证券代码：300910 证券简称：瑞丰新材 公告编号：2025-019 新乡市瑞丰新材料股份有限公司 关于举行2024年度网上业绩说明会的公告 董事会 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 新乡市瑞丰新材料股份有限公司 出席本次说明会的人员有：公司董事长、总经理郭春萱先生，董事会秘书、 副总经理、财务总监尚庆春先生，独立董事李培功先生。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 4 月 14 日（周一）下午 17:00 前访问全景网（http://ir.p5w.net/zj/）或扫描下方二 维码，进入问题征集专题页面。敬请广大投资者通过全景网系统提交您所关注的 问题，便于公司在业绩说明会上对投资者普遍关注的问题进行回答，提升此次业 绩说明会的针对性。此次活动交流期间，投资者仍可登陆活动界面进行互动提问。 （问题征集专题页面二维码） 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）定于 2 ...

2025 年 04 月 09 日 复合剂转型与全球化驱动构筑成长新空间 买入(首次) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | | 基本数据 | 2025-04-08 | | --- | --- | | 当前股价（元） | 55.73 | | 总市值（亿元） | 163 | | 总股本（百万股） | 292 | | 流通股本（百万股） | 204 | | 52 周价格范围（元） | 35.25-57.21 | | 日均成交额（百万元） | 107.95 | 市场表现 资料来源：Wind，华鑫证券研究 -20 -10 0 10 20 30 40 50 60 (%) 瑞丰新材 沪深300 相关研究 —瑞丰新材（300910.SZ）公司事件点评报告 瑞丰新材发布年度业绩报告：2024 年全年实现营业总收入 31.57 亿元，同比增长 12.14%；实现归母净利润 7.22 亿元， 同比增长 19.13%。其中 ...

Core Viewpoint - The company, Ruifeng New Materials, has shown a significant increase in stock price and market capitalization, indicating positive market sentiment and potential growth opportunities in the chemical products sector [1] Group 1: Stock Performance - As of March 28, 2025, Ruifeng New Materials' stock closed at 55.02 yuan, up 3.42% from the previous week [1] - The stock reached a nearly one-year high of 58.37 yuan on March 27, 2025, with a weekly low of 53.01 yuan [1] - The company's current total market capitalization is 15.701 billion yuan, ranking 13th out of 166 in the chemical products sector and 990th out of 5140 in the A-share market [1] Group 2: Institutional Research Highlights - The company plans to optimize its customer structure and improve accounts receivable turnover speed [2] - For the fiscal year 2024, the total amount for cash dividends and share repurchases will account for 79.11% of net profit [2] - The sales volume of compound agents accounts for over 60%, with expectations for increased sales to international major clients in 2025 [2] Group 3: Production and Financial Strategy - The company has completed the first phase of its lubricating oil additive project with an annual production capacity of 460,000 tons, aiming for over 700,000 tons in total capacity [2] - The increase in accounts receivable is attributed to new and existing customer sales growth, necessitating working capital accumulation [2] - The company has implemented measures to limit shipments to clients who exceed their credit limits and cannot make timely payments [2] Group 4: Market Position and Product Strategy - The company is focusing on enhancing its product mix and customer base, transitioning from small to core clients, which is expected to improve product gross margins [2] - The overall trend in international oil prices is downward, but the impact on raw material procurement costs is limited [2] - The company aims to build a global sales system and enhance its market coverage capabilities while ensuring supply chain security and product quality for international clients [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 3.157 billion yuan for 2024, a year-on-year increase of 12.14%, and a net profit of 722 million yuan, up 19.13% year-on-year. The Q4 performance exceeded market expectations with a revenue of 857 million yuan, reflecting a year-on-year growth of 29.18% and a quarter-on-quarter increase of 7.05% [7] - The company is experiencing stable growth in shipments, with a total sales volume of 158,900 tons for lubricating oil additives in 2024, representing a 16.5% increase year-on-year. The demand in overseas markets is strong, particularly in Q4, where exports reached 28,100 tons, a 52% increase year-on-year [7] - The company is expanding its overseas presence and has achieved significant scale advantages, with a designed production capacity of 315,000 tons for lubricating oil additives and an additional 435,000 tons under construction. The company has also secured multiple OEM certifications for its products [7] - The profit forecast for 2025 has been adjusted downwards due to uncertainties in overseas trade, with expected net profits of 890 million yuan, and for 2026, 1.094 billion yuan. The PE ratios are projected at 18X for 2025 and 15X for 2026, indicating potential upside compared to the historical average [7] Financial Summary - The total revenue is projected to grow from 2.816 billion yuan in 2023 to 6.254 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 20.9% [6] - The net profit is expected to increase from 606 million yuan in 2023 to 1.319 billion yuan by 2027, with a CAGR of around 20.5% [6] - The gross margin is forecasted to remain stable around 34.6% to 35.8% over the next few years, indicating strong profitability [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7] Core Views - The company has achieved stable growth in operating revenue and net profit attributable to the parent company, with operating revenue of 3.157 billion yuan, a year-on-year increase of 12.14%, and a net profit of 720 million yuan, a year-on-year increase of 19.13% [7] - The company plans to distribute a cash dividend of 12 yuan for every 10 shares to all shareholders, amounting to an expected total of 343 million yuan [7] - The company is expanding its production capacity for lubricant additives, with a total designed capacity of 315,000 tons and ongoing projects expected to be operational by December 31, 2025 [7] - The company has increased its R&D investment and has developed various formulations for diesel and gasoline engine oils, achieving multiple OEM certifications [7] - The estimated net profit for 2025-2027 is projected to be 868 million, 1.076 billion, and 1.308 billion yuan respectively, with corresponding EPS of 2.97, 3.69, and 4.48 yuan [7] Financial Performance Summary - The company’s operating revenue and net profit are forecasted to grow significantly, with operating revenue expected to reach 3.989 billion yuan in 2025, a 26.3% increase year-on-year [6][10] - The gross profit margin is projected to remain stable around 35.9% from 2025 onwards [6][10] - The net asset return rate is expected to increase from 21.6% in 2024 to 23.9% in 2027 [6][10] - The company’s total assets are projected to grow from 4.302 billion yuan in 2024 to 6.940 billion yuan in 2027 [10] Market Performance - The company’s stock price has shown a strong performance, with a 52-week price range of 35.00 to 58.37 yuan [2] - The absolute increase in stock price over the last three months is 19.6% [4]

Financial Performance - The company achieved a revenue of 3,157.47 million yuan in 2024, a year-on-year increase of 12.14% [1] - Revenue from lubricant additive products was 3,072.77 million yuan, up 12.64% year-on-year, while revenue from carbonless paper color developers decreased by 16.69% to 40.43 million yuan [1] - Net profit attributable to ordinary shareholders was 722.49 million yuan, reflecting a growth of 19.13% [1] - The net cash flow from operating activities was 435.70 million yuan, down 31.89% year-on-year [1] - The net assets attributable to the parent company increased by 6.78% to 3,344.60 million yuan [1] Strategic Initiatives - The company is focusing on global expansion and transitioning its customer base from small to large international clients [1][2] - Establishment of overseas warehouses in Singapore, Dubai, and Belgium to enhance customer supply chain efficiency [1] - Formation of a technical committee to guide technological advancements and a sales committee to implement international strategies [3] Product Development and Market Position - Continuous improvement in product offerings with lower dosage, energy-saving, and higher standard test reports from third-party testing agencies [2] - The company aims to enhance its core competitiveness through ongoing product innovation and meeting customized demands of key clients [2] - The sales strategy for 2025 includes strengthening the foundation and increasing sales to international top-tier clients [7] Financial Management and Shareholder Returns - Cash dividends for 2024 amounted to 340 million yuan, a decrease from previous years, attributed to share buybacks totaling approximately 228 million yuan [5] - The company has maintained a cash dividend payout ratio of about 60% of net profit since its listing [5] - Future dividends will depend on the absence of major investment plans or cash expenditures [5] Challenges and Responses - Increase in accounts receivable due to new customer acquisition and delayed payments from clients amid international instability [4] - The company is implementing measures to optimize customer structure and improve accounts receivable turnover [4] - Raw material costs are influenced by supply-demand dynamics rather than solely by crude oil price fluctuations [6] Future Outlook - The company plans to enhance its technological innovation and sustainable development capabilities, focusing on environmentally friendly and high-performance products [8] - Aiming to achieve a production capacity of over 700,000 tons in the lubricant additive sector, with a strategy to build a global sales system [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company achieved an annual revenue of 3.16 billion yuan, a year-on-year increase of 12.1%, and a net profit attributable to shareholders of 720 million yuan, up 19.1% year-on-year [5][11] - In Q4 alone, the company reported a revenue of 860 million yuan, representing a year-on-year growth of 29.2% and a quarter-on-quarter increase of 7.1% [5][11] - The company is a leading domestic supplier of lubricant additives, with a comprehensive range of single agent types and key raw material R&D and production capabilities [11] Financial Performance - The company’s gross profit margin for the year was 35.8%, an increase of 0.8 percentage points year-on-year [11] - The company’s operating expenses ratio was 10.6%, a decrease of 0.4 percentage points year-on-year [11] - The basic earnings per share for 2024 is projected at 2.5 yuan, with a proposed cash dividend of 12 yuan per 10 shares (tax included) [5] Production Capacity and Market Position - As of the end of 2024, the company has a designed annual production capacity of 315,000 tons for lubricant additives, an increase of 115,000 tons from 2023 [11] - The company is actively expanding its production capacity and transitioning towards higher value-added compound products, which is expected to drive significant revenue and profit growth [11] Strategic Development - The company is steadily promoting its compound products and has made breakthroughs in core customer access, with compound product revenue exceeding 60% [11] - The company’s product line includes a complete range of mainstream additive single agents, which serves as a solid foundation for entering mainstream markets [11] Future Profit Projections - The company is expected to achieve net profits attributable to shareholders of 950 million yuan, 1.2 billion yuan, and 1.5 billion yuan for the years 2025, 2026, and 2027 respectively [11]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-011 新乡市瑞丰新材料股份有限公司 关于2024年度募集资金存放与使用情况的专项报告 截至2024年12月31日止，结余募集资金(含利息收入扣除银行手续费的净额) 余额为43,966.66万元。 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。 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运 作》和《深圳证券交易所创业板上市公司第21号——上市公司募集资金年度存 放与使用情况的专项报告格式》的规定，新乡市瑞丰新材料股份有限公司（以 下简称"本公司"或"公司"）编制的截至2024年12月31日的募集资金年度存放与 使用情况的专项报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 本公司经中国证券监督管理委员会证监发行字[2020]2396号文核准，由主承 销商东兴证券股份有限公司通过贵所系统采用公开发行方式，向社会公开发行了 人民币普通股(A股)股票3,750.00万股，发行价为每股人民币 ...

新乡市瑞丰新材料股份有限公司 2024 年度董事会工作报告 2024 年度，新乡市瑞丰新材料股份有限公司（以下简称"公司"）董事会 严格按照《公司法》《证券法》《公司章程》《董事会议事规则》等有关法律法 规、规范性文件的规定和要求，本着对公司和股东负责的态度，积极有效地开展 工作，认真履行自身职责，执行股东大会各项决议，维护股东及公司利益，持续 完善公司治理水平，不断提升公司规范运作能力。现将董事会 2024 年度工作重 点和 2025 年度工作计划汇报如下： 一、2024 年度公司总体情况回顾 报告期内，公司管理层在董事会的领导下，紧紧围绕发展战略，稳步开展各 项工作，巩固和提升公司核心竞争力。报告期内，公司实现营业收入为 315,747.41 万元，较上年同期上升 12.14%；实现归属于上市公司股东净利润 72,248.70 万元， 较上年同期增长 19.13%；实现归属于上市公司股东的扣除非经常性损益的净利 润为 68,059.67 万元，较上年同期增长 19.55%。主要因素如下： （一）行业面临重大变局，为公司带来良好的发展机遇与挑战 当今世界正经历百年未有之大变局，国家正在构建以国内大循环为主体 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-012 新乡市瑞丰新材料股份有限公司 关于公司2024年度证券投资与衍生品交易情况的专项说明 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。 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 等有关规定的要求，公司董事会对公司2024年度证券投资与衍生品交易情况进行 了核查，现将相关情况说明如下： 2024年度，公司使用部分暂时闲置自有资金进行证券交易，最高额未超过人 民币5亿元（或等值外币）。具体投资情况如下： | 交易 | 币 | 本期购买金额 | 报告期损益（万 | 期末账面价值 | 会计核算 | | --- | --- | --- | --- | --- | --- | | 类型 | 种 | （万美元） | 美元） | （万美元） | 科目 | | 债券 | 美 | 1,001.19 | 37.1651 | 1,038.3583 | 交易性金 | | | 元 | | | | 融资产 | | 合计 | ...