中信证券股份有限公司 关于会通新材料股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为会通新 材料股份有限公司（以下简称"会通股份"或"公司"）向不特定对象发行可转 换公司债券的保荐人。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》等相关规定，中信证券履行持续督导职责，并出具本 持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 15 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2024 年度内部控制自我评价报告、2024 年度内部控 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company has demonstrated stable growth in profitability, with a 13.81% year-on-year increase in revenue to 6.088 billion yuan and a 32.04% increase in net profit to 194 million yuan for the year 2024. The first quarter of 2025 also showed a 15.07% increase in revenue to 1.468 billion yuan and a 14.67% increase in net profit to 50 million yuan [2][5]. - The company's modified plastic business has seen a revenue increase of 15.39% to 5.936 billion yuan, accounting for 97.51% of total revenue, driven by increased sales volume [3]. - The company is focusing on high-value products such as long-chain nylon materials, PEEK, and PPS, with long-chain nylon revenue growing by 105.39% year-on-year, indicating a strategic shift towards emerging markets [4]. Financial Performance - The company’s revenue projections for 2025-2027 are 7.066 billion yuan, 8.335 billion yuan, and 10.081 billion yuan, respectively, with year-on-year growth rates of 16.08%, 17.95%, and 20.95% [5]. - The net profit forecasts for the same period are 250 million yuan, 318 million yuan, and 414 million yuan, with growth rates of 28.63%, 27.35%, and 30.13% [5]. - The company’s return on equity (ROE) is expected to improve from 10.69% in 2025 to 14.16% in 2027 [5]. Market Expansion - The company has successfully expanded into international markets, establishing a factory in Thailand and serving over 30 overseas clients, with overseas sales increasing by 178.39% year-on-year [3]. - The diversification into new fields such as consumer electronics and AI data servers is expected to create new growth opportunities [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company demonstrates stable operational performance with an increase in profitability, achieving a revenue of 6.088 billion yuan in 2024, a year-on-year growth of 13.81%, and a net profit of 194 million yuan, up 32.04% [2] - In Q1 2025, the company reported a revenue of 1.468 billion yuan, reflecting a 15.07% increase year-on-year, and a net profit of 50 million yuan, up 14.67% [2] - The company is actively expanding into emerging markets such as smart home, new energy vehicles, and consumer electronics, which has contributed to its revenue growth [2] Summary by Sections Revenue and Profitability - The company achieved a revenue of 59.36 billion yuan from modified plastics, a year-on-year increase of 15.39%, accounting for 97.51% of total revenue [3] - The sales volume of various plastic products increased significantly, with polyethylene series, polystyrene series, and engineering plastics showing year-on-year growth of 23.14%, 24.97%, and 12.58% respectively [3] - The company has successfully established a factory in Thailand, serving over 30 high-quality overseas clients, with overseas sales exceeding 17,000 tons, a year-on-year increase of 178.39% [3] Product Development and Market Expansion - The company focuses on high-value products such as long-chain nylon materials, PEEK, and PPS, with long-chain nylon revenue growing by 105.39% year-on-year [4] - The company is diversifying its applications beyond home appliances and automobiles into areas like consumer electronics, low-altitude economy, and AI data servers [4] - In the robotics sector, the company is proposing solutions to replace metals with high-strength carbon fiber reinforced polyamide materials and PEEK for key components [4] Financial Forecast - The company is expected to maintain steady growth, with projected revenues of 7.066 billion yuan, 8.335 billion yuan, and 10.081 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 16.08%, 17.95%, and 20.95% [5] - The net profit is forecasted to be 250 million yuan, 318 million yuan, and 414 million yuan for the same years, with growth rates of 28.63%, 27.35%, and 30.13% respectively [5] - Corresponding P/E ratios are projected to be 21.7, 17.0, and 13.1 for 2025, 2026, and 2027 [5]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leader in the modified materials industry, being the first new materials enterprise listed on the Sci-Tech Innovation Board in China. It has established a significant global presence with multiple production bases [5][12]. - The company reported a total revenue of 6.088 billion yuan in 2024, a year-on-year increase of 13.81%, and a net profit of 194 million yuan, up 32.04% year-on-year. For Q1 2025, revenue was 1.468 billion yuan, reflecting a 15.07% increase year-on-year [5][8]. - The company is strategically investing in lithium battery wet separator projects and developing materials for robotics, which are expected to drive future growth [5][6]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the modified plastics sector and is expanding into lithium battery separators and robotics materials [12]. - It has established eight major research and production bases globally, including locations in Shanghai and Thailand [12]. 2. Financial Analysis - The company has shown steady revenue growth from 4.031 billion yuan in 2019 to 6.088 billion yuan in 2024, with a CAGR of 8.59%. The net profit increased from 109 million yuan to 194 million yuan during the same period, with a CAGR of 12.26% [8][22]. - The gross margin improved from 9.44% in 2021 to 13.50% in Q1 2025, indicating a recovery in profitability [22][26]. 3. Market Demand - The demand for modified plastics is broad, with significant applications in home appliances and automotive sectors, which account for 37% and 15% of the company's revenue, respectively [5][38]. - The modified plastics market in China is expected to grow from 277.1 billion yuan in 2022 to 310.7 billion yuan by 2024, with a CAGR of 5.9% [34]. 4. Cost Structure - The raw material costs constitute approximately 90% of the total costs for modified plastics, making the company sensitive to fluctuations in oil prices [58][59]. - The recent decline in oil prices is anticipated to benefit the cost structure of modified plastics, potentially enhancing profitability [5][58]. 5. Growth Opportunities - The company is well-positioned to benefit from the ongoing trends in the home appliance and automotive industries, particularly with the push for lightweight materials in electric vehicles [5][55]. - The increasing demand for high-value-added products in the consumer electronics sector is also expected to drive growth [56].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in the modified materials industry, being the first new materials enterprise listed on the Sci-Tech Innovation Board and the largest polymer modification materials company in China [5][12]. - The company has shown impressive revenue growth, with a projected total revenue of 6.088 billion yuan in 2024, up 13.81% year-on-year, and a net profit of 194 million yuan, up 32.04% year-on-year [5][8]. - The company is strategically investing in lithium battery wet separator projects and developing materials for robotics, which are expected to drive future growth [5][12]. Summary by Sections 1. Company Overview - The company has established eight research and production bases globally, including locations in Shanghai, Hefei, and Thailand [5][12]. - It serves various strategic industries, including home appliances, automotive, and consumer electronics [12]. 2. Financial Analysis - The company's revenue has grown from 4.031 billion yuan in 2019 to 6.088 billion yuan in 2024, with a CAGR of 8.59% [17][22]. - The net profit has increased from 109 million yuan in 2019 to 194 million yuan in 2024, with a CAGR of 12.26% [17][22]. - The company has improved its gross margin from 9.44% in 2021 to 13.50% in 2025Q1, indicating a recovery in profitability [22][26]. 3. Market Demand - The demand for modified plastics is expected to grow, particularly in the home appliance and automotive sectors, which account for 37% and 15% of the market, respectively [38][41]. - The home appliance market is projected to produce 695 million units in 2024, a 7.4% increase year-on-year, driving demand for modified plastics [38][40]. - The automotive sector is benefiting from policies promoting vehicle trade-ins, with a 11.2% year-on-year increase in car sales in early 2025 [46][49]. 4. Cost Structure - The raw material costs constitute approximately 90% of the total costs for modified plastics, making the company sensitive to fluctuations in oil prices [58][59]. - The report anticipates that the decline in oil prices will lead to a reduction in raw material costs, benefiting the company's profitability [5][58]. 5. Growth Opportunities - The company is positioned to benefit from the growing demand for lithium battery separators and materials for robotics, which are expected to create new growth trajectories [5][12]. - The increasing penetration of electric vehicles is likely to drive up the demand for modified plastics, with projections indicating that the usage per vehicle could reach 213 kg by 2027 [49][50].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company is expanding into new downstream fields of AI robotics while maintaining a rapid growth trend. In 2024, it achieved revenue of 6.088 billion yuan, a year-on-year increase of 13.81%, and a net profit of 194 million yuan, up 32.04% year-on-year [1][11]. - The company has a strong focus on customer value creation, product leadership, and lean management, which are key to its strategic development [11][13][18]. - The company is deeply engaged in special materials, with applications in new energy and robotics, and has developed innovative solutions that meet diverse customer needs [32][33][39]. Financial Data and Valuation - The company’s total revenue for 2024 is projected to be 6.879 billion yuan, with a net profit of 244 million yuan, and an EPS of 0.51 yuan [2][3]. - The company’s PE ratio is expected to decrease from 37.6 in 2023 to 22.7 in 2025, indicating improving valuation metrics [2][3]. Company Development and Strategy - The company emphasizes a customer-first approach, ensuring value creation through innovative materials and reliable delivery [11][13]. - It has implemented a lean management system to enhance operational efficiency and cost advantages across its value chain [18][19]. - The company is actively pursuing global expansion, establishing a factory in Thailand to serve the Southeast Asian market and planning further expansion into Europe and North America [21][20]. Product Innovation and R&D - The company has developed a three-tier R&D system that integrates AI technology to enhance material innovation and product quality [48][49]. - It has achieved significant advancements in special materials, particularly long-chain nylon, which has seen a revenue increase of 105.39% year-on-year [37][38]. - The company is committed to sustainable development, focusing on the circular economy and the lifecycle management of materials [41][47]. Market Position and Competitive Advantage - The company is recognized as one of the largest modified materials enterprises in China, with a broad customer base and extensive product offerings [32]. - It has established strong partnerships with key industries, including automotive and home appliances, to provide tailored material solutions [34][39]. - The company’s focus on innovation and customer collaboration has positioned it favorably in the competitive landscape of special materials [28][30].

中信证券股份有限公司 关于会通新材料股份有限公司 王家骥、刘纯钦 （三）现场检查人员 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对会通新材料股份有限公司（以下简称"会通股份""公司""上 市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督导期 间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 刘纯钦 （四）现场检查时间 2025 年 4 月 15 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 1 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具 ...

Core Viewpoint - The company reported strong revenue and profit growth in 2024, but its low dividend payout ratio has raised concerns about its capital efficiency [1][4]. Financial Performance - The company achieved total revenue of 6.088 billion yuan, a year-on-year increase of 13.81% [1][4]. - The net profit attributable to shareholders was 194 million yuan, up 32.04% year-on-year [1][4]. - The net profit after deducting non-recurring gains and losses was 170 million yuan, reflecting a growth of 45.99% [1][4]. - The proposed cash dividend is 1.5 yuan per 10 shares, totaling approximately 70.9 million yuan, which represents only 36.54% of the net profit attributable to shareholders [4]. Innovation and Market Expansion - The company has driven comprehensive business growth through technological innovation and market expansion [5]. - Significant investments in R&D in the field of polymer modified materials have led to three global innovations and eight domestic innovations [5]. - The company has successfully established a factory in Thailand, serving over 30 overseas clients and achieving overseas sales of over 17,000 tons, a year-on-year increase of 178.39% [6]. Efficiency and Cost Control - The introduction of a lean management system has significantly improved overall efficiency and cost control [7]. - The company's gross profit margin is 13.45%, which, while improved from the previous year, remains at a mid-level compared to industry peers [7]. - There is still room for improvement in raw material procurement and production process optimization to further enhance profitability [7].

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。 | 证券代码：688219 | 证券简称：会通股份 | 公告编号：2025-012 | | --- | --- | --- | | 转债代码：118028 | 转债简称：会通转债 | | 会通新材料股份有限公司 第三届董事会第十次会议决议公告 会通新材料股份有限公司（以下简称"公司"）第三届董事会第十次会议（以 下简称"本次会议"）于 2025 年 4 月 22 日在公司会议室以现场结合通讯方式召 开，本次会议通知及相关材料已于 2025 年 4 月 11 日以书面形式送达公司全体 董事。本次会议应参加会议董事 7 人，实际参加会议董事 7 人。本次会议的召集、 召开和表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》（以下简称"《证券法》"）等法律法规、规范性文件和 《会通新材料股份有限公司章程》、《会通新材料股份有限公司董事会议事规则》 的有关规定，形成的决议合法、有效。 二、董事会会议审议情况 1．审议通过《关于会通新材料股份有限 ...