壹石通于2022年7月26日获得中国证券监督管理委员会的批复，同意公司向特定对象发行人民币普通股股票（A股）17,610,850股，募集资金 总额为人民币950,985,900元，扣除发行费用后实际募集资金净额为人民币929,804,701.21元。募集资金主要用于"年产15,000吨电子功能粉体材 料建设项目"、"年产20,000吨锂电池涂覆用勃姆石建设项目"、"技术研发中心建设项目"及补充流动资金。 "年产15,000吨电子功能粉体材料建设项目"中的子项目重庆基地"年产9,800吨导热用球形氧化铝项目"进行了工艺优化升级，并涉及相关行政 审批手续的调整。截至目前，该子项目已完成生产线主体建设，但工艺优化升级所需的部分辅助设备仍在推进落地过程中。同时，相关行政 审批手续的办理周期较长，导致项目实施进度有所延缓。基于上述原因，公司决定将该项目达到预定可使用状态的日期调整为2025年9月。 壹石通表示，本次部分募投项目延期仅涉及项目进度的变化，未改变募投项目的投资内容、投资总额、实施主体，不会对募投项目的实施造 成实质性影响。本次延期不存在改变或变相改变募集资金投向和其他损害股东利益的情形，不会对公司的正常经营 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company achieved a revenue of 0.58 billion yuan in Q1 2025, representing a year-on-year increase of 15.82%, while the net profit attributable to the parent company was 0.9719 million yuan, a decrease of 86.98% year-on-year [3] - The company has made significant progress in the research and development of low-alpha spherical alumina, with the new production line for 50,000 tons of electronic ceramic powder now operational, expected to contribute to revenue growth [5][3] - The financial forecasts for 2025-2027 have been adjusted, with net profits projected at 0.41 billion yuan (previously 0.58 billion), 0.54 billion yuan (previously 0.73 billion), and 0.72 billion yuan respectively [3] Financial Summary - For 2025, the company is expected to generate a revenue of 3.31 billion yuan, with a year-on-year growth of 29.8% [7] - The projected net profit for 2025 is 0.41 billion yuan, with an EPS of 0.39 yuan, and a P/E ratio of 82.7 times [7] - The gross margin is expected to be 22.5% in 2025, with a net margin of 12.3% [10] Industry Insights - The electronic materials industry in China is projected to grow significantly, with the market size reaching 4,809.7 billion yuan in 2023, and the semiconductor materials market accounting for 1,295.5 billion yuan, or 26.94% of the total [4] - The strategic shift towards domestic production and reduced reliance on foreign materials is expected to create substantial opportunities within the semiconductor and electronic materials sectors [4]

一季度业绩稳健增长，高阶产品需求继续上升 周期/化工 事件：公司发布 2025 年一季报，报告期内实现营业收入 2.39 亿元，同比增长 18.0%，归母净利润 0.63 亿元，同比增长 21.99%，扣非净利润 0.59 亿元，同 比增长 28.66%，符合预期。 ❑ 风险提示：能源成本上涨、新项目投产不及预期，下游需求不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 712 | 960 | 1225 | 1479 | 1768 | | 同比增长 | 8% | 35% | 28% | 21% | 20% | | 营业利润(百万元) | 195 | 285 | 364 | 455 | 564 | | 同比增长 | 3% | 46% | 28% | 25% | 24% | | 归母净利润(百万元) | 174 | 251 | 320 | 399 | 494 | | 同比增长 | -8% | 44% | 27% | 25% | 24% | ...

2024 年归母净利润同比高增 44% 公司 2024 年实现营业收入 9.6 亿元，同比增加 34.94% ； 2024 年实现归母净利润 2.51 亿元，同比增加 44.47% ，创公司上市以来新高。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 2024 年产品产销量均保持同比正增长，产品价格走势出现分化 公司主要产品 2024 年产销量均实现正增长： 2024 年公司角形无机粉体产销量分别为 77446.44 吨和 7670 ...

2025年4月26日 本报告来源于"慧博投研",请勿外传! 公司研究 2024 年归母净利润同比高增 44%，高端产品持续放量 --- 联瑞新材（688300.SH）跟踪点评报告 要点 2024 年归母净利润同比高增 44%:公司 2024 年实现营业收入 9.6 亿元,同比 增加 34.94%；2024 年实现归母净利润 2.51 亿元，同比增加 44.47%，创公司 上市以来新高。 2024 年产品产销量均保持同比正增长，产品价格走势出现分化。公司主要产品 2024年产销量均实现正增长:2024年公司角形无机粉体产销量分别为 77446.44 吨和 76703.59 吨,分别同比增加 8.9%和 8.6%;球形无机粉体产销量分别为 37131.48 吨和 36739.18 吨,分别同比增加 40.0%和 42.3%;其他产品(球形 氧化铝、浆料等）产销量分别为 7740.8 吨和 7862.75 吨，分别同比增加 59.3% 和 63.9%。产品单价走势出现分化：2024 年公司角形无机粉体和球形无机粉体 平均单价分别为 3304 元/吨和 14941元/吨，分别同比增加 0.03%和 4.57%;202 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 写在前面 （文末有惊喜） 一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 正文 算力升级拉动电子原材料需求增长图解及测算 图表:算力升级拉动电子上游原材料需求增长图解 图表:服务器升级对PPO树脂及对应硅攒粉需求拉动测算 | | | | | 项目 2022E | 2023E | 2024E | | 2025E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 科技浪潮 | | AI快发展 | | AI服务器(万台) 12 | 15 | | 34 | 54 | | | | 算力要求提高 | PPO树脂(吨) | 194 | 248 | | 537 | 861 | | | | | Low Df球硅(吨) | 117 | 149 | | 322 | 516 | | 终端应用 | AI服务器官求增长 | CPU服务器架构升级 | 数据中心网络架构造代 | | | | | | | | | | PCIE5.0 ...

Summary of Tianma New Materials Conference Call Company Overview - Tianma New Materials focuses on the research, production, and sales of fine aluminum oxide powder materials, covering seven categories including electronic ceramics, electronic glass, high thermal conductivity lithium battery separators, and high voltage electrical appliances [3][4] Key Financial Highlights - Revenue for 2024 is projected to grow by 35% to 250 million yuan, driven by a recovery in downstream consumer electronics demand and government subsidy policies [3][4] - The sales volume is expected to increase by 30%-40% to approximately 40,000 tons in 2024, aided by the new 50,000-ton electronic ceramics production line [3][7] - The average selling price of electronic ceramics powder is approximately 6,000 yuan per ton, reflecting price adjustments due to significant raw material cost increases [5][10] Raw Material Price Dynamics - Raw material prices fluctuated significantly in 2024, starting at 2,600 yuan per ton and rising to nearly 6,000 yuan by year-end, impacting the company's cost structure [6][10] - The company anticipates raw material prices to stabilize around 3,000 yuan per ton in 2025 [6] Product Performance and Market Trends - Electronic ceramics accounted for 55% of sales in 2024, with a notable increase in ceramic substrate powder sales, which grew by 92% year-on-year [8][9] - Major clients, Zhejiang Xinda and Jiuhau, reported over 50% growth in orders, indicating strong demand in the electronic ceramics sector [9] Margin and Cost Management - The gross margin declined due to mismatches in product cycles and the inability to fully pass on raw material cost increases to downstream customers, resulting in a 2% drop in gross margin [10] - The company is implementing strategies to manage costs, including stockpiling semi-finished products and expediting the sale of existing inventory [10][11] Production Capacity and Future Outlook - The company has completed the construction of a 50,000-ton electronic ceramics production line and is in the trial production phase for a 5,000-ton spherical aluminum production line, expected to be operational in 2025 [3][4][15] - In 2025, the company plans to focus on high-value-added products and expand into high-end spherical aluminum markets, with expectations of releasing over half of its production capacity for sales [25][26] Challenges and Strategic Adjustments - The company faces uncertainties related to equipment maintenance and repairs, which may affect production capacity in 2025 [16][26] - The strategy for 2025 includes adjusting the product mix towards high-value products and expanding customer reserves, particularly in the fields of aluminum hydroxide polishing and third-generation semiconductor packaging materials [25] Conclusion - Tianma New Materials is positioned for growth in 2024 and 2025, driven by strong demand in the electronic ceramics market and strategic adjustments to product offerings and production capacity. However, the company must navigate challenges related to raw material costs and production uncertainties.