格隆汇10月31日丨斯瑞新材(688102.SH)在投资者互动平台表示，1、液体火箭发动机推力室内壁：公司 在液体火箭发动机推力室内壁行业处于行业重要地位，目前主要客户有蓝箭航天、九州云箭、深蓝航天 等。 2、光模块芯片基座/壳体：公司提供光模块基座原材料制造及产成品加工的整体解决方案，具备 高精密零件加工的基础和自动化生产线，主要客户有菲尼萨、天孚通信、环球广电、索尔思、东莞讯滔 等；公司新型铜合金应用于光模块壳体，解决行业标杆客户面临的技术痛点。 3、CT/DR球管零组件： 公司在CT和DR球管零组件领域处于国内重要地位，是国内少数能够提供这类产品和"一站式"技术服务 的企业之一，主要客户有西门子医疗、联影医疗、昆山医源、麦默真空、电科睿视、北京智束等，并成 为部分客户的战略合作供应商。 4、高强高导铜合金材料及制品：高强高导铜合金材料具有高强度、高 导电、高导热、耐高温等特性，在盾构机、可控核聚变等新场景可应用，目前在公司营业额收入中占比 较低。 5、中高压电接触材料及制品：中压电接触材料及制品国内市场占有率超过60%，公司该产品获 得国家工信部单项冠军产品荣誉。主要客户包括西门子、ABB、施耐德、伊顿 ...

Core Viewpoint - Srey New Materials (688102.SH) has successfully completed its first private placement after going public, raising approximately 600 million yuan to enhance its financial strength and production capacity in the rapidly developing electronic power and aerospace industries [2][3][5]. Group 1: Fundraising Details - The company issued 41.72 million shares at a price of 14.38 yuan per share, raising a total of 600 million yuan, with a net amount of approximately 590 million yuan after deducting related expenses [2][3]. - The private placement involved 16 specific investors, including 8 individual investors, with the largest single subscription from Zhang Liang, who acquired 6.95 million shares for about 100 million yuan [3][4]. Group 2: Financial Performance - In the first half of 2025, Srey New Materials reported revenue of 772 million yuan, a year-on-year increase of 23.74%, and a net profit of 74.73 million yuan, up 33.61% [2][5][6]. - The company has achieved continuous performance growth since its IPO in 2022, with a cumulative profit distribution of 167 million yuan over three and a half years [4][5]. Group 3: Project Investments - The raised funds will be allocated to the construction of the Srey New Materials Technology Industrial Park and the industrialization of liquid rocket engine thrust chamber materials and components, with a total investment of 230 million yuan for the latter project [5][6]. - The medical imaging equipment project has a total investment of 400 million yuan, with an expected annual revenue of 507 million yuan upon reaching full production [6][7]. Group 4: Market Performance - As of October 9, 2025, Srey New Materials' stock price was 18.25 yuan per share, reflecting a 4.05% increase on that day and a cumulative increase of 106.9% since the beginning of the year [2][5].

Core Viewpoint - The report outlines the continuous sponsorship and supervision activities conducted by Guotai Junan Securities for Shaanxi Sry New Materials Co., Ltd. following its IPO, emphasizing compliance with regulations and the company's operational performance. Group 1: Continuous Supervision Activities - The company issued 40.01 million shares at a price of RMB 10.48 per share, raising a total of RMB 419.30 million, with a net amount of RMB 356.91 million after deducting issuance costs [1]. - Guotai Junan Securities has been appointed as the continuous sponsor from March 16, 2022, to December 31, 2025, conducting regular communications, site inspections, and due diligence [1][2]. - The sponsor has assisted the company in establishing internal systems and decision-making processes to comply with legal and regulatory requirements [1][2]. Group 2: Information Disclosure and Compliance - The sponsor reviewed the company's information disclosure documents, ensuring compliance with relevant regulations and confirming that disclosures were accurate and timely [9]. - During the supervision period, the company and its major stakeholders did not fail to fulfill any commitments [2][6]. - The company has been advised to maintain transparency and avoid concealing important information [1][2]. Group 3: Financial Performance and Key Indicators - The company's revenue for 2024 is reported at approximately RMB 1.33 billion, reflecting a 12.73% increase from the previous year [20]. - The net profit attributable to shareholders increased by 26.88%, driven by revenue growth and improved sales structure [22]. - The company's total assets reached approximately RMB 2.13 billion, marking a 24.39% increase compared to the previous year [20]. Group 4: Research and Development - The company invested RMB 68.83 million in R&D, representing 5.18% of its revenue, which is an increase from 5.04% in the previous year [22]. - The company has developed new products and technologies, including high-performance copper alloys for liquid rocket engines and components [22][24]. - The R&D team, led by nine core technical personnel, has established partnerships with aerospace institutions to enhance technological capabilities [11][22]. Group 5: Market Risks and Challenges - The company faces risks related to technological advancements in the new materials industry, which require continuous R&D investment to maintain competitive advantages [10][17]. - Potential market disruptions may arise from the introduction of new materials and technologies that could replace existing products [17][18]. - The company is also exposed to risks from fluctuations in raw material prices, particularly copper, which significantly impacts production costs [14][16].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company is a leader in the copper alloy segment, with expected growth driven by aerospace, medical, and semiconductor sectors [6][8]. - The company has shown steady growth in historical performance, with a projected revenue increase of 12.78% year-on-year for 2024, reaching 1.33 billion yuan [8][10]. - The company is actively expanding its production capacity and product offerings, which is anticipated to lead to accelerated revenue growth [11][42]. Summary by Sections 1. Company Overview - The company, established in 1995, has developed into a leader in high-strength and high-conductivity copper alloys and medium-high voltage contact materials, with a strong market position and recognition for its products [21][27]. 2. Financial Performance - From 2020 to 2023, the company's revenue and net profit have grown at a CAGR of 20.11% and 23.58%, respectively [8]. - For 2024, the company expects to achieve a revenue of 1.33 billion yuan and a net profit of 117 million yuan, reflecting year-on-year growth rates of 12.78% and 19.21% [10][11]. 3. Traditional Business Strengths - The company benefits from a strong position in traditional business areas, including traction motor end rings and high-end connector contacts, which are expected to see increased demand due to infrastructure projects [9][13]. - The company is the global leader in medium-high voltage contact materials, addressing domestic needs and exporting to international markets [33]. 4. Emerging Business Segments - The company is making significant progress in emerging sectors such as aerospace and medical imaging, with new products expected to contribute to revenue growth [4][14]. - Projects like the liquid rocket engine thrust chamber and CT/DR tube components are set to benefit from increasing market demand and production capacity expansions [15][39]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.17 million yuan in 2024, 1.56 million yuan in 2025, and 2.10 million yuan in 2026, with respective growth rates of 19.21%, 33.44%, and 33.94% [10][11]. - The estimated P/E ratios for 2024, 2025, and 2026 are 74.27, 55.66, and 41.55, respectively, indicating a favorable valuation outlook [11].