| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-043 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 转债代码：113064 转债简称：东材转债 转股价格：11.63 元/股 转股期限：2023 年 5 月 22 日至 2028 年 11 月 15 日 简称为"东材转债"，转债代码为"113064"。根据《四川东材科技集团股份有 限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 的相关条款，公司本次发行的"东材转债"自 2023 年 5 月 22 日起可转换为公司 股份，初始转股价格为 11.75 元/股，最新转股价格为 11.63 元/股。 二、可转债转股价格修正条款与可能触发情况 1、修正权限与修正幅度 关于可转债预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示： 2025 年 4 月 16 日至 2025 年 5 月 6 日，四川东材科技 ...

上 市 公 司 基础化工 2025 年 05 月 05 日 东材科技 (601208) —— 25Q1 业绩迎来拐点，高频高速树脂加速放量 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 8.99 | | 一年内最高/最低（元） | 10.31/6.12 | | 市净率 | 1.8 | | 息率（分红/股价） | 1.67 | | 流通 A 股市值（百万元） | 8,062 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 4.92 | | 资产负债率% | 56.61 | | 总股本/流通 A 股（百万） | 897/897 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 研究支持 周超 A0230123090004 zhouchao@swsresearch.com 联系人 周超 (8621 ...

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 5 月 6 日（星期二）至 5 月 12 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系 邮箱 investor@emtco.cn 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）已于 2025 年 4 月 25 日发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公 司 2024 年度的经营成果和财务状况，公司计划于 2025 年 ...

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 现金管理金额：10,000万元（人民币） 现金管理产品名称：中国工商银行挂钩汇率区间累计型法人人民币结构 性存款产品-专户型2025年第159期B款 现金管理期限：27天 履行的审议程序：2025年1月9日，四川东材科技集团股份有限公司（以 下简称"公司"或"本公司"）召开第六届董事会第十四次会议和第六届监事 会第十一次会议，审议通过了《关于使用闲置募集资金进行现金管理的议案》， 同意公司及子公司在保证募集资金投资项目（以下简称"募投项目"）施工进 度和资金需求的前提下，使用不超过人民币1.2亿元的闲置募集资金进行现金管 理，上述授权额度范围内，资金可滚动使用；现金管理期限为自公司董事会审 议批准之日起12个月内有效。 一、本次 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 4.47 billion yuan for 2024, representing a year-on-year increase of 19.6%. However, the net profit attributable to shareholders was 180 million yuan, down 44.5% year-on-year, and the net profit after deducting non-recurring gains and losses was 120 million yuan, down 42.1% year-on-year. In Q1 2025, the company achieved a revenue of 1.13 billion yuan, up 23.2% year-on-year but down 7.4% quarter-on-quarter, with a net profit of 90 million yuan, up 81.2% year-on-year and turning from loss to profit [6][11]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.47 billion yuan, with a gross profit of 622 million yuan, resulting in a gross margin of 13.9%, down 5.1 percentage points year-on-year. The net profit margin was 3.4%, down 4.8 percentage points year-on-year. The company plans to distribute a cash dividend of 1 yuan per 10 shares, which accounts for 87.8% of the annual net profit [6][11][16]. Business Segments - The company focuses on new insulation materials, developing optical film materials, electronic materials, and environmentally friendly flame retardant materials. The products are widely used in various sectors, including power generation, smart grids, new energy vehicles, and consumer electronics. In 2024, the sales volume of several key segments increased significantly, with electrical insulation materials up 59.4%, new energy materials up 11.1%, and optical film materials up 10.9% [11][16]. Future Outlook - The company is expected to benefit from the high-quality development of emerging sectors such as ultra-high voltage power grids and new energy vehicles. The forecasted net profits for 2025, 2026, and 2027 are 460 million yuan, 560 million yuan, and 730 million yuan, respectively, indicating a positive growth trajectory [11][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's performance in 2024 is under pressure, but there is an expected improvement in Q1 2025, driven by the release of new production capacity and product structure optimization [5][6] - The company achieved a revenue of 4.47 billion yuan in 2024, a year-on-year increase of 19.6%, but the net profit attributable to shareholders decreased by 44.54% to 181 million yuan [5][6] - For Q1 2025, the company reported a revenue of 1.13 billion yuan, a year-on-year increase of 23.23%, and a net profit of 92 million yuan, reflecting significant improvements compared to the previous year [5][6] Financial Summary - The company’s revenue and profit forecasts for 2025-2027 are adjusted, with expected net profits of 406 million yuan, 513 million yuan, and 616 million yuan respectively [5][7] - The earnings per share (EPS) for 2025-2027 are projected to be 0.45 yuan, 0.57 yuan, and 0.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.8, 15.7, and 13.1 [5][7] - The gross margin and net margin for 2024 were 13.92% and 3.44%, respectively, showing a decline compared to the previous year, while Q1 2025 saw improvements to 16.39% and 7.75% [6][7] Product Performance - The company is focusing on high-value-added products, with significant revenue growth in optical films, polypropylene films, and high-speed electronic resins in Q1 2025 [6][5] - The management restructuring at Shandong Aiment has shown initial positive results, with a reduction in losses by nearly 8 million yuan in Q1 [6][5] Market Context - The overall market for epoxy resin and photovoltaic backsheet films is facing intensified competition, impacting the company's performance and profitability [5][6] - The company plans to invest in a new project for 20,000 tons of high-speed communication substrate electronic materials, indicating a strategic move towards expanding its product offerings [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Views - The company's performance in 2024 is under pressure, but there is an expected improvement in Q1 2025, driven by the release of new production capacity and product structure optimization [5][6] - The company achieved a revenue of 4.47 billion yuan in 2024, a year-on-year increase of 19.6%, but the net profit attributable to shareholders decreased by 44.54% to 181 million yuan [5][7] - For Q1 2025, the company reported a revenue of 1.13 billion yuan, a year-on-year increase of 23.23%, and a net profit of 92 million yuan, reflecting significant improvements compared to the previous year [5][6] Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted, with expected net profits of 406 million yuan, 513 million yuan, and 616 million yuan respectively [5][7] - The company's gross margin and net margin for 2024 were 13.92% and 3.44%, respectively, showing a decline compared to the previous year [6][7] - The company is expected to see a recovery in profitability with the release of high-value-added products such as optical films and high-frequency resins [5][6] Product Performance - In Q1 2025, the sales revenue for optical films, polypropylene films, and high-speed electronic resins increased significantly, with year-on-year growth rates of 43%, 37%, and 129% respectively [6][7] - The company plans to invest in a new project for high-speed communication substrate materials, which is expected to enhance its product offerings [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 4.47 billion RMB in 2024, representing a year-over-year increase of 20%, but the net profit attributable to shareholders decreased by 45% to 180 million RMB [1] - The company plans to distribute a cash dividend of 0.1 RMB per share for 2024, with a payout ratio of 49% [1] - The company’s Q4 2024 net profit was lower than expected due to price pressure on certain products and increased management expenses [1] - In Q1 2025, the company reported a net profit of 90 million RMB, an increase of 81% year-over-year, although it was below the forecast of 100 million RMB [1][3] - The report highlights the successful expansion of the company's electronic materials and optical film products, with significant sales growth in both segments [2][3] Summary by Sections Financial Performance - In 2024, the company’s revenue was 4.47 billion RMB, with a net profit of 180 million RMB, and a non-recurring net profit of 120 million RMB [1] - The Q4 2024 net profit was -60 million RMB, a significant decline of 368% year-over-year [1] - For Q1 2025, the company’s net profit was 90 million RMB, showing a quarter-over-quarter increase of 267% [1][3] Product Performance - The electronic materials segment saw a sales volume increase of 51% year-over-year to 59,000 tons, despite a 14% decrease in average price to 18,000 RMB per ton [2] - The optical film segment optimized its product structure, achieving a sales volume increase of 11% year-over-year to 98,000 tons, with a 6% increase in average price to 12,000 RMB per ton [2] - The new energy materials segment added 1,500 tons/year of production capacity for ultra-thin electronic polypropylene film, with a sales volume increase of 11% year-over-year [2] Profit Forecast and Valuation - The report adjusts the net profit forecast for 2025 and 2026 to 470 million RMB and 570 million RMB, respectively, reflecting a decrease of 13% and 12% [4] - The estimated earnings per share (EPS) for 2025 is projected at 0.52 RMB, with a target price set at 10.92 RMB based on a 21x PE valuation for 2025 [4][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.92 RMB [4][7][8] Core Views - The company reported a revenue of 4.47 billion RMB in 2024, a year-on-year increase of 20%, but the net profit attributable to shareholders decreased by 45% to 180 million RMB [1][4] - The company is experiencing pressure on net profit in 2024, primarily due to product price declines and increased management expenses, but it is successfully expanding its product offerings [1][2] - In Q1 2025, the company achieved a net profit of 90 million RMB, an increase of 81% year-on-year, driven by successful market expansion in high-voltage electrical polypropylene films and high-speed electronic resins [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.47 billion RMB, with a net profit of 180 million RMB, down 45% year-on-year [1] - The Q4 2024 net profit was -60 million RMB, significantly lower than expected due to price pressures and reduced other income [1] - For Q1 2025, the company reported a net profit of 90 million RMB, up 81% year-on-year, with a significant increase in sales volume and average price in electronic materials [3] Product Segments - Electronic materials sales volume increased by 51% year-on-year to 59,000 tons, with revenue up 30% to 1.07 billion RMB despite a 14% decline in average price [2] - Optical film segment saw an 11% increase in sales volume to 98,000 tons, with revenue rising 17% to 1.13 billion RMB [2] - New energy materials segment added 1,500 tons/year of production capacity, with sales volume up 11% to 65,000 tons, but faced price competition leading to a 5% decline in average price [2] Profitability and Valuation - The report projects a decrease in net profit for 2025 and 2026 to 470 million RMB and 570 million RMB, respectively, due to ongoing price pressures [4] - The estimated EPS for 2025 is 0.52 RMB, with a projected PE ratio of 21 times for 2025, leading to a target price of 10.92 RMB [4][8]