Investment Rating - Buy (Maintained) [1] Core Views - Revenue for H1 2024 reached RMB 839 million, a YoY increase of 17.75%, with net profit attributable to the parent company at RMB 121 million, up 20.88% YoY [1] - Q2 2024 revenue was RMB 480 million, a YoY increase of 17.66%, but net profit attributable to the parent company declined by 1.24% YoY to RMB 67.96 million [1] - Gross margin for H1 2024 improved to 36.52%, up 3.32 percentage points YoY, driven by increased demand in the passive components industry and higher production utilization rates [1] - The company has successfully expanded its high-end release film products, securing stable bulk supply to major clients such as Yageo, Walsin, and Fenghua Advanced Material [1] - The first phase of the release film production line, with an annual capacity of 100 million square meters, has begun trial production and is undergoing customer testing [1] Financial Performance - Expected net profit attributable to the parent company for 2024-2026 is RMB 279 million, RMB 368 million, and RMB 483 million, with YoY growth rates of 9.14%, 31.88%, and 31.34% respectively [1] - The current PE ratio is 27x for 2024, 20x for 2025, and 15x for 2026 [1] - Revenue growth rates for 2024-2026 are projected at 18.70%, 24.51%, and 36.75% respectively [3] - ROE (Return on Equity) is expected to increase from 9.01% in 2024 to 12.80% in 2026 [3] Industry and Market Trends - The passive components industry is experiencing a recovery in demand, driven by growth in new energy, smart manufacturing, and 5G commercialization [1] - The company is focusing on optimizing its product structure, increasing the production of high-value-added products, and improving cost efficiency through intelligent manufacturing and refined management [1] - Expansion of production capacity in Southeast Asia, including the Philippines and Malaysia, is underway to meet growing demand [1] Historical Ratings and Market Sentiment - The company has consistently received a "Buy" rating from analysts, with 26 "Buy" recommendations in the past six months [5][6] - The market sentiment score is 1.00, indicating a strong "Buy" consensus among analysts [5]

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：18.09 元/股 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,301 1,572 2,044 2,667 3,556 增长率 yoy% -30% 21% 30% 30% 33% 净利润（百万元） 166 256 336 443 570 增长率 yoy% -57% 54% 32% 32% 29% 每股收益（元） 0.38 0.59 0.78 1.03 1.32 每股现金流量 0.82 0.55 1.13 0.99 1.19 净资产收益率 6% 9% 10% 12% 14% P/E 47.0 30.5 23.2 17.6 13.7 P/B 2.8 2.6 2.4 2.2 1.9 备注：股价更新于 2024 年 8 月 15 日，每股指标按照最新股本数全面摊薄 [Table_Profit] 基本状况 总股本(百万股) 431 流通股本(百万股) 406 市价(元) 18.09 市值(百万元) 7,795 流通市值(百万元) ...

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [4][7]. Core Views - The company achieved a revenue of 839.27 million yuan in the first half of 2024, representing a year-on-year growth of 17.75%. The net profit attributable to shareholders reached 121.27 million yuan, up 20.88% year-on-year [2][4]. - The demand from downstream sectors is recovering, with an increase in the share of high-end products. The company is benefiting from new demand growth points in the electronic components industry driven by sectors such as new energy, smart manufacturing, and 5G technology [2][6]. - The company is actively upgrading its production capacity to meet high-end demand, with new production lines and projects underway, including the expansion of its electronic special paper and adhesive tape production [3][6]. Financial Performance - For the first half of 2024, the company reported total revenue of 839.27 million yuan, a 17.75% increase year-on-year, and a net profit of 121.27 million yuan, reflecting a 20.88% growth [2][4]. - The company forecasts revenues of 1.918 billion yuan, 2.532 billion yuan, and 3.494 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 294.4 million yuan, 419.3 million yuan, and 654.8 million yuan for the same years [7][9]. Production Capacity and R&D - The company has successfully trialed its fifth electronic special paper production line and is expanding its adhesive tape production capacity, with a project aiming for an annual output of 4.2 million rolls [3][6]. - The company is continuously developing various models and applications of release films, improving production processes and product performance, which is expected to lead to rapid revenue growth in this segment [6][4]. Market Position - The company has established a strong customer base, including major clients in the MLCC sector, and is making strides in the high-end MLCC application field, particularly in the Japanese and Korean markets [6][4]. - The report indicates that the company is well-positioned to benefit from the recovery in the industry and the increasing demand for high-value products [2][6].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company's H1 2024 performance met expectations, with revenue of 839 million yuan, a year-on-year increase of 17.75%, and a net profit attributable to shareholders of 121 million yuan, up 20.88% year-on-year [4] - The company is experiencing a recovery in demand, leading to an increase in market share for carrier tapes and adhesive tapes, while the release of new products in the release film segment is progressing smoothly [5] - The company has successfully developed low roughness release films for MLCC and mid-to-high-end polarizer release films, with stable supply to major customers [5] Financial Performance Summary - In H1 2024, the company achieved a gross profit margin of 36.52%, an increase of 3.32 percentage points year-on-year, and a net profit margin of 14.45%, up 0.38 percentage points year-on-year [4] - The company’s revenue for H1 2024 was 839 million yuan, with a net profit of 121 million yuan, and a net profit after deducting non-recurring gains and losses of 118 million yuan [4] - The company expects revenues of 2.112 billion yuan, 2.874 billion yuan, and 3.789 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 364 million yuan, 515 million yuan, and 696 million yuan for the same years [5][6] Business Segment Performance - In H1 2024, revenue from carrier tapes was 599 million yuan (up 14.50% YoY), adhesive tapes revenue was 126 million yuan (up 29.61% YoY), and film materials revenue was 71.74 million yuan (up 18.41% YoY) [5] - The company has maintained a high market share in the paper carrier tape sector and is actively expanding capacity in the adhesive tape sector [5] - The company has developed its own production capabilities for precision molds and raw materials in the plastic carrier tape sector, further enhancing its production capacity [5]

洁美科技（002859.SZ）2024 年中报点评 [盈利预测与财务指标 Table_Forcast] Q2 业绩稳步增长，纸质载带与离型膜双向发力 2024 年 08 月 17 日 ➢ 事件： 8 月 15 日，洁美科技发布 2024 年半年度报告，2024 年上半年公 司实现营收 8.39 亿元，同比增长 17.75%；实现归母净利润 1.21 亿元，同比增 长 20.88%；扣非归母净利润 1.18 亿元，同比增长 19.64%；毛利率为 36.52%， 同比增长 3.32pct。 ➢ 需求回暖带动业绩改善，Q2 营收利润环比增长。公司 Q2 实现营收 4.76 亿 元，同比增长 17.66%，环比增长 31.04%；实现归母净利润 0.68 亿元，同比下 降 1.24%，环比增长 27.48%；实现扣非归母净利润 0.66 亿元，同比下滑 3.48%， 环比增长 24.31%。Q2 营收和净利润环比增长主要得益于下游新能源、智能制 造、5G 商用技术等产业的逐步增长，以及 AI 终端应用新产品的推动，公司订单 量持续回升；同时公司坚持降本增效，高附加值产品的产销量持续上升。 ➢ 纸质与塑料载带共同发力 ...

公司近一年市场表现 高宇洋 每股净资产(元)： 6.72 离型膜韩日系大客户进入小批量供货阶段。2024H1 年，公司电子级薄 膜材料实现收入 7174 万元，同比+18.41%。离型膜业务增长来源：（1）公司 净资产收益率(%)： 4.17 MLCC 离型膜实现向国巨、华新科、风华高科、三环集团等主要客户稳定批 资料来源：最闻 量供货；（2）在韩日系大客户进入小批量供货阶段，标志着公司在中高端 MLCC 应用领域逐步开始实现国产替代；（3）用于偏光片制程等其他用途的 进口替代类中高端离型膜产品出货量稳定增加。 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 投资建议：我们预计公司 2024-2026 年归母净利润为 2.96/4.30/6.12 亿元；EPS 分别为 0.69/1.00/1.42 元；对应公司 2024 年 8 月 15 日收盘价 18.09 元， 2024-2026 年 PE 分别为 26.4/18.1/12.7，给予"买入-A"评级。 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 风险提示：行 ...

F原证券 电子/其他电子Ⅱ 业绩符合预期，离型膜日韩客户放量可期 洁美科技（002859.SZ） 2024 年 08 月 16 日 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/15 | | 当前股价 ( 元 ) | 18.09 | | 一年最高最低 ( 元 ) | 28.77/16.60 | | 总市值 ( 亿元 ) | 77.95 | | 流通市值 ( 亿元 ) | 73.37 | | 总股本 ( 亿股 ) | 4.31 | | 流通股本 ( 亿股 ) | 4.06 | | 近 3 个月换手率 (%) | 69.85 | 股价走势图 -40% -30% -20% -10% 0% 10% 2023-08 2023-12 2024-04 洁美科技 沪深300 数据来源：聚源 相关研究报告 《业绩符合预期，日韩系大客户离型 膜放量可期—公司信息更新报告》 -2024.4.16 《Q3 业绩符合预期，盈利能力持续修 复 —公司信息更新报告》-2023.10.25 《2023Q2 归母净利润环比+1 ...

| 编制卓付 新工等类电子科技股份有限公司 | | | | | 单位:人民可无 | | --- | --- | --- | --- | --- | --- | | | | 上年年末数 | 负债和所有者权益 | 期末数 | 上年年末数 | | 流动资产: | | | 流动负债: | | | | 货币资金 | 664, 415, 361. 28 | 569, 711, 688. 35 | 短期借款 | 562, 073, 175. 22 | 461, 970, 540. 89 | | 结算备付金 | | | 向中央银行借款 | | | | 拆出资金 | | | 拆入资金 | | | | 交易性金融资产 | | | 交易性金融负债 | | | | 衍生金融资产 | | | 衍生金融负债 | | | | 应收票据 | | | 应付票据 | 2, 254. 59 | | | 应收账款 | 533, 259, 628. 33 | 507, 121, 028. 84 | 应付账款 | 221, 135, 341. 07 | 294, 748, 754. 58 | | 应收款项融资 | 20, 165, 606. 68 | ...

浙江洁美电子科技股份有限公司 投资者关系管理制度 第一章 总 则 第一条 为规范浙江洁美电子科技股份有限公司（以下称"公司"）投资者关系管理 工作，进一步保护投资者的合法权益，建立公司与投资者之间及时、互信的良好沟通关 系，完善公司治理，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司投资者关系管理工作指引》《深圳证券交易所股票上市规则》（以下称"《股票上市规 则》"）《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以 下称"《自律监管指引 1 号》"）等相关法律、行政法规、规范性文件及《浙江洁美电子 科技股份有限公司章程》（以下简称"公司章程"）的相关规定，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交流和 诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对公司的了解和 认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回报投资者、保护投资 者目的的相关活动。 本制度所称投资者，包括公司在册与潜在的股票、债券及公司发行的其他有价证券 的投资者。 第三条 公司投资者关系管理工作应遵循以下原则： （一）合规性原则。 ...

监事会认真审议了公司根据《证券法》第 82 条规定及《深圳证券交易所股票上市 规则》、《公司章程》等法规文件要求编制的 2024 年半年度报告及摘要，认为：1、公 司 2024 年半年度报告的编制和审议程序符合法律、法规、公司章程的各项规定；2、公 司 2024 年半年度报告已经公司内审部审计，报告能真实地反映公司的财务状况和经营 成果；3、在公司监事会出具此意见前，我们没有发现参与公司 2024 年半年度报告编制 和审议人员有违反保密规定的行为。因此，我们保证公司 2024 年半年度报告所披露的 信息不存在虚假记载、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 性承担个别及连带责任。 监事会对报告期内公司财务制度、财务状况及财务管理进行了认真的监督、检查和 审核，并且认真审阅了公司每月的财务报表、定期报告及相关文件，监事会认为公司财 务管理规范，制度完善，没有发生公司资产被非法侵占和资金流失等情况。公司发生的 关联交易符合公司生产经营的实际需要，其决策程序合法，交易价格合理，不存在损害 公司和股东利益的情形。 浙江洁美电子科技股份有限公司监事会对公司 2024年半年度报告及检查公司财务等事项的意 ...