证券代码：688190 证券简称：云路股份 公告编号：2024-050 青岛云路先进材料技术股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第三次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2024 年 12 月 20 日 14 点 30 分 召开地点：公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 20 日 至 2024 年 12 月 20 日 股东大会召开日期：2024年12月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易 ...

Group 1: Event Details - The company will participate in the 2024 Qingdao District Listed Companies Investor Online Reception Day and Q3 performance briefing on November 28, 2024, from 15:00 to 17:00 [1] - The event will be conducted online, allowing investors to join via the China Securities Journal website [1] Group 2: Participants - The company's Chief Financial Officer and Board Secretary, Ms. Shi Yan, will be present for the online communication [1] - Independent Director, Ms. Dong Xuemei, will also participate in the discussion regarding the company's Q3 performance and operational status [1] Group 3: Investor Engagement - The company aims to enhance interaction with investors and build harmonious investor relations through this event [1] - Investors are encouraged to actively participate in the online discussion [1]

国泰君安证券股份有限公司 关于青岛云路先进材料技术股份有限公司 首次公开发行部分限售股上市流通的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐人"）作为青 岛云路先进材料技术股份有限公司（以下简称"云路股份"或"公司"）首次公 开发行并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》、《上 海证券交易所科创板股票上市规则》、《科创板上市公司持续监管办法（试行）》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》和 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法 律法规的要求，对云路股份首次公开发行部分限售股上市流通事项进行了核查， 具体情况如下： 一、本次上市流通的限售股类型 经中国证券监督管理委员会 2021 年 10 月 18 日下发《关于同意青岛云路先 进材料技术股份有限公司首次公开发行股票注册的批复》（证监许可[2021]3302 号）核准，青岛云路先进材料技术股份有限公司向社会公开发行人民币普通股（A 股）股票 30,000,000 股，并于 2021 年 11 月 26 日在上海证券交易所挂牌上市。 本次上市流通的限售 ...

证券代码：688190 证券简称：云路股份 公告编号：2024- 043 青岛云路先进材料技术股份有限公司 首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 59,184,000 股。 本次股票上市流通总数为 59,184,000 股。 本次股票上市流通日期为 2024 年 11 月 26 日。 一、本次限售股上市类型 经中国证券监督管理委员会2021年10月18日下发《关于同意青岛云路先进材 料技术股份有限公司首次公开发行股票注册的批复》（证监许可[2021]3302号）核 准，青岛云路先进材料技术股份有限公司向社会公开发行人民币普通股（A股）股 票30,000,000股，并于2021年11月26日在上海证券交易所挂牌上市。 本次上市流通的限售股为公司首次公开发行部分限售股，上市流通的限售股 股东共计 2 名，对应限售股数量共计 59,184,000 股，占公司股本总数的 49.32%， 限售期为自公司股票上 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8][9]. Core Views - The company reported a revenue of 1.388 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.54%. The net profit attributable to the parent company was 263 million yuan, up 10.33% year-on-year, while the net profit excluding non-recurring items reached 252 million yuan, increasing by 16.35% [6][7]. - In Q3 alone, the company achieved a revenue of 478 million yuan, a year-on-year growth of 5.01%, with a net profit of 96 million yuan, which is a significant increase of 29.7% year-on-year [6][7]. - The company has started contributing additional output from its new 15,000-ton amorphous alloy production capacity, which was launched in Q3. This is expected to stabilize output and maintain stable prices for amorphous products [7][8]. - The gross profit margin for the first three quarters reached 30.78%, an increase of 0.84 percentage points year-on-year, with Q3 gross profit margin at 31.8%, up 1.92 percentage points year-on-year [7][8]. - The company is focusing on enhancing product stability and reliability, with sales growth in nano-crystals and soft magnetic powders, gaining recognition in sectors like energy storage and new energy vehicles [8]. Financial Summary - For 2024, the company is projected to achieve a net profit of 370 million yuan, corresponding to a PE ratio of approximately 27 times [8]. - The company’s total revenue is forecasted to grow from 1.772 billion yuan in 2023 to 2.628 billion yuan by 2026, with a consistent gross profit margin of around 30% [18]. - The operating profit is expected to increase from 384 million yuan in 2023 to 570 million yuan in 2026, indicating a positive growth trajectory [18].

证券代码：688190 证券简称：云路股份 公告编号：2024-042 青岛云路先进材料技术股份有限公司 股东减持计划时间届满暨减持股份结果公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，股东江志俊持有青岛云路先进材料技术股份有限公司 （以下简称"公司"）股份1,233,852股，占公司总股本1.0282%。其中1,228,852 股为公司首次公开发行前取得的股份，已于 2022 年 11 月 26 日解除限售并上市 流通；5,000 股为集中竞价交易取得。 减持计划的实施结果情况 公司于近日收到公司股东江志俊先生出具的《关于减持股份结果的告知函》， 截至 2024 年 11 月 8 日收盘，江志俊先生通过集中竞价方式，累计减持公司股票 253,390 股，占公司股份总额的 0.2112%，本次减持计划时间区间已届满，减持 计划尚未实施完毕。现将相关减持结果情况公告如下： 1 股东名称 股东身份 持股数量 （股） 持股比例 当前持股股份来源 一、减持 ...

Investment Rating - The investment rating for Yunlu Co., Ltd. (688190.SH) is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 1.388 billion yuan (up 6.5% year-on-year) and a net profit attributable to shareholders of 263 million yuan (up 10.3% year-on-year) [1] - The new production line for amorphous materials, which reached full capacity in August, is expected to contribute to growth [2] - The demand for amorphous materials is driven by favorable policies and high growth in industries such as power distribution, photovoltaics, data centers, rail transportation, new energy vehicles, and home appliances [2] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.388 billion yuan, with a net profit of 263 million yuan and a non-recurring net profit of 252 million yuan [1] - In Q3 alone, the revenue was 478 million yuan (up 5% year-on-year and up 2.1% quarter-on-quarter), with a net profit of 96 million yuan (up 29.7% year-on-year and up 5% quarter-on-quarter) [1] - The company forecasts net profits of 365 million yuan, 422 million yuan, and 503 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.07%, 15.34%, and 19.42% [3][4] Market Outlook - The amorphous alloy sector is expected to benefit from the favorable market conditions for distribution transformers, while the nano-crystalline alloy and soft magnetic powder core segments are anticipated to open new growth avenues [3] - The company is positioned as a leader in the domestic amorphous alloy market, benefiting from the increasing demand in various sectors [3] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 27, 24, and 20 respectively [3] - The company’s revenue is expected to grow from 1.855 billion yuan in 2024 to 2.377 billion yuan in 2026, with corresponding year-on-year growth rates of 4.70%, 14.14%, and 12.24% [4][8]

Investment Rating - The investment rating for Yunlu Co., Ltd. (688190) is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [11]. Core Insights - The company achieved a revenue of 1.39 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.5%. The net profit attributable to shareholders was 260 million yuan, up 10.3% year-on-year, with an EPS of 2.2 yuan [4][6]. - In Q3 2024, the company reported a revenue of 480 million yuan, a 5.0% increase year-on-year and a 2.1% increase quarter-on-quarter. The net profit attributable to shareholders for the same period was 96 million yuan, reflecting a significant year-on-year growth of 29.7% [4][9]. - The company continues to invest in research and development, with R&D expenses increasing by 50% year-on-year, indicating a commitment to innovation and product development [4][9]. Summary by Sections Performance Overview - In the first three quarters of 2024, the company maintained stable performance with a revenue of 1.39 billion yuan and a net profit of 260 million yuan. The revenue for Q3 2024 was 480 million yuan, with a net profit of 96 million yuan [4][6][9]. - The gross margin improved sequentially from 30.25% to 31.8% over the quarters, attributed to increased sales volume and optimized revenue structure [4][9]. Financial Data - The company reported a total revenue of 1.772 billion yuan for 2023, with a projected revenue of 1.863 billion yuan for 2024, reflecting a growth rate of 5.14% [6][10]. - The net profit for 2023 was 332 million yuan, with an expected increase to 370 million yuan in 2024, indicating a growth rate of 11.43% [6][10]. Capacity Expansion - The company has successfully launched a new production line for 15,000 tons of amorphous alloy, bringing total capacity to 105,000 tons, positioning it as a leading producer in the domestic market [4][9]. - Future growth is anticipated as the company continues to meet increasing demand from sectors such as renewable energy and electrification [4][9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in performance due to capacity expansion and new product launches [4][6]. Core Insights - The company achieved a revenue of 1.388 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 6.5%. The net profit attributable to the parent company was 263 million yuan, up 10.3% year-over-year [1][2]. - The third quarter alone saw a revenue of 478 million yuan, with a year-over-year growth of 5% and a quarter-over-quarter increase of 2.1%. The net profit for Q3 was 96 million yuan, reflecting a year-over-year increase of 29.7% [1][2]. - The company’s gross margin for Q3 2024 was 31.80%, showing an increase of 1.92 percentage points year-over-year, while the net profit margin reached 20.07%, up 3.82 percentage points year-over-year [2][3]. Financial Performance - The company’s operating cash flow for the first three quarters of 2024 was 203 million yuan, a significant increase of 35.2% year-over-year, indicating improved cash flow due to increased sales collections [2]. - The projected net profits for 2024, 2025, and 2026 are estimated at 356.61 million yuan, 434.69 million yuan, and 498.50 million yuan, respectively, with corresponding price-to-earnings ratios of 27.92, 22.90, and 19.97 [4][5]. Market Expansion - The company is the largest producer of amorphous materials globally, with a current capacity of 105,000 tons following the successful launch of a new production line in Q3 2024. This positions the company well for future growth [3][4]. - The amorphous transformer market is expanding due to increased energy efficiency standards, particularly in domestic and Southeast Asian markets, which is expected to drive further demand [3][4]. Product Development - The company is focusing on enhancing the stability and reliability of its products in the nanocrystalline and magnetic powder segments, which are gaining traction in sectors such as AI computing, smart appliances, and new energy vehicles [3][4].

股 票 研 究 证 券 研 究 报 告 --云路股份 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.01 Q3 业绩稳健，静待新应用赋能成长 云路股份(688190) 金属，采矿，制品 [Table_Industry] /原材料 | --- | --- | --- | |----------|-------------------------------------|----------------------------| | | | | | | [table_Authors] 于嘉懿 ( 分析师 ) | 刘小华 ( 分析师 ) | | | 021-38038404 | 021-38038434 | | | yujiayi@gtjas.com | liuxiaohua027843@gtjas.com | | 登记编号 | S0880522080001 | S0880523120003 | 本报告导读： 24Q3，公司非晶带材产品价格企稳，归母净利润环比提升，业绩符合预期。作为非 晶带材行业全球龙头，公司将受益于海内外配电网升级、以及新能源汽车等下游领 域高景气度，业绩有望持续 ...