Group 1: Investor Relations Activity Overview - The company held a performance briefing for the 2024 annual report on May 14, 2025, via an online platform [3] - Key attendees included the Chairman, General Manager, and other board members, along with representatives from Guotai Junan Securities [3] Group 2: Business Growth and New Ventures - In 2024, the company achieved a revenue of 116.26 million CNY from new businesses, marking a year-on-year growth of 36.38% [4] - The new business areas include rare earth permanent magnet components, advanced ceramic materials, and high-precision ultra-hard processing technologies [4] - The rare earth permanent magnet component business generated 70.77 million CNY in revenue, reflecting a year-on-year increase of 20.03% [8] Group 3: Strategic Measures for Growth - The company plans to enhance its second growth curve by investing in new business areas and optimizing its production capabilities [5] - Specific measures include establishing subsidiaries for semiconductor-related materials and expanding research on diamond wire applications [5] - The company aims to deepen the collaboration between precision processing equipment and tools to improve automation levels [6] Group 4: R&D and Technological Leadership - The company maintains a R&D expense ratio of over 4% for the past three years, ensuring continued investment in technology [7] - Strategies for maintaining technological leadership include resource allocation for R&D, talent development, and project-based product development [6] - The company emphasizes the integration of industry-academia-research collaborations to shorten R&D cycles and overcome technical bottlenecks [6] Group 5: Cost Management and Risk Mitigation - The company has implemented measures to mitigate risks from raw material price fluctuations, including diversifying suppliers and optimizing production processes [6] - Direct material costs are significant, and the company is focused on innovating product formulations and enhancing automation to reduce production costs [7] - The company has established a flexible pricing strategy to maintain profit margins amid market price volatility [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a decline in performance due to intensified competition in the ceramics and stone industries, with revenue for 2024 and Q1 2025 at 573.95 million and 117 million yuan respectively, showing a year-on-year change of -0.24% and +2.41% [2] - The net profit attributable to the parent company for 2024 and Q1 2025 was 24.39 million and 6 million yuan, reflecting a year-on-year decrease of 36.46% and 37.32% [2] - The company is focusing on the growth of rare earth permanent magnet components and advanced ceramic materials as new growth drivers [3] Summary by Sections Financial Performance - The company experienced a significant decline in net profit due to global economic slowdown and increased competition, with credit impairment losses rising by 136.23% compared to 2023 [2] - The sales gross margin increased by 0.71 percentage points to 30.33% in 2024, while the net profit margin decreased by 2.38 percentage points to 3.79% [2] Business Segments - Diamond tools accounted for over 70% of revenue, with a slight decline in revenue due to reduced demand in the ceramics and stone sectors, but the company maintained market share through innovation and cost control [2] - Revenue from rare earth permanent magnet components is expected to grow by 20.03% to 71 million yuan in 2024, with an increase in gross margin [2] - The silicon carbide tools segment saw a revenue decline of 14.72% to 20 million yuan in 2024, but with an increase in gross margin [2] Future Outlook - The company is expanding its international presence in diamond tools and developing new business areas, including rare earth permanent magnets and advanced ceramics, with significant breakthroughs in production and sales expected in 2024 [3] - The profit forecast for 2025 and 2026 has been adjusted to 27.17 million and 31.76 million yuan respectively, with a new estimate for 2027 at 38.29 million yuan [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a decline in performance due to intensified competition in the ceramics and stone industries, with revenue for 2024 and Q1 2025 at 573.95 million and 117 million yuan respectively, showing a year-on-year change of -0.24% and +2.41% [2] - The net profit attributable to the parent company for 2024 and Q1 2025 was 24.39 million and 6 million yuan, reflecting a year-on-year decrease of 36.46% and 37.32% [2] - The company is focusing on the growth of rare earth permanent magnet components and advanced ceramic materials as new growth drivers, with expectations for revenue growth in these segments [3] Summary by Sections Financial Performance - The company experienced a significant decline in net profit due to global economic slowdown and increased competition, with credit impairment losses rising by 136.23% compared to 2023 [2] - The sales gross margin increased by 0.71 percentage points to 30.33% in 2024, while the net profit margin decreased by 2.38 percentage points to 3.79% [2] Business Segments - Diamond tools accounted for over 70% of revenue, with a slight decline in revenue due to reduced demand in the ceramics and stone sectors, but the company maintained market share through innovation and cost control [2] - Revenue from rare earth permanent magnet components is expected to grow by 20.03% to 71 million yuan in 2024, with an increase in gross margin [2] - Revenue from silicon carbide tools is projected to decline by 14.72% to 20 million yuan in 2024, but with an increase in gross margin [2] Future Outlook - The company is enhancing its international presence in diamond tools and expanding into rare earth permanent magnet components and advanced ceramics, aiming for a second growth curve [3] - Adjusted net profit forecasts for 2025 and 2026 are 27.17 million and 31.76 million yuan respectively, with a new forecast for 2027 at 38.29 million yuan [3]

Core Viewpoint - Benlang New Materials (836807) reported a revenue of 573 million yuan and a net profit attributable to shareholders of 23.4661 million yuan for the year 2024, while proposing a cash dividend of 1.00 yuan per 10 shares to all shareholders [1]. Group 1: Financial Performance - In 2024, Benlang New Materials achieved a revenue of 573 million yuan and a net profit of 23.4661 million yuan [1]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (including tax) to all shareholders [1]. - The new business segment, including rare earth permanent magnet components and other main businesses, generated a total revenue of 116.2552 million yuan, accounting for an increase of 5.45 percentage points compared to the previous year [2]. Group 2: Business Development - The company has maintained stable operations in its diamond tool business despite challenges in the ceramic and stone sectors due to overseas market demand and competition [1]. - Benlang New Materials is one of the few companies in China with capabilities in research, formulation design, product structure design, production process innovation, and application expansion for diamond tools and bonding materials [1]. - The advanced ceramic materials business has rapidly developed, establishing a comprehensive system for research, preparation, testing, and verification, leading to significant breakthroughs in production and sales [2]. Group 3: Technological Innovation - In 2024, Benlang New Materials was selected for the National Excellent Engineer Innovation Research Institute's "Excellent Engineer Workstation" [3]. - The company has implemented several manufacturing technology upgrades, including automatic production lines for diamond segments and grinding wheel components, significantly improving production efficiency [3]. - The company has received recognition for its long-term commitment to cash dividends, having distributed over 110 million yuan in cash dividends cumulatively, and won the "Outstanding Shareholder Return Award" at the Fifth Panorama Investor Relations Gold Award [3]. Group 4: International Expansion - Benlang New Materials is accelerating its internationalization by establishing a production subsidiary in Turkey, which will support its strategic market expansion into the Middle East, Africa, and Europe [3]. - The company has increased its overseas after-sales service coverage to three additional countries and regions [3].

尤其难得的是， 这三个IPO企业个个是硬科技赛道稀缺的行业灯塔。 英诺赛科 成为全球首家实现量产8 英寸硅基氮化镓IDM的领军企业，上市后市值 超过500亿港币； 珂玛科技 是中国先进陶瓷材料的龙头，目前市值达260亿元； 汉朔科技 则卡位物联网，以数字化门店解决方案第一股登陆创业板，上 市首日市值冲300亿元。 将投中网设为"星标⭐"，第一时间收获最新推送 长达8年的暗夜长跑，恰是中国硬科技投资的生动注脚。 作者丨簪竹 来源丨投中网 8个月内3家被投企业IPO，总市值过1000亿，2024年新增募资额20亿，新一期基金完成首关，来自深圳的华业天成，在这个"资本寒冬"，交出了一份令 人羡慕的成绩单。 如果考虑华业天成的出手阶段之早、投入筹码之重，这三个IPO的含金量还会上升。三家企业之中，珂玛科技上市前仅开放过一轮融资，华业天成是其 中除CVC外主要的财务投资人之一；汉朔科技则在2017年就已入场，此后又追投两轮；英诺赛科是在2019年市场未形成共识的高风险阶段就投入，后两 轮加码。它们成功上市后，回报倍数都非常可观。 华业天成也因此成为"现象级"焦点，背后不仅是数字的胜利，更是一场关于时间的隐喻。 这三个上 ...