证券代码：300408 证券简称：三环集团 公告编号：2025-23 潮州三环（集团）股份有限公司 关于回购公司股份进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 公司回购股份的时间、回购股份数量及集中竞价交易的委托时间段等均符合 公司回购股份的方案及《深圳证券交易所上市公司自律监管指引第 9 号——回购 股份》等相关规定，具体如下： 1、公司未在下列期间回购股份： （1）自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； （2）中国证券监督管理委员会及深圳证券交易所规定的其他情形。 2、公司以集中竞价交易方式回购股份时，符合下列要求： 潮州三环（集团）股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召开第十一届董事会第十次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用不低于人民币 1.5 亿元且不超过人民币 2 亿元的自有资金或 自筹资金，以集中竞价方式回购部分公司 A 股股份，并在未来适宜时机用于股权 激励计划或员工持股计划。具体内容详见公司于 2025 ...

证券代码：300408 证券简称：三环集团 公告编号：2025-24 潮州三环（集团）股份有限公司 关于取得金融机构股票回购贷款承诺函的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 4、承诺函有效期：自签发日起 1 年，且不超过贷款合同生效日。 本次收到贷款承诺函可为公司本次回购股份提供融资支持，具体贷款事宜以 双方签订的借款合同为准。公司本次回购专项贷款业务符合《中国人民银行、金 融监管总局、中国证监会关于设立股票回购增持再贷款有关事宜的通知》、《上 市公司股份回购规则》第八条等要求，并符合银行按照相关规定制定的贷款政策、 标准和程序。 三、对公司的影响 一、本次回购股份的基本情况 潮州三环（集团）股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召开第十一届董事会第十次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用不低于人民币 1.5 亿元且不超过人民币 2 亿元的自有资金或 自筹资金，以集中竞价方式回购部分公司 A 股股份，并在未来适宜时机用于股权 激励计划或员工持股计划。具体内容详见公司于 2025 年 4 月 ...

Event Overview - The company reported Q1 2025 results with revenue of 1.833 billion yuan, a year-over-year increase of 17.24% and a quarter-over-quarter decrease of 8.08%. The net profit attributable to shareholders was 533 million yuan, up 23.02% year-over-year and down 9.28% quarter-over-quarter. The non-recurring net profit was 449 million yuan, reflecting an 18.71% year-over-year increase and a 9.36% quarter-over-quarter decrease. The gross margin was 41.01%, up 0.87 percentage points year-over-year but down 2.56 percentage points quarter-over-quarter. The net profit margin was 29.07%, an increase of 1.34 percentage points year-over-year and a decrease of 0.34 percentage points quarter-over-quarter [1]. Profit Margin Analysis - In Q1, the company experienced a decline in profit margins quarter-over-quarter due to rising costs, particularly from precious metals. The first quarter is traditionally a low season with fewer working days, which contributed to a quarter-over-quarter revenue decline. However, the company still achieved significant year-over-year growth due to demand recovery and successful customer expansion [2]. Product Development and Market Position - The company is continuously enhancing its MLCC (Multi-Layer Ceramic Capacitor) technology through increased R&D investment, overcoming technical challenges, and improving product quality and stability. A comprehensive product matrix has been established, with diverse series tailored to various application scenarios, thereby meeting the differentiated needs of different customer groups. The core competitiveness of the company's MLCC products has significantly improved, leading to a steady increase in market share, which is expected to contribute positively to future performance [3]. - In the ceramic insert sector, the rapid development of emerging technologies like artificial intelligence is reshaping the demand landscape in the optical communication market. This evolution imposes higher requirements on product performance, manufacturing processes, material selection, and overall production workflows. The company is actively pursuing technological breakthroughs and innovations, introducing new products such as MT inserts and ceramic packaging tubes, which have garnered attention from global clients. The accelerating construction of data centers worldwide is positively impacting the demand for ceramic inserts and related products [3]. Investment Outlook - Considering the uncertainties in the macroeconomic environment, the company projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.707 billion yuan, 3.35 billion yuan, and 3.943 billion yuan, respectively. This is a revision from previous estimates of 2.736 billion yuan and 3.184 billion yuan for 2025 and 2026. Based on the closing prices for 2025, 2026, and 2027, the price-to-earnings ratios are expected to be 24.3, 19.6, and 16.7 times, respectively, maintaining a "buy" rating [4].

Core Viewpoint - The company reported significant revenue and profit growth for 2024, driven by recovery in downstream markets and increased sales of high-value products [1] Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 7.38 billion, a year-on-year increase of about 28.8% [1] - The net profit attributable to shareholders for 2024 was approximately 2.19 billion, reflecting a year-on-year growth of about 38.6% [1] - The net profit excluding non-recurring items for 2024 was approximately 1.93 billion, with a year-on-year increase of about 58.2% [1] - For Q1 2025, the company reported revenue of approximately 1.83 billion, a year-on-year increase of about 17.24% [1] - The net profit attributable to shareholders for Q1 2025 was approximately 533 million, showing a year-on-year growth of about 23.02% [1] - The net profit excluding non-recurring items for Q1 2025 was 450 million, with a year-on-year increase of about 18.7% [1] Group 2: Market and Product Development - The company's strong performance in 2024 was attributed to the recovery in demand from downstream markets such as consumer electronics, automotive, and optical communications [1] - The company has made significant advancements in MLCC technology, achieving breakthroughs in high-capacity and small-size production, with multiple high-capacity specifications now in mass supply [2] - The company is expanding its product applications in high-end MLCC and ceramic insert products, including developments in optical communication and semiconductor components [2] - The company plans to continue exploring diverse product applications in areas such as optical communication, data centers, automotive, new energy, AI, robotics, and healthcare [2] Group 3: Future Profit Projections - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be approximately 2.73 billion, 3.26 billion, and 3.88 billion respectively, with upward adjustments from previous forecasts [3] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 24.32, 20.36, and 17.13 times respectively [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a strong performance driven by AI, with a revenue of approximately 7.38 billion yuan in 2024, representing a year-on-year growth of about 28.8%. The net profit attributable to shareholders was approximately 2.19 billion yuan, up by about 38.6% year-on-year [6] - In Q1 2025, the company achieved a revenue of approximately 1.83 billion yuan, a year-on-year increase of about 17.24%, and a net profit of approximately 533 million yuan, reflecting a year-on-year growth of about 23.02% [6] - The company has made significant advancements in MLCC production technology, expanding its product applications in various fields, including automotive, industrial, and consumer electronics [7] - The company is expected to see net profits of 2.73 billion yuan, 3.26 billion yuan, and 3.88 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 24.32, 20.36, and 17.13 [8] Financial Performance Summary - In 2024, the company achieved a gross margin of approximately 43.0%, an increase of about 3.2 percentage points year-on-year [7] - The company maintained reasonable control over its operating expenses, with sales, management, and R&D expense ratios of 1.1%, 5.6%, and 7.9% respectively, all showing a year-on-year decline [7] - The company’s revenue is projected to grow to 9.04 billion yuan in 2025, with a year-on-year growth rate of 22.5% [13] - The net profit attributable to shareholders is expected to grow at a rate of 24.7% in 2025, reaching 2.73 billion yuan [13]

Group 1 - The company reported a revenue of 7.375 billion yuan for 2024, representing a year-on-year increase of 28.78% [1] - The net profit attributable to shareholders reached 2.190 billion yuan, up 38.55% year-on-year, while the net profit excluding non-recurring items was 1.932 billion yuan, reflecting a 58.22% increase [1] - The gross profit margin for 2024 was 42.98%, an increase of 3.15 percentage points year-on-year, and the net profit margin was 29.70%, up 2.05 percentage points year-on-year [1] Group 2 - In Q4 2024, the company achieved a revenue of 1.994 billion yuan, a year-on-year increase of 23.03% and a quarter-on-quarter increase of 2.09% [1] - The net profit for Q4 2024 was 0.587 billion yuan, up 33.79% year-on-year and 1.63% quarter-on-quarter [1] - The company slightly raised its profit forecasts for 2025 and 2026, now expecting net profits of 2.820 billion yuan and 3.294 billion yuan respectively, with a new forecast for 2027 at 3.879 billion yuan [1] Group 3 - The company has increased its R&D investment in MLCC products, achieving breakthroughs in key production technologies and enhancing product quality and stability [2] - The company is actively exploring new market potentials in data centers, automotive, mobile phones, and industrial control sectors, with significant sales growth in MLCC products driven by demand recovery [2] - The company is advancing the integration of advanced materials and ceramics, with products like the "TC-BIO ceramic hip joint component" successfully passing regulatory review [2]

Core Insights - The company reported significant revenue and profit growth for 2024, with revenue reaching 7.375 billion yuan, up 28.78% year-on-year, and net profit attributable to shareholders at 2.190 billion yuan, up 38.55% year-on-year [1] - The first quarter of 2025 also showed positive results, with revenue of 1.833 billion yuan, up 17.24% year-on-year, and net profit of 533 million yuan, up 23.02% year-on-year [1] Financial Performance - The company's gross margin improved to 42.98% in 2024, an increase of 3.15 percentage points year-on-year, while the gross margin for Q1 2025 was 41.01%, up 0.87 percentage points year-on-year [3] - The operating expense ratio decreased to 12.20% in 2024, down 3.31 percentage points year-on-year, with specific reductions in sales, management, and R&D expenses [3] - R&D expenses increased to 583 million yuan in 2024, up 6.83% year-on-year, indicating a commitment to innovation [3] Product Development and Market Expansion - The company is focusing on a diversified product structure, including communication components, electronic components, and ceramic fuel cell components, with a strategic direction of "materials + structure + function" [4] - Continuous investment in MLCC (Multi-Layer Ceramic Capacitors) R&D has led to improved product quality and stable delivery, with a comprehensive product matrix catering to various customer needs [4] - The company is also innovating in core products like MT inserts and ceramic packaging tubes, responding to the demands of emerging technologies such as artificial intelligence [4] Investment Outlook - Revenue forecasts for 2025 and 2026 have been adjusted to 9.385 billion yuan and 11.921 billion yuan, respectively, with a projected net profit of 2.861 billion yuan and 3.859 billion yuan for the same years [5] - The expected EPS for 2025 and 2026 is 1.49 yuan and 2.01 yuan, respectively, with a projected EPS of 2.55 yuan for 2027 [5] - As of April 28, 2025, the stock price was 35.36 yuan, corresponding to a PE ratio of 23.69 for 2025, indicating a "buy" rating [5]

证券代码：300408 证券简称：三环集团 公告编号：2025-21 一、审议通过了《关于公司 2025 年第一季度报告的议案》。 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。 经审核，监事会认为董事会编制和审核公司《2025 年第一季度报告》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 了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案无需提交公司股东大会审议。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 潮州三环（集团）股份有限公司 第十一届监事会第九次会议决议公告 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"）第十一届监事会第九 次会议的通知已于 2025 年 4 月 25 日以专人送出、电子邮件等方式送达各位监事。 本次会议于 2025 年 4 月 28 日以现场结合通讯表决方式召开。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 ...

潮州三环（集团）股份有限公司 第十一届董事会第十二次会议决议公告 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。 证券代码：300408 证券简称：三环集团 公告编号：2025-20 潮州三环（集团）股份有限公司（以下简称"公司"）第十一届董事会第十 二次会议的通知已于 2025 年 4 月 25 日以专人送出、电子邮件等方式送达各位董 事。本次会议于 2025 年 4 月 28 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 2025 年第一季度报告的议案》。 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。 董事会 2025年4月29日 本议案已经公司审计委员会审议通过。 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 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,833,140,973.45, representing a 17.24% increase compared to ¥1,563,615,326.25 in the same period last year[4] - Net profit attributable to shareholders was ¥532,651,401.44, up 23.02% from ¥432,978,973.88 year-on-year[4] - Basic and diluted earnings per share rose to ¥0.28, reflecting a 21.74% increase from ¥0.23 in the same period last year[4] - Total operating revenue for the current period reached ¥1,833,140,973.45, an increase of 17.3% compared to ¥1,563,615,326.25 in the previous period[18] - Net profit for the current period was ¥532,895,055.67, representing a growth of 22.9% from ¥433,665,648.63 in the previous period[19] - Earnings per share (EPS) increased to ¥0.28 from ¥0.23, reflecting a 21.7% rise[20] - The company reported a total comprehensive income of ¥548,540,257.61, up from ¥404,837,754.66 in the previous period, indicating a growth of 35.4%[20] Cash Flow and Liquidity - The net cash flow from operating activities increased by 30.80% to ¥242,589,002.71, compared to ¥185,462,016.30 in the previous year[4] - Cash inflow from operating activities totaled ¥1,791,414,796.00, compared to ¥1,486,451,893.06 in the previous period, marking a growth of 20.5%[22] - The company reported a significant increase in cash and cash equivalents, with a 74.83% rise to ¥5,354,856,472.36 due to the maturity of financial products[10] - The total cash and cash equivalents at the end of the period amounted to CNY 3,043,110,386.20, a decrease from CNY 3,171,262,664.64 in the previous period[23] - The cash flow from financing activities showed a net outflow of CNY 285,714.67, contrasting with a net inflow of CNY 160,319,188.11 in the prior period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥24,034,550,094.26, a slight increase of 0.50% from ¥23,915,803,052.17 at the end of the previous year[4] - The total assets of the company reached approximately ¥24.03 billion, an increase from ¥23.92 billion at the beginning of the period[16] - The company's total current assets amounted to ¥14.01 billion, up from ¥13.60 billion, indicating a positive trend in asset management[16] - The company's total non-current assets were reported at ¥10.02 billion, down from ¥10.31 billion, indicating a reduction in long-term investments[16] - The total liabilities decreased to ¥10.01 billion from ¥10.15 billion, reflecting a stronger balance sheet[16] - Total liabilities decreased to ¥3,614,241,541.07 from ¥4,044,034,756.59, a reduction of 10.6%[17] - Total equity attributable to shareholders increased to ¥20,414,377,663.83 from ¥19,866,081,060.45, reflecting a growth of 2.8%[17] Operational Efficiency - The weighted average return on equity improved to 2.64%, up from 2.50% year-on-year[4] - The accounts receivable decreased slightly to ¥1.79 billion from ¥1.87 billion, suggesting improved collection efficiency[15] - The company reported a significant increase in inventory, which stood at ¥2.17 billion compared to ¥2.18 billion previously, suggesting stable inventory management[15] - Research and development expenses were ¥145,691,604.84, an increase of 14.1% from ¥127,663,635.10 in the prior period[19] Shareholder Information - The company’s major shareholder, Chaozhou Sanjiang Investment Co., Ltd., holds a 33.67% stake, reinforcing its control over the company[14] - The company has not reported any changes in the status of restricted shares or any significant shareholder actions related to margin trading[14] Other Income and Expenses - Non-operating income included government subsidies amounting to ¥72,583,660.02, which are closely related to the company's normal business operations[6] - Other comprehensive income after tax for the current period was ¥15,645,201.94, a recovery from a loss of ¥28,827,893.97 in the previous period[20] - The cash paid to employees was CNY 628,914,967.02, up from CNY 512,252,384.20, indicating an increase of approximately 22.8%[23] - The cash paid for taxes was CNY 215,422,969.28, compared to CNY 168,959,101.73, reflecting an increase of about 27.4%[23]