炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 2014年12月，三环集团在创业板上市，募资13.5亿元。2020年11月、2021年12月，三环集团通过定增分别募资21.75亿元、39亿元。三环集 团上市十多年来，股权募资累计超74亿元。 如今，三环集团又要去港股IPO募资。招股书显示，三环集团拟将此次港股IPO募集资金用于投资海外新建及扩建项目与自动化建设、技 术迭代与材料创新以及营运资金及其他一般企业用途。 但事实上，三环集团不仅账面"不差钱"，而且有息负债很少，资产负债率不到20%。 截至2025年前三季度末，三环集团账面上的货币资金高达52.02亿元，交易性金融资产为27.43亿元，广义货币资金合计79.45亿元，接近80 亿元。同期，公司账面上的有息负债（短期借款、一年内到期的非流动负债、长期借款、应付债券、租赁负债之和）仅5.9亿元，整体资 产负债率仅17.24%，不到20%。 巨额的现金或理财产品可以给三环集团带来巨额的利息收入，以2024年为例，公司的利息收入为2.04亿元，占公司同期净利润的10%左 右。 ...

智通财经APP获悉，据港交所12月4日披露，潮州三环(集团)股份有限公司(简称：三环集团(300408.SZ)) 递表港交所主板，中国银河国际为独家保荐人。招股书显示，根据弗若斯特沙利文的资料，公司聚焦先 进陶瓷材料主业，现已成长为先进电子陶瓷材料和零部件领域的全球领先企业。公司构建起电子及陶瓷 材料、电子元件、通信器件、设备组件等四大类核心产品矩阵，形成覆盖通信、AI及数据中心、消费电 子、汽车电子、半导体制造及封装、新能源、智能工业控制等核心应用领域，囊括基础材料、关键元件 和高端器件及组件的业务框架。 Chaozhou Three-Circle (Group) Co., Ltd. 银 河 或 際 A GALAXY INTERNATIONAL [編纂]項下的[編纂]數目 [編纂]股H股(視乎[編纂]行使與否而定) [編纂]數目 [編纂]股H股(可予[編纂]) [編纂]股H股(可予[編纂]及視乎[編纂]行使與否而定) [编纂]數目 : 每股H股[編纂]港元,另加1.0%經紀佣金、0.0027% 最高编纂】: 證 監會交易徵費、0.00565%聯交所交易費及 0.00015%會財局交易徵費(須於申請時以港元 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Views - The company achieved a revenue of 207 million yuan in the first three quarters of 2025, representing a year-on-year increase of 14.29%. However, the net profit attributable to the parent company decreased by 57.54% to 10.70 million yuan due to depreciation impacts from completed fundraising projects [3][4] - The company has three fundraising projects, with the first project of producing 50,000 tons of electronic ceramic powder now in operation, while the second project for producing 5,000 tons of high thermal conductivity spherical alumina is in trial production [4][5] - The company is focusing on R&D innovation, with R&D expenses increasing by 2.81% year-on-year, and is collaborating with various academic institutions to accelerate the development of new products [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from 189 million yuan in 2023 to 523 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25% [7][10] - The net profit attributable to the parent company is expected to fluctuate, with estimates of 12 million yuan in 2023, 39 million yuan in 2024, and 35 million yuan in 2025, before increasing to 72 million yuan in 2027 [7][11] - The company's P/E ratio is projected to decrease from 320.6 in 2023 to 54.3 in 2027, indicating an improving valuation over time [7][10]

Core Insights - The company reported a revenue of 745 million yuan for Q3 2025, representing a year-on-year growth of 12.23% [1] - Cumulative revenue for the year reached 2.143 billion yuan, with a year-on-year increase of 13.62% [1] Financial Performance - The net profit attributable to shareholders was 165 million yuan, showing a year-on-year growth of 5.39% [4] - The net profit after excluding non-recurring gains and losses was also 165 million yuan, indicating stable profitability from core operations [4] - Cumulative net profit for the year reached 443 million yuan, reflecting a significant year-on-year increase of 20.07% [4] - Basic and diluted earnings per share for the reporting period were both 0.36 yuan, up 2.86% year-on-year [4] - Year-to-date earnings per share reached 0.98 yuan, with a growth rate of 19.51% [4] Asset and Equity Position - Total assets as of the reporting period amounted to 8.174 billion yuan, an increase of 7.69% compared to the end of the previous year [4] - Shareholders' equity was 6.293 billion yuan, reflecting a year-on-year growth of 4.29%, indicating a stable asset structure [4] Cash Flow and Efficiency - The net cash flow from operating activities for the year-to-date was 625 million yuan, showing a decline of 14.53% year-on-year, which requires monitoring for future trends [4] - The weighted average return on net assets was 7.15%, an increase of 0.72 percentage points, indicating improved overall asset operational efficiency [4] Business Outlook - The company achieved growth in both revenue and net profit during the reporting period, demonstrating strong momentum in its core business [5] - The company is expected to continue deepening its layout in the electronic ceramic materials sector, which may drive sustained performance improvements [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company achieved a revenue of 133 million yuan in H1 2025, representing a year-on-year increase of 22.42%, while the net profit attributable to the parent company was 2.15 million yuan, a decrease of 85.85% year-on-year. The company maintains its profit forecast for 2025-2027, expecting net profits of 41 million yuan, 54 million yuan, and 72 million yuan respectively [2][4] - The company is making progress in the research and development of new products, specifically Low-α ray spherical alumina, and is gradually releasing production capacity from newly established production lines, which is expected to drive future performance growth [2][4] Financial Summary - In H1 2025, the company reported a gross margin of 13.21%, down 12.87 percentage points year-on-year, primarily due to increased depreciation costs as investment projects transitioned to fixed assets [4] - The company’s total market capitalization is approximately 4.094 billion yuan, with a circulating market capitalization of 3.286 billion yuan [2] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.39 yuan, 0.51 yuan, and 0.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 100.3, 76.5, and 56.5 [2][6] Industry Outlook - The global consumer electronics market is expected to reach 1.046 trillion USD in 2025, with a projected growth rate of 15.4% from 2024 to 2029. The Chinese consumer electronics market is anticipated to grow at a rate higher than the global average, reaching 268 billion USD in 2025, a year-on-year increase of 5.1% [3]