.82% [5] Strategic Initiatives - The company is focusing on R&D investments, which increased by 13.03% year-on-year, to support the development of new products like solid oxide fuel cells (SOFC) [5] - The establishment of R&D centers in Southwest and East China is aimed at enhancing innovation and addressing key technological challenges in electronic components [5]

Investment Rating - The investment rating for the company is maintained at Buy-A with a target price of 33.60 CNY, corresponding to a dynamic P/E ratio of 30.00x for 2024 [6][7]. Core Views - The company has shown significant sales growth driven by demand recovery, with a 30.36% year-on-year increase in revenue for H1 2024, reaching 3.427 billion CNY, and a 40.26% increase in net profit, amounting to 1.026 billion CNY [3]. - The electronic component materials business has experienced rapid growth, with revenue of 1.444 billion CNY in H1 2024, reflecting a 56.71% year-on-year increase, supported by improved utilization rates and stabilized product prices [4]. - The communication industry is evolving rapidly, and the company is adapting its product strategy accordingly, achieving a revenue of 1.221 billion CNY in optical communication components for H1 2024, which is a 30.99% year-on-year increase [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.864 billion CNY, a year-on-year increase of 29.42% and a quarter-on-quarter increase of 19.20%. The net profit for the same quarter was 593 million CNY, up 44.12% year-on-year and 36.86% quarter-on-quarter [3]. - The gross profit margin for Q2 2024 was 43.37%, which is an increase of 3.38 percentage points year-on-year and 3.23 percentage points quarter-on-quarter [3]. Business Segments - The electronic component materials segment is expected to benefit from industry recovery, with continuous development in MLCC products towards miniaturization, high capacitance, high frequency, high reliability, and high voltage [4]. - The company is enhancing its R&D capabilities with the construction of research institutes in Chengdu and Suzhou, which is expected to lead to innovative product offerings and solutions for customers [5]. Future Projections - Revenue growth rates are projected at 29.17%, 33.35%, and 20.05% for 2024 to 2026, while net profit growth rates are expected to be 36.09%, 28.33%, and 21.48% for the same period [6].

潮州三环（集团）股份有限公司 证券代码：300408 证券简称：三环集团 公告编号：2024-35 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 2024 年 8 月 29 日召开第十一届董事会第七次会议、第十一届监事会第六次会议，审 议通过了《关于新增募集资金投资项目专用账户的议案》，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意潮州三环（集团）股份有限公司向特 定对象发行股票注册的批复》（证监许可﹝2021﹞3291 号）同意，公司向特定 对象发行人民币普通股（A 股）99,591,419 股，每股发行价格为人民币 39.16 元，募集资金总额为人民币 3,899,999,968.04 元，扣除发行费用（不含增值税） 人民币 20,188,293.64 元后的募集资金净额为 3,879,811,674.40 元。上述募集 资金已于 2021 年 11 月 25 日存入公司募集资金专户中。立信会计师事务所(特殊 普通合伙)已于 2021 年 11 月 29 日对本次募 ...