Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company's net profit attributable to shareholders in Q3 2024 increased by 38.6% year-on-year, although it decreased by 34.7% quarter-on-quarter, indicating strong year-on-year growth but pressure on profitability in the recent quarter [3] - The company is actively developing precision components for humanoid robots, which is expected to create a second growth curve for the company as AI technology advances [3] - The company has shown significant performance compared to the CSI 300 index, with returns of 18.0% over the past month, 22.6% over three months, and 45.4% over the past year [3] Financial Performance Summary - In Q3 2024, the company achieved revenue of 187 million yuan, a year-on-year increase of 31.2% and a quarter-on-quarter increase of 2.6% [2] - The net profit attributable to shareholders was 27 million yuan, with a year-on-year increase of 38.6% but a quarter-on-quarter decrease of 34.7% [2] - The company’s gross margin decreased by 2.95 percentage points quarter-on-quarter, and the management expense ratio (excluding R&D) increased by 1.77 percentage points [3] - The company is projected to achieve total revenue of 771 million yuan, 970 million yuan, and 1.155 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30%, 26%, and 19% [3][6] - The net profit attributable to shareholders is expected to reach 159 million yuan, 201 million yuan, and 241 million yuan for the same years, with growth rates of 54%, 26%, and 20% [3][6] - The earnings per share (EPS) is projected to be 0.66 yuan, 0.83 yuan, and 0.99 yuan for 2024, 2025, and 2026, respectively [3][6]

关于注销部分募集资金专户的公告 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，不存在 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 证券代码：301000 证券简称：肇民科技 公告编号：2024-083 上海肇民新材料科技股份有限公司 经中国证券监督委员会《关于同意上海肇民新材料科技股份有限公司首次公开发行股 票注册的批复》（证监许可[2021]1357号）同意注册，公司首次公开发行人民币普通股 1,333.35万股，每股面值人民币1.00元，发行价格为64.31元/股，募集资金总额为人民币 85,747.74万元，扣除发行费用（不含税）人民币7,524.12万元，实际募集资金净额为人民 币78,223.62万元。 前述募集资金已于2021年5月25日划至公司指定账户。天职国际会计事务所（特殊普 通合伙）对公司首次公开发行股票的资金到位情况进行了审验，出具了《验资报告》（天 职业字[2021]30822号）。上述募集资金到账后，公司对募集资金的存放和使用进行专户管 理，且已与保荐机构、存放募集资金的商业银行签署了《募集资金三方监管协议》。 在募集资金存放及使用期间，公司严格按照监管协议履 ...

Investment Rating - The report assigns an **OUTPERFORM** rating to Shanghai Hajime Advanced Material Technology with a target price of **RMB 18.48** [1] Core Views - The company achieved strong growth in the first half of 2024, with revenue reaching **RMB 340 million**, up **18.32% YoY**, and net profit attributable to shareholders at **RMB 78 million**, up **55.20% YoY** [1] - Gross profit margin improved to **35.38%**, up **4.08 percentage points**, and net profit margin reached **22.77%**, up **5.41 percentage points**, driven by efficient project management and cost control [1] - In Q2 2024, revenue was **RMB 182 million**, up **16.73% YoY** and **15.35% QoQ**, with net profit at **RMB 42 million**, up **41.72% YoY** and **18.49% QoQ** [1] - The company announced an equity incentive plan, granting **1.496 million restricted shares**, representing **0.62%** of total share capital, to **57 employees** at a grant price of **RMB 6.88 per share** [2] - Profit forecasts for 2024-2026 are **RMB 161 million**, **RMB 203 million**, and **RMB 250 million**, with EPS of **RMB 0.66**, **RMB 0.84**, and **RMB 1.03**, respectively [2] Financial Performance and Forecasts - Revenue for 2024E is projected at **RMB 804 million**, up **35.9% YoY**, with net profit at **RMB 161 million**, up **55.4% YoY** [3] - Gross margin is expected to remain stable at **34.1%** from 2024E to 2026E [3] - ROE is forecasted to increase from **9.0%** in 2023 to **15.3%** in 2026E [3] - Revenue from automotive parts is expected to grow **45.0% YoY** in 2024E, reaching **RMB 604 million**, with a gross margin of **34.99%** [4] - Revenue from precision molds is projected to grow **40.0% YoY** in 2024E, reaching **RMB 68 million**, with a gross margin of **41.27%** [4] Business Overview - The company specializes in the development and application of special engineering plastics, focusing on high-precision plastic parts and molds for industries such as automotive, home appliances, and medical devices [6] - It has obtained **78 patents**, including **4 invention patents**, **72 utility model patents**, and **2 design patents** [6] - The company has passed certifications such as **IATF16949:2016**, **ISO14001:2015**, and **OHSAS18001:2007** [6] Valuation and Peer Comparison - The company is valued at **28x PE** for 2024E, with a target price of **RMB 18.48** [2] - Comparable companies in the industry have an average PE of **27x** for 2024E, with an average EPS of **RMB 1.09** [5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a significant growth in performance for the first half of 2024, with revenue reaching 340 million yuan, a year-on-year increase of 18.32%, and a net profit attributable to shareholders of 78 million yuan, up 55.20% year-on-year [5] - The gross margin improved to 35.38%, an increase of 4.08 percentage points year-on-year, while the net profit margin rose to 22.77%, up 5.41 percentage points year-on-year, indicating enhanced profitability driven by effective project management and cost control [5] - The company has implemented an equity incentive plan aimed at boosting long-term development, granting a total of 1.496 million restricted shares, which is approximately 0.62% of the total share capital [6] - Earnings forecasts for the company project net profits of 161 million yuan, 203 million yuan, and 250 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.66 yuan, 0.84 yuan, and 1.03 yuan [6][10] Financial Performance Summary - For the second quarter of 2024, the company achieved revenue of 182 million yuan, a year-on-year increase of 16.73% and a quarter-on-quarter increase of 15.35%, with a net profit of 42 million yuan, up 41.72% year-on-year and 18.49% quarter-on-quarter [5] - The company’s total revenue for 2023 is projected at 591 million yuan, with a year-on-year growth of 10.6%, and is expected to reach 804 million yuan in 2024, reflecting a growth of 35.9% [7][10] - The gross margin is expected to improve to 34.1% in 2024, with net profit margins projected at 20.0% [10] Equity Incentive Plan - The equity incentive plan includes a total of 1.496 million restricted shares, with a grant price of 6.88 yuan per share, aimed at enhancing employee motivation and supporting long-term stability [6] Valuation and Investment Suggestion - The company is assigned a reasonable valuation range of 15.84 to 18.48 yuan based on a PE ratio of 24-28 times for 2024, maintaining the "Outperform the Market" rating [6][9]

证券代码：301000 证券简称：肇民科技 公告编号：2024-082 上海肇民新材料科技股份有限公司 关于使用闲置募集资金和自有资金进行现金管理的进展公告 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、误导性陈述或者重大遗漏。 上海肇民新材料科技股份有限公司（以下简称"公司"）于2024年4月9日召开 了第二届董事会第十四次会议、第二届监事会第十四次会议，并于2024年5月30日 召开2023年年度股东大会，审议通过了《关于使用闲置募集资金和自有资金进行现 金管理的议案》，同意公司使用暂时闲置募集资金不超过32,000万元（含本数）和 自有资金不超过40,000万元（含本数）进行现金管理，使用期限自股东大会审议通 过之日起12个月内有效。在上述额度和期限内，资金可滚动使用。 公司保荐机构对上述事项均发表了明确同意的意见。具体内容详见公司于 2024年4月10日在巨潮资讯网（www.cninfo.com.cn）上披露的《上海肇民新材料科 技股份有限公司关于使用闲置募集资金和自有资金进行现金管理的公告》（公告 编号：2024-021）。 近日，公司对部分募集资金和自有资金理财产品进行 ...

证券代码：301000 证券简称：肇民科技 公告编号：2024-081 上海肇民新材料科技股份有限公司 2024 年半年度权益分派实施公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 上海肇民新材料科技股份有限公司（以下简称"公司"）2024 年半年度权益分派 方案已获 2024 年 9 月 12 日召开的 2024 年第四次临时股东大会审议通过，现将权益分 派事宜公告如下： 三、股权登记日与除权除息日 一、股东大会审议通过利润分配方案等情况 1、2024年半年度权益分派方案已获2024年9月12日召开的股东大会审议通过，具 体方案为拟以截至2024年6月30日的总股本242,159,450股为基数，向全体股东按每10股 派发现金红利2元（含税），合计派发现金红利48,431,890元（含税），不送红股，不 进行资本公积金转增股本。如公司在实施权益分派的股权登记日前公司总股本发生变 动，将按照"现金分红总额"固定不变的原则对分配比例进行相应调整； 2、自权益分派方案披露至实施期间公司股本总额未发生变化： 3、本次实施的利润分配方案与公司2024年第四次临时股东大 ...

证券代码：301000 证券简称：肇民科技 公告编号：2024-080 上海肇民新材料科技股份有限公司（以下简称"公司"）于2024年4月9日召开第 二届董事会第十四次会议，于2024年5月30日召开2023年年度股东大会，审议通过 了《关于修订<公司章程>并办理工商变更登记的议案》；公司于2024年7月2日召 开第二届董事会第十七次会议，于2024年7月18日召开2024年第二次临时股东大会， 审议通过了《关于修订<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10日、2024年7月3日在巨潮资讯网（http://ww w.cninfo.com.cn） 上披露的《关于修订<公司章程>并办理工商变更登记的公告》（公告编号： 2024-025、2024-051）。 近日，公司办理完成了工商变更登记手续，并取得了上海市市场监督管理局换 发的《营业执照》，相关登记信息如下： 统一社会信用代码：91310116585243154G 名称：上海肇民新材料科技股份有限公司 上海肇民新材料科技股份有限公司 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、 ...

Investment Rating - The report assigns a "Buy" rating to Zhaomin Technology (301000) for the first time [4] Core Views - Zhaomin Technology's 2024 H1 performance showed significant improvement, with revenue reaching 340 million yuan, a YoY increase of 18.32%, and net profit attributable to the parent company reaching 78 million yuan, a YoY increase of 55.20% [2] - The company's gross profit margin in 2024 H1 was 35.38%, a YoY increase of 4.08 percentage points, and the net profit margin was 22.77%, a YoY increase of 5.41 percentage points [1] - Zhaomin Technology is expected to achieve sustained growth in 2024, with revenue and net profit forecasts of 808.68 million yuan and 145.48 million yuan, respectively [5] Business Performance - In 2024 Q2, the company's revenue was 182 million yuan, a YoY increase of 16.73%, and net profit attributable to the parent company was 42 million yuan, a YoY increase of 41.72% [2] - The company's gross profit margin in 2024 Q2 was 35.67%, a YoY increase of 3.19 percentage points, and the net profit margin was 23.06%, a YoY increase of 4.07 percentage points [1] Market and Product Development - Zhaomin Technology focuses on the development of precision injection molding parts and related precision molds, with products applied in automotive and humanoid robotics fields [1] - In the new energy vehicle sector, the company's products are mainly used in thermal management modules and three-electric systems, with several core components already in mass production [1] - The company is actively developing products and expanding its customer base in the hydrogen energy vehicle sector [1] Financial Projections - The company's revenue is expected to grow to 1.28 billion yuan by 2026, with a CAGR of 22.37% from 2024 to 2026 [5] - Net profit attributable to the parent company is projected to reach 230.19 million yuan by 2026, with a CAGR of 21.88% from 2024 to 2026 [5] - The company's EPS is forecasted to be 0.60 yuan, 0.78 yuan, and 0.95 yuan for 2024, 2025, and 2026, respectively [5] Valuation Metrics - The company's P/E ratio is expected to decrease from 19.77 in 2024 to 12.50 in 2026 [5] - The P/B ratio is projected to decline from 2.42 in 2024 to 2.19 in 2026 [5] - The EV/EBITDA ratio is forecasted to decrease from 15.84 in 2024 to 9.82 in 2026 [5]

北京德恒（杭州）律师事务所 上海肇民新材料科技股份有限公司 2024 年第四次临时股东大会的 关于 上海肇民新材料科技股份有限公司 2024 年第四次临时股东大会的 法律意见 浙江省杭州市新业路 200 号华峰国际大厦 10-11 楼 电话:0571-86508080 传真:0571-87357755 邮编:310016 北京德恒（杭州）律师事务所 关于上海肇民新材料科技股份有限公司 2024 年第四次临时股东大会的法律意见 北京德恒（杭州）律师事务所 关于 法律意见 德恒【杭】书（2024）第 09016 号 致：上海肇民新材料科技股份有限公司 北京德恒（杭州）律师事务所（以下简称"本所"）接受上海肇民新材料科 技股份有限公司（以下简称"公司"）的委托，指派本所律师对公司 2024 年第 四次临时股东大会（以下简称"本次会议"）的合法性进行见证并出具本法律意 见。 本法律意见根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会 规则》等法律、法规、规范性文件以及《上海肇民新材料科技股份有限公司章程》 （以下简称"《公司章程》"）、《 ...

证券代码：301000 证券简称：肇民科技 公告编号：2024-079 上海肇民新材料科技股份有限公司 2024 年第四次临时股东大会决议公告 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、误导性陈述或者重大遗漏。 重要提示 1、本次股东大会没有出现否决议案的情形； 2、本次股东大会没有涉及变更前次股东大会决议。 一、会议召开情况 （一）股东大会召开的时间：2024 年 9 月 12 日。 （二）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2024 年 9 月 12 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网投票系统进行网络投票的具体时间为：2024 年 9 月 12 日上午 9:15 至 2024 年 9 月 12 日下午 15:00。 （三）股东大会召开的地点：上海市金山区金山卫镇秦弯路 633 号上海肇民新材料 科技股份有限公司会议室。 （四）本次股东大会由公司董事会召集，由公司董事长邵雄辉先生主持，会议采用 现场投票和网络投票相结合的表决方式。 （五）本次股东大会的召集和召开程序、出席会 ...