Core Viewpoint - The company, Siquan New Materials, has demonstrated significant growth in its 2024 financial performance, with a focus on expanding its emerging business sectors and enhancing its research and development capabilities [1][2][3] Group 1: Financial Performance - In 2024, Siquan New Materials achieved a revenue of 656 million yuan, representing a substantial year-on-year increase of 51.10% [1] - The net profit attributable to shareholders reached 52.45 million yuan [1] Group 2: Business Expansion and Strategic Partnerships - The company has expanded its business into high-growth sectors such as smart home, drones, and energy storage, leveraging its thermal management materials technology [2] - Strategic partnerships have been established with leading companies in related fields to enhance market presence [2] Group 3: Management and Operational Efficiency - Siquan New Materials is implementing a "management + system + digitalization" strategy to improve the operational capabilities of its subsidiaries [2] - The company has introduced a unified financial management system and ERP digital systems to ensure data integration across the entire industry chain [2] Group 4: Research and Development - The company has increased its R&D investment by 13.06 million yuan, a significant rise of 56.42%, to support future revenue growth [3] - Key projects include the expansion of graphite film production, liquid cooling products, and high-performance thermal conductive materials [3] - Siquan New Materials is transitioning towards becoming a platform technology solution provider, aiming for a spiral growth in market share and profitability through technological advancements [3]

Group 1: Company Overview - The company focuses on the research, production, and sales of electronic and electrical functional materials, primarily divided into thermal management and environmental adaptation product modules [1][2] - The product range includes graphite heat dissipation films, heat sinks, cooling fans, and liquid cooling plates, providing systematic thermal solutions for various electronic products [2] Group 2: Application Fields - Products are widely used in consumer electronics such as smartphones, laptops, and smart wearable devices, as well as in high-end fields like new energy vehicles, energy storage, and medical equipment [3] Group 3: Major Clients - Key clients include major North American customers and leading domestic technology companies such as Xiaomi, Vivo, and Samsung [4] Group 4: Financial Performance - In 2024, the company achieved a revenue of 656 million yuan, a year-on-year increase of 51.10%, driven by rapid market demand and increased orders from North American clients [5] - The net profit attributable to shareholders was 52.46 million yuan, a slight decrease of 3.88% year-on-year, attributed to increased expenses from newly consolidated subsidiaries and higher sales and R&D costs [6] Group 5: Future Outlook - The company aims to enhance its core competitiveness and is optimistic about revenue growth in 2025, focusing on market expansion and continuous innovation [8] - Key projects for 2025 include the expansion of graphite film production, liquid cooling product projects, and the development of high-performance thermal products [9]

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 2024 年度持续督导期间的跟踪报告 | 保荐机构名称：长城证券股份有限公司 | 被保荐公司简称：思泉新材 | | --- | --- | | 保荐代表人姓名：王广红 | 联系电话：0755-23934001 | | 保荐代表人姓名：姜南雪 | 联系电话：0755-23934001 | | 至 1,240.47 | 万元，同比 | | --- | --- | | 增长 | 518.29%。 | 一、保荐工作概述 | 项目 | 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数 | 0 | | 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 | | | 括但不仅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 | 是 | | 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） ...

证券代码：301489 证券简称：思泉新材 公告编号：2025-026 广东思泉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 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。 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 5 月 5 日（星期一）17:00 前，访问https://ir.p5w.net/zj/，或扫描下方二维码，进 入问题征集专题页面，公司将在本次业绩说明会上在信息披露允许的范围内对投 资者普遍关注的问题进行回答。 欢迎广大投资者积极参与！ 特此公告。 广东思泉新材料股份有限公司董事会 2025 年 4 月 22 日 广东思泉新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日在 巨潮资讯网(www.cninfo.com.cn)披露了 2024 年年度报告及摘要。为使广大投资 者更全面、深入地了解公司情况，公司定于 2025 年 5 月 6 日（星期二）15:30-16:30 在全景网举行 2024 年 ...

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 （二）内部控制 现场检查手段： （1）查阅内部审计部门资料，包括内部审计部门任职人员资料、内部审计制度、内部 审计部门出具的历次内部审计报告及专项审计报告； （2）查阅审计委员会资料，包括审计委员会工作细则、人员构成、会议记录等； （3）查阅公司内部控制评价报告、对外投资管理制度以及投资决策相关的董事会决议、 公司对外投资交易记录； （4）查阅募集资金专户的银行对账单、明细表； 2024 年度定期现场检查报告 | 保荐机构名称：长城证券股份有限公司 | 被保荐公司简称：思泉新材 | | --- | --- | | 保荐代表人姓名：王广红 | 联系电话：0755-83516222 | | 保荐代表人姓名：姜南雪 | 联系电话：0755-83516222 | | 现场检查人员姓名：姜南雪、李伟 | | | 现场检查对应期间：2024 年度 | | | 现场检查时间：2025 年 4 月 8 日-2025 年 4 月 11 日 | | | 一、现场检查事项 | 现场检查意见 | | (一)公司治理 | 是 否 不适用 | | 现场检查手段： | | | （1）查 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company achieved a revenue of 656 million yuan in 2024, representing a year-on-year increase of 51.1%, driven by rising demand from major North American clients [5] - The company is actively expanding its product and customer base, with new business initiatives in thermal management materials, magnetic materials, and nano-protective materials [5] - The forecasted growth rates for the company's net profit from 2025 to 2027 are 40.9%, 47.7%, and 38.8%, respectively, due to industry expansion and entry into the North American supply chain [5] Financial Performance - In 2024, the company reported a net profit of 52 million yuan, a decrease of 3.88% year-on-year, primarily due to losses from certain subsidiaries [5] - The company's revenue growth in 2024 was notable, with thermal management materials generating 609 million yuan (up 49.62%), magnetic materials 3 million yuan (up 56.62%), and nano-protective materials 10 million yuan (up 65.47%) [5] - The company's diluted earnings per share (EPS) for 2024 is projected at 0.91 yuan, with a forecasted EPS of 1.28 yuan for 2025 [4][6] Market Data - As of April 17, 2025, the company's closing price was 57.20 yuan, with a market capitalization of 32.99 billion yuan [3] - The company's circulating A-shares account for 34% of the total share capital, with a circulating A-share market value of 19.45 billion yuan [3] Valuation Metrics - The company's price-to-earnings (P/E) ratio is projected to decrease from 62.9 in 2024 to 21.8 by 2027, indicating an improving valuation as earnings grow [4][6] - The projected return on equity (ROE) is expected to rise from 4.7% in 2024 to 11.1% in 2027, reflecting enhanced profitability [4][6]

Core Viewpoint - The company, Siquan New Materials, reported a significant increase in revenue and net profit for 2024, driven by strategic investments and a focus on new product development in the heat management sector, particularly benefiting from the "AI+" trend in consumer electronics [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 656 million yuan, representing a year-on-year growth of 51.10% [1]. - The net profit attributable to shareholders was 52.46 million yuan [1]. - The heat management materials revenue reached 609 million yuan, showing a year-on-year increase of 49.62% [2]. Group 2: Market Trends and Opportunities - The "AI+" trend is driving significant growth in the consumer electronics sector, with the AI smartphone market expected to grow at a compound annual growth rate (CAGR) of 63% from 2023 to 2028, and the AI PC market projected to grow at a CAGR of 42% from 2024 to 2028 [2]. - The demand for heat management solutions is increasing due to rising performance requirements in consumer electronics, particularly in smartphones and computers [2]. Group 3: Strategic Initiatives - The company is actively pursuing mergers and acquisitions to optimize its product and customer structure, focusing on new business areas such as cooling fans, liquid silicone, electronic adhesives, and liquid cooling [4]. - Siquan New Materials aims to enhance its market share and product structure while fostering collaboration with major clients like North American customers and Xiaomi [3][4]. - The company is expanding its overseas operations, including a new facility in Vietnam, to increase production capacity and improve market presence [5][6]. Group 4: Future Outlook - The company plans to continue its focus on strategic growth areas, including electric vehicles, energy storage, servers, and smart home markets, while leveraging existing customer relationships and technological expertise [3][4]. - Future projects include expanding production capabilities for graphite films and liquid cooling products, which are expected to drive new business growth [6].

Company Overview - Guangdong Siquan New Materials Co., Ltd. is a national high-tech enterprise established in 2011, focusing on thermal management materials and diversified functional materials [1][3] - The company primarily engages in the research, production, and sales of thermal management materials, magnetic materials, and nano-protective materials, with applications in consumer electronics, smart home, communication devices, new energy vehicles, and energy storage [1] Financial Performance - The company's total revenue is projected to grow from 434 million yuan in 2023 to 656 million yuan in 2024, representing a year-on-year increase of 51.1% [1] - However, the net profit attributable to shareholders is expected to decline from 54.58 million yuan in 2023 to 52.46 million yuan in 2024, a decrease of 3.88%, marking a five-year low [1] - The non-recurring net profit also fell from 53.74 million yuan to 50.39 million yuan, a decline of 6.25% [1] Employee Compensation - The total number of employees increased from 589 in 2023 to 940 in 2024 [2][3] - Average employee compensation rose from 125,700 yuan in 2023 to 139,600 yuan in 2024 [2][3] - The chairman, Ren Zeming, saw his salary increase from 489,900 yuan in 2023 to 687,400 yuan in 2024, reflecting an approximate 40% increase [2][3] Market Capitalization - As of April 17, 2025, the company's total market capitalization is 3.255 billion yuan [1]

Group 1 - The core viewpoint of the article highlights that MinSen Investment recently conducted research on a listed company, Siquan New Materials, which is expected to achieve a revenue of 656 million yuan in 2024, representing a year-on-year growth of 51.10%, despite a net profit decline of 3.88% [1] - The main drivers for revenue growth include increased market demand, larger orders from North American clients, business synergy from multi-dimensional layout, capacity release from fundraising projects, and upgrades in technology research and development [1] - The decline in net profit is attributed to the inclusion of more subsidiaries in the consolidated financial statements, increased sales and R&D expenses, and provisions for impairment [1] Group 2 - The company is optimistic about its performance growth in 2025, planning to enhance collaboration across multiple business segments, strengthen key technology reserves, advance key project implementations, and promote lean management [1] - Siquan New Materials has established partnerships with well-known automotive companies, indicating a broad application of its products in the automotive sector [1]

证券代码：301489 证券简称：思泉新材 广东思泉新材料股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活 动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他：电话会议 参与单位名称 及人员姓名 中金公司、招商基金、交银施罗德基金、长信基金、东吴基金 、博时基金、瑞丰基金、信达澳银基金、前海联合基金、安基 金、九泰基金、泓德基金、广发基金、新华基金、同泰基金、 天治基金、五地私募基金、泉果基金、平正圆私募基金、云禧 基金、民森投资、鼎萨投资、臻远投资、平安资产、互兴资本 、中信期货、进门财经、东北证券、中信证券、信达证券、华 金证券、华创证券、国信证券、国投证券、国海证券 时间 2025年4月16日 地点 深圳分公司会议室 上市公司接待 人员姓名 副总经理、董事会秘书：郭智超 财务总监：沈勇 交流内容及具 体问题记录 1. 公司2024年度整体业绩情况。 答：2024年，公司实现营业收入6.56亿元，同比增长51.10%；归 属于上市公司股东的净利润5,245.59万元，同比下滑3.88%。 2. 2024年度营业收入同比增长较大，主要驱动因素 ...