证券代码：300398 证券简称：飞凯材料 债券代码：123078 债券简称：飞凯转债 上海飞凯材料科技股份有限公司投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 ■其他 上海辖区上市公司年报集体业绩说明会 参与单位名称及 人员姓名 参与公司 2025 年上海辖区上市公司年报集体业绩说明会暨 2025 年第一季度报告业绩说明会的投资者 时间 2025 年 5 月 15 日 15:00——16:30 地点 "上证路演中心"（https://roadshow.sseinfo.com/） 上市公司接待人 员姓名 董事长兼总经理：ZHANG JINSHAN 先生 董事会秘书：严帅先生 财务总监：王楠女士 投资者关系活动 主要内容介绍 一、 市值管理制度执行情况专项说明 公司高度重视市值管理工作，严格遵守相关法律法规，确保 市值管理工作的合规性和有效性。现将公司 2024 年度及 2025 年 一季度市值管理制度执行情况说明如下： （一）制度制定情况 2024 年 12 月，为规范经营管理，持续创造公司价值 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 20.65 [7][8]. Core Insights - The company achieved a revenue of RMB 2.9 billion in 2024, representing a year-over-year increase of 7%, and a net profit of RMB 250 million, which is a significant increase of 119% year-over-year [1][4]. - The company has successfully introduced new products in the semiconductor field and is expected to see growth from ongoing projects [1][3]. - The company reported a net profit of RMB 120 million in Q1 2025, doubling year-over-year, primarily due to investment income of RMB 60 million [3]. Revenue and Profitability - The screen display materials segment generated RMB 1.37 billion in revenue in 2024, up 7% year-over-year, with a gross margin increase of 2 percentage points to 38% [2]. - The semiconductor materials segment saw a revenue increase of 20% to RMB 680 million, with a gross margin of 36% [2]. - The overall gross margin for the company improved by 1 percentage point to 35%, and the net profit margin increased by 4 percentage points to 9% in 2024 [2]. Future Projections - The forecast for net profit is adjusted to RMB 310 million for 2025 and RMB 360 million for 2026, with a projected growth of 27% and 15% respectively [4]. - The company is expected to maintain a steady growth trajectory with an EPS of RMB 0.59 for 2025, increasing to RMB 0.78 by 2027 [4][6]. Market Position and Strategy - The company has successfully integrated into the supply chains of several well-known semiconductor enterprises, enhancing its market competitiveness [2][3]. - The introduction of new products, such as the next-generation photoinitiator TMO, is expected to fill market gaps and drive future revenue growth [3].