Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [12]. Core Insights - The company has reached an inflection point in performance, with high-end copper-clad laminates (CCL) driving revenue growth. In 2024, the company achieved a revenue of 3.362 billion yuan, a year-on-year increase of 12.70%. The CCL business generated 2.603 billion yuan in revenue, up 11.82%, with a gross margin of 3.07%, an increase of 4.32 percentage points [4][5]. - The first quarter of 2025 saw a significant revenue increase of 45.04% year-on-year, reaching 952 million yuan, with a net profit of 21 million yuan, reflecting a 109.04% increase year-on-year, primarily due to product structure optimization and improved gross margins [4][5]. Summary by Sections Market Performance - The company has shown strong market performance, with a current stock price of 37.04 yuan and a total market capitalization of 8.8 billion yuan. The stock has traded within a 52-week range of 16.68 to 40.29 yuan [1]. Business Developments - The U.S. government's restrictions on AI chip exports, including NVIDIA's H20, present opportunities for domestic AI chip manufacturers, enhancing the company's CCL business performance [6]. - The domestic AI chip Ascend 910C is positioned to compete with global leaders, with a transistor count of 53 billion and a half-precision (FP16) computing power exceeding 800 TFLOPS, achieving 60-80% of NVIDIA's H100 performance [7]. Industry Positioning - The company is a key player in the domestic AI computing power supply chain, focusing on CCL and prepreg products, which are essential for printed circuit board manufacturing [10]. - The company has established long-term partnerships with leading PCB manufacturers and maintains close technical collaborations with major clients in the industry [9]. Financial Forecast - Revenue projections for 2025-2027 are 4.740 billion, 5.996 billion, and 7.555 billion yuan, respectively, with corresponding EPS of 0.89, 2.06, and 3.42 yuan. The current stock price corresponds to PE ratios of 41.6, 18.0, and 10.8 times for the respective years [12][14].

南亚新材料科技股份有限公司 2024 年年度股东大会会议资料 南亚新材料科技股份有限公司 2024 年年度股东大会会议资料 南亞新材 股票代码：688519 股票简称：南亚新材 2025 年 05 月 1 / 27 南亚新材料科技股份有限公司 2024 年年度股东大会会议资料 目 录 | 2024 | 年年度股东大会会议须知 3 | | --- | --- | | 2024 | 年年度股东大会会议议程 5 | | 2024 | 年年度股东大会会议议案 7 | | 议案一 | 关于公司《2024 年度董事会工作报告》的议案 7 | | 议案二 | 关于公司《2024 年度监事会工作报告》的议案 11 | | 议案三 | 关于公司《2024 年年度报告》及其摘要的议案 16 | | 议案四 | 关于公司《2024 年度财务决算报告》的议案 17 | | 议案五 | 关于公司《2025 年度财务预算报告》的议案 20 | | 议案六 | 关于《独立董事 2024 年度述职报告》的议案 22 | | 议案七 | 关于公司《2024 年度利润分配方案》的议案 23 | | 议案八 | 关于 2025 年度向金融机构申请 ...

一、董事会会议召开情况 南亚新材料科技股份有限公司（以下简称"公司"）第三届董事会第十五次 会议（以下简称"会议"）于 2025 年 4 月 27 日以现场会议与通讯会议相结合的 方式召开，本次会议通知已于会前送达全体董事。根据《南亚新材料科技股份有 限公司章程》（以下简称《公司章程》）等相关规定，本次会议经全体董事同意 豁免临时董事会提前通知的时间要求。本次会议由包秀银先生主持，监事、高级 管理人员列席，会议应到董事 9 名，实到董事 9 名，会议的召集、召开符合《中 华人民共和国公司法》等法律、法规和《公司章程》的有关规定，会议合法有效。 证券代码：688519 证券简称：南亚新材 公告编号：2025-017 南亚新材料科技股份有限公司 第三届董事会第十五次会议决议公告 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。 为补充公司日常经营所需流动资金，公司拟减持回购专用证券账户部分股 份 ，计划减持数量不超过 2,384,836 股。公司本次减持回购股份收回资金将计 入公司资本公积，不会对公司的经营、财务和未来发展产生重 ...

证券代码：688519 证券简称：南亚新材 公告编号：2025-018 南亚新材料科技股份有限公司 关于回购股份集中竞价减持计划的公告 | 股东名称 | 南亚新材料科技股份有限公司回购专用证券账户 | | | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 √否 | □是 | | | 直接持股 5%以上股东 □否 | √是 | | | 董事、监事和高级管理人员 √否 | □是 | | | 其他：回购专用证券账户 | | | 持股数量 | 15,174,303股 | | | 持股比例 | 6.36% | | | 当前持股股份来源 | 集中竞价交易取得：15,174,303股 | | 上述减持主体无一致行动人。 二、减持计划的主要内容 公司于 2025 年 4 月 27 日召开第三届董事会第十五次会议，审议通过了《关 于回购股份集中竞价减持计划的议案》。根据公司于 2022 年 5 月 17 日在上海证 券交易所网站（www.sse.com.cn）上披露的《关于以集中竞价交易方式回购公司 股份的回购报告书》的相关承诺和要求，公司计划自发布本次减持计划公告之日 起 15 个交易日 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8] Core Views - The company has achieved a turnaround in profitability in 2024, with a significant year-on-year net profit growth of 109.04% in Q1 2025, indicating a strong start to the year [8] - The report highlights the company's ability to leverage domestic supply chains and technological advancements in the context of increasing AI demand, which is expected to drive revenue growth [5][8] Financial Summary - The company is projected to achieve revenues of RMB 49.13 billion, RMB 64.61 billion, and RMB 83.99 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 2.77 billion, RMB 5.75 billion, and RMB 8.51 billion [5][7] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.16, RMB 2.41, and RMB 3.57 respectively, with price-to-earnings (PE) ratios of 28.7, 13.8, and 9.3 [5][7] - The company reported a revenue of RMB 3.36 billion in 2024, a 12.7% increase year-on-year, and a net profit of RMB 50 million, marking a return to profitability [8][7] Market Performance - The company's stock has shown strong performance, with a 66.9% absolute return year-to-date and a 87.0% return over the past 12 months [2][3] - The stock is rated to outperform the market, with a sector rating of "stronger than the market" [1][2] Growth Drivers - The company is expanding its production capacity with new facilities and is focusing on R&D to enhance operational efficiency and product quality [8] - The report emphasizes the potential for growth in the domestic computing power supply chain, particularly in light of recent restrictions on foreign technology [8]

Core Viewpoint - The company achieved significant financial performance in 2024, with total revenue of 3.362 billion yuan, a year-on-year increase of 12.70%, and a net profit of 50.32 million yuan, marking a turnaround with a growth of 138.86% [1] Market Development and Global Layout - The company actively responded to market demand contraction by deepening cooperation with mid-to-high-end market clients, leading to a significant increase in high-end product revenue share [4] - Establishment of overseas representative offices and recruitment of local talent to expand global business [4] - The completion of the Jiangxi N6 plant production line and ongoing construction of high-end product production bases in East China and Thailand [4] - Challenges remain in overseas market expansion due to geopolitical and economic uncertainties [4] R&D Innovation and Technological Breakthroughs - The company adhered to a strategy of "independent research and continuous innovation," developing multiple high-performance products for 5G, cloud computing, and AI, achieving mass production [5] - Breakthroughs in ultra-low dielectric loss technology and ultra-low CTE control technology, leading the industry [5] - The company achieved domestic production of key raw materials for high-speed products, ensuring supply chain security [5] - However, R&D investment decreased by 6.51% to 171 million yuan, with the ratio of R&D investment to revenue falling by 1.04 percentage points to 5.09% [5] Management Improvement and Financial Performance - The company enhanced management capabilities through performance management, talent empowerment, and refined management processes [6] - Implementation of a new equity incentive plan to boost employee motivation and improve operational efficiency [6] - Operating cash flow net amount reached 325 million yuan, a year-on-year increase of 1154.57% [6] - The weighted average return on net assets was 2.06%, up 7.12 percentage points from the previous year, but still at a low level [6] - Current ratio of 1.48 and quick ratio of 1.3 indicate safety, but the quality and liquidity of current assets need improvement [6] - Accounts receivable increased by 17.32%, raising its proportion of total assets by 5.53 percentage points, which may pose potential risks to cash flow and financial health [6]

Investment Rating - The report maintains a "Recommend" rating for the company, with a current stock price of 33.32 yuan [1]. Core Views - The company has shown consistent growth in high-end product sales, leading to improved operating performance each quarter. In 2024, the company achieved a revenue of 3.362 billion yuan, a year-on-year increase of 12.7%, and a net profit of 50 million yuan, up 138.86% year-on-year. For Q1 2025, revenue reached 952 million yuan, a 45.04% increase year-on-year, with a net profit of 21 million yuan, up 109.04% year-on-year [4][7][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024: Revenue of 3.362 billion yuan, net profit of 50 million yuan - 2025: Revenue expected to reach 4.491 billion yuan, net profit forecasted at 264 million yuan - 2026: Revenue projected at 5.591 billion yuan, net profit at 520 million yuan - 2027: Revenue anticipated to be 6.901 billion yuan, net profit at 761 million yuan [6][9]. - **Profitability Ratios**: - Gross margin is expected to improve from 8.6% in 2024 to 20.1% by 2027 - Net margin is projected to increase from 1.5% in 2024 to 11.0% in 2027 - Return on equity (ROE) is expected to rise from 2.1% in 2024 to 24.6% in 2027 [10]. - **Earnings Per Share (EPS)**: - EPS is forecasted to increase from 0.21 yuan in 2024 to 3.19 yuan by 2027 [10]. Product Development and Market Position - The company has developed a comprehensive product matrix to meet diverse market demands, including high-end products suitable for 5G applications and AI servers. The company has successfully achieved domestic substitution in high-end copper-clad laminate products and has received certifications from major global clients [7][8]. - The company is also advancing in the IC substrate sector, with products entering small-scale production for flagship mobile devices, expected to scale up by 2025 [8]. Investment Recommendations - Given the company's performance and industry trends, the report has raised profit forecasts for 2025-2026 and introduced a new forecast for 2027. The expected net profits for 2025-2027 are 264 million yuan, 520 million yuan, and 761 million yuan, respectively. The report suggests that 2025 may mark a new growth inflection point for the company, maintaining the "Recommend" rating [8][9].

Group 1 - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling approximately 22.33 million yuan, based on the adjusted share capital after accounting for repurchased shares [7][2] - The total cash dividend for the year, including mid-term distributions, amounts to approximately 44.66 million yuan, while the total amount spent on share buybacks is about 149.99 million yuan, leading to a combined total of approximately 194.65 million yuan, which is 386.82% of the net profit attributable to shareholders [2][3] - The company has established long-term cooperative relationships with several well-known PCB manufacturers, enhancing its market presence and reputation [7][16] Group 2 - The company specializes in the design, research and development, production, and sales of copper-clad laminates and prepregs, which are essential materials for printed circuit boards used in various electronic applications [3][4] - The industry is characterized by rapid technological advancements and increasing demand for high-performance materials, driven by trends in 5G, AI, and electric vehicles [13][18] - The company has achieved significant technological advancements, becoming one of the leading domestic manufacturers in the copper-clad laminate sector, with a market share of 3.2% in the global industry ranking [17][18]

Core Viewpoint - The company has demonstrated significant growth in key financial metrics such as revenue and net profit, indicating a positive operational trend [1] Revenue Growth and Product Optimization - The company achieved a revenue of 3.362 billion yuan, a 12.70% increase from 2.983 billion yuan in the same period last year, driven by improved internal management and marketing strategies [2] - Revenue from copper-clad laminate products increased by 11.82%, while bonding sheet products saw an 18.11% rise, reflecting enhanced market competitiveness [2] Profitability Improvement - The net profit attributable to shareholders was 50.32 million yuan, a turnaround from a loss of 129.49 million yuan in the previous year, indicating a successful recovery [3] - The net profit excluding non-recurring items was 28.04 million yuan, up from a loss of 150.57 million yuan, attributed to better internal management and an increase in high-margin product sales [3] Expense Management - Sales expenses rose to 44.82 million yuan, a 6.86% increase from 41.94 million yuan, mainly due to stock incentive amortization and sales growth [4] - Management expenses surged by 55.26% to 64.85 million yuan from 41.77 million yuan, primarily due to stock incentive amortization and increased personnel costs, which may pressure future profits [4] - Financial expenses decreased to -1.09 million yuan from 1.02 million yuan, a reduction of 206.69%, positively impacting profits [4] - R&D expenses decreased by 6.51% to 170.98 million yuan from 182.88 million yuan, with a reduced proportion of R&D spending relative to revenue, indicating a shift towards production [4] Cash Flow Performance - Net cash flow from operating activities significantly increased to 325.31 million yuan from 25.93 million yuan, a growth of 1154.57%, indicating improved operational efficiency [5] - Cash outflow from investment activities decreased to -103.20 million yuan from -80.03 million yuan, reflecting a more cautious investment approach focused on core business [6] - Cash outflow from financing activities increased to -92.40 million yuan from 132.98 million yuan, a 169.48% decrease, showing a strategic adjustment in funding sources [7] Industry Risks - The company faces market competition risks due to an oversupply of low-end capacity and weak demand, leading to intense price competition [9] - Fluctuations in raw material prices, particularly for electronic copper foil, glass fiber cloth, and resin, could impact production stability and profitability [10] - The potential for increased accounts receivable due to expanded operations may pose a risk if not managed properly [11]

证券代码：688519 证券简称：南亚新材 公告编号：2025-013 南亚新材料科技股份有限公司 关于提请股东大会授权董事会以简易程序向特定对 象发行股票的公告 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承担法律责任。 一、本次授权事宜概述 根据相关法律、法规和规范性文件的规定，南亚新材料科技股份有限公司（以 下简称"公司"）于 2025 年 4 月 16 日召开第三届董事会第十四次会议，审议通 过了《关于提请股东大会授权董事会以简易程序向特定对象发行股票的议案》， 同意公司董事会提请股东大会授权董事会决定向特定对象发行融资总额不超过 人民币三亿元且不超过最近一年末净资产百分之二十的股票。授权期限自 2024 年年度股东大会通过之日起至 2025 年年度股东大会召开之日止。 本议案尚须提交公司股东大会审议通过。 二、本次授权事宜具体内容 本次授权事宜包括但不限于以下内容： 1、确认公司是否符合以简易程序向特定对象发行股票条件 授权董事会根据《公司法》《证券法》《上市公司证券发行注册管理办法》等 有关法律、法规和规范性文件的规定，对 ...