证 报 告 困 了 ， 公 司 研 究 券 研 究 | --- | --- | --- | |------------------------------------------------------------------------|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Stock] 长阳科技（688299） 证 券 研 究 报 告 公 司 点 评 [行业: 日期: | --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 电子 | | | | | | | | | | | Table_Industry] | --- | --- | |-------------------------|----------------------| | | | | [Table_Author] 分析师 : | 于庭泽 | | SAC 编号 : | S0870523040001 | | 分析师 : | 马永正 | | Tel: | 021-53686147 | | E-mail: | mayongzheng@shzq.com | | SAC 编号 : | S0870523090001 | | 联系人 : | 郭吟冬 | | SAC 编号 : | S0870123060051 | | --- | --- | |----- ...

证券代码：688299 证券简称：长阳科技 宁波长阳科技股份有限公司 2024 年 8 月 28 日投资者关系活动记录表 | --- | --- | --- | --- | |---------------------|---------------------------------------------------------------------------------------------|-------|---------------| | 投资者关系活 动类别 | √ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □ 新闻发布会 □路演活动 □现场参观 √电话会议 | | 编号： 2024-4 | | | 中信证券股份有限公司：陈旺 | | | | | 招商证券股份有限公司：胡玮凯 | | | | | 国彤创丰私募基金管理有限公司：卢睿 | | | | | 嘉实基金管理有限公司：张金涛 | | | | | 北京和聚私募基金管理有限公司：邱颖 | | | | | 泓德基金管理有限公司：王克玉;余乐;李映祯 | | | | | 北京成泉资本管理有限公司：王海斌 | | | | | 深圳市 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of RMB 500 million, representing a 25% growth compared to the same period last year[9]. - The company's operating revenue for the first half of 2024 was CNY 647,034,829.51, representing a year-on-year increase of 14.82% compared to CNY 563,519,398.60 in the same period last year[12]. - The net profit attributable to shareholders of the listed company decreased by 71.92% to CNY 17,057,435.85 from CNY 60,739,081.02 in the previous year[12]. - The net cash flow from operating activities fell by 39.59% to CNY 54,560,386.52, primarily due to a decrease in government subsidies and tax refunds received[14]. - Basic and diluted earnings per share decreased by 71.43% to CNY 0.06 from CNY 0.21 in the same period last year[13]. - The company's total assets increased by 0.94% to CNY 3,368,227,380.36 compared to CNY 3,336,968,510.17 at the end of the previous year[12]. - The net profit after deducting non-recurring gains and losses decreased by 78.45% to CNY 9,387,474.09 from CNY 43,557,388.47 in the previous year[12]. - The company's net assets attributable to shareholders decreased by 2.15% to CNY 2,133,963,640.61 from CNY 2,180,904,052.69 at the end of the previous year[12]. Research and Development - The company has invested RMB 50 million in R&D for new technologies, focusing on advanced materials for lithium-ion battery separators[9]. - The company has established a comprehensive R&D management system, focusing on independent research and development, with a series of management protocols for project initiation, funding, and evaluation[21]. - The company has received a total of 238 authorized invention patents, with 18 new patents granted during the reporting period[35]. - Research and development expenses accounted for 5.08% of operating revenue, a decrease of 0.48 percentage points from the previous year[13]. - The company is focusing on the development of new energy materials, with several projects in the R&D stage aimed at achieving industrialization[40]. - The company has developed a unique separator product with ultra-high porosity (≥85%), large pore size (85-100nm), and high compressibility (≥50%), which significantly improves the cycle life, capacity, temperature usage, safety, and cycling performance of solid-state and semi-solid batteries compared to traditional separators[55][58]. Market Expansion and Strategy - The company is actively pursuing market expansion, targeting Southeast Asia, with plans to establish a local office by Q3 2024[9]. - A strategic acquisition of a local competitor is under consideration, which could potentially increase market share by 5%[9]. - The company has set a revenue guidance for the second half of 2024, projecting an increase of 20% year-over-year, aiming for RMB 600 million[9]. - The company is considering strategic acquisitions to bolster its technology portfolio, with a target of acquiring at least two startups by the end of 2024[96]. - The company plans to enhance core product competitiveness by optimizing reflective film formulations and processes[54]. Production and Operations - The gross margin for the first half of 2024 improved to 35%, up from 30% in the previous year, reflecting better cost management[9]. - The production process is tailored to customer specifications, ensuring quick response to sudden increases in orders by maintaining appropriate inventory levels[24]. - The company has achieved a 30% reduction in equipment costs through self-designed production lines for reflective films, white films, optical base films, and backplane base films, enabling low-cost production scale expansion[31]. - The company has developed a high-reflectivity and high-brightness reflective film formulation technology that enhances product reflectivity through the use of suitable white fillers and incompatible resins[31]. - The company achieved a 20% increase in production capacity for coated products through process optimization and equipment upgrades, significantly improving yield and quality[7]. Financial Management and Governance - The company has reported no non-operational fund occupation by controlling shareholders, ensuring financial integrity[3]. - The board has confirmed that there are no significant governance issues affecting the accuracy of the financial report[3]. - The company has implemented a share buyback program to boost market confidence, using its own funds to repurchase shares for employee stock ownership plans or equity incentives[60]. - The company has committed to measures to compensate for any dilution of immediate returns, ensuring no unfair benefit transfer to other parties[99]. - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[84]. Environmental and Social Responsibility - The company has invested ¥215.64 million in environmental protection during the reporting period[86]. - The company maintains a 100% solid waste recycling rate and adheres to national environmental protection laws, with no penalties for violations reported[86]. - The company has established an environmental protection mechanism and emphasizes the integration of economic and environmental benefits in its operations[86]. - New energy-saving technologies are being promoted, including the replacement of energy-saving lamps and regular maintenance of air compressors and central air conditioning systems to ensure stable energy utilization[90]. - The company aims to develop high value-added innovative products to reduce electricity and natural gas consumption per unit of product, thereby achieving energy-saving and emission reduction goals[90]. Risks and Challenges - The company faces risks related to technological substitution, particularly from emerging display technologies like OLED and Micro LED, which could impact its existing product sales[61][62]. - The company is exposed to operational risks due to rapid business expansion, which may challenge its management capabilities in decision-making and risk control[63]. - Fluctuations in raw material prices, particularly those linked to oil prices, pose a risk to the company's gross margins and overall production stability[64]. - Investment projects may not achieve expected benefits due to market changes, project implementation delays, or suboptimal sales performance, potentially affecting anticipated returns[65]. - The company faces risks from intensified market competition, particularly from established foreign manufacturers in high-end sectors[69].

华安证券股份有限公司 关于宁波长阳科技股份有限公司 开展外汇套期保值业务的核查意见 华安证券股份有限公司（以下简称"保荐机构"、"华安证券"）作为宁波 长阳科技股份有限公司（以下简称"长阳科技"、"公司"）2022年度向特定对 象发行股票并上市持续督导工作的保荐机构，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上市公司自律监管指引第1号——规范运作》 等有关规定，对长阳科技（以下简称"长阳科技"、"公司"）开展外汇套期保 值业务进行了核查，并发表核查意见如下： 一、开展外汇套期保值业务的必要性 公司出口业务主要采用美元等外币进行结算，因此当汇率出现较大波动 时，汇兑损益将对公司的经营业绩造成一定影响，为有效规避外汇市场的风 险，防范汇率波动对公司经营业绩造成不利影响，提高外汇资金使用效率，合 理降低财务费用，公司拟与银行开展外汇套期保值业务。公司的外汇套期保值 业务以正常生产经营为基础，以规避和防范汇率风险为目的，不进行单纯以盈 利为目的的投机和套利交易。 二、拟开展的套期保值业务概述 国内外经济形势变化存在不可预见性，可能带来汇率的大幅波动，远期外 汇交易业务面临一定的市场判断风险。 （一 ...

华安证券股份有限公司 关于宁波长阳科技股份有限公司 2024年半度募集资金存放与实际使用情况的专项核查报告 华安证券股份有限公司（以下简称"保荐机构"、"华安证券"）作为宁波 长阳科技股份有限公司（以下简称"长阳科技"、"公司"）首次公开发行股票 及2022年度向特定对象发行股票并上市持续督导的保荐机构，根据《证券发行上 市保荐业务管理办法》、《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》、《上海证券交易所科创板股票上市规则》、《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》等有关规定，对长阳科技 2024年半年度募集资金存放与实际使用情况进行了核查，并发表核查意见如下： 一、募集资金基本情况 于2023年10月23日到账，募集资金到位情况业经立信会计师事务所（特殊普通合 伙）验证，并出具了信会师报字[2023]第ZA15371号《验资报告》。 （一）实际募集资金金额和资金到位情况 1、2019年度首次公开发行股票募集资金 2019年10月12日，经中国证券监督管理委员会"证监许可[2019]1886号" 《关于同意宁波长阳科技股份有限公司首次公开发行股票注册的批复》同意注 ...

宁波长阳科技股份有限公司 证券代码：688299 证券简称：长阳科技 公告编号：2024-037 （二）募集资金使用及当前余额 2024年半年度募集资金存放与实际使用情况专项报告 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。 根据中国证券监督管理委员会《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》、《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》以及《上海证券交易所上市公司自律监管指南第 1 号—— 公告格式》的相关规定，本公司就 2024 年半年度募集资金存放与使用情况作如 下专项报告： 一、募集资金基本情况 （一）实际募集资金金额及资金到位情况 1、2019 首次公开发行股票募集资金 2019 年 10 月 12 日，经中国证券监督管理委员会"证监许可[2019]1886 号" 《关于同意宁波长阳科技股份有限公司首次公开发行股票注册的批复》同意注 册，公司首次向社会公开发行人民币普通股股票 70,642,200.00 股，每股面值 1.00 元，每股发行价格 13.71 ...

证券代码：688299 证券简称：长阳科技 公告编号：2024-038 宁波长阳科技股份有限公司 关于开展外汇套期保值业务的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司的外汇套期保值业务以正常生产经营为基础，以规避和防范汇率风 险为目的，不进行单纯以盈利为目的的投机和套利交易； 公司拟开展的外汇套期保值业务资金额度不超过 5,000 万美元或其他等 值货币，预计动用的交易保证金和权利金上限（包括为交易而提供的担保物价值、 预计占用的金融机构授信额度、为应急措施所预留的保证金等）则不超过 50 万 美元或其他等值货币。额度有效期为自公司董事会审议通过之日起 12 个月，在 上述期限和额度范围内，可循环滚动使用。资金来源为自有资金，不涉及募集资 金； 3、授权事项 公司董事会授权董事长在额度范围和有效期内行使该项决策权及签署相关 法律文件，具体事项由公司财务部门负责组织实施。 本次外汇套期保值业务事项经董事会审议通过后实施，无需提交公司股 东大会审议。 2024 年 8 月 26 日，宁波长阳科技 ...

证券代码：688299 证券简称：长阳科技 公告编号：2024-036 宁波长阳科技股份有限公司 第三届监事会第二十次会议决议公告 本公司监事会及全体监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。 2024年8月26日，宁波长阳科技股份有限公司（以下简称"公司"）以现场 方式在公司会议室召开第三届监事会第二十次会议（以下简称"本次会议"）， 本次会议由监事会主席王云女士主持，会议应到监事3名，实到监事3名，本次会 议的召集、召开符合《公司法》等法律、法规、规范性文件和《宁波长阳科技股 份有限公司章程》、《宁波长阳科技股份有限公司监事会议事规则》的有关规定。 二、 监事会会议审议情况 经与会监事审议，做出以下决议： （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 监事会在全面审阅公司 2024 年半年度报告后，发表意见如下： 1、公司 2024 年半年度报告的编制和审议程序符合法律、法规、公司章程和 公司内部管理制度的各项规定； 2、公司 2024 年半年度报告公允反映了报告期内的财务状况和经营成果，所 包含的信息从各个方面真 ...

证券代码：688299 证券简称：长阳科技 公告编号：2024-035 宁波长阳科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/5，由公司实际控制人、控股股东、董事长 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 金亚东提议 | | | | | | | | 回购方案实施期限 | 年 月 日~2024 年 2024 2 | | 3 | 8 | 2 | 日 | 月 | | 预计回购金额 | 5,000 万元~10,000 万元 | | | | | | | | 回购价格上限 | 元/股 | 18 | | | | | | | 回购用途 | □减少注册资本 | | | | | | | | | √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东 ...