Investment Rating - Maintain "Overweight" rating [13] Core Views - The company's revenue is growing rapidly, with stable profitability growth [5] - The company is deeply involved in the thermal management industry, benefiting from the recovery of consumer electronics [6] - The company's revenue for the first three quarters of 2024 reached 425 million yuan, a year-on-year increase of 31.60%, with net profit attributable to shareholders of 42 million yuan, a year-on-year increase of 10.92% [8] - The company's Q3 revenue in 2024 was 208 million yuan, a year-on-year increase of 62.05%, with net profit attributable to shareholders of 19 million yuan, a year-on-year increase of 36.84% [9] - The company is expected to further increase its market share and consolidate its industry position as consumer electronics demand recovers [9] Market Performance - The company's thermal management products are widely used in consumer electronics such as smartphones, laptops, tablets, and wearable devices [9] - Global smartphone shipments in Q3 2024 increased by 5% year-on-year to 309.9 million units, the strongest Q3 performance since 2021 [9] - The company is one of the few providers in the industry capable of offering systematic thermal solutions for consumer electronics [9] New Business Development - The company has expanded its product portfolio through new setups, acquisitions, and mergers, including products like cooling fans, liquid silicone, electronic glass, and automotive adhesives [11] - Multiple new businesses have achieved bulk sales with sufficient orders, and some new products are in the certification stage with international consumer electronics customers [11] - Orders from a major North American customer increased significantly in Q3 2024, with expectations to further increase market share with this customer in 2024 [11] Financial Forecasts - Revenue for 2024-2026 is forecasted to be 580 million yuan, 779 million yuan, and 1.086 billion yuan, respectively [12] - EPS for 2024-2026 is expected to be 1.32 yuan, 1.87 yuan, and 2.63 yuan, respectively [13] - The current stock price corresponds to PE ratios of 48x, 34x, and 24x for 2024-2026 [13] - Revenue growth rates for 2024-2026 are projected at 33.5%, 34.5%, and 39.4%, respectively [15] - Net profit attributable to shareholders is expected to grow at rates of 39.9%, 41.2%, and 41.0% for 2024-2026 [15] Financial Metrics - Gross margin is expected to remain stable at around 25.1%-25.8% from 2023 to 2026 [15] - Net profit margin is forecasted to increase from 12.6% in 2023 to 14.0% in 2026 [15] - ROE is projected to rise from 5.4% in 2023 to 12.1% in 2026 [15] - Asset-liability ratio is expected to increase from 16.3% in 2023 to 24.8% in 2026 [15]

Investment Rating - Buy | Maintain [2] Core Views - The company achieved double-digit growth in both revenue and profit in Q3 2024, with revenue reaching 425 million yuan, a year-on-year increase of 31.60%, and a quarter-on-quarter increase of 70.79%. Net profit attributable to shareholders was 41.72 million yuan, up 11.07% year-on-year and 44.27% quarter-on-quarter [5] - The company is actively advancing its Vietnam project, establishing a wholly-owned subsidiary, Vietnam Siquan New Materials Co., Ltd., to invest in thermal management product projects. The company has selected a land plot in the VSIP Industrial Park in Bac Ninh, Vietnam, and has paid part of the land fee [6] - The company is focusing on the "thermal management materials + thermal management components + thermal management systems" product strategy, strengthening strategic cooperation with international clients, and providing comprehensive thermal design and product solutions [6] - The integration of AI technology is driving new market opportunities in consumer electronics, with international tech companies launching AI phones and AI PCs, which require more advanced thermal solutions. The company is expected to benefit from this trend and secure more orders [6] - The company's North American client saw a significant increase in orders in Q3 2024 compared to Q2, and the company plans to further increase its share with this client in 2024 [6] Financial Projections - Revenue is expected to reach 640 million yuan in 2024, 850 million yuan in 2025, and 1.15 billion yuan in 2026, with year-on-year growth rates of 47.39%, 32.85%, and 35.28% respectively [11] - Net profit attributable to shareholders is projected to be 70.37 million yuan in 2024, 100.18 million yuan in 2025, and 150.44 million yuan in 2026, with growth rates of 28.94%, 42.36%, and 50.17% respectively [11] - EPS is forecasted to be 1.22 yuan in 2024, 1.74 yuan in 2025, and 2.61 yuan in 2026 [11] - The company's P/E ratio is expected to be 55.26x in 2024, 38.82x in 2025, and 25.85x in 2026 [11] Company Overview - The latest closing price is 67.42 yuan, with a total market capitalization of 3.9 billion yuan and a circulating market capitalization of 2.3 billion yuan [4] - The company has a total share capital of 580 million shares, with 340 million shares in circulation [4] - The 52-week high and low prices are 92.98 yuan and 35.57 yuan, respectively [4] - The debt-to-asset ratio is 16.3%, and the P/E ratio is 56.18x [4] - The largest shareholder is Ren Zeming [4] Industry and Market Trends - The company is benefiting from the integration of AI technology in consumer electronics, which is driving demand for advanced thermal management solutions [6] - The company is expanding its overseas presence, particularly in Vietnam, to enhance its market share and profitability [6] - The company is strengthening its strategic partnerships with leading international clients, particularly in the North American market [6]

Group 1: Business Overview - The company primarily operates in two major product segments: thermal management products and environmental adaptation products [1] - It offers a comprehensive range of thermal management solutions, including graphite heat spreaders, heat pipes, and thermal interface materials, applicable in various electronic devices and high-end sectors [2] Group 2: Client Base and Market Strategy - The company has established a strong client base, including major brands like Xiaomi, Samsung, and BYD, leveraging its extensive experience in thermal solution design [2] - It aims to enhance cooperation with top clients while expanding into new sectors such as new energy vehicles and communication [3] Group 3: Financial Performance - In Q3 2024, the company reported a revenue of 425 million CNY, marking a year-on-year increase of 31.60% and a quarter-on-quarter increase of 70.79% [3] - The net profit attributable to shareholders was 41.71 million CNY, reflecting a year-on-year growth of 11.07% and a quarter-on-quarter growth of 44.27% [3] Group 4: Future Outlook and Strategic Initiatives - The company is confident in maintaining growth in 2024, focusing on core business and market expansion [3] - It plans to advance its product strategy in thermal management and expand its global market presence, particularly in sectors like communication and automotive electronics [4]

Core Viewpoint - The company Siquan New Materials (301489) announced that two shareholders plan to reduce their holdings, which may impact the stock's performance and investor sentiment [1] Shareholder Reduction Plans - Shareholder Shenzhen Fuhai New Materials Phase II Venture Capital Fund Partnership (Limited Partnership) intends to reduce its stake by up to 1,153,600 shares, representing no more than 2% of the total shares [1] - Shareholder SME Development Fund (Shenzhen Nanshan Limited Partnership) plans to reduce its stake by up to 835,000 shares, accounting for no more than 1.45% of the total shares [1] - The total planned reduction from both shareholders amounts to no more than 3.45% of the company's total shares [1]

证券代码：301489 证券简称：思泉新材 公告编号：2024-065 广东思泉新材料股份有限公司 关于持股 5%以上股东减持股份预披露公告 持股 5%以上股东深圳市富海新材二期创业投资基金合伙企业（有限合伙） 及其同一控制下企业中小企业发展基金（深圳南山有限合伙）保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有广东思泉新材料股份有限公司（以下简称"公司"）3,400,000 股（占公 司总股本的 5.8945%）的股东深圳市富海新材二期创业投资基金合伙企业（有限 合伙）（以下简称"富海新材"）计划以集中竞价交易和/或大宗交易的方式减 持公司股份数量合计不超过 1,153,627 股，即不超过公司股份总数的 2.0000%。 其减持计划将于本次减持公告披露之日起 15 个交易日后的 3 个月内进行，减持 实施期间为 2024 年 11 月 25 日至 2025 年 2 月 24 日。 持有公司 835,000 股（占公司总股本的 1.4476%）的股东中小企业发展基金 （深圳南山有限合伙）（ ...

证券代码：301489 证券简称：思泉新材 编号：2024-015 广东思泉新材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |---------------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | 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：电话会议 | | | | | 中国 ...

证券代码：301489 证券简称：思泉新材 公告编号：2024-058 广东思泉新材料股份有限公司 在不影响募集资金项目建设的情况下，合理利用部分暂时闲置募集资金和自有 资金进行现金管理，为公司及股东获取更多的回报，不存在损害公司股东利益的情 形。因此，监事会同意公司本次使用不超过人民币 1.3 亿元（含本数）的暂时闲置 募集资金（含超募资金）和不超过人民币 3 亿元（含本数）的暂时闲置自有资金进 行现金管理。 第三届监事会第十五次会议决议公告 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 广东思泉新材料股份有限公司（以下简称"公司"）第三届监事会第十五次 会议通知于 2024 年 10 月 24 日以专人送达、邮件和电话等方式发出。会议于 2024 年 10 月 28 日在公司会议室以现场会议的方式召开。本次会议应出席会议监事 3 人，实际参加监事 3 人，会议由监事会主席袁碧主持。本次会议的召集、召开和 表决程序符合有关法律、法规和《公司章程》的规定，会议形成的决议合法有效。 二、监事会会议审议情况 1. 审议通过了《关于<202 ...

长城证券股份有限公司 关于 广东思泉新材料股份有限公司 使用部分超募资金永久补充流动资金的核查意见 长城证券股份有限公司（以下简称"保荐机构"或"长城证券"）作为广东思泉 新材料股份有限公司（以下简称"思泉新材"或"公司"）首次公开发行股票并在创 业板上市的保荐机构，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》等相关规定，对 思泉新材拟使用部分超募资金永久补充流动资金的事项进行了审慎核查，核查情 况如下： 一、募集资金基本情况 注：部分合计数与各明细数相加之和在尾数上如有差异，系四舍五入所致。 公司于 2024 年 7 月 8 日召开了第三届董事会第十七次会议、第三届监事会 第十三次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议 案》，同意公司使用 8,000.00 万元闲置募集资金暂时补充流动资金，仅限于与主 营业务相关的生产经营使用，使用期限自董事会审议通过之日起不超过 12 个月。 截至本公告披露日，公司已使用上述闲置募集资金暂时补充流动资金，到 ...

证券代码：301489 证券简称：思泉新材 公告编号：2024-062 广东思泉新材料股份有限公司 关于使用部分超募资金永久补充流动资金的公告 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。 广东思泉新材料股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召 开了第三届董事会第十九次会议、第三届监事会第十五次会议，审议通过了《关 于使用部分超募资金永久补充流动资金的议案》，本议案尚需提交股东大会审议。 现将具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东思泉新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[2023]1373 号）同意注册，公司首次公开发 行人民币普通股（A股）股票 1,442.0334 万股，每股面值为人民币 1.00 元，发行 价格为人民币 41.66 元/股，募集资金总额为人民币 60,075.11 万元，扣除发行费 用人民币 6,737.99 万元（不含税）后，实际募集资金净额为人民币 53,337.12 万 元。上述募集资金到位情况已经致同会计师事务所（特殊普通合伙）审验，并 ...

关于广东思泉新材料股份有限公司 长城证券股份有限公司 使用部分闲置募集资金和闲置自有资金进行现金管理 的核查意见 长城证券股份有限公司（以下简称"长城证券"、"保荐机构"）作为广东思 泉新材料股份有限公司（以下简称"思泉新材"、"公司"）首次公开发行并在创业 板上市的保荐机构，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》等相关法律、法规的规定，在持续督导期内，对思泉新材使 用闲置募集资金进行现金管理的事项进行了审慎核查，并发表如下意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东思泉新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[2023]1373 号）同意注册，公司首次公开发 行人民币普通股（A 股）股票 1,442.0334 万股，每股面值为人民币 1.00 元，发行 价格为人民币 41.66 元/股，募集资金总额为人民币 60,075.11 万元，扣除发行费 用人民币 6,737.99 万元（不含税）后，实际募集资金净额为人民币 53,337.12 万 元。上述募集资 ...