■■■■■■■■■■■■■ | ■■■■■ | 2025■■■■ | 2024■■■■ | ■■■■■■■(%) | 2023■■■■ | | --- | --- | --- | --- | --- | | ■■■■■■■■■ | 0.0169 | 0.0525 | -67.81 | 0.0343 | | ■■■■■■■■ | 2.49 | 2.52 | -1.19 | 3.01 | | ■■■■■(■) | 0.1 | 0.11 | -9.09 | 0.41 | | ■■■■■■■(■) | 1.22 | 1.25 | -2.4 | 1.51 | | ■■■■■■■(■) | - | - | - | - | | ■■■■(■■) | 1.59 | 1.71 | -7.02 | 1.45 | | ■■■(■■) | 0.05 | 0.17 | -70.59 | 0.11 | | ■■■■■■(%) | 0.68 | 2.08 | -67.31 | 1.40 | ■■■■■■■■■■■■■■■>> ■■■■■■■■■■ ■■■10■■■■■■■■■■■■ ■■■■■■■■■■■ ■■■■■■■■■■■■ 120 ...

世名科技（300522）公告，2025年第一季度营业收入1.59亿元，同比下降6.89%。净利润544.37万元， 同比下降67.82%。 ...

Financial Performance - The company's revenue for Q1 2025 was ¥158,896,631.34, a decrease of 6.89% compared to ¥170,660,339.68 in the same period last year[7]. - Net profit attributable to shareholders was ¥5,443,704.61, down 67.82% from ¥16,915,154.95 year-on-year[7]. - Basic earnings per share decreased to ¥0.0169, down 67.81% from ¥0.0525 in the same period last year[7]. - Operating profit decreased significantly to ¥2,979,395.20, down 85.4% from ¥20,418,414.60 in the previous period[24]. - Net profit for the current period is ¥4,829,946.92, a decline of 71.5% compared to ¥16,981,615.53 in the previous period[24]. - The total comprehensive income attributable to the parent company was 5,443,704.61, down from 16,915,154.95 in the previous period, indicating a decline in overall profitability[25]. - The total comprehensive income for the period was 4,829,946.92, compared to 16,981,615.53 in the previous period, reflecting a significant decrease[25]. Cash Flow - The net cash flow from operating activities was -¥37,588,706.39, a decline of 249.05% compared to ¥25,219,107.12 in the previous year[14]. - Total cash inflow from operating activities was 83,734,838.72, down from 109,793,165.40 in the previous period, indicating a decline in cash receipts from operations[28]. - Cash outflow from operating activities totaled 121,323,545.11, an increase from 84,574,058.28 in the previous period, highlighting increased operational expenses[28]. - The net cash flow from investing activities was 4,453,582.38, a recovery from -17,965,923.88 in the previous period, suggesting improved investment returns[28]. - Cash inflow from financing activities was 60,000,000.00, up from 37,663,530.00 in the previous period, indicating increased borrowing[28]. - The net cash flow from financing activities was -13,933,186.10, worsening from -3,614,837.48 in the previous period, reflecting higher debt repayments[28]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,095,536,794.76, a decrease of 1.76% from ¥1,115,209,673.77 at the end of the previous year[7]. - Total liabilities decreased to ¥256,556,200.81 from ¥283,153,182.11, a decrease of 9.4%[21]. - Cash and cash equivalents decreased to ¥91,573,192.52 from ¥139,104,180.57, a drop of 34.2%[20]. - Accounts receivable increased to ¥159,792,991.33 from ¥103,691,459.65, an increase of 54.1%[20]. - Short-term borrowings decreased to ¥100,000,000.00 from ¥131,330,000.00, a reduction of 24.0%[21]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 15,193[15]. - The largest shareholder, Lü Shiming, holds 22.92% of shares, totaling 73,891,799 shares, with 20,886,684 shares pledged[15]. - Jiangsu Fenghui New Energy Development Co., Ltd. holds 16.98% of shares, totaling 54,745,823 shares, with 27,372,911 shares pledged[15]. - The top 10 shareholders collectively hold a significant portion of the company's equity, with the largest shareholder holding nearly 23%[15]. - The total number of restricted shares at the end of the period is 59,345,886, down from 78,604,641 at the beginning of the period[17]. - Lü Shiming's restricted shares decreased by 18,472,950 during the period, now totaling 55,418,849[17]. - The company has no preferred shareholders or changes in preferred shareholder structure reported[16]. - The company has not reported any changes in the top 10 shareholders due to margin trading activities[16]. - The company has a clear structure of shareholder relationships, with several shareholders being related or acting in concert[15]. - The company is maintaining a focus on shareholder equity management and transparency in reporting shareholder structures[15]. Operational Costs and Expenses - Total operating costs increased to ¥158,202,045.14, up 1.0% from ¥156,042,664.18 in the previous period[24]. - The company reported an increase in research and development expenses to ¥13,578,803.75, up 16.6% from ¥11,642,396.73 in the previous period[24]. - Financial expenses increased by 67.53% to ¥1,120,202.25, mainly due to higher interest expenses on bank loans[12].

Group 1: Market Expansion and Product Development - In 2025, the company will actively focus on expanding overseas markets through international exhibitions and partnerships with overseas distributors to adapt to regional market demands [2][3] - The "5000 tons/year LCD photoresist special nano pigment dispersion project" has received the necessary investment project filing certificate and is set to advance towards production [3][4] - The company is positioned as a leading player in the domestic pigment market, with a focus on high-end, environmentally friendly water-based pigments, and aims to enhance its product offerings in electronic chemicals [3][6] Group 2: Financial Performance - In 2024, the company achieved a revenue of ¥697,285,297.32, a year-on-year increase of 2.30%, and a net profit of ¥22,620,590.21, reflecting a 25.61% increase compared to the previous year [4][7] - The growth in net profit is attributed to differentiated applications of nano coloring materials, strategic capacity planning, and enhanced technology development [7][8] Group 3: Industry Position and Competitive Advantage - The market size of water-based pigments in China grew from approximately ¥2.41 billion in 2016 to ¥5.29 billion in 2023, with a compound annual growth rate of 11.89% [4] - The company maintains a leading position in the construction coating sector, leveraging its technological advancements and market presence to capitalize on the demand for building renovation [4][5] Group 4: Environmental and Regulatory Compliance - The company emphasizes its commitment to environmental sustainability, developing products that comply with domestic and international environmental regulations, thus enhancing its market competitiveness [5][6] - The ongoing green coating policies and energy-saving regulations present both challenges and opportunities for the company, prompting it to innovate and adapt its business strategies [5][6] Group 5: Future Growth Strategies - The company plans to implement a "one body, two wings" strategy in 2025, focusing on innovation and reform to strengthen its domestic and international market presence [6][10] - Emphasis will be placed on developing a sustainable business model that aligns with national carbon neutrality goals, enhancing its capabilities in green and circular economy practices [10][11]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The new materials index experienced a decline of 0.2%, underperforming the CSI 300 index by 0.8%. Among sub-sectors, the carbon fiber index decreased by 0.4%, semiconductor materials index by 1.3%, OLED materials index by 1.6%, while membrane materials index increased by 1.8% and coatings and inks index by 1.5% [11] - In the carbon fiber sector, T300 large tow is currently at a stage of bottoming out, but potential price wars may continue due to rapid capacity release by some companies. The original tow segment has limited players, suggesting less likelihood of price drops in that area. Recommended companies include Jilin Carbon Valley [3] - In the electronic materials sector, the demand for foldable smartphones remains strong despite a downturn in consumer electronics. The continuous decline in industry price bands is expected to further stimulate downstream demand. Key recommendations include Shiming Technology and Kaisheng Technology [3] - In the renewable materials sector, the photovoltaic demand continues to grow rapidly, but the expansion across the industry chain is fast, indicating a need for market clearing. Wind power is seeing significant growth, particularly in offshore wind, with a high concentration in the wind blade segment. Recommended company is Times New Material [4] Summary by Sections Carbon Fiber - T300 large tow is at a bottoming phase, with potential for continued price competition. Limited players in the original tow segment suggest stability in pricing. Recommended to focus on Jilin Carbon Valley and Zhongfu Shenying [3][4] Electronic Materials - The foldable smartphone market is expected to see sustained growth over the next 3-5 years, with key players in the supply chain likely to maintain premium pricing. Recommendations include Shiming Technology and Kaisheng Technology [3] Renewable Materials - Photovoltaic demand is strong, but rapid expansion in the industry chain necessitates market clearing. Offshore wind power is expanding significantly, with Times New Material recommended for investment [4]

世名科技（300522） 证券研究报告 公司报告 | 年报点评报告 减值计提轻装上阵，材料矩阵日渐完善 事件：公司发布 24 年年报，24fy 实现营收/归母净利/扣非归母净利 7/0.23/0.19 亿元，yoy+2.3%/+25.6%/-18.6%。24 年公司计提了 1403 万元的 资产及信用减值损失，主要由于岳阳凯门经营业绩不及预期。 树脂类产品大幅增长，看好后续新品放量弹性 分业务看，着色剂相关产品营业收入为 5.7 亿元，占公司营收 82%，同比 增长 1%；对应毛利率 25.6%，同比上升 0.07pct。特种添加剂行业相关产品 营业收入为 1.23 亿元，占公司营收 17.6%（23 年为 16.6%），同比增长 8%； 对应毛利率 22.56%，同比下降 4pct。树脂类产品营收 229.3 万元，大幅增 长 360.5%。 由于新投/技改产能较多，目前色浆/母粒/特种添加剂的产能利用率分别为 37%/26%/43%，均处于中等或偏下水平，随着市场的拓展产能利用率的提 升，我们认为公司未来具备较高的成长性。 产品矩阵完善，各生产基地厘清重点 公司形成昆山、常熟、岳阳、盘锦四大产业基地；其中 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company reported a revenue of 700 million yuan for FY24, reflecting a year-on-year growth of 2.3%, while the net profit attributable to the parent company increased by 25.6% to 23 million yuan [1]. - The company has made significant progress in its product matrix, with a focus on enhancing its production capabilities across four major industrial bases [3]. - The company is expected to enter a performance realization phase, with a revised profit forecast for 2025-2027 indicating substantial growth in net profit [4]. Financial Performance - FY24 revenue is projected at 700 million yuan, with a growth rate of 2.3% [4]. - The net profit attributable to the parent company is expected to reach 49.2 million yuan in 2025, representing a growth of 117.48% [4]. - The EBITDA for FY25 is estimated at 132.86 million yuan, with a significant increase in subsequent years [4]. Business Segmentation - The revenue from colorant-related products accounted for 82% of total revenue, with a slight increase in gross margin [2]. - The specialty additives segment saw an 8% increase in revenue, contributing 17.6% to total revenue [2]. - The resin products segment experienced a remarkable growth of 360.5%, indicating strong market demand [2]. Production Capacity and Development - The company has established four major production bases, focusing on new material industries and specialty products [3]. - New production capacities in the Panjin base are expected to fill gaps in high-end photosensitive materials, supporting sectors like electronics and renewable energy [3]. Future Outlook - The company is anticipated to achieve higher growth rates as production capacity utilization improves with market expansion [2]. - The revised profit forecasts suggest a robust growth trajectory, with net profits projected to reach 293.49 million yuan by 2027 [4].

Core Viewpoint - The company is a leading supplier in the field of nano coloring materials and functional nano dispersions, focusing on technological innovation and high-quality development to enhance market competitiveness and respond to sustainable development trends [5][6][9]. Company Overview - The company operates in the "C26 Chemical Raw Materials and Chemical Products Manufacturing" sector, specifically in fine chemicals and new materials [5][6]. - The company has established four major production bases in Jiangsu Kunshan, Jiangsu Changshu, Hunan Yueyang, and Liaoning Panjin, focusing on the research, production, and sales of various nano coloring materials and functional additives [6][10]. Industry Situation - The fine chemicals and new materials industry is a high-tech sector with significant market potential, currently experiencing a trend towards high-end, green, and independent development [6][9]. - The domestic market for commercial color paste has grown from approximately 2.41 billion yuan in 2016 to about 5.29 billion yuan in 2023, with a compound annual growth rate of 11.89% [9]. Product and Application - The company's main products include nano coloring materials, functional nano dispersions, and special additives, which are widely used in coatings, textiles, light industry, and medical protection [6][10]. - The water-based color paste is a primary coloring agent in the coatings industry, particularly in environmentally friendly water-based architectural coatings, which dominate the market [9][10]. Downstream Applications - The architectural coatings sector is a significant downstream application for the company's coloring materials, with water-based coatings accounting for about 90% of the market [9][10]. - The textile industry is another strategic core sector for the company, focusing on fiber liquid coloring technology, which promotes energy-saving and emission-reduction processes [10][11]. Financial Data and Shareholder Information - The company plans to distribute cash dividends of 0.50 yuan per share to shareholders based on a total share capital of 322,451,507 shares, amounting to a total distribution of approximately 16.12 million yuan [28]. - The company has undergone a change in controlling shareholder, with Jiangsu Fenghui New Energy Development Co., Ltd. becoming the new controlling entity [29]. Future Development - The company is actively expanding its overseas market presence, particularly in the context of the global container manufacturing market and the internationalization of the new energy vehicle industry [25]. - The company is also focusing on the development of recycled polyester (RPET) as part of its commitment to sustainable practices and reducing carbon emissions [14][15].

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0702 | 0.0558 | 25.81 | 0.0891 | | 每股净资产（元） | 0 | 2.46 | -100 | 2.97 | | 每股公积金(元) | 0.09 | 0.1 | -10 | 0.4 | | 每股未分配利润(元) | 1.20 | 1.19 | 0.84 | 1.47 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 6.97 | 6.82 | 2.2 | 6.24 | | 净利润(亿元) | 0.23 | 0.18 | 27.78 | 0.29 | | 净资产收益率(%) | 2.84 | 2.25 | 26.22 | 3.68 | 10派0.4元(含税) 三、分红送配方案情况 前十大流通股东累计持有： 10172.2万股，累计占流通股比： ...

苏州世名科技股份有限公司 审计报告及财务报表 二○二四年度 苏州世名科技股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-91 | 审计报告 信会师报字[2025]第 ZA10423 号 苏州世名科技股份有限公司全体股东： 一、 审计意见 我们审计了苏州世名科技股份有限公司（以下简称贵公司）财务 报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年 度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司 所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允 ...