9月24日，联瑞新材涨5.19%，截至发稿，报61.59元/股，成交4.46亿元，换手率3.09%，总市值148.72亿 元。联瑞新材股价已经连续5天上涨，区间累计涨幅8.03%。 资料显示，江苏联瑞新材料股份有限公司位于江苏省连云港市海州区新浦经济开发区，成立日期2002年 4月28日，上市日期2019年11月15日，公司主营业务涉及无机填料和颗粒载体行业产品的研发、制造和 销售。主营业务收入构成为：球形无机粉体57.16%，角形无机粉体26.39%，其他16.32%，其他(补 充)0.12%。 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓联瑞新材。招商专精特新股票A（014185）二季度增持4.36万股， 持有股数22.48万股，占基金净值比例为3.02%，位居第九大重仓股。根据测算，今日浮盈赚取约68.33 万元。连续5天上涨期间浮盈赚取97.77万元。 招商专精特新股票A（014185）成立日期2021年12月7日，最新规模2.16亿。今年以来收益40.53%，同 类排名1052/4220；近一年收益83.93%，同类排名886/3814；成立以来收益21.12%。 招商专精特新股票A（0 ...

Group 1 - The core viewpoint of the news is that Lianrui New Materials has seen a significant stock price increase, with a 5.19% rise on September 24, reaching 61.59 yuan per share, and a total market capitalization of 14.872 billion yuan [1] - Lianrui New Materials has experienced a cumulative increase of 8.03% over the past five days, indicating strong market performance [1] - The company specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products, with its main revenue sources being spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and others (16.32%) [1] Group 2 - Huafu Fund has a significant holding in Lianrui New Materials, with its Huafu Strategy Selected Mixed A fund holding 7,700 shares, accounting for 3.93% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated a floating profit of approximately 23,400 yuan today and 33,500 yuan during the five-day increase [2] - The Huafu Strategy Selected Mixed A fund has a total scale of 7.9819 million, with a year-to-date return of 14.93% and a one-year return of 44.43% [2]

Core Viewpoint - Lianrui New Materials has shown a positive stock performance with a year-to-date increase of 13.11% and a recent market capitalization of 13.426 billion yuan, indicating strong investor interest and potential growth in the inorganic filler and particle carrier industry [1][2]. Company Overview - Lianrui New Materials, established on April 28, 2002, and listed on November 15, 2019, is located in Lianyungang, Jiangsu Province. The company specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products [1]. - The company's main revenue sources include spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%) [1]. Financial Performance - For the first half of 2025, Lianrui New Materials reported a revenue of 519 million yuan, reflecting a year-on-year growth of 17.12%. The net profit attributable to shareholders was 139 million yuan, marking an 18.01% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 381 million yuan in dividends, with 242 million yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.27% to 7,692, while the average number of circulating shares per person increased by 34.39% to 31,392 shares [2]. - Notable institutional shareholders include Noan Pioneer Mixed A and Xinao Craftsman Selected Mixed, with increases in their holdings [3].

Core Viewpoint - Lianrui New Materials Co., Ltd. has shown a positive stock performance and financial growth, indicating potential investment opportunities in the inorganic filler and particle carrier industry. Group 1: Stock Performance - On September 12, Lianrui's stock rose by 2.07%, reaching 56.18 CNY per share, with a trading volume of 186 million CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 13.566 billion CNY [1] - Year-to-date, Lianrui's stock price has increased by 14.29%, with a 6.22% rise over the last five trading days, a 3.85% decline over the last 20 days, and a 31.11% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Lianrui achieved a revenue of 519 million CNY, representing a year-on-year growth of 17.12%, and a net profit attributable to shareholders of 139 million CNY, up by 18.01% year-on-year [2] - Since its A-share listing, Lianrui has distributed a total of 381 million CNY in dividends, with 242 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, Lianrui had 7,692 shareholders, a decrease of 3.27% from the previous period, with an average of 31,392 circulating shares per shareholder, an increase of 34.39% [2] - Notable institutional shareholders include Nuoan Pioneer Mixed A, which holds 1.4602 million shares, and Xinao Craftsmanship Selected Mixed, which increased its holdings by 63,200 shares to 1.3799 million shares [3]

Core Viewpoint - Lianrui New Materials Co., Ltd. experienced a stock price increase of 5.06% on September 11, reaching 54.38 CNY per share, with a trading volume of 297 million CNY and a market capitalization of 13.131 billion CNY [1] Company Overview - Lianrui New Materials, established on April 28, 2002, and listed on November 15, 2019, is located in Lianyungang City, Jiangsu Province. The company specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products [1] - The revenue composition of the company includes spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%) [1] Shareholder Insights - Noan Fund's Noan Pioneer Mixed A (320003) fund entered the top ten circulating shareholders of Lianrui New Materials in the second quarter, holding 1.4602 million shares, which is 0.6% of the circulating shares. The estimated floating profit for today is approximately 3.8257 million CNY [2] - Noan Pioneer Mixed A has a total asset size of 3.84 billion CNY and has achieved a year-to-date return of 27.82%, ranking 2475 out of 8175 in its category [2] Fund Performance - Noan Research Preferred Mixed A (008185) holds 77,800 shares of Lianrui New Materials, making it the fourth-largest holding in the fund, with a net asset proportion of 4.89%. The estimated floating profit for today is around 203,700 CNY [4] - Noan Research Preferred Mixed A was established on May 9, 2020, with a total asset size of 71.2857 million CNY. It has achieved a year-to-date return of 33.14%, ranking 1768 out of 8175 in its category [4]

Company Overview - Jiangsu Lianrui New Materials Co., Ltd. is located in Lianyungang City, Jiangsu Province, and was established on April 28, 2002. The company went public on November 15, 2019. Its main business involves the research, manufacturing, and sales of inorganic fillers and particle carrier products [1]. Business Performance - The company's main revenue composition includes spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%), with a minor contribution from supplementary products (0.12%) [1]. Stock Performance - On September 1, Lianrui New Materials' stock fell by 5.22%, closing at 57.02 CNY per share, with a trading volume of 281 million CNY and a turnover rate of 1.99%. The total market capitalization is 13.769 billion CNY [1]. Fund Holdings - According to data, a fund under People's Insurance Asset holds a significant position in Lianrui New Materials. The fund, named Renbao Selected Mixed A (005041), reduced its holdings by 2,870 shares in the second quarter, now holding 35,100 shares, which accounts for 2.15% of the fund's net value, making it the third-largest holding [2]. Fund Performance - Renbao Selected Mixed A (005041) was established on February 1, 2018, with a latest scale of 73.4629 million CNY. Year-to-date, it has achieved a return of 22.42%, ranking 3,550 out of 8,254 in its category. Over the past year, it has returned 52.71%, ranking 2,336 out of 8,037, and since inception, it has returned 56.38% [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [5]. Core Views - The company is positioned as a leading domestic supplier of functional powder materials, expected to benefit from the explosive growth in advanced packaging, with a projected compound annual growth rate (CAGR) of 10.7% in the global advanced packaging market from 2023 to 2029 [5]. - The company's high-end products, particularly spherical inorganic powders, are experiencing significant growth, driven by the expanding market for high-bandwidth memory (HBM) packaging materials and increasing demand for high-performance electronic circuit substrates [3][4]. - The financial performance shows a strong upward trend, with a 17.12% year-on-year increase in revenue for the first half of 2025, and a 18.01% increase in net profit [11]. Financial Summary - For 2023, the company expects revenue of 712 million yuan, with a year-on-year growth rate of 7.5%. By 2027, revenue is projected to reach 1,637 million yuan, with a growth rate of 12.5% [15]. - The net profit attributable to the parent company is forecasted to be 174 million yuan in 2023, increasing to 488 million yuan by 2027, reflecting a growth rate of 17.0% [15]. - The company's return on equity (ROE) is expected to improve from 12.9% in 2023 to 20.2% in 2027, indicating enhanced profitability [15]. Revenue Breakdown - In the second quarter of 2025, the company reported a revenue of 281 million yuan, a quarter-on-quarter increase of 17.55%, and a net profit of 76 million yuan, up 19.94% from the previous quarter [9][10]. - The revenue from spherical inorganic powders and others is projected to be approximately 2.0 to 2.1 billion yuan in the second quarter of 2025, accounting for 74% of total revenue [3]. Market Trends - The demand for advanced packaging materials is accelerating due to developments in AI, high-performance computing (HPC), and automotive sectors, which is expected to drive the market for functional advanced powder materials [4]. - The company is focusing on high-end product research and development to capitalize on these market trends, particularly in the areas of thermal materials for electric vehicles and high-performance circuit boards [4].

Core Viewpoint - Lianrui New Materials (688300.SH), a leader in silicon micro powder, is increasing its production capacity by issuing convertible bonds to raise up to 720 million yuan for key projects and working capital [1][2][4]. Group 1: Fundraising and Investment Projects - The company plans to issue convertible bonds to raise a total of no more than 720 million yuan, which will be allocated to three main projects: 270 million yuan for ultra-pure spherical powder materials for high-performance substrates, 250 million yuan for high-thermal-conductivity spherical powder materials, and 200 million yuan for working capital [2][4]. - The ultra-pure spherical powder materials project has a total investment of 423 million yuan, while the high-thermal-conductivity spherical powder materials project has a total investment of 388 million yuan [2][3]. Group 2: Financial Performance - In Q1 2025, the company achieved revenue of 239 million yuan, a year-on-year increase of 18%, and a net profit of 63.04 million yuan, up 21.99% [1][6]. - For the year 2024, the company reported a record revenue of 960 million yuan, a 34.94% increase, and a net profit of 251 million yuan, up 44.47% [6][7]. - The gross profit margin for Q1 2025 was 40.62%, showing a steady increase from previous years [1][7]. Group 3: R&D and Market Position - The company has invested 160 million yuan in R&D over the past four years, emphasizing the importance of technology in its operations [5][7]. - Lianrui New Materials has developed core technologies in advanced functional inorganic non-metallic powder materials, holding 132 intellectual property rights, including 64 invention patents [7]. - The company has maintained a stable gross profit margin, with figures of 39.20%, 39.26%, 40.38%, and 40.62% from 2022 to Q1 2025 [7].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a 44% year-on-year increase in net profit attributable to shareholders in 2024, reaching 251 million yuan, with total revenue projected at 960 million yuan, a 34.94% increase [1] - The company continues to benefit from the rising demand in the semiconductor market, with a 19.1% increase in semiconductor sales expected in 2024 [3] - The company is enhancing its product offerings in high-end markets, leading to increased sales and certifications from overseas clients [4] Financial Performance Summary - Revenue and profit forecasts for 2024-2027 show significant growth, with revenue expected to reach 1.625 billion yuan by 2027, and net profit projected at 461 million yuan [5][11] - The company's earnings per share (EPS) is forecasted to grow from 1.35 yuan in 2024 to 2.48 yuan in 2027, reflecting a strong upward trend [5][11] - The return on equity (ROE) is expected to improve from 16.67% in 2024 to 19.42% in 2027, indicating enhanced profitability [13] Product Performance Summary - The company reported positive growth in production and sales across its main products in 2024, with specific increases of 8.9% and 8.6% for angular inorganic powders, and 40.0% and 42.3% for spherical inorganic powders [2] - The average selling prices for angular and spherical inorganic powders showed slight increases, while other products experienced a price decline of 12.11% [2] Market Trends and Opportunities - The advanced packaging market is projected to grow significantly, with a compound annual growth rate (CAGR) of 10.6% from 2022 to 2028, which is expected to benefit the company's product lines [3] - The high-end CCL market is anticipated to grow at a CAGR of 26% from 2024 to 2026, presenting further opportunities for the company [3]