Investment Rating - The report maintains a "Buy" rating for Zhongzhou Special Materials (300963.SZ) [1] Core Views - The company reported a revenue increase of 5.38% year-on-year to 545 million yuan in the first half of 2024, while the net profit attributable to shareholders slightly decreased by 1.40% to 47.37 million yuan [1][2] - The product structure continues to optimize, with high-end alloy materials such as cobalt-based and nickel-based high-temperature corrosion-resistant alloys increasing their proportion by 17.61% compared to the same period last year [2] - The demand for high-temperature alloys in China is expected to grow significantly, with the market size projected to rise from approximately 22 billion yuan in 2021 to over 30 billion yuan by 2025, indicating a substantial supply-demand gap [2] - The subsidiary Jiangsu Xinzhongzhou achieved a revenue of 342.53 million yuan in the first half of 2024, marking an 11.95% year-on-year increase, with net profit growing by 32.96% [2] - Future revenue projections for the company are 1.341 billion yuan in 2024, 1.623 billion yuan in 2025, and 1.845 billion yuan in 2026, with corresponding net profits of 110 million yuan, 154 million yuan, and 199 million yuan respectively [2][7] Summary by Sections Financial Performance - In the first half of 2024, Zhongzhou Special Materials reported a revenue of 545 million yuan, a 5.38% increase year-on-year, while the net profit attributable to shareholders was 47.37 million yuan, down 1.40% [1][2] - Jiangsu Xinzhongzhou's revenue reached 342.53 million yuan, an 11.95% increase, with net profit at 18.03 million yuan, up 32.96% [2] Market Outlook - The high-temperature alloy market in China is expected to grow from 22 billion yuan in 2021 to over 30 billion yuan by 2025, with a significant supply-demand gap [2] - The company is focusing on high-end materials and markets, enhancing its product offerings and R&D efforts [2] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 1.341 billion yuan, 1.623 billion yuan, and 1.845 billion yuan respectively, with net profits of 110 million yuan, 154 million yuan, and 199 million yuan [2][7]

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 15% increase compared to the same period in 2023[8]. - Future guidance estimates a revenue growth of 10-15% for the full year 2024, driven by increased demand in the aerospace and automotive sectors[8]. - The total operating revenue for the first half of 2024 reached ¥545,344,087.94, an increase of 5.3% compared to ¥517,515,735.63 in the same period of 2023[113]. - The net profit for the first half of 2024 was ¥56,030,529.92, which is an increase from ¥52,851,725.37 in the previous year, representing a growth of 5.5%[114]. - The company's total assets increased to ¥1,347,362,133.59 from ¥1,269,279,047.86, marking a growth of 6.1%[112]. - The company's total equity attributable to shareholders increased to CNY 1,018,820,653.07 from CNY 989,473,300.20, representing a growth of approximately 3.0%[109]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2024, representing a 20% year-over-year growth[150]. - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 25% compared to the first half[150]. Profitability and Margins - The gross profit margin improved to 30%, up from 28% in the previous year, indicating better cost management and pricing strategies[8]. - The operating profit for the first half of 2024 was ¥56,181,684.61, compared to ¥52,813,089.03 in the first half of 2023, indicating a growth of 6.6%[114]. - The company's operating cash flow for the first half of 2024 was negative CNY 47,371,077.27, compared to negative CNY 15,056,354.70 in the same period of 2023, indicating a worsening cash flow situation[119]. - The financial outlook remains strong, with an expected EBITDA margin improvement of 5% by the end of 2024[150]. Research and Development - The company plans to invest RMB 100 million in R&D for new alloy materials and technologies in the next fiscal year[8]. - The company is actively involved in R&D for new products and technologies, focusing on high-performance alloys for various applications[22]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing product performance and sustainability[150]. - Research and development expenses for the first half of 2024 were CNY 12,421,165.27, slightly down from CNY 13,130,766.50 in the first half of 2023, showing a decrease of approximately 5.4%[117]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[8]. - The company is exploring partnerships with technology firms to enhance its product offerings in 3D printing applications[8]. - Market expansion plans include entering three new international markets by Q4 2024, targeting a 10% increase in overall market share[150]. - A strategic acquisition of a local competitor is expected to be finalized by Q4 2024, which will enhance production capacity by 30%[8]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 500 million RMB allocated for potential deals[150]. Financial Position and Investments - The total investment amount during the reporting period reached ¥151,956,674.63, a significant increase of 209.35% compared to ¥49,121,621.80 in the same period last year[42]. - The company has a total of ¥236,700,943.27 in restricted assets, with cash and cash equivalents amounting to ¥60,536,615.60[41]. - The company reported a decrease in accounts receivable financing to ¥59,521,519.12, down from ¥113,633,324.75, reflecting a reduction of 47.6%[40]. - The company plans to adjust the expected operational status date for the "Core Components Manufacturing Project for Special Equipment" to December 31, 2023, due to macroeconomic factors affecting the industry[52]. - The company aims to maximize the efficiency of fundraising investments and reduce investment risks[52]. Risks and Challenges - The management highlighted potential risks including raw material price volatility and regulatory changes in the alloy industry[2]. - The company is implementing measures to mitigate risks from raw material price fluctuations, including developing suppliers and optimizing procurement strategies[64]. - The company produced 2,898 tons of high-temperature resistant alloy products during the reporting period, facing challenges related to capacity and delivery timelines[65]. Shareholder and Equity Information - The company will not distribute cash dividends for the current fiscal year, focusing on reinvestment for growth[2]. - The total number of shares increased from 234 million to 327.6 million, with registered capital rising from RMB 234 million to RMB 327.6 million[94]. - The company reported a profit distribution plan for 2023, distributing a cash dividend of RMB 0.77 per share, totaling RMB 18.018 million, and a capital reserve increase of 93.6 million shares[93]. - The total number of shareholders at the end of the reporting period is 12,448, with 5% or more shareholders including Feng Mingming, Han Ming, and Shanghai DunJia Investment Management Co., Ltd.[99]. Compliance and Governance - The semi-annual financial report has not been audited[78]. - The company is not classified as a key pollutant discharge unit and has not faced any administrative penalties related to environmental issues during the reporting period[71]. - The company has not engaged in any entrusted financial management, derivative investments, or entrusted loans during the reporting period[59][61]. - There were no violations of external guarantee regulations during the reporting period[77]. Accounting Policies and Financial Instruments - The company classifies financial assets as either measured at amortized cost or at fair value with changes recognized in profit or loss[153]. - The company employs expected credit loss models for impairment accounting on financial assets measured at amortized cost and certain other financial instruments[156]. - The company recognizes revenue based on the performance obligations identified in contracts, confirming revenue at the point when control of goods or services is transferred to the customer[194]. - The company recognizes expected credit losses for other receivables based on specific methods outlined in the financial instruments notes[166].

证券代码：300963 证券简称：中洲特材 公告编号：2024-025 经中国证券监督管理委员会《关于同意上海中洲特种合金材料股份有限公司 首次公开发行股票注册的批复》（证监许可[2021]555 号）同意注册，并经深圳 证券交易所《关于上海中洲特种合金材料股份有限公司人民币普通股股票在创业 板上市的通知》（深证上[2021]367 号）同意，公司首次公开发行人民币普通股 （A 股）股票 30,000,000 股，每股面值人民币 1.00 元，每股发行价格为 12.13 元，募集资金总金额为 363,900,000.00 元，扣除相关发行费用人民币（不含税） 53,575,870.24 元后，募集资金净额为人民币 310,324,129.76 元（不含税）。上 述募集资金已于 2021 年 4 月 1 日到账，已经众华会计师事务所（特殊普通合伙） 予以验证并于 2021 年 4 月 1 日出具众会字（2021）第 02865 号验资报告。 （二）募集资金使用及余额情况 截至2024年6月30日，公司募集资金累计直接投入募集资金投资项目（以下 简称"募投项目"）的金额为31,654.36万元，募集资金已全部使用 ...

一、募集资金的基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于同意上海中洲特种合金材料股份有限公司 首次公开发行股票注册的批复》（证监许可[2021]555 号）同意注册，并经深圳证 券交易所《关于上海中洲特种合金材料股份有限公司人民币普通股股票在创业板 上市的通知》（深证上[2021]367 号）同意，公司首次公开发行人民币普通股（A 股）股票 30,000,000 股，每股面值人民币 1.00 元，每股发行价格为 12.13 元，募 集资金总金额为 363,900,000.00 元，扣除相关发行费用人民币（不含税） 53,575,870.24 元后，募集资金净额为人民币 310,324,129.76 元（不含税）。上述 募集资金已于 2021 年 4 月 1 日到账，已经众华会计师事务所（特殊普通合伙） 予以验证并于 2021 年 4 月 1 日出具众会字（2021）第 02865 号验资报告。 国投证券股份有限公司 关于上海中洲特种合金材料股份有限公司 2024年半年度募集资金存放与使用情况的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为上海 中洲 ...

| 2、网络媒体搜索，核查是否有负面报告； | | | | | --- | --- | --- | --- | | 3、了解管理层、实际控制人、股东是否有不良诚信记录； | | | | | 4、查阅定期报告、公司公告等资料。 | | | | | 1.是否建立了防止控股股东、实际控制人及其关联人直接 | √ | | | | 或者间接占用上市公司资金或者其他资源的制度 | | | | | 2.控股股东、实际控制人及其关联人是否不存在直接或者 | √ | | | | 间接占用上市公司资金或者其他资源的情形 | | | | | 3.关联交易的审议程序是否合规且履行了相应的信息披露 | | | √ | | 义务 | | | | | 4.关联交易价格是否公允 | | | √ | | 5.是否不存在关联交易非关联化的情形 | √ | | | | 6.对外担保审议程序是否合规且履行了相应的信息披露义 √ | 注 2 | | | | 务 | | | | | 7.被担保方是否不存在财务状况恶化、到期不清偿被担保 | √ | | | | 债务等情形 | | | | | 8.被担保债务到期后如继续提供担保，是否重新履行了相 | | ...

国投证券股份有限公司 关于上海中洲特种合金材料股份有限公司 2024年上半年持续督导跟踪报告 | 保荐机构名称：国投证券股份有限公司 | | 被保荐公司简称：中洲特材 | | --- | --- | --- | | 保荐代表人姓名： | 孙素淑 | 联系电话：021-55518389 | | 保荐代表人姓名： | 肖江波 | 联系电话：021-55518898 | 一、保荐工作概述 | 目 项 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次 | 0 | | 数 | | | 2．督导公司建立健全并有效执行规章制 | | | 度的情况 | | | （1）是否督导公司建立健全规章制度（包 | 是 | | 括但不限于防止关联方占用公司资源的 | | | 制度、募集资金管理制度、内控制度、内 | | | 部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 1 | | （2）公司募集资 ...

第四届董事会第十一次会议决议公告 证券代码：300963 证券简称：中洲特材 公告编号：2024-026 上海中洲特种合金材料股份有限公司 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。 一、董事会会议召开情况 上海中洲特种合金材料股份有限公司（以下简称"公司"）第四届董事会第 十一次会议通知已于 2024 年 8 月 9 日以电子邮件或其他方式送达至各位董事。 本次会议于 2024 年 8 月 20 日下午 14:30 在公司四楼会议室以现场结合通讯方式 召开。会议应到董事 9 人，实到 9 人，其中董事长冯明明先生、董事韩明先生、 徐亮先生、付峪先生、独立董事宋长发先生、韩木林先生和袁亚娟女士以通讯方 式出席会议。 本次会议由董事长冯明明先生主持，公司全体监事、高级管理人员列席了本 次会议。本次会议的召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、董事会会议审议情况 会议审议并通过如下议案： 1、审议通过了《关于〈2024年半年度报告〉及其摘要的议案》 公司按照《证券法》《深圳证券交易所创业板股票上市规则》《深圳证券交 易所上市公 ...

上海中洲特种合金材料股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 法定代表人： 主管会计工作负责人： 会计机构负责人： 非经营性资金占用 资金占用方 名称 占用方与上 市公司的关 联关系 上市公司核 算的会计科 目 2024 年期初 占用资金余 额 2024 年半年度 占用累计发生金 额（不含利息） 2024 年半年 度占用资金的 利息（如有） 2024 年半年 度偿还累计 发生金额 2024 年半年 度期末占用 资金余额 占用形 成原因 占用性质 控股股东、实际控制人 及其附属企业 非经营性占用 非经营性占用 小计 - - - - 前控股股东、实际控制 人及其附属企业 非经营性占用 非经营性占用 小计 - - - - 其他关联方及附属企业 非经营性占用 小计 总计 - - - - 其它关联资金往来 资金往来方 名称 往来方与上 市公司的关 联关系 上市公司核 算的会计科 目 2024 年期初 往来资金余 额 2024 年半年度 往来累计发生金 额（不含利息） 2024 年半年 度往来资金的 利息（如有） 2024 年半年 度偿还累计 发生金额 2024 年半年 度 ...

证券代码：300963 证券简称：中洲特材 公告编号：2024-027 上海中洲特种合金材料股份有限公司 第四届监事会第十次会议决议公告 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。 一、监事会会议召开情况 上海中洲特种合金材料股份有限公司（以下简称"公司"）第四届监事会 第十次会议通知已于2024年8月9日以电子邮件或其他方式通知各位监事。本次 会议于2024年8月20日下午15:00在公司四楼会议室以现场结合通讯方式召开。 会议应到监事3人，实到3人，其中监事袁智慧先生、张庆东先生以通讯方式出 席会议。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《2024 年半年度报告》及《2024 年半年度报告摘要》（公告编号：2024-024）。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 2、审议通过了《关于<2024 年半年度募集资金存放与使用情况的专项报告> 的议案》 经审核，监事会认为董事会编制和审核《2024年半年度募集资金存放与使 用情况的专项报告》的程序符合法律、行政法规和中国证监会、深圳证券交易 所的有关规 ...

证券代码：300963 证券简称：中洲特材 公告编号：2024-023 一、公司工商变更登记情况 上海中洲特种合金材料股份有限公司（以下简称"公司"）于 2024 年 5 月 24 日召开了 2023 年年度股东大会，审议通过了《关于变更公司注册资本、修订 <公司章程>并办理工商变更登记的议案》，具体内容详见公司于 2024 年 4 月 22 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于变更公司注册资本、修订< 公司章程>并办理工商变更登记的公告》（公告编号：2024-017）。 公司已于近日完成了上述工商变更登记，现已取得上海市市场监督管理局换 发的《营业执照》。变更后公司营业执照相关登记信息如下： 公司名称：上海中洲特种合金材料股份有限公司 统一社会信用代码：91310000740597762W 注册资本：人民币 32760.0000 万元整 类型：股份有限公司（上市、自然人投资或控股） 法定代表人：冯明明 上海中洲特种合金材料股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 成立日 ...