问：尊敬的刘董事长：能否从您资深的显示材料行业专家身份谈谈，下半年显示材料行业量价走势如何演绎？目前公 司显示材料开工率怎么样？ 答：尊敬的投资者您好！根据和下游材料、面板企业的沟通，下半年显示行业的整体市场表现和上半年较为接近。随 着国产液晶面板和国产混晶材料在全球市占率的提升，国内液晶单体生产厂商之间的竞争越发激烈，降价无法避免； 就OLED材料而言，材料更新迭代加快，新品价格高，老产品量升价跌是正常的市场规律，整体价格较为稳定。目前 公司产线的利用率约80%左右。感谢您的关注。 问题2请问国资介入公司的目的是什么？算财务投资还是要给公司赋能什么？ 证券之星消息，2025年8月27日瑞联新材(688550)发布公告称公司于2025年8月27日召开业绩说明会。 具体内容如下： 问题3请问公司光刻胶的种类？月产量？ 尊敬的投资者您好！公司目前现金流较为充沛，资产负债率较低，财务结构稳健。后续若有新的重大战略投资或业务 拓展计划，公司也将综合评估内外部资源，审慎做出融资决策。感谢您的关注。 尊敬的投资者您好！公司的光刻胶材料涉及两类一是平坦层光刻胶，用于显示面板，正在推进在下游面板厂商的验 证。二是半导体光刻胶 ...

单季度盈利创上市新高，毛利率提升得益于医药亮眼表现和成本有效管控 公司二季度实现归母净利润 1.20 亿元，创上市以来新高。盈利能力方面， 单季度毛利率 50.39%，净利率 26.06%，利润率同环比大幅提升，净利率水 平创上市以来新高。 上半年公司实现毛利率为 47%，较去年同期提升 8 个百分点，一是上半年 医药板块表现亮眼，客户库存策略调整推动实现良好业绩，产品结构的变 化进一步带动了公司整体毛利率的提升；二是公司持续强化成本管控，通 过精细化管理举措深化降本增效。 显示材料上半年承压，医药表现亮眼提供增量，电子材料实现突破 公司报告 | 半年报点评 瑞联新材（688550） 证券研究报告 医药表现亮眼，单季度盈利创上市新高 事件：瑞联新材公布 2025 年中报，上半年公司实现营业收入 8.06 亿元， 同比+16.3%，实现归母净利润 1.66 亿元，同比+74.2%；其中二季度实现营 业收入 4.62 亿元，同比+26.5%，环比+34.4%，实现归母净利润 1.20 亿元， 同比+97.5%，环比+163.9%。 分板块来看，2025 年上半年，显示材料板块实现销售收入 62,858 万元， 占 ...

| | 目 录 | | --- | --- | | 第一章 总则 | ·························································································1 | | 第二章 | 经营目标和范围 ········································································· 2 | | 第三章 股份 | ·························································································2 | | 第四章 | 股东和股东会 ············································································ 6 | | 第五章 董事会 | ·············································································· ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.732 billion yuan in the first half of 2025, representing a year-on-year growth of 14.00%, and a net profit attributable to shareholders of 311 million yuan, up 42.78% year-on-year [1] - The semiconductor business, particularly CMP and display materials, is experiencing rapid growth, with CMP polishing pad revenue reaching 475 million yuan, a 59.6% increase year-on-year [2] - The company is expected to begin trial operations of its second-phase 300-ton capacity for high-end wafer photoresist in Q4 2025, with over 15 products already validated [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 908 million yuan, a year-on-year increase of 11.94% and a quarter-on-quarter increase of 10.17%, with a net profit of 170 million yuan, up 24.79% year-on-year and 20.61% quarter-on-quarter [1] - The gross margin improved by 4.0 percentage points to 49.2% in H1 2025, driven by high-value semiconductor material products [2] Business Segments - The CMP polishing pad segment has stabilized monthly sales above 30,000 pieces, further solidifying the company's leading position in the domestic market [2] - Display materials revenue reached 271 million yuan in H1 2025, a 61.9% increase year-on-year, with market share for YPI and PSPI continuing to rise [2] Future Outlook - The company has plans for high-end wafer photoresist products, with expectations to secure orders in the second half of 2025 [3] - The revenue forecasts for 2025-2027 have been adjusted upwards, with projected net profits of 709 million yuan, 961 million yuan, and 1.227 billion yuan respectively [3]

Core Viewpoint - Tangshan Development Group has successfully transformed from a local government financing platform to an industry leader through strategic mergers and acquisitions and park-based construction, addressing local debt issues while promoting high-quality economic development [1] Transformation Path: Strategic Mergers Constructing New Industry Ecosystem - The transformation strategy of Tangshan Development Group is rooted in forward-looking capital operations and industrial layout, focusing on mergers and acquisitions to break through challenges and build a high-quality development path [2] - The acquisition of a 26% stake in leading adhesive manufacturer Kanda New Materials in November 2018 allowed the company to quickly enter the new materials sector, integrating key enterprises in the industry chain to create a specialized industrial cluster [2] - The acquisition of Changshu Windfan Electric Equipment Co., a leader in transmission towers, aims to accelerate the development of a synergistic energy industry pattern combining transmission and photovoltaics [2] Transformation Effect: Strengthening Local Economic Development - Tangshan Development Group has created a new market-oriented mechanism for debt resolution by acquiring quality operating assets, optimizing cash flow, and improving credit ratings, which enhances its debt resolution capabilities [4] - The company has activated over 3,000 acres of industrial land in Fengnan and Caofeidian districts through projects like the Caofeidian Fluorine-Chlorine-Silicon New Materials Technology Industrial Park, transforming low-efficiency land into high-end manufacturing clusters [5] - The establishment of a carbon fiber products pilot base and other projects has turned idle assets into innovation sources, setting a benchmark for resource regeneration [5] Innovation Ecosystem: Forging Competitive Industry Community - By implementing a global approach to sourcing technology, attracting talent, and pooling resources, Tangshan Development Group has effectively gathered key resources to accelerate the construction of a new fine chemical new materials park [7] - The integration of upstream and downstream supply chains in strategic emerging industries has significantly reduced costs and enhanced product competitiveness [7] Insights on Successful Transformation of Urban Investment Companies - The transformation of urban investment companies requires a clear functional positioning and a dual-track model of debt management and industrial investment, which is crucial for achieving high-quality transformation [8] - Utilizing market-oriented methods to attract talent and technology is essential for the deepening reform and optimization of state-owned enterprises [9] - Redefining and constructing a new type of government-enterprise relationship is vital for the debt resolution and transformation of enterprises, necessitating government support in policies and resources [10]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company's Q2 performance met expectations, with rapid growth in the semiconductor materials business [7] - The company expects to achieve a revenue of 1.727 billion yuan in H1 2025, representing a year-on-year growth of approximately 14% [7] - The growth in revenue is attributed to increased production capacity and optimization of costs in polishing pads, as well as significant growth in the semiconductor materials segment [7] Financial Summary - Total revenue is projected to reach 4.046 billion yuan in 2025, with a year-on-year growth rate of 21.2% [6] - The net profit attributable to the parent company is expected to be 687 million yuan in 2025, reflecting a year-on-year growth of 32% [6] - The gross profit margin is anticipated to improve from 48.8% in Q1 2025 to 49.0% in 2025E [6] Business Performance - The semiconductor materials and integrated circuit design business is expected to generate 945 million yuan in revenue in H1 2025, a year-on-year increase of 49% [7] - The CMP polishing pads segment is projected to see a revenue increase of 59% in H1 2025, with a significant order breakthrough in copper polishing liquids [7] - The display materials segment is also experiencing rapid growth, with a 62% increase in revenue in H1 2025 due to improved capacity utilization among downstream customers [7]

Core Viewpoint - Xi'an Ruilian New Materials Co., Ltd. has shown significant growth in overseas sales and gross profit margins, driven by favorable market conditions in the display materials, pharmaceutical CDMO, and electronic materials industries [1][4][5]. Group 1: Revenue and Gross Margin - In 2024, the company's overseas sales revenue reached 914 million yuan, a year-on-year increase of 13.70%, accounting for 62.68% of total revenue, while domestic sales revenue was 544 million yuan [1][2]. - The gross profit margins for overseas and domestic sales were 49.10% and 35.95%, respectively, indicating a substantial increase in overall profitability [1][8]. - The increase in gross profit margin is attributed to a higher proportion of high-value products sold in the display materials segment and a decrease in unit costs due to optimized production processes [8][7]. Group 2: Industry Development and Market Demand - The display industry is experiencing a recovery in demand, with global display panel shipments expected to grow by 6% in 2024, reaching a market size of approximately 133.8 billion USD [4]. - The pharmaceutical CDMO industry is expanding rapidly, driven by increasing healthcare demands and an aging population, with China's market share projected to grow significantly [5]. - The electronic materials sector is also rebounding, with the global semiconductor market expected to reach 620.2 billion USD in 2024, reflecting a year-on-year growth of about 17% [5]. Group 3: Customer Relationships and Sales Performance - The company has established stable relationships with major customers in both domestic and overseas markets, contributing to the significant increase in sales revenue [6][8]. - The top five domestic customers accounted for 82.67% of domestic sales, while the top five overseas customers accounted for 61.59% of overseas sales, indicating a concentrated customer base [2][6]. - The increase in sales to key overseas customers is attributed to the company's strong market position and strategic partnerships within the display materials sector [6][8]. Group 4: Investment and Future Prospects - The company has made a strategic investment of 76.3984 million yuan in a joint venture with DuPont Electronic Materials, focusing on OLED materials, which is expected to enhance its market position [10][12]. - The joint venture is anticipated to benefit from the growing demand for OLED materials in the display industry, aligning with the company's core business strategy [12][15]. - The investment is supported by thorough due diligence and valuation assessments, ensuring that the pricing is fair and aligns with market conditions [15][19].

Core Viewpoint - Xi'an Ruilian New Materials Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to provide detailed responses about its financial performance and customer relationships [1]. Financial Performance - The company's total revenue for 2024 reached 145.87 million yuan, representing a year-on-year increase of 13.70%, with domestic sales accounting for 54.44 million yuan [2][3]. - The gross profit margins for overseas and domestic sales were 49.10% and 35.95%, respectively, both showing year-on-year increases [2][3]. Customer Analysis - The top five domestic customers contributed significantly to the revenue, with a total of 45.00 million yuan in sales, marking a 44.83% increase from the previous year [2]. - The overseas sales revenue saw a substantial increase, attributed to the recovery in the display materials market and rising downstream demand [3][4]. Industry Trends - The display industry is experiencing a rebound, with a projected global display panel shipment area of approximately 263 million square meters in 2024, a 6% year-on-year increase, and a market size of about 133.8 billion USD, up 13% [4][5]. - The pharmaceutical CDMO industry is expanding rapidly, driven by increasing healthcare demands and an aging population, with expectations for China's CDMO market share to grow significantly by 2025 [6]. Product and Cost Analysis - The company reported a significant increase in gross profit margins due to improved product mix and cost reductions, particularly in the display materials segment, which saw a gross margin increase of 9.02 percentage points [8][11]. - The unit cost of display materials decreased by 7.97%, contributing to the overall improvement in gross margins [10][12]. Investment and Partnership Developments - The company is involved in a joint venture with the Japanese company Idemitsu, focusing on OLED materials, with significant progress reported in customer transfers and patent licensing [15][16]. - The financial performance of the joint venture, Idemitsu Electronic Materials (China), showed a substantial increase in revenue and net profit in the first quarter of 2025 compared to the previous year [17].

Group 1: Policy Financial Tools - Historical policy financial tools were introduced as counter-cyclical measures to stabilize the economy and enhance local investment capabilities, characterized by low costs, quick deployment, and market-oriented operations [1][20][21] - New policy financial tools are expected to focus more on technology innovation, consumption, and foreign trade, with significant attention on their scale, leverage effects, and issuance rhythm [1][22] Group 2: Banking Sector - The loan interest rate is expected to decline significantly slower in 2025, with the LPR reform leading to a rapid decline in loan rates during certain periods, but a slowdown is anticipated moving forward [3][31][32] - The banking sector is likely to see a stabilization in performance due to reduced pressure on interest margins, with a recommendation to focus on high-quality regional small banks and stable state-owned banks [3][32] Group 3: Non-Banking Sector - Guoyin Financial Leasing - Guoyin Financial Leasing is projected to achieve total revenue of 28.56 billion yuan in 2024, with a year-on-year growth of 7.2%, and a net profit of 4.5 billion yuan, up 8.5% [3] - The company has seen rapid growth in its ship leasing segment, with revenue reaching 7.7 billion yuan, a year-on-year increase of 32.4% [3] Group 4: Non-Banking Sector - Blue Sky Technology - Blue Sky Technology reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 2.6%, with a net profit of 787 million yuan, up 9.8% [24] - The company’s adsorption materials business has shown strong growth, while the lithium extraction project has seen a significant decline in revenue [24][25] Group 5: Non-Banking Sector - Ruile New Materials - Ruile New Materials achieved a revenue of 1.459 billion yuan in 2024, with a year-on-year growth of 20.7%, and a net profit of 252 million yuan, up 87.6% [27] - The display materials segment has become the largest business area for the company, driven by the increasing penetration of OLED panels [27][28][29]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][18]. Core Insights - The company achieved a revenue of 1.459 billion yuan in 2024, representing a year-on-year increase of 20.7%, and a net profit attributable to the parent company of 252 million yuan, up 87.6% year-on-year [1][2]. - The display materials segment has become the largest business area for the company, driven by the increasing penetration of OLED panels in medium and large-sized screens [2][3]. - The pharmaceutical segment is focusing on stable supply and new product development amidst a competitive market, with a total of 271 drug pipelines by the end of 2024, an increase of 64 from the previous year [2][3]. - The electronic materials segment faced challenges due to technological substitutions and cautious customer procurement strategies, leading to a decline in sales, although the number of products sold increased by 72% year-on-year [3]. - The overall gross margin for 2024 was 44.20%, an increase of 9.02 percentage points from 2023, attributed to product mix optimization and effective cost control measures [3]. Financial Summary - The company forecasts net profits of 313 million yuan, 367 million yuan, and 400 million yuan for 2025, 2026, and 2027 respectively, reflecting an upward revision from previous estimates [3]. - The projected revenue growth rates for the next few years are 36.93% for 2025, 20.53% for 2026, and 6.90% for 2027 [5][12]. - The earnings per share (EPS) are expected to increase from 1.46 yuan in 2024 to 2.32 yuan in 2027 [5][12].