Financial Performance - The total operating revenue for 2023 was approximately CNY 2.76 billion, showing a year-on-year increase of 15% compared to 2022[14]. - The net profit attributable to shareholders for the year was CNY 151 million, representing a 10% increase from the previous year[14]. - The company reported a net cash flow from operating activities of CNY -102 million, indicating a significant improvement compared to the previous year's cash flow[14]. - The company achieved operating revenue of ¥2,762,175,400.54 in 2023, representing a 37.36% increase compared to ¥2,010,833,801.88 in 2022[57]. - Net profit attributable to shareholders reached ¥151,334,668.01, a growth of 50.69% from ¥100,424,744.77 in the previous year[57]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥140,868,626.15, up 47.45% from ¥95,536,457.70 in 2022[57]. - The company reported a basic earnings per share of ¥1.46, an increase of 32.73% from ¥1.10 in 2022[57]. - Total revenue for 2023 reached ¥2,762,175,400.54, a 37.36% increase from ¥2,010,833,801.88 in 2022[58]. - Interconnect ribbon sales accounted for ¥2,215,804,688.74, representing 80.22% of total revenue, with a year-on-year growth of 44.06%[58]. - Domestic sales reached ¥2,533,373,248.31, making up 91.72% of total revenue, reflecting a 45.78% increase compared to the previous year[58]. Research and Development - The company is focusing on the research and development of new photovoltaic welding materials to enhance product competitiveness in the market[19]. - Research and development investments have led to the development of advanced technologies, including "high-speed tinning technology" and "corrosion-resistant low-temperature solder formula technology"[81]. - The company is in the small-scale testing phase for new photovoltaic cell interconnection materials aimed at significantly reducing the cost and increasing the efficiency of heterojunction cells[95]. - The company is focusing on the development of directional reflective optical films to enhance the light utilization rate in photovoltaic components, currently in the customer testing phase[95]. - The company is exploring new directions to reduce silver paste usage in heterojunction cells, maintaining its leadership in new technology[95]. - The number of R&D personnel increased by 30.77% from 39 in 2022 to 51 in 2023, with the proportion of R&D personnel rising from 10.21% to 10.30%[95]. - The number of R&D personnel with bachelor's degrees rose by 109.09%, from 11 in 2022 to 23 in 2023, indicating a significant enhancement in educational qualifications within the R&D team[95]. - The age structure of R&D personnel shows an increase of 83.33% in those aged over 40, from 6 in 2022 to 11 in 2023, indicating a more experienced workforce[95]. - The company has a total of 86 authorized patents, including 16 invention patents, indicating strong R&D capabilities[189]. - R&D expenses for 2023 amounted to ¥67,880,842.47, accounting for 2.46% of total revenue[200]. Market Strategy and Expansion - The company aims to expand its market presence in overseas regions, particularly in Europe and North America, to capture growing demand for solar energy solutions[21]. - The company has initiated strategic partnerships with key players in the renewable energy sector to enhance its technological capabilities and market reach[21]. - The company anticipates a continued increase in demand for photovoltaic products, driven by global carbon neutrality goals and energy transition initiatives[21]. - The company is exploring potential mergers and acquisitions to accelerate growth and expand its product offerings in the renewable energy market[21]. - The company has established long-term stable strategic partnerships with major photovoltaic component manufacturers, enhancing its market competitiveness[54]. - The company is committed to supporting the development of the photovoltaic industry and has contributed to the "China Photovoltaic Industry Development Roadmap (2023-2024)"[44]. - The company aims to enhance its core competitiveness by focusing on technological innovation and high-quality service[186]. Production and Operations - The company’s cumulative installed photovoltaic capacity reached 609.5GW by the end of 2023, with a domestic new installed capacity of 216.88GW, up 148.1% year-on-year[66]. - The production volume for 2023 was 32,554.23 tons, up 45.49% from 22,374.97 tons in 2022[168]. - The company reported a material cost of 2,307,303,605.07 CNY for photovoltaic soldering strips, accounting for 89.36% of the total operating costs, which is a 36.99% increase from 1,684,329,981.83 CNY in 2022[169]. - The company’s manufacturing costs for direct labor increased by 34.11% to 37,524,857.11 CNY in 2023[169]. - The company’s inventory increased by 49.34% to 1,493.31 tons in 2023, compared to 999.95 tons in 2022[168]. - The company has maintained its core competitiveness without significant adverse changes during the reporting period[82]. - The company’s production process adheres to the ISO 9001:2015 quality management system, ensuring quality control across various aspects[156]. Awards and Recognition - The company was awarded the "China Photovoltaic 20-Year Innovation Pioneer Award" in 2023, highlighting its commitment to innovation[189]. - The company received multiple awards from partners, including "Outstanding Supplier" and "Best Supplier Bronze Award" in 2023, reflecting its strong market recognition[187]. - The company actively participates in the standardization of photovoltaic solder ribbon products and has been recognized as a "Standardization Outstanding Contribution Unit" by relevant authorities[44].

证券代码：301266 证券简称：宇邦新材 公告编号：2024-027 债券代码：123224 债券简称：宇邦转债 苏州宇邦新型材料股份有限公司 2023 年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《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》以及《深圳证券交易所创业板上市公司自律监管 指南第 2 号——公告格式》的相关规定，苏州宇邦新型材料股份有限公司（以下 简称"公司"）董事会编制了《2023 年度募集资金存放与使用情况的专项报告》， 具体内容如下： 一、募集资金基本情况 （一）2022 年首次公开发行股票 （二）2023 年向不特定对象发行可转换公司债券 1、实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意苏州宇邦新型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〔2022〕563 号）同意注册，公司首次公 开发行人民币普通股（A 股）26,000,000 ...

苏州宇邦新型材料股份有限公司 关于预计触发可转债转股价格向下修正条件的提示性公告 证券代码：301266 证券简称：宇邦新材 公告编号：2024-021 债券代码：123224 债券简称：宇邦转债 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。 特别提示： 1、证券代码：301266 证券简称：宇邦新材 2、债券代码：123224 债券简称：宇邦转债 3、转股价格：52.90 元/股 4、转股期限：2024 年 3 月 25 日至 2029 年 9 月 18 日 5、根据《苏州宇邦新型材料股份有限公司向不特定对象发行可转换公司债 券募集说明书》（以下简称"《募集说明书》"）规定：在本次发行的可转换公 司债券（以下简称"可转债"）存续期间，当公司股票在任意连续 30 个交易日 中至少有 15 个交易日的收盘价低于当期转股价格的 85%时，公司董事会有权提 出转股价格向下修正方案并提交公司股东大会表决。 2024 年 3 月 21 日至 2024 年 4 月 16 日，公司股票已有 10 个交易日的收盘 价格低于当期转股价格的 85%（即 44.97 元/股），预 ...

证券代码：301266 证券简称：宇邦新材 公告编号：2024-020 债券代码：123224 债券简称：宇邦转债 苏州宇邦新型材料股份有限公司 关于认购私募投资基金份额的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、参与认购私募基金的概述 苏州宇邦新型材料股份有限公司（以下简称"公司"）为加强产业链布局、 更好地整合产业资源，推动实施发展战略，公司拟作为有限合伙人以自有资金 2,000 万元人民币认购苏州顺融投资管理有限公司发起设立的苏州顺融进取四期 创业投资合伙企业（有限合伙）的基金份额，并与其他合伙人共同签署《苏州顺 融进取四期创业投资合伙企业（有限合伙）（拟）之有限合伙协议》等相关基金 认购协议。本次对外投资不会导致同业竞争且不构成关联交易，也不构成《上市 公司重大资产重组管理办法》等相关规定涉及的重大资产重组。具体内容详见公 司在中国证监会指定创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于拟认购私募投资基金份额的公告》（公告编号：2024-016）。 近日，公司收到通知，顺融进取四期已根 ...

Investment Rating - The report assigns an "Outperform" rating to Yubang New Materials (301266) with a target price range of 46.74-49.20 yuan for 2024, based on a PE valuation of 19-20x [24][26] Core Views - Yubang New Materials is a leading player in the photovoltaic ribbon industry, with strong growth potential driven by its 0BB technology and market share expansion [8][15][26] - The company's revenue is expected to grow from 2.83 billion yuan in 2023E to 5.42 billion yuan in 2025E, with net profit increasing from 161 million yuan to 362 million yuan over the same period [9][26] - Yubang's 0BB ribbon technology reduces silver paste usage, improves power output, and mitigates power degradation, gaining widespread customer recognition [8] Business Performance - Photovoltaic ribbon business is projected to generate revenues of 2.80/4.12/5.35 billion yuan in 2023-2025, with gross margins of 11%/12%/13% respectively [2][10] - Other businesses are expected to contribute 40/52/68 million yuan in revenues with stable 90% gross margins during 2023-2025 [2][10] - Interconnection ribbons accounted for 78.56% of total revenue in H1 2023, growing 39.99% YoY, while busbar ribbons represented 19.75% with 7.23% YoY growth [4] Financial Projections - Total revenue is forecasted to grow from 2.84 billion yuan in 2023E to 5.42 billion yuan in 2025E, representing a CAGR of 38.2% [9][10] - Net profit is expected to increase from 161 million yuan in 2023E to 362 million yuan in 2025E, with a CAGR of 49.8% [9][26] - Gross margin is projected to improve from 12.1% in 2023E to 14.0% in 2025E, driven by product mix optimization and scale effects [9][10] Competitive Advantages - Possesses 78 authorized patents as of Q2 2023, with ongoing R&D projects including HJT-compatible 0BB ultra-fine wire development [15] - Maintains long-term partnerships with leading PV module manufacturers such as LONGi, Trina Solar, JinkoSolar, and Canadian Solar [15] - Holds ISO 9001:2015 certification and is the only ribbon supplier awarded the "Standardization Outstanding Contribution Unit" title in Jiangsu Province [15] Valuation - Comparable companies trade at an average 2024E PE of 12.67x, while Yubang is valued at 19-20x 2024E PE, reflecting its industry leadership and growth prospects [26][28] - The target price range of 46.74-49.20 yuan implies a 4.7%-10.2% upside from the current price of 44.64 yuan [7][26] Market Performance - The stock has underperformed the Haitong Composite Index by 51.37% over the past year, potentially offering a favorable entry point [25]

| 证券代码：301266 | 证券简称：宇邦新材 公告编号：2024-019 | | --- | --- | | 债券代码：123224 | 债券简称：宇邦转债 | 经深圳证券交易所同意，公司 500,000,000 元可转债已于 2023 年 10 月 18 日起在深圳证券 交易所挂牌上市交易，债券简称"宇邦转债"，债券代码"123224"。 根据《苏州宇邦新型材料股份有限公司向不特定对象发行可转换公司债券募集说明书》的 相关约定，公司本次发行的可转债转股期自 2024 年 3 月 25 日至 2029 年 9 月 18 日，当前公司 可转债的转股价格为人民币 52.90 元/股。 苏州宇邦新型材料股份有限公司 关于 2024 年第一季度可转债转股结果暨股份变动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、可转债转股情况：截至 2024 年 3 月 31 日，累计共有面值总额为 31,000 元的"宇邦转 债"转换成公司普通股股票，累计转股股数为 585 股，占宇邦转债转股前公司已发行普通股股 份总额的 0.00056%。 2、未转 ...

数据来源：公司公告，Wind，华福证券研究所 业绩稳步回升，量利齐升态势延续。受益于光伏装机高景气，光伏焊带需求高增， 2018-2022 年公司营收从 5.5 亿元快速增长至 20.11 亿元，CAGR 达 38%。归母净 利润方面，2021 年由于原材料价格的上涨和市场竞争的加剧，增速出现负增长，而 2022 年尽管仍然受到原材料价格的持续影响，但归母净利润达到了 1.0 亿元，同比 增长 29.95%，进入 2023 年，受益于毛利率更高的新品放量，2023Q3 归母净利润达 到 1.18 亿元，同比增长 55.71%，盈利能力持续恢复。 华福证券 公司深度研究|宇邦新材 图表 2：公司 2018-2023Q3 营业收入 图表 3：公司 2018-2023Q3 归母净利润 -10% 0% 10% 20% 30% 40% 50% 60% 70% 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 归母净利润(亿元) 同比 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

证券代码：301266 证券简称：宇邦新材 苏州宇邦新型材料股份有限公司投资者关系活动记录表 编号：2024-002 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □其他 中信证券：林劼、周家禾；财通电新：陈思雨、尹森；上 参与单位名称及人员 海信托：徐建春；兴全基金：王哲宇；华能信托：李晓乔； 姓名 海通证券：徐柏乔、罗青。 2024年3 月7日 时间 公司会议室 地点 上市公司接待人员姓 董事、副总经理、董事会秘书 林敏 名 证券事务代表 秦慧芸 会议交流主要问题及公司回复概要： 问题 1：公司对 2024 年度光伏焊带的出货量有没有什么 预期？ ...

苏州宇邦新型材料股份有限公司 证券代码：301266 证券简称：宇邦新材 公告编号：2024-017 债券代码：123224 债券简称：宇邦转债 关于认购私募投资基金份额的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、参与认购私募基金的概述 苏州宇邦新型材料股份有限公司（以下简称"公司"）为加强产业链布局、 更好地整合产业资源，推动实施发展战略，公司拟作为有限合伙人以自有资金 2,000 万元人民币认购苏州顺融投资管理有限公司发起设立的苏州顺融进取四期 创业投资合伙企业（有限合伙）的基金份额，并与其他合伙人共同签署《苏州顺 融进取四期创业投资合伙企业（有限合伙）（拟）之有限合伙协议》等相关基金 认购协议。本次对外投资不会导致同业竞争且不构成关联交易，也不构成《上市 公司重大资产重组管理办法》等相关规定涉及的重大资产重组。具体内容详见公 司在中国证监会指定创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于拟认购私募投资基金份额的公告》（公告编号：2024-016）。 二、参与认购私募基金的进展情况 近日 ...

| 证券代码：301266 | 证券简称：宇邦新材 | 公告编号：2024-016 | | --- | --- | --- | | 债券代码：123224 | 债券简称：宇邦转债 | | 苏州宇邦新型材料股份有限公司 关于拟认购私募投资基金份额的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资概述 苏州宇邦新型材料股份有限公司（以下简称"公司"）为加强产业链布局、 更好地整合产业资源，推动实施发展战略，公司拟作为有限合伙人以自有资金 2,000 万元人民币认购苏州顺融投资管理有限公司发起设立的苏州顺融进取四期 创业投资合伙企业（有限合伙）（暂定名，最终以工商登记的名称为准）的基金 份额，并与其他合伙人共同签署《苏州顺融进取四期创业投资合伙企业（有限合 伙）（拟）之有限合伙协议》（以下简称"合伙协议"）等相关基金认购协议。 根据《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司自律监 管指引第 2 号——创业板上市公司规范运作》《苏州宇邦新型材料股份有限公司 对外投资管理制度》及《苏州宇邦新型材料股份有限公司章程》等相关规定，本 次对 ...