长江商报消息 联瑞新材（688300.SH）再添发展新动力。 11月24日，联瑞新材公告，公司发行可转债申请获证监会同意注册批复。公司拟募集资金6.95亿元，用 于高性能高速基板用超纯球形粉体材料项目、高导热高纯球形粉体材料项目以及补充流动资金。 长江商报记者注意到，本次募集资金投资项目围绕联瑞新材主营业务展开，有利于进一步巩固其在行业 的市场地位。 募资扩产背后，有公司稳健增长的经营基本面作为支撑。2025年前三季度，公司实现营收8.24亿元、归 母净利润2.2亿元，同比增幅均在19%左右。 根据公告披露，联瑞新材本次拟募集的6.95亿元资金中，将主要投向两大高端材料项目：高性能高速基 板用超纯球形粉体材料项目与高导热高纯球形粉体材料项目。剩余2亿元资金将用于补充流动资金，优 化公司财务结构。 长江商报记者注意到，早在2025年2月，联瑞新材就披露了将对外投资"高性能高速基板用超纯球形粉体 材料项目"。该项目原计划投资总金额约3亿元，此次发布的可转债预案中，联瑞新材根据项目建设需要 追加调整该项目投资总额为4.23亿元，拟使用募集资金2.55亿元。 上述项目建成后，将形成年产3600吨高性能高速基板用超纯球 ...

Core Viewpoint - Lianrui New Materials (688300.SH) has received approval from the Shanghai Stock Exchange's Listing Review Committee for its application to issue convertible bonds to unspecified investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1][2]. Summary by Sections Issuance Details - The company plans to raise a total of up to 69.5 million yuan (approximately 9.5 million USD) through the issuance of convertible bonds, which will be allocated to three main projects: high-performance ultra-pure spherical powder materials for high-speed substrates, high thermal conductivity ultra-pure spherical powder materials, and supplementing working capital [2][4]. Project Investment Breakdown - The total investment for the projects is 101.09 million yuan (approximately 14 million USD), with the following allocations: - High-performance ultra-pure spherical powder materials project: 42.32 million yuan (approximately 5.9 million USD), with 25.5 million yuan (approximately 3.5 million USD) from the bond issuance - High thermal conductivity ultra-pure spherical powder materials project: 38.77 million yuan (approximately 5.4 million USD), with 24 million yuan (approximately 3.3 million USD) from the bond issuance - Supplementing working capital: 20 million yuan (approximately 2.8 million USD), fully funded by the bond issuance [4]. Shareholder Information - The controlling shareholder of the company is Li Xiaodong, who directly holds 20.18% of the shares and indirectly holds 17.45% through a personal enterprise. Together with his son, Li Changzhi, they control a total of 37.92% of the shares, significantly influencing the company's major decisions and management [6]. Underwriter Information - The lead underwriter for the bond issuance is Guotai Junan Securities Co., Ltd., with representatives Zhao Qingchen and Qin Yinzhen overseeing the process [7].

Core Viewpoint - Lianrui New Materials (688300.SH) announced a reduction in its convertible bond issuance plan from a maximum of RMB 720 million to RMB 695 million, primarily due to a deduction of RMB 25 million for financial investments made in the six months prior to the board resolution [1] Financial Adjustments - The funding allocation for two key projects has been adjusted: the ultra-pure spherical powder material project for high-performance high-speed substrates will now use RMB 255 million instead of RMB 270 million, and the high-thermal-conductivity high-purity spherical powder material project will use RMB 240 million instead of RMB 250 million, resulting in a total reduction of RMB 25 million [1] - The allocation for supplementary working capital remains unchanged at RMB 200 million [1] Financial Performance - The company's projected net profits for the years 2022 to 2024 are RMB 188 million, RMB 174 million, and RMB 251 million, respectively, with a net profit of RMB 139 million expected for the first half of 2025 [1] - The comprehensive gross profit margins from 2022 to the first half of 2025 are projected to be 39.20%, 39.26%, 40.38%, and 40.84%, respectively [1]

Core Viewpoint - Jiangsu Lianrui New Materials Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its application for issuing convertible bonds, detailing its financial issues, development plans, and operational status [1] Fundraising Projects: Future Layout and Competitiveness Enhancement - The total amount of funds raised is 720 million yuan, allocated to high-performance high-speed substrate ultra-pure spherical powder materials project, high thermal conductivity high-purity spherical powder materials project, and working capital supplementation [2] - The high-performance high-speed substrate ultra-pure spherical powder materials project has a total investment of 423 million yuan, with 270 million yuan from raised funds; the high thermal conductivity high-purity spherical powder materials project has a total investment of 388 million yuan, with 250 million yuan from raised funds; working capital supplementation is 200 million yuan [2] - All raised funds for the first two projects will be used for capital expenditures, including construction and equipment costs, which are deemed reasonable compared to similar projects in the industry [2] Financing Necessity: Funding Gap and Industry Development Drivers - Despite having 585 million yuan in freely available funds as of June 2025, the company faces a funding gap of 784 million yuan over the next three years due to various factors, including operational profit accumulation, minimum cash reserves, and planned capital expenditures [3] - The company's asset-liability ratio is close to the industry average, and raising funds through bank loans would significantly increase this ratio, potentially impacting operations negatively, thus making the issuance of convertible bonds necessary [3] Benefit Assessment: Cautious and Reasonable, Promising Prospects - For the high-performance high-speed substrate ultra-pure spherical powder materials project, the estimated average sales price at full production is 183,000 yuan per ton, with an average gross profit margin of 46.26% and a net profit margin of 24.43% [4] - The high thermal conductivity high-purity spherical powder materials project is expected to have an average gross profit margin of 35.52% and a net profit margin of 18.30%, contributing to increased revenue and net profit post-production [5] Operational Status: Steady Growth and Structural Optimization - From 2022 to Q1 2025, the company's main business revenue has shown growth, reaching 661 million yuan, 711 million yuan, 959 million yuan, and 238 million yuan, driven by the expanding market for semiconductor packaging materials and electronic circuit substrates [6] - The company's expense ratios align with revenue growth, with sales expense ratios slightly lower than industry peers, and R&D expense ratios slightly higher, indicating a balanced operational approach [7] Gross Margin Analysis - The company's gross margin differs from industry peers due to product focus, downstream applications, and operational conditions, with spherical silica showing higher margins than angular silica [8] Accounts Receivable and Inventory Management - The company has adequately provisioned for bad debts, with most accounts receivable aging within one year, and a good collection rate post-period [9] - Inventory turnover is high, with a low risk of price decline, indicating effective inventory management [9]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 519 million in H1 2025, representing a year-on-year increase of 17.12%, and a net profit attributable to the parent company of 139 million, up 18.01% year-on-year [1][3]. - The company is focusing on functional advanced powder materials, benefiting from the growth in downstream demand, particularly in high-performance electronic circuit substrates and thermal materials [2][3]. - The company is expanding its high-end production capacity, with plans to increase production of ultra-pure spherical silica and high thermal conductivity spherical alumina materials [2]. Financial Summary - For 2025-2027, the projected net profits attributable to the parent company are 337 million, 413 million, and 492 million respectively, with corresponding PE ratios of 42.81, 34.97, and 29.33 [3][4]. - The company’s revenue is expected to grow from 712 million in 2023 to 1.657 billion in 2027, with growth rates of 7.5%, 34.9%, 26.4%, 17.7%, and 15.9% for the respective years [4][11]. - The gross margin for H1 2025 was 40.84%, with a net margin of 26.70% [1][2].

Group 1 - The issuance of convertible bonds has slowed down this year, with 14 bonds issued by May 25, raising a total of 18.927 billion yuan, a year-on-year decrease of 11.54% [1] - The top five convertible bonds by fundraising amount include Yiwai Convertible Bond, Taineng Convertible Bond, Yushui Convertible Bond, Weice Convertible Bond, and Nanyao Convertible Bond, all exceeding 1 billion yuan, with Yiwai Convertible Bond raising 5 billion yuan for energy storage and vehicle battery projects [1] - Several companies have announced plans to issue convertible bonds for investment projects, including Lianrui New Materials aiming to raise up to 720 million yuan for high-performance materials and UpSound Electronics planning to raise up to 330 million yuan for technology upgrades and working capital [1] Group 2 - Poly Developments has received approval from the CSRC for a cash-type targeted convertible bond issuance, with a total amount not exceeding 8.5 billion yuan, aimed at 15 real estate projects related to "guaranteeing housing delivery and people's livelihood" [2] - A significant number of convertible bonds have been redeemed this year, with 49 bonds delisted from exchanges, 34 of which were due to triggering early redemption clauses, accounting for about 70% [2] - Companies are increasingly using convertible bonds as a payment tool for mergers and acquisitions, with Xunbang Intelligent announcing plans to acquire equity through the issuance of shares and convertible bonds, indicating a trend towards more flexible deal structures in the restructuring market [2]

Core Viewpoint - Lianrui New Materials (688300.SH) plans to issue convertible bonds to raise up to 720 million yuan for high-performance materials projects and working capital [1][2] Group 1: Convertible Bond Issuance - The company intends to issue convertible bonds with a total amount not exceeding 720 million yuan, net proceeds will be used for high-performance substrate materials projects and to supplement working capital [1] - The bonds will have a term of six years, with a face value of 100 yuan each, and will be issued at face value [2] - The interest rate will be determined by the board of directors based on market conditions and company specifics [2] - The bonds will be convertible into company A-shares after a six-month period from issuance [2] Group 2: Previous Fundraising and Financials - Lianrui New Materials was listed on the Sci-Tech Innovation Board on November 15, 2019, raising a total of approximately 586.34 million yuan, with a net amount of about 517.86 million yuan after expenses [3][4] - The company initially planned to raise 284.67 million yuan for various projects, including the construction of a silicon powder production base and capacity expansion [4] - The total issuance costs amounted to approximately 68.48 million yuan, with underwriting fees being a significant portion [5]