舆情管理制度 舆情管理制度 第一章 总则 常州聚和新材料股份有限公司 第一条 为提高常州聚和新材料股份有限公司（以下简称"公司"）应对各 类舆情的能力，建立快速反应和应急处置机制，充分发挥网络互动优势，正确把 握和引导网络舆论导向，及时、妥善处理各类舆情对公司股价、公司商业信誉及 正常生产经营活动造成的影响，切实保护投资者合法权益，根据相关法律、法规 和规范性文件的规定及《常州聚和新材料股份有限公司章程》（以下简称"《公司 章程》"），结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向造成股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的负面舆情。 （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on significant developments [1]. Core Insights - The company is accelerating the industrialization of copper paste, showcasing its technological advantages in the photovoltaic sector. Recent tests on HJT solar cells have demonstrated that the copper paste can reduce silver consumption from 6mg/W to 0.5mg/W while maintaining cell efficiency [3][4]. - The introduction of copper paste technology is expected to enhance the company's performance, leading to both volume and profit growth. The shift to cheaper metal alternatives is anticipated to improve the gross margin of the company's paste products and increase market share [4]. - The company is projected to achieve revenues of 135.77 billion, 159.07 billion, and 178.36 billion CNY for 2024-2026, reflecting year-on-year growth rates of 31.94%, 17.16%, and 12.13% respectively. The net profit attributable to the parent company is expected to be 5.67 billion, 7.30 billion, and 8.32 billion CNY for the same period, with corresponding P/E ratios of 25.39x, 20.04x, and 17.58x [4][6]. Summary by Sections Company Overview - The company is involved in the production of copper paste for photovoltaic cells, with a focus on reducing costs and improving efficiency through technological advancements [3]. Financial Projections - The company is expected to see significant revenue growth, with projected revenues increasing from 10,290 million CNY in 2024 to 17,836 million CNY in 2026, alongside a net profit increase from 442.08 million CNY in 2024 to 832.27 million CNY in 2026 [6][8]. Market Position - The company is positioned as a leader in the copper paste market, benefiting from ongoing technological iterations and the development of new business lines, which are expected to solidify its market position in the long term [4].

国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为常州聚和 新材料股份有限公司（以下简称"聚和材料"或"公司"）首次公开发行股票并在科 创板上市及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 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）》等 有关规定，对聚和材料首次公开发行部分战略配售限售股上市流通的事项进行了 核查，具体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于2022年10月18日出具的《关于同意常州聚和 新材料股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕2504号）， 常州聚和新材料股份有限公司（以下简称"公司"）获准向社会公开发行人民币 普通股28,000,000股，并于2022年12月9日在上海证券交易所科创板上市。公司首 次公开发行股票完成后，公司总股本为111,910,734股，其中有限售条件流通股 88,160,113股，占公司总股本的78.7772%，无限售条件流通股23,750,621股，占公 司总股本的21.2228%。 本次上市流通的限售股为公司首次公开发行部分战略配售限售股，限售期为 自 ...

证券代码：688503 证券简称：聚和材料 公告编号：2024-088 常州聚和新材料股份有限公司 首次公开发行部分战略配售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战略配售股份（限售期 24 月）；股票认购方式为 网下，上市股数为 1,839,936 股。本公司确认，上市流通数量等于该限售期的全部 战略配售股份数量。 本次股票上市流通总数为 1,839,936 股。 本次股票上市流通日期为 2024 年 12 月 9 日。 一、 本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 10 月 18 日出具的《关于同意常州聚 和新材料股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕2504 号）， 常州聚和新材料股份有限公司（以下简称"公司"）获准向社会公开发行人民币普 通股 28,000,000 股，并于 2022 年 12 月 9 日在上海证券交易所科创板上市。公司 首次公开发行股票完成后，公司总股本为 111,910,734 ...

Core Viewpoint - The major shareholder of Juhe Materials, Chen Yaomin, plans to reduce his stake in the company by up to 7,261,008 shares, which represents a maximum of 3% of the total share capital, due to personal financial needs [1][2]. Shareholder Reduction Plan - Chen Yaomin intends to reduce his holdings through both centralized bidding and block trading, with a maximum of 2,420,336 shares (1% of total share capital) through centralized bidding and 4,840,672 shares (2% of total share capital) through block trading [1][2]. - As of the announcement date, Chen Yaomin holds 21,805,701 shares, accounting for 9.01% of the total share capital [2]. Company Background - Juhe Materials was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 9, 2022, with an initial public offering of 28 million shares at a price of 110.00 yuan per share [3]. - The total amount raised from the IPO was 308 million yuan, with a net amount of 292.01 million yuan after deducting issuance costs [3][4]. Financial Distribution - In 2022, the company announced a profit distribution plan, distributing a cash dividend of 0.538 yuan per share and a capital reserve conversion of 0.48 shares for each share held, resulting in a total share capital increase to 165,627,886 shares [5][6]. - For the 2023 fiscal year, the company plans to distribute a total cash dividend of 180.04 million yuan, adjusting the per-share distribution to 1.13104 yuan, while maintaining the capital reserve conversion ratio [7][8].

Group 1 - The core point of the article is that a major shareholder of Juhe Materials (688503) plans to reduce their stake in the company by selling up to 7.261 million shares, which represents a maximum of 3% of the total share capital [1] Group 2 - The shareholder, Chen Yaomin, currently holds 9.01% of the company's shares and intends to execute the reduction through centralized bidding and block trading [1]

证券代码：688503 证券简称：聚和材料 公告编号：2024-087 常州聚和新材料股份有限公司 关于持股 5%以上股东减持股份计划公告 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： 大股东持股的基本情况 截至本公告披露日，公司股东陈耀民先生持有公司股份 21,805,701 股，占 公司总股本的比例为 9.01%；以上股份来源于公司首次公开发行前及公司上市后 资本公积转增股本取得的股份，其中 9,957,150 股来源于公司首次公开发行前股 份，已于 2023 年 12 月 11 日起上市流通；11,848,551 股来源于公司实施资本公 积金转增股本取得的股份。 减持计划的主要内容 公司近日收到股东陈耀民先生的《关于股份减持计划的告知函》，因股东自 身资金需求，陈耀民先生计划拟自本公告披露之日起十五个交易日后的三个月内， 通过集中竞价交易和大宗交易的方式合计减持其所持有的公司股份合计不超过 7,261,008 股，拟减持股份数量占公司总股本的比例合计不超过 3%。其中，通过 集中竞价交易 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 9.83 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 32.8%. However, the net profit attributable to shareholders decreased by 4.5% to 420 million yuan [2] - The gross margin for Q3 2024 was 4.6%, down 7.6 percentage points year-on-year, primarily due to declining silver prices affecting profitability [3] - The company is actively expanding its product offerings, with a focus on increasing self-supply of silver powder and successfully introducing new products in the market [3] Financial Performance Summary - Total revenue for 2022 was 6.504 billion yuan, increasing to an estimated 14.235 billion yuan in 2024, reflecting a growth rate of 38.33% [1] - The net profit attributable to shareholders is projected to grow from 442.08 million yuan in 2023 to 584.74 million yuan in 2024, a year-on-year increase of 32.27% [1] - The latest diluted EPS is expected to rise from 1.83 yuan in 2023 to 2.42 yuan in 2024 [1] Operational Insights - The company experienced a decline in silver paste shipments in Q3 2024, with a total of over 450 tons shipped, a decrease of 27% quarter-on-quarter and 26% year-on-year [3] - The company has improved its self-supply of silver powder, achieving over 10% self-supply in Q3 2024, with plans for a new 3000-ton silver powder project to commence production by Q1 2025 [3] - The company has optimized its expense ratio, with a total expense of 410 million yuan for Q1-Q3 2024, reflecting a year-on-year increase of 35.4% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's performance has shown fluctuations due to demand impacts, but new technologies and products are expected to contribute to future growth [1][4]. - The company reported a revenue of 9.826 billion yuan for the first three quarters of 2024, a year-on-year increase of 32.8%, while the net profit attributable to shareholders was 421 million yuan, a decrease of 4.5% year-on-year [2][5]. - The introduction of new products, such as copper paste for photovoltaic cells, is anticipated to accelerate industrialization and benefit from new technology [4][6]. Financial Summary - Revenue projections for 2022A to 2026E are as follows: 6,504 million yuan (2022A), 10,290 million yuan (2023A), 13,766 million yuan (2024E), 16,266 million yuan (2025E), and 18,443 million yuan (2026E), with growth rates of 28% (2022A), 58% (2023A), 34% (2024E), 18% (2025E), and 13% (2026E) [2][4]. - Net profit attributable to shareholders is projected to be 391 million yuan (2022A), 442 million yuan (2023A), 560 million yuan (2024E), 700 million yuan (2025E), and 844 million yuan (2026E), with year-on-year growth rates of 59% (2022A), 13% (2023A), 27% (2024E), 25% (2025E), and 21% (2026E) [2][4]. - The company's P/E ratios are projected to be 35.3 (2022A), 31.2 (2023A), 24.6 (2024E), 19.7 (2025E), and 16.3 (2026E) [2][4]. Market and Product Development - The company has introduced new products that are expected to accelerate growth, including a packaging positioning adhesive developed for the 0BB technology process, which has achieved scale production [6]. - The company is also addressing the packaging requirements for BC components with new insulation and battery protection adhesives, which are expected to facilitate the industrialization process [6].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved operating revenue of 9.826 billion yuan in Q1-Q3 2024, a year-on-year increase of 32.80%, while the net profit attributable to shareholders was 421 million yuan, a decrease of 4.47% year-on-year. In Q3 2024, the operating revenue was 3.061 billion yuan, down 4.87% year-on-year, and the net profit attributable to shareholders was 122 million yuan, down 28.87% year-on-year [5] - Fluctuations in silver prices and downstream production schedules have caused short-term performance volatility. The increase in silver prices at the end of Q2 and subsequent decline led to higher inventory costs for silver powder in Q3, resulting in a decrease in gross margin. The company's photovoltaic conductive silver paste shipment volume exceeded 1,610 tons, an increase of 11% year-on-year, with N-type products accounting for approximately 73% [5] - The silver powder business is gradually ramping up, and integration is expected to open up performance space. The company's silver paste supply chain has achieved full coverage of PERC and TOPCon silver paste, with monthly production capacity exceeding 40 tons and monthly sales exceeding 20 tons. Additionally, the Changzhou 3,000-ton silver powder project is expected to reach production capacity next year [6] - New technology layouts are expected to gradually materialize. The company has developed packaging positioning glue for the 0BB technology process, which has achieved large-scale production with relevant customers. The company is also launching new insulation and battery protection glue series products for BC component packaging requirements [6] - The company is expected to benefit from continuous technological iteration and new business development, maintaining its leading position. The forecast for operating revenue from 2024 to 2026 is 13.577 billion yuan, 15.907 billion yuan, and 17.836 billion yuan, representing year-on-year growth of 31.94%, 17.16%, and 12.13%, respectively. The net profit attributable to shareholders for the same period is projected to be 567 million yuan, 730 million yuan, and 832 million yuan, with corresponding P/E ratios of 27.80x, 21.59x, and 18.93x [7] Summary by Sections Financial Performance - The company reported operating revenue of 9.826 billion yuan for Q1-Q3 2024, a 32.80% increase year-on-year, and a net profit of 421 million yuan, down 4.47% year-on-year. Q3 revenue was 3.061 billion yuan, down 4.87% year-on-year, with net profit of 122 million yuan, down 28.87% year-on-year [5] - The company's gross margin is affected by fluctuations in silver prices and production schedules, with Q3 gross margin declining due to high inventory costs [5] Business Development - The silver powder business is expanding, with a monthly production capacity exceeding 40 tons and sales exceeding 20 tons. The Changzhou project is expected to reach production capacity next year [6] - New technology developments include large-scale production of packaging glue for 0BB technology and new insulation products for BC components [6] Future Outlook - The company is expected to maintain its leading position with projected revenues of 13.577 billion yuan, 15.907 billion yuan, and 17.836 billion yuan from 2024 to 2026, with corresponding net profits of 567 million yuan, 730 million yuan, and 832 million yuan [7]