Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 2.29 billion RMB, representing a year-on-year growth of 39.00% [2] - The net profit for Q1 2025 was 0.47 billion RMB, with a year-on-year increase of 34.30% [2] - For the year 2024, the company projected a revenue of 8.65 billion RMB, reflecting a growth of 26.01% compared to the previous year [3] Group 2: Market Expansion and Production Capacity - The company is focusing on market expansion in sectors such as automotive, communications electronics, rail transit, and engineering machinery, with continuous revenue growth in these areas [3] - The total operational area of the main production bases in Dongguan, Jiangmen, and Suzhou is approximately 115,000 square meters [3] - Future capacity expansion plans include the establishment of a subsidiary in Morocco and ongoing projects in East China [3] Group 3: Customer and Sales Insights - The largest customer in 2024 contributed sales of 154,242,728.25 RMB, accounting for 17.84% of the total annual sales [4] - The company does not experience significant seasonal revenue fluctuations [4] Group 4: Cost and Profitability - The change in gross margin for Q1 2025 was primarily due to increased operating costs, influenced by revenue growth, material cost fluctuations, and production ramp-up at new facilities [4] Group 5: Strategic Outlook - The company is actively monitoring potential mergers and acquisitions within the industry and will adhere to disclosure obligations if any plans arise [4] - The company is exploring emerging fields such as low-altitude economy and humanoid robots, although these sectors currently do not significantly impact operations [4]

Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage [6]. Core Views - The company is a leader in functional protective tubing, leveraging a "self-supplied monofilament + R&D innovation" strategy to create a competitive moat [5]. - The company has shown strong growth in revenue and profitability, with a significant focus on the automotive sector, particularly in the context of the booming new energy vehicle market [4][20]. - The company is expanding its production capacity and enhancing its technological capabilities, which are expected to drive future growth [5][6]. Summary by Sections Company Overview - The company, established in 2004, specializes in high polymer modified protective materials and has become a leading domestic player in functional protective tubing, with applications in automotive, rail transportation, communications electronics, and engineering machinery [3][15]. - The company has achieved a revenue of 865 million yuan in 2024, a year-on-year increase of 34.30%, with the automotive sector accounting for 65.60% of its revenue [3][20]. Market Demand and Growth - The domestic automotive industry is experiencing a strong recovery, with new energy vehicle sales expected to exceed 15 million units in 2025, reflecting a compound annual growth rate (CAGR) of 50.17% from 2015 to 2024 [4][47]. - The market for functional protective tubing in new energy vehicles is projected to reach 49.32 billion yuan in 2024, with a year-on-year growth of 34.78% [4][56]. Production and Technological Advantages - The company has developed a vertical integration production system, achieving over 90% self-supply of monofilament, which stabilizes performance and reduces production costs [5][73]. - Continuous R&D efforts have led to product performance that matches international standards, enhancing customer relationships and creating a strong product moat [5][73]. Financial Projections and Valuation - Revenue projections for 2025 to 2027 are 1.055 billion yuan, 1.285 billion yuan, and 1.539 billion yuan, respectively, with corresponding net profits of 214 million yuan, 273 million yuan, and 336 million yuan [6][8]. - The company is expected to maintain a strong growth trajectory, with an estimated EPS of 2.73 yuan in 2025, reflecting a P/E ratio of 19.0 [6][8]. Competitive Landscape - The functional protective tubing market is characterized by low concentration, with foreign companies currently holding a dominant position. However, domestic companies are rapidly closing the technology gap, accelerating the process of domestic substitution [4][67]. - The company is strategically expanding its international presence with factories in Mexico and Morocco to better serve North American and European clients [75].

Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage in this regard [6]. Core Insights - The company is a leader in functional protective sleeves, leveraging a "self-supply of monofilament + R&D innovation" to create a competitive moat [5]. - The company has shown strong growth, with a revenue increase of 34.30% year-on-year in 2024, reaching 865 million yuan, and a net profit increase of 26.01%, totaling 176 million yuan [3][20]. - The domestic automotive industry is experiencing a robust recovery, particularly in the new energy vehicle (NEV) sector, which is expected to drive demand for functional protective sleeves [4][47]. Summary by Sections Company Overview - Established in 2004, the company specializes in high polymer modified protective materials and has become a leading domestic player in functional protective sleeves, with applications in automotive, rail transit, communications electronics, and engineering machinery [3][15]. - The company has a vertical integration strategy, producing over 90% of its monofilament in-house, which stabilizes performance and reduces production costs [5][73]. Market Demand and Growth - The NEV market has seen explosive growth, with sales increasing from 330,000 units in 2015 to 12.86 million units in 2024, representing a CAGR of 50.17% [4][47]. - The market for functional protective sleeves in NEVs is projected to reach 4.932 billion yuan in 2024, reflecting a year-on-year growth of 34.78% [56]. Financial Performance and Projections - The company forecasts revenues of 1.055 billion yuan in 2025, 1.285 billion yuan in 2026, and 1.539 billion yuan in 2027, with respective growth rates of 22.0%, 21.8%, and 19.7% [6][8]. - The net profit is expected to reach 214 million yuan in 2025, 273 million yuan in 2026, and 336 million yuan in 2027, with growth rates of 21.4%, 27.8%, and 23.0% respectively [6][8]. Competitive Landscape - The market for functional protective sleeves is characterized by low concentration, with foreign companies currently holding a dominant position due to technological advantages [4][67]. - The company is positioned in the second tier of domestic competitors, gradually closing the gap with foreign firms as its R&D capabilities improve [67][71]. Strategic Initiatives - The company is expanding its international footprint with factories in Mexico and Morocco to better serve North American and European clients, enhancing its competitive edge [75].

Market Overview - The Shanghai Composite Index closed at 3346.84 points, slightly above the half-year line, with a change of -0.05% [1] - The total trading volume of A-shares reached 10338.72 billion yuan [1] Stocks Performance - A total of 231 A-shares have surpassed the half-year line, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Junyao Health: 9.37% - Guangsha Environmental Energy: 8.42% - Longzhou Co., Ltd.: 7.79% [1] - Stocks with lower deviation rates that just crossed the half-year line include: - Wantai Biological Pharmacy: 6.51% - Huatai Securities: 6.40% - Jiayuan Technology: 6.17% [1] Notable Stocks - The top three stocks with the highest daily increase: - Junyao Health: +10.08% - Guangsha Environmental Energy: +9.23% - Longzhou Co., Ltd.: +10.02% [1] - The trading turnover rates for these stocks were also significant, with Guangsha Environmental Energy at 7.92% and Longzhou Co., Ltd. at 8.30% [1] Additional Stocks Data - Other notable stocks with their respective performance: - Huachang Communication: +19.99% with a turnover rate of 12.90% - Huali Technology: +7.44% with a turnover rate of 13.05% [1] - The data indicates a healthy trading environment with several stocks showing strong performance above the half-year line [1]

Financial Performance - The company has achieved a compound annual growth rate (CAGR) of approximately 25% in both revenue and net profit from 2019 to 2024 [2][3] - In 2024, the company reported a revenue of 865 million CNY, representing a year-on-year growth of 34.30%, and a net profit of 176 million CNY, with a growth of 26.01% [2] - For the first quarter of 2025, the revenue was 229 million CNY, showing a year-on-year increase of 39.00%, while the net profit was 47 million CNY, up by 3.24% [2] Revenue Breakdown - In 2024, revenue from the automotive sector was 567 million CNY, accounting for 65.60% of total revenue, with a year-on-year growth of 42.51% [5] - Revenue from the new energy vehicle sector grew by 72.61% compared to the previous year [5] - Other sectors such as communications electronics, rail transit, and engineering machinery also saw revenue growth compared to 2023 [5] Market Expansion and Strategy - The company is actively exploring emerging markets such as aerospace, wind power, photovoltaics, energy storage, and medical sectors [5] - The medical sector generated nearly 3 million CNY in revenue in 2024, indicating growth but still representing a small portion of total revenue [5] - The company plans to establish a subsidiary in Morocco with an expected investment of up to 100 million CNY [5] Competitive Landscape - The market for functional protective sleeves is fragmented, with competition from multinational corporations and domestic leaders [6] - In 2024, sales revenue from the U.S. accounted for 5.91% of the company's main business revenue, totaling approximately 50.92 million CNY [6] - The company has established strong relationships with various well-known brands and has passed stringent supplier audits, enhancing its competitive position [7] Operational Capacity - The company operates approximately 115,000 square meters across its main production facilities in Dongguan, Jiangmen, and Suzhou [4] - Plans for capacity enhancement include new production sites and equipment upgrades in response to increasing orders [4] Challenges and Risks - The company faces challenges related to raw material price fluctuations, particularly those influenced by oil prices [4] - The diverse application scenarios and varying demand across different sectors make it difficult to estimate the total market capacity for its products [6]

证券代码：301538 证券简称：骏鼎达 公告编号：2025-023 深圳市骏鼎达新材料股份有限公司 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。 深圳市骏鼎达新材料股份有限公司（以下简称"本公司"）2024 年年度权益 分派方案已获 2025 年 5 月 13 日召开的 2024 年年度股东大会审议通过，现将权 益分派事宜公告如下: 一、股东大会审议通过利润分配及资本公积转增股本方案等情况 （1）以截至 2024 年 12 月 31 日公司总股本 5,600.00 万股为基数，向全体股 东按每 10 股派发现金股利 6 元（含税），合计派发现金红利 3,360.00 万元（含税）， 剩余未分配利润转结至下一年度。 （2）以资本公积向全体股东每 10 股转增 4 股，公司目前总股本为 5,600.00 万股，以此计算，共计转增 2,240.00 万股，转增后公司股本变更为 7,840.00 万股， 具体以中国证券登记结算有限公司深圳分公司实际登记结果为准。 （3）不送红股。 若在分配预案实施前公司总股本发生变动的，公司则以未来实施分配预案时 股权登记日的总股 ...

证券代码：301538 证券简称：骏鼎达 公告编号：2025-023 深圳市骏鼎达新材料股份有限公司 2024 年年度权益分派实施公告 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。 深圳市骏鼎达新材料股份有限公司（以下简称"本公司"）2024 年年度权益 分派方案已获 2025 年 5 月 13 日召开的 2024 年年度股东大会审议通过，现将权 益分派事宜公告如下: 一、股东大会审议通过利润分配及资本公积转增股本方案等情况 1、本公司 2024 年年度股东大会审议通过的 2024 年年度权益分派方案为： （1）以截至 2024 年 12 月 31 日公司总股本 5,600.00 万股为基数，向全体股 东按每 10 股派发现金股利 6 元（含税），合计派发现金红利 3,360.00 万元（含税）， 剩余未分配利润转结至下一年度。 （2）以资本公积向全体股东每 10 股转增 4 股，公司目前总股本为 5,600.00 万股，以此计算，共计转增 2,240.00 万股，转增后公司股本变更为 7,840.00 万股， 具体以中国证券登记结算有限公司深圳分公司实际登 ...

证券代码：301538 证券简称：骏鼎达 公告编号：2025-022 深圳市骏鼎达新材料股份有限公司 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内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳市骏鼎达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〕1853 号），本公司由主承 销商中信建投证券股份有限公司采用余额包销方式，向社会公众公开发行人民币 普通股（A 股）股票 1,000 万股，发行价每股人民币 55.82 元，共计募集资金 55,820.00 万元，坐扣承销和保荐费用 4,823.80 万元（实际不含税承销及保荐费 为 5,023.80 万元，其中前期已预付 200 万元）后的募集资金为 50,996.20 万元， 已由主承销商中信建投证券股份有限公司于 2024 年 3 月 15 日汇入本公司募集资 金监管账户。另减除上网发行费、招股说明书印刷费、申报会计师费、律师费、 评估费等与发行权益性证券直接相关的新增外部费用 2,389.52 万元和先期支付 的中信建投证券股份有限公 ...

| 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：骏鼎达 | | --- | --- | | 保荐代表人姓名：艾立伟 | 联系电话：020-81286902 | | 保荐代表人姓名：温杰 | 联系电话：020-38381288 | 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 次 | | 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 不限于防止关联方占用公司资源的制度、募集 | | | | 是 | | 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 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东会次数 | 次 ...

证券代码：301538 证券简称：骏鼎达 公告编号：2025-021 深圳市骏鼎达新材料股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无否决提案的情况； （1）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：2025 年 5 月 13 日 9:15-9:25，9:30-11:30 和 13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 13 日 9:15-15:00 期间的任意时间。 2、本次股东大会不涉及变更以往股东大会已通过的决议； 3、本次股东大会采取现场投票与网络投票相结合的方式召开； 4、本次股东大会对中小投资者进行单独计票。中小投资者是指除单独或合 计持有上市公司 5%以上股份的股东以及上市公司的董事、监事、高级管理人员 以外的其他股东。 一、会议召开和出席情况 （一）会议召开情况 1、会议通知情况：深圳市骏鼎达新材料股份有限公司（以下简称"公司"） 2024 年年度股东大会通知于 2025 年 4 月 22 日以公 ...