资料显示，安徽壹石通材料科技股份有限公司位于安徽省蚌埠市怀远经济开发区金河路10号，成立日期 2006年1月6日，上市日期2021年8月17日，公司主营业务涉及无机非金属功能性粉体材料的研发、生产 和销售。主营业务收入构成为：无机功能粉体材料90.61%，聚合物材料9.02%，其他(补充)0.36%。 截至3月31日，壹石通股东户数9127.00，较上期减少9.16%；人均流通股21888股，较上期增加10.08%。 2025年1月-3月，壹石通实现营业收入1.20亿元，同比增长5.46%；归母净利润-1680.11万元，同比增长 6.24%。 8月25日，壹石通涨3.32%，成交额3.76亿元。两融数据显示，当日壹石通获融资买入额6791.40万元， 融资偿还6070.91万元，融资净买入720.48万元。截至8月25日，壹石通融资融券余额合计3.28亿元。 融资方面，壹石通当日融资买入6791.40万元。当前融资余额3.28亿元，占流通市值的5.93%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，壹石通8月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 505 million yuan for 2024, representing a year-on-year growth of 8.6%, while the net profit attributable to the parent company was 12 million yuan, a decline of 51.05% year-on-year. The non-recurring net profit was -24 million yuan, indicating an expanded loss compared to the previous year [2][4] - In Q4, the revenue was 130 million yuan, showing a year-on-year increase of 10.82% but a quarter-on-quarter decrease of 4.23%. The net profit attributable to the parent company was -3 million yuan, a year-on-year decline of 130.32% and a quarter-on-quarter decline of 130.85% [2][4] Summary by Sections Revenue Performance - In 2024, the sales volume of inorganic functional powder materials reached 38,400 tons, a year-on-year increase of 32.3%, driven by the recovery in downstream demand. The overall revenue growth slightly lagged behind the shipment growth due to price adjustments of barium stone products. In Q4, barium stone shipments are expected to have a slight decline, with a controlled price reduction trend [10] - The sales volume of polymer materials increased to 1,700 tons, a year-on-year growth of 56.06%, with revenue remaining stable [10] Profitability Analysis - The company's gross margin for 2024 was 22.68%, down 3.5 percentage points year-on-year, primarily due to fluctuations in raw material prices and price adjustments affecting cost reduction efforts. The operating profit margin was 1% for 2024, with a net profit margin of 2.24% [10] - In Q4, the gross margin declined due to rising raw material prices and inventory impairment provisions, with operational profitability expected to be at breakeven [10] Future Outlook - For 2025, barium stone is expected to maintain a high shipment growth rate, with sales structure optimization likely to drive profit recovery. The Chongqing base is projected to contribute to performance growth with 9,800 tons of thermal conductive aluminum and flame-retardant materials [10] - New materials such as low-α alumina and high-purity quartz sand are anticipated to achieve bulk sales in 2025, further validating the material platform logic [10]

Core Viewpoint - The company reported a significant decline in net profit despite maintaining its leading position in the lithium battery coating materials market, primarily due to falling product prices and raw material cost fluctuations [1][4]. Group 1: Main Business Performance - In 2024, the company continued to hold the top market share in lithium battery coating materials, with a notable increase in the shipment of small particle size products, catering to the demand for thinner separators and enhancing battery charge and discharge efficiency [4]. - Overall revenue grew by 8.60% year-on-year, driven by increased sales in inorganic functional powder materials and polymer materials [4]. - However, the company's profitability faced significant pressure, with gross margin declining by 6.56% year-on-year due to lower product prices and raw material price volatility, leading to a 51.05% drop in net profit and a 179.08% increase in non-recurring losses [4][5]. Group 2: Innovation and R&D - The company increased its R&D investment in 2024, filing 62 new patent applications and obtaining 15 new authorizations, bringing the total to 61 authorized patents [5]. - Significant progress was made in the industrialization of new products such as ceramic flame-retardant series, high-purity quartz sand, and Low-α spherical alumina, particularly in the high-purity quartz sand project, which aims to reduce dependence on scarce foreign resources [5]. - The company is also focusing on solid oxide battery (SOC) systems, advancing the industrialization of solid oxide fuel cells (SOFC) and solid oxide electrolysis cells (SOEC), with plans to promote SOC demonstration projects in 2025 [5]. Group 3: Financials and Governance - The company faced significant cash flow pressure, with a net operating cash flow of -67.27 million, a year-on-year decline of 1284.2% [6]. - To reward shareholders, the company completed two share buybacks totaling 1.81 million shares for 65.04 million and proposed a cash dividend of 1 yuan per 10 shares, totaling 19.80 million [6]. - The company successfully completed board and supervisory board elections and organized training for directors and senior management to enhance compliance awareness, while also releasing its first ESG report to elevate its focus on sustainable development [6].