Core Viewpoint - Zhejiang Jiemai Electronic Technology Co., Ltd. (Jiemai Technology) reported a revenue of 1.817 billion yuan for 2024, marking a year-on-year increase of 15.57%, with a net profit of 202 million yuan [1] Group 1: Financial Performance - The company achieved a revenue of 1.817 billion yuan, reflecting a growth of 15.57% year-on-year [1] - The net profit for the period was 202 million yuan [1] - R&D investment reached 171 million yuan, a significant increase of 85.5% year-on-year, primarily due to the development of high-end polyester films and other new materials [1] Group 2: Product Development and Market Expansion - Jiemai Technology has initiated the mass production of high-end release films, contributing 176 million yuan to revenue, which is a 35.38% increase [1] - The company has successfully started stable bulk supply of MLCC release films to major clients and has entered the bulk supply phase for Korean and Japanese clients [1] - The electronic packaging materials segment generated 1.571 billion yuan in revenue, up 13.09% year-on-year, with a focus on optimizing paper carrier tape products to meet the miniaturization trend in electronic components [2] Group 3: Strategic Investments - Jiemai Technology has extended its business into the field of new energy battery materials by acquiring control of Zhejiang Rouzhen Technology Co., Ltd. [3] - The company plans to invest 30 million yuan in Rouzhen Technology, acquiring a 5% stake, with an estimated valuation of approximately 600 million yuan [3] - Rouzhen Technology specializes in polymer composite metal membrane materials, which can replace traditional aluminum and copper foils in lithium-ion batteries, enhancing energy density and safety [3]

Meeting Overview - The fourth meeting of the Supervisory Board of Honghe Electronic Materials Technology Co., Ltd. was held in compliance with relevant laws and regulations [2][4]. - The meeting was conducted on April 10, 2025, with all three supervisors present [5][6]. Resolutions Passed - The Supervisory Board approved the proposal regarding the company's eligibility for issuing A-shares to specific targets, confirming compliance with legal requirements [7][8]. - The proposal for the 2025 A-share issuance plan was also approved, detailing the type of shares and their face value [10][11]. - The issuance will be conducted after obtaining approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [13][14]. - The issuance targets will include up to 35 specific entities, such as investment funds and qualified foreign institutional investors [15][17]. - The pricing will be based on the average trading price over the previous 20 trading days, with a minimum price set at 80% of this average [18][20]. - The total amount to be raised through this issuance is capped at 994.61 million yuan [26][81]. - The shares will be listed on the Shanghai Stock Exchange [28][83]. Future Plans - The company plans to use the raised funds for specific projects, with adjustments made based on the actual amount raised [26][81]. - A three-year shareholder return plan (2025-2027) has been established to ensure stable returns to investors [51][119]. - The company will not hold a shareholder meeting until all preparations for the issuance are complete [56][57].

证券代码：688596 证券简称：正帆科技 公告编号：2025-021 上海正帆科技股份有限公司 注：铜陵正帆、丽水正帆、正帆百泰分别系公司全资子公司铜陵正帆电子材料有限公司、正帆科技（丽 水）有限公司、正帆百泰（苏州）科技有限公司。 关于持续督导保荐人名称变更及签订募集资金监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意上海正帆科技股份有限公司向不特定对象发行可转换公 司债券注册的批复》（证监许可〔2025〕342号），上海正帆科技股份有限公司（以下简称"公司"）于 2025年3月18日向不特定对象发行了10,410,950张可转换公司债券，每张面值为人民币100.00元，按面值 发行，募集资金总额为人民币104,109.50万元，扣除不含税发行费用人民币1,473.35万元，募集资金净额 为人民币102,636.15万元。上述募集资金已于2025年3月24日到位。容诚会计师事务所（特殊普通合伙） 于2025年3月24日对本次发行的募集资金到 ...

Market Overview - A-shares experienced a collective rebound on April 10, with the Shanghai Composite Index rising by 0.93% and the ChiNext Index increasing by 2.4% [1][2] - The market saw active performance in sectors such as consumer electronics, robotics, AI applications, and precious metals, with nearly 5,000 stocks rising [1] Precious Metals Sector - The precious metals sector showed significant movement, with Sichuan Gold hitting the daily limit [5] - As of 11:26 AM, spot gold prices broke above $1,310 per ounce, gaining nearly $50, a rise of 1.6% [6] - London gold prices increased by 1.55% year-to-date, while COMEX gold rose by 1.99% [7] Company Responses to Tariff Policies - Several companies, including Cambrian and Tengda Technology, reported that the recent U.S. tariff policies would have limited impact on their operations, with overseas revenue constituting less than 1% of total income [12][14] - Companies like Far East Holdings emphasized their focus on domestic supply chains, indicating minimal effects from the tariffs [15] Economic Outlook and Tariff Impact - The U.S. economic growth forecast has been downgraded, with expectations of growth significantly below 2% for the year [18] - The imposition of tariffs has led to increased volatility in the U.S. stock market, with major indices experiencing substantial gains on April 9, including a 12.16% rise in the Nasdaq Composite [20] - Despite the market rebound, concerns about ongoing tariff negotiations and potential recession risks remain prevalent, with a 79% probability of recession indicated by JPMorgan's metrics [22]

Core Viewpoint - The report highlights the financial performance of Kaisheng Technology for the year 2024, indicating a slight decline in revenue but significant improvement in net profit, driven by better margins in display materials and strategic partnerships [2][3]. Financial Performance - In 2024, Kaisheng Technology achieved revenue of 4.89 billion and net profit of 140 million, with a year-on-year change of -2.3% and +30.8% respectively, while the net profit excluding non-recurring items showed a loss narrowing to -20 million [2]. - The operating cash flow for 2024 was 140 million, reflecting an increase of 8.2% year-on-year [2]. Profitability Improvement - The company's gross margin improved to 17.0%, up by 3.7 percentage points year-on-year, primarily due to higher margins in the display materials segment [3]. - The final net profit margin reached 4.0%, an increase of 1.0 percentage points year-on-year [3]. Segment Performance - Display materials revenue grew to 3.52 billion, a year-on-year increase of 7.7%, while application materials revenue declined to 1.16 billion, down 26.6% [4]. - Sales of new display material products reached 25.47 million units, marking a 22.5% increase year-on-year, with the company becoming a key supplier for flexible cover glass in foldable smartphones [4]. Subsidiary Performance - Shenzhen Guoxian, holding 75.6% stake, reported revenue and net profit of 3.08 billion and 140 million respectively, with net profit margin improving to 4.4% [4]. - The subsidiary Bengbu Zhongheng experienced a revenue decline of 7.6% to 900 million and a net profit decrease of 11.7% to 80 million, with a net profit margin of 8.4% [5]. - Kaisheng Yingcai, holding 62.6% stake, saw revenue drop by 10.6% to 580 million and net profit decrease by 51.7% to 60 million, with a net profit margin of 10.5% [5].

Summary of the Conference Call for Shihua Technology Company Overview - **Company**: Shihua Technology - **Year**: 2024 - **Revenue**: 795 million - **Net Profit**: 280 million - **Dividend Distribution**: 1.136 billion, approximately 50% of net profit [3][4] Key Financial Performance - **Overall Revenue Growth**: 55% year-on-year, with a quarterly revenue increase of over 80% [3][5] - **Functional Electronic Materials Revenue**: 575 million, up 22% year-on-year, gross margin of 67% [3][5] - **High-Performance Optical Materials Revenue**: 218 million, up 440% year-on-year, gross margin of 24%-25% [3][5] - **Biobased Materials Sales**: Doubled to over 40 million, indicating strong market position [3][12] Market Dynamics - **Consumer Electronics Demand**: Remained high in Q3 and Q4, with significant order growth in Q4 due to increased customer stocking and positive market demand expectations [3][7] - **Geopolitical Risks**: Affected business operations, leading to a focus on long-term core projects [3][11] Product and Business Segment Insights - **High-Performance Optical Materials**: Includes materials for optical display modules, polarizers, OLED support films, and explosion-proof films, showing rapid growth [3][14] - **New Product Launches**: Expected to drive revenue growth in the second half of the year, with Q4 revenue reaching 70 million [3][15] - **Production Capacity Expansion**: Currently has 12 production lines, with ongoing projects to enhance production capabilities [3][6][19] Future Outlook - **Gross Margin Target for 2025**: Aiming for 30%-35% through product complexity and efficiency improvements [3][18] - **New Production Line**: Expected to be operational in two years, enhancing production capacity and competitiveness [3][19] - **Market Potential for Optical Materials**: Estimated market space of 10-20 billion, with significant growth opportunities [3][33] Strategic Initiatives - **Focus on High-Value Projects**: Emphasis on large projects with annual revenues exceeding 30 million, while small projects remain a core revenue component [3][27][28] - **Global Market Expansion**: Plans to optimize product structure and reduce supply chain risks by expanding into global markets [3][29] Customer and Market Structure - **Key Customers**: Include major players like Samsung, BOE, and Huaxing Optoelectronics, with varying transaction methods [3][34] - **Product Penetration**: Strong presence in new product categories, including heat dissipation materials and foldable screens [3][26] Conclusion Shihua Technology demonstrates robust financial growth and strategic positioning in the high-performance optical materials and functional electronic materials sectors. The company is focused on expanding production capacity, enhancing product offerings, and navigating geopolitical challenges while maintaining a strong commitment to shareholder returns.

基础化工 | 证券研究报告 — 行业周报 2025 年 3 月 3 日 化工行业周报 20250302 国际油价小幅下跌，磷酸一铵、氯化钾价格上涨 3 月份建议关注：1、三四月份旺季可能涨价的品种，如农化、纺织化学用品、制冷剂等；2、年 报季报行情，如大型能源央企、轻烃裂解子行业龙头公司等；3、下游行业快速发展，建议关注 部分电子材料、新能源材料公司；4、宏观经济整体预期改善，行业龙头价值公司进入长期可配 置区间。 行业动态 投资建议 截至 3 月 2 日，SW 基础化工市盈率（TTM 剔除负值）为 21.50 倍，处在历史（2002 年至今） 的 56.77%分位数；市净率（MRQ）为 1.81 倍，处在历史水平的 11.96%分位数。SW 石油石 化市盈率（TTM 剔除负值）为 10.29 倍，处在历史（2002 年至今）的 9.28%分位数；市净率 （MRQ）为 1.21 倍，处在历史水平的 2.77%分位数。3 月份建议关注：1、三四月份旺季可 能涨价的品种，如农化、纺织化学用品、制冷剂等；2、年报季报行情，如大型能源央企、 轻烃裂解子行业龙头公司等；3、下游行业快速发展，建议关注部分电子材料、新能源 ...