Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company reported a significant year-on-year increase in performance for Q3 2024, with revenue reaching 5.78 billion yuan, up 40.59% year-on-year, and a net profit of 1.78 billion yuan, up 40.59% year-on-year [3]. - The growth in profit is attributed to the recovery in downstream industry demand and increasing market recognition of the company's products [3]. - The company is expected to continue benefiting from the high-end trend in MLCC (Multi-Layer Ceramic Capacitor) products, with ongoing improvements in profitability and product offerings [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 5.381 billion yuan, a year-on-year increase of 31.05%, and a net profit of 1.603 billion yuan, up 40.38% year-on-year [3]. - The sales gross margin for Q3 2024 was 44.30%, an increase of 4.42 percentage points year-on-year, while the net profit margin was 29.55%, up 1.68 percentage points year-on-year [3]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 2.111 billion yuan, 2.694 billion yuan, and 3.285 billion yuan respectively [3]. Product Development and R&D - The company is expanding its MLCC product line, focusing on innovation and cost reduction through new materials and technologies [4]. - R&D expenses for Q1-Q3 2024 amounted to 401 million yuan, a year-on-year increase of 4.15%, with an R&D expense ratio of 7.46% [5]. - The establishment of research centers in Chengdu and Suzhou is aimed at enhancing R&D capabilities and talent acquisition [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 5.381 billion yuan, a year-on-year increase of 31.05%, and net profit attributable to shareholders at 1.603 billion yuan, up 40.38% year-on-year [1] - The company's MLCC (Multi-Layer Ceramic Capacitor) business continues to show strong growth, with technological breakthroughs and increased market recognition [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 5,149 - 2023A: 5,727 - 2024E: 7,538 - 2025E: 8,987 - 2026E: 10,305 - Year-on-year growth rates for revenue: - 2022A: -17% - 2023A: 11% - 2024E: 32% - 2025E: 19% - 2026E: 15% [1] - Net profit attributable to shareholders (in million yuan): - 2022A: 1,505 - 2023A: 1,581 - 2024E: 2,148 - 2025E: 2,736 - 2026E: 3,184 - Year-on-year growth rates for net profit: - 2022A: -25% - 2023A: 5% - 2024E: 36% - 2025E: 27% - 2026E: 16% [1] Business Development - The company has achieved significant advancements in its two main business areas, with improved profitability despite overall weak demand in the market [1] - The MLCC business has seen a breakthrough in technology, achieving a dielectric layer thickness of 1 micron and a stacking layer count exceeding 1000 layers, with products covering mainstream specifications from 0201 to 2220 [1] - The company's MLCC products have received high recognition in the market, evidenced by winning the Innovation Gold Award at the 12th China Electronic Information Expo [1] Investment Recommendations - The company is expected to achieve net profits of 2.148 billion yuan, 2.736 billion yuan, and 3.184 billion yuan for the years 2024, 2025, and 2026 respectively, with a maintained "Buy" rating based on the current market conditions [1]

证券代码：300408 证券简称：三环集团 公告编号：2024-37 潮州三环（集团）股份有限公司 第十一届董事会第八次会议决议公告 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。 本议案无需提交公司股东大会审议。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 特此公告。 潮州三环（集团）股份有限公司 董事会 2024年10月30日 潮州三环（集团）股份有限公司（以下简称"公司"）第十一届董事会第八 次会议的通知已于 2024 年 10 月 24 日以专人送出、电子邮件等方式送达各位董 事。本次会议于 2024 年 10 月 29 日以现场结合通讯表决方式召开。会议应参加 董事 7 人，实际参加董事 7 人。会议的召集、召开符合《中华人民共和国公司法》 及有关法律、法规和《公司章程》的规定。本次会议由公司董事长李钢先生主持。 本次会议经审议，决议如下： 一、审议通过了《关于公司 2024 年第三季度报告的议案》。 内容详见公司在中国证监会创业板指定信息披露网站刊登的公告。 本议案已经公司审计委员会审议通过。 ...

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]

本公司及监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"）第十一届监事会第七 次会议的通知已于 2024 年 10 月 24 日以专人送出、电子邮件等方式送达各位监 事。本次会议于 2024 年 10 月 29 日以现场表决方式召开。本次会议应参加监事 3 名，实际参加监事 3 名。会议的召集、召开符合《中华人民共和国公司法》及 有关法律、法规和《公司章程》的规定。本次会议由公司监事会主席陈桂旭先生 主持。 本次会议经审议，决议如下： 一、审议通过了《关于公司 2024 年第三季度报告的议案》。 内容详见公司在中国证监会创业板指定信息披露网站刊登的公告。 证券代码：300408 证券简称：三环集团 公告编号：2024-38 潮州三环（集团）股份有限公司 第十一届监事会第七次会议决议公告 特此公告。 潮州三环（集团）股份有限公司 监事会 2024 年 10 月 30 日 经审核，监事会认为董事会编制和审议公司《2024 年第三季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际 ...

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 ...