Investment Rating - The report maintains a "Buy" rating for Jinbo Co Ltd (688598 SH) [3] Core Views - Jinbo Co Ltd reported a significant YoY decline in revenue and net profit for Q3 2024 and the first three quarters of 2024 [4] - The company's performance was pressured by reduced demand and price cuts for its thermal field system products due to low customer utilization rates [5] - Jinbo Co Ltd is optimizing its customer structure and reducing production costs through technological improvements and collaborative innovation [6] - The company's new carbon-based composite material products have passed customer verification and are expected to strengthen its leading position in the photovoltaic thermal field materials sector [6] - Jinbo Co Ltd's lithium battery thermal field series products have been successfully applied in its lithium battery anode integrated demonstration line and are being delivered to customers [6] Financial Performance - Q3 2024 revenue decreased by 64 10% YoY to 97 million yuan [4] - Q1-3 2024 revenue declined by 49 81% YoY to 440 million yuan [4] - Q3 2024 net profit attributable to the parent company was -43 million yuan, a 248 28% YoY decrease [4] - Q1-3 2024 net profit attributable to the parent company was -146 million yuan, a 146 79% YoY decline [4] - Q3 2024 gross margin was -30 12%, and Q1-3 2024 gross margin was -6 83% [5] - Q3 2024 net profit margin was -43 63%, and Q1-3 2024 net profit margin was -32 92% [5] Industry Outlook - The photovoltaic industry is expected to maintain high growth, with global new PV installations projected to reach 520GW in 2024, a 25%+ YoY increase [6] - Domestic PV installations in China are expected to reach 250GW in 2024, with non-European and American overseas markets growing at 50%+ [6] - The industry is expected to continue growing in 2025, with overseas markets benefiting from cost reductions and interest rate cuts, potentially achieving 30% growth [6] - The profitability of the main chain and auxiliary materials is at a clear bottom, with some companies considering price increases [6] Company Data - Current stock price: 27 29 yuan [7] - Total shares: 204 16 million [7] - Net asset value per share: 28 64 yuan [7] - 12-month high/low stock price: 91 28/14 64 yuan [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company continues to face pressure on profitability, with Q3 2024 revenue at 0.97 billion yuan, down 64% year-on-year and 31% quarter-on-quarter. The net profit attributable to the parent company was -0.43 billion yuan, a year-on-year decline of 248%, but a reduction in losses compared to the previous quarter [5] - The company is actively responding to industry changes in the photovoltaic sector, maintaining its leading position despite a decline in gross margin due to inventory adjustments and reduced operating rates among downstream customers. The company is implementing cost reduction measures and optimizing its customer base to adapt to market changes [5] - The company has successfully developed and mass-produced high-temperature thermal field products for lithium battery anode materials, achieving industry-leading performance levels. The products are currently being validated by several downstream customers [6] - The company is exploring the semiconductor field, providing domestic alternatives for thermal field and insulation materials, with some products already in small-scale delivery [6] Financial Summary - The company is expected to have net profits of 0.29 billion yuan, 1.86 billion yuan, and 2.86 billion yuan for 2024, 2025, and 2026 respectively, reflecting a year-on-year decline of 85.8% in 2024, followed by significant growth in subsequent years [7] - Revenue projections for 2024, 2025, and 2026 are 1.836 billion yuan, 2.295 billion yuan, and 2.937 billion yuan, respectively, indicating a recovery after a 26.1% decline in 2023 [8] - The company's gross margin is projected to be 3.8% in 2024, improving to 11.0% in 2025 and 12.0% in 2026 [10]

湖南金博碳素股份有限公司 章程 第一条 为维护湖南金博碳素股份有限公司（以下简称"公司"）、股东 和债权人的合法权益，规范公司的组织和行为，根据《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》"）和其他有关规定，制订本章程。 二零二四年十月 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。公 司由湖南金博复合材料科技有限公司整体变更发起设立，在益阳市市场监督管 理局注册登记，取得营业执照，营业执照号为 91430900774485857L。 | 第一章 | | 总则 2 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 3 | | 第三章 | | 股份 3 | | 第一节 | | 股份发行 3 | | 第二节 | | 股份增减和回购 4 | | 第三节 | | 股份转让 6 | | 第四章 | | 股东和股东大会 7 | | 第一节 | 股东 | 7 | | 第二节 | | 股东大会的一般规定 10 | | 第三节 | | 股东大会的召集 14 | | 第四节 | | 股东大会的提案与通知 15 | | 第五节 ...

二、修订《公司章程》情况 证券代码：688598 证券简称：金博股份 公告编号：2024-055 湖南金博碳素股份有限公司 关于变更注册资本及修订《公司章程》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。 湖南金博碳素股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召 开第三届董事会第二十六次会议，审议通过了《关于变更注册资本及修订<公司 章程>的议案》，现将有关情况公告如下： 一、变更注册资本情况 基于公司注册资本及总股本的变更情况，根据《上市公司章程指引》《上 海证券交易所科创板股票上市规则》等法律、法规和规范性文件的相关规定， 公司董事会拟对《湖南金博碳素股份有限公司章程》（以下简称"《公司章 程》"）进行修订，具体修订内容如下： 《公司章程》修订对照表 公司于 2024 年 7 月 18 日、2024 年 8 月 6 日分别召开第三届董事会第二十 四次会议、2024 年第二次临时股东大会，审议通过了《关于以集中竞价交易方 式回购股份预案的议案》，同意公司以自有资金通过上海证券交易所交易系 ...

Financial Performance - Revenue for the third quarter was ¥97,326,976.95, a decrease of 64.10% compared to the same period last year[2] - Net profit attributable to shareholders was -¥42,751,563.60, representing a decline of 248.28% year-over-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥54,662,793.35, a decrease of 6,427.84% compared to the previous year[2] - Total operating revenue for the first three quarters of 2024 was CNY 440,483,015.66, a decrease of 49.9% compared to CNY 877,664,514.67 in the same period of 2023[17] - The company's net loss for the first three quarters of 2024 was CNY -179,616,621.33, compared to a profit of CNY 322,774,000.85 in the same period of 2023[17] - The total profit for the first three quarters of 2024 is -181,974,451.97 RMB, a significant decline from 356,711,945.94 RMB in the same period of 2023, representing a decrease of approximately 151%[18] - The net profit attributable to shareholders of the parent company is -145,928,596.31 RMB, compared to 311,911,619.29 RMB in the previous year, marking a decline of about 146%[19] - The basic earnings per share for the first three quarters of 2024 is -0.71 RMB, down from 1.51 RMB in the same period of 2023[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,719,215,201.89, down 6.17% from the end of the previous year[4] - Non-current assets totaled CNY 4,093,792,542.03 as of September 30, 2024, an increase of 9.5% from CNY 3,738,360,299.16 at the end of 2023[16] - Total liabilities decreased to CNY 865,806,527.24 from CNY 1,097,542,392.12, a reduction of 21.0%[16] - The company's total equity as of September 30, 2024, was CNY 5,853,408,674.65, down from CNY 6,063,601,573.01 at the end of 2023, reflecting a decrease of 3.5%[16] - Total assets as of September 30, 2024, were CNY 6,705,359,903.92, down from CNY 7,070,530,426.56 at the end of 2023, representing a decrease of 5.15%[23] - Total liabilities decreased to CNY 833,659,668.32 from CNY 997,918,817.15, a reduction of 16.43%[23] Cash Flow - Cash flow from operating activities for the year-to-date was -¥9,445,657.07, a decrease of 104.79% compared to the previous year[2] - Cash flow from operating activities shows a net outflow of -9,445,657.07 RMB, a stark contrast to a net inflow of 197,322,785.70 RMB in the previous year[20] - The net cash flow from financing activities is -144,912,259.49 RMB, a decline from a positive net cash flow of 106,733,877.12 RMB in the same period of 2023[21] - The total cash inflow from investment activities is 3,744,696,508.97 RMB, down from 4,512,199,398.42 RMB in the same period of 2023[20] - Cash inflow from investment activities decreased to 2,409,412,672.96 RMB in 2024 from 3,663,644,940.07 RMB in 2023, reflecting a decline of approximately 34.2%[28] - The cash and cash equivalents at the end of the period stand at 188,767,206.87 RMB, down from 239,877,551.02 RMB at the end of the same period in 2023[21] - The cash and cash equivalents at the end of the third quarter of 2024 stand at 132,645,280.48 RMB, down from 174,780,263.95 RMB at the end of the same period in 2023[29] Research and Development - R&D investment totaled ¥14,141,200.45 in the current period, a decrease of 58.40% year-over-year[4] - The proportion of R&D investment to revenue was 14.53%, an increase of 1.99 percentage points compared to the same period last year[4] - Research and development expenses for the first three quarters of 2024 amounted to CNY 78,363,239.28, a decrease of 30.9% from CNY 113,552,687.46 in 2023[17] - The company reported a significant increase in research and development expenses, totaling CNY 67,556,457.38 in 2024, compared to CNY 96,875,313.06 in 2023, indicating a focus on innovation despite financial losses[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,219[8] - The largest shareholder, Liao Jiqiao, holds 24,481,962 shares, accounting for 11.99% of the total shares[10] - The total number of shares held by the top ten shareholders includes significant stakes from various investment funds, with the top two shareholders holding a combined total of 31,181,969 shares[10] - The company has not reported any significant changes in shareholder relationships or actions regarding margin trading and securities lending[11] Operational Insights - There are no significant reminders or additional important information regarding the company's operational situation during the reporting period[13] - The company reported a decrease in sales revenue from 480,406,356.92 RMB to 391,174,593.64 RMB, reflecting a decline of approximately 18.6%[20] - The company reported a decrease in cash received from sales of goods and services, totaling 385,034,193.96 RMB in 2024, compared to 476,855,307.55 RMB in 2023, a decline of approximately 19.2%[28]

证券代码：688598 证券简称：金博股份 湖南金博碳素股份有限公司 投资者关系活动记录表 编号：2024-02 | --- | --- | --- | |----------------|-------------------------------|------------------------------------------------------------| | | | | | | £ 特定对象调研 | 分析师会议 | | 投资者关系活动 | £ 媒体采访 | 业绩说明会 | | | £ 新闻发布会 | 路演活动 | | 类别 | £ 现场参观 | 电话会议 | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称 | | 通过全景网参与本次投资者网上集体接待日活动的投资者 | | 时间 | 2024 年 10 月 10 日 | | | 地点 | 全景网"投资者关系互动平台"（ | https://ir.p5w.net ） | | 上市公司接待 | 董事会秘书：陈亮先生 | | | 人员姓名 | 证券事务代表：彭玉娴女士 | | | 投资者关系活动 | | 一、公司未来一至二 ...

证券代码：688598 证券简称：金博股份 公告编号：2024-054 湖南金博碳素股份有限公司 关于参加湖南辖区 2024 年度投资者网上集体接待日 活动的公告 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，对其内容的真实性、准确性和完整性依法承担法律责任。 为进一步加强与投资者的互动交流，湖南金博碳素股份有限公司（以下简称 "公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公 司联合举办的"湖南辖区 2024 年度投资者网上集体接待日"活动，现将相关事 项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2024 年 10 月 10 日（星期四）14:00-17:00。届时 公司管理层将通过网络文字交流形式与投资者进行沟通与交流，欢迎广大投资者 积极参与。 特此公告。 湖南金博碳素股份有限公司 董 事 会 2024 年 9 月 28 日 ...

证券代码：688598 证券简称：金博股份 湖南金博碳素股份有限公司 投资者关系活动记录表 编号：2024-01 | --- | --- | --- | |----------------|---------------------------------|--------------------------------------------------------------| | | | | | | R 特定对象调研 | R 分析师会议 | | 投资者关系活动 | £ 媒体采访 | R 业绩说明会 | | | £ 新闻发布会 | £ 路演活动 | | 类别 | £ 现场参观 | R 电话会议 | | | □ 其他 | （请文字说明其他活动内容） | | | | 财通证券、中庚基金、东吴证券、民生证券、国寿安保基金、华福证 | | 参与单位名称 | | 券、国泰君安证券、中信证券、西南证券、华创证券、睿远基金、长 | | | 江证券、华夏基金、国富基金 | | | | （排名不分前后） | | | 时间 | 2024 年 8 月 5 日 - 9 | 月 20 日 | | 地点 | 现场、线上会议形式 | ...

海通证券股份有限公司关于湖南金博碳素股份有限公司 2024 年度持续督导半年度跟踪报告 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：金博股份 | | --- | --- | | 保荐代表人姓名：朱济赛、陈邦羽 | 被保荐公司代码：688598 | 重大事项提示 湖南金博碳素股份有限公司（以下简称"上市公司"、"公司"或"金博股份"） 2024 年 1-6 月归属于上市公司股东的净利润较上年同期下滑 136.45%，归属于上 市公司股东的扣除非经常性损益的净利润较上年同期下滑 307.01%，主要系下游 客户开工率不足导致热场系统系列产品需求减少及销售价格下调所致；公司经营 模式、业务结构均未发生重大不利变化，公司所处的行业环境和政策未发生重大 不利变化。 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意湖南金 博碳素股份有限公司首次公开发行股票注册的批复》（证监许可[2020]719 号） 批复，金博股份首次公开发行人民币普通股 2,000.0000 万股，每股面值人民币 1 元，每股发行价格人民币 47.20 元，募集资金总额为人民币 94,400.00 万元，扣 除发行费用后， ...

证券代码：688598 证券简称：金博股份 公告编号：2024-053 湖南金博碳素股份有限公司 关于参加 2024 年半年度新材料专场集体业绩说明会的公告 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，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： 线 上 文 字 互 动 平 台 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （http://roadshow.sseinfo.com/） 投资者可于 2024 年 9 月 19 日（星期四）下午 16:00 前通过邮件、电话 等形式将需要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资 者普遍关注的问题进行回答。 湖南金博碳素股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况、发展理念，公司拟参与由上海证券交易所主办的 2024 年半年度新材料专场集体业绩说明会，此次活动将采用线上文字互动的方式举行， 投资者可登录上海证券交易所上证路演中心（http://r ...