证券代码：300408 证券简称：三环集团 公告编号：2024-37 潮州三环（集团）股份有限公司 第十一届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本议案无需提交公司股东大会审议。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 特此公告。 潮州三环（集团）股份有限公司 董事会 2024年10月30日 潮州三环（集团）股份有限公司（以下简称"公司"）第十一届董事会第八 次会议的通知已于 2024 年 10 月 24 日以专人送出、电子邮件等方式送达各位董 事。本次会议于 2024 年 10 月 29 日以现场结合通讯表决方式召开。会议应参加 董事 7 人，实际参加董事 7 人。会议的召集、召开符合《中华人民共和国公司法》 及有关法律、法规和《公司章程》的规定。本次会议由公司董事长李钢先生主持。 本次会议经审议，决议如下： 一、审议通过了《关于公司 2024 年第三季度报告的议案》。 内容详见公司在中国证监会创业板指定信息披露网站刊登的公告。 本议案已经公司审计委员会审议通过。 ...

Financial Performance - Revenue for the third quarter reached 1.953 billion yuan, a year-on-year increase of 32.29%[2] - Net profit attributable to shareholders of the listed company was 577.74 million yuan, up 40.59% year-on-year[2] - Total revenue for the period reached 5,380,779,711.85 RMB, compared to 4,105,809,876.22 RMB in the same period last year[16] - Net profit attributable to the parent company's shareholders was 1,603,287,677.19 RMB, a 40.38% increase year-over-year[18] - Basic earnings per share (EPS) for the quarter were 0.84 RMB, up from 0.60 RMB in the same period last year[18] - Total comprehensive income for the period was 1,607,748,108.59 RMB, with 1,607,323,254.30 RMB attributable to the parent company's shareholders[18] - Total profit for the quarter was 1,841,641,054.10 RMB, a 41.61% increase compared to the same period last year[17] Cash Flow and Liquidity - Operating cash flow for the first three quarters was 1.506 billion yuan, an increase of 33.35% compared to the same period last year[2] - Cash and cash equivalents decreased by 87.68% to 237.65 million yuan, mainly due to reduced cash flow from financing activities[8] - Investment cash flow was negative 239.85 million yuan, a 144.29% decrease compared to the same period last year[7] - Cash flow from operating activities, specifically from sales of goods and services, was 4,694,165,103.95 RMB, a 30.29% increase year-over-year[19] - Operating cash flow increased to 1.506 billion yuan, up 33.4% year-over-year from 1.130 billion yuan[20] - Investment cash inflow surged to 33.236 billion yuan, a 176.2% increase compared to 12.039 billion yuan in the same period last year[20] - Cash outflow from investment activities reached 33.476 billion yuan, up 191.2% from 11.498 billion yuan in the previous year[20] - Net cash flow from financing activities was negative 1.014 billion yuan, a significant decrease from positive 252.7 million yuan in the prior year[20] - Cash and cash equivalents at the end of the period stood at 1.535 billion yuan, down 70.0% from 5.121 billion yuan in the same period last year[21] - Tax refunds received amounted to 150.2 million yuan, a 9.5% increase from 137.2 million yuan in the previous year[20] - Cash paid for goods and services rose to 1.650 billion yuan, up 31.2% from 1.258 billion yuan in the prior year[20] - Employee compensation and benefits payments increased to 1.325 billion yuan, a 27.6% rise from 1.038 billion yuan in the previous year[20] - Cash received from interest and commission fees was 413.6 million yuan, a slight decrease of 2.0% from 421.9 million yuan in the prior year[20] Assets and Liabilities - Total assets as of the end of the reporting period were 23.036 billion yuan, a 5.54% increase from the end of the previous year[2] - Total assets increased to 23,036,075,320.20 RMB, up from 21,826,964,874.91 RMB in the previous period[14][15] - Cash and cash equivalents stood at 1,536,742,185.36 RMB, a decrease from 2,841,614,932.78 RMB in the previous period[14] - Trade receivables increased to 1,778,011,064.71 RMB, up from 1,626,598,024.69 RMB[14] - Inventory levels rose to 2,123,428,425.78 RMB, compared to 1,753,597,800.43 RMB[14] - Total liabilities amounted to 3,725,945,984.94 RMB, up from 3,587,864,384.36 RMB[15] - Shareholders' equity increased to 19,310,129,335.26 RMB, compared to 18,239,100,490.55 RMB[15] - Fixed assets grew to 5,384,876,184.25 RMB, up from 5,102,682,460.56 RMB[14] - Construction in progress increased to 842,006,479.13 RMB, compared to 681,202,872.22 RMB[14] - Deferred income rose to 988,979,902.82 RMB, up from 879,648,033.34 RMB[15] - Short-term borrowings decreased by 46.38% to 397.08 million yuan as the company repaid some bank loans[5] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 24,370[9] - Chaozhou Sanjiang Investment Co., Ltd. holds 33.67% of the shares, totaling 645,357,856 shares[9] - Hong Kong Securities Clearing Company Ltd. holds 6.36% of the shares, totaling 121,815,734 shares[9] - Zhang Wanzhen holds 2.80% of the shares, totaling 53,592,000 shares, with 40,194,000 shares under restricted conditions[9] - E Fund ChiNext ETF holds 1.81% of the shares, totaling 34,769,865 shares[9] - China Securities Finance Corporation holds 1.44% of the shares, totaling 27,502,680 shares[9] - Huatai-PineBridge CSI 300 ETF holds 1.31% of the shares, totaling 25,122,430 shares[9] - E Fund CSI 300 Index Fund holds 0.89% of the shares, totaling 16,984,041 shares[9] - National Social Security Fund Portfolio 115 holds 0.73% of the shares, totaling 13,900,000 shares[9] - The total number of restricted shares at the end of the period is 46,689,354 shares[12] Expenses and Income - Total operating costs for the quarter were 3,743,188,311.12 RMB, with operating costs accounting for 3,079,517,002.97 RMB[17] - R&D expenses increased to 401,234,255.99 RMB, up 4.16% compared to the previous year[17] - Financial expenses showed a net benefit of -106,649,160.43 RMB, primarily due to interest income of 158,541,320.77 RMB[17] - Other income, including government subsidies, amounted to 195,107,000.66 RMB, slightly down from 205,062,887.99 RMB in the previous year[17] - Income tax expenses for the quarter were 237,928,522.62 RMB, reflecting a higher effective tax rate compared to the previous year[17] - Government subsidies received during the reporting period amounted to 47.28 million yuan[3] Miscellaneous - The company's third quarter report was unaudited[21]

本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 潮州三环（集团）股份有限公司（以下简称"公司"）第十一届监事会第七 次会议的通知已于 2024 年 10 月 24 日以专人送出、电子邮件等方式送达各位监 事。本次会议于 2024 年 10 月 29 日以现场表决方式召开。本次会议应参加监事 3 名，实际参加监事 3 名。会议的召集、召开符合《中华人民共和国公司法》及 有关法律、法规和《公司章程》的规定。本次会议由公司监事会主席陈桂旭先生 主持。 本次会议经审议，决议如下： 一、审议通过了《关于公司 2024 年第三季度报告的议案》。 内容详见公司在中国证监会创业板指定信息披露网站刊登的公告。 证券代码：300408 证券简称：三环集团 公告编号：2024-38 潮州三环（集团）股份有限公司 第十一届监事会第七次会议决议公告 特此公告。 潮州三环（集团）股份有限公司 监事会 2024 年 10 月 30 日 经审核，监事会认为董事会编制和审议公司《2024 年第三季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际 ...

近日，公司完成了新增募集资金投资项目专用账户的开立及三方监管协议的 签订，具体情况如下： 一、《募集资金三方监管协议》的签订情况和募集资金专户的开立情况 南充三环电子有限公司已在中国工商银行股份有限公司苏州吴中支行、交通 银行股份有限公司南充分行、中国工商银行股份有限公司南充高坪支行、中国工 商银行股份有限公司潮州分行新增设立募集资金专户，新设立募集资金专户用于 募集资金投资项目"高容量系列多层片式陶瓷电容器扩产项目"募集资金的存储 和使用，并根据相关规定签署了募集资金三方监管协议。 | 账户名称 | 开户行 | 账号 | | --- | --- | --- | | 南充三环电子有限公司 | 中国工商银行股份有限 交通银行股份有限公司 | 1102026219000878890 | | | 公司苏州吴中支行 | | | | | 519519470013000161804 | | | 南充分行 | | | | 中国工商银行股份有限 | 2315533129100216935 | | | 公司南充高坪支行 | | | | 中国工商银行股份有限 | 2004024029200405935 | | | 公司潮州分行 ...

Group 1: Financial Performance - In the first half of 2024, the company achieved operating revenue of 3.427 billion CNY, a year-on-year increase of 30.36% [3] - The net profit attributable to shareholders was 1.026 billion CNY, reflecting a year-on-year growth of 40.26% [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached 914 million CNY, up 60.46% year-on-year [3] Group 2: Product Development and R&D - The company invested 260 million CNY in R&D in the first half of 2024, an increase of 13.03% year-on-year, accounting for 7.58% of operating revenue [4] - The focus of R&D investment includes high-end electronic components and solid oxide fuel cell systems [4] - The company has established research institutes in Guangdong, Sichuan, and Jiangsu, with ongoing projects to enhance R&D capabilities [5] Group 3: Market Strategy and Customer Relations - The company aims to enhance MLCC product technology and expand market applications for high-precision and high-reliability products [4] - A comprehensive quality management system has been established to ensure product quality from R&D to mass production [5] - The sales teams employ a proactive strategy to gather customer feedback and identify potential high-quality clients [5] Group 4: Competitive Advantages - The company has accumulated extensive technology and production experience in MLCC since 2000, covering a wide range of applications [3] - Continuous innovation in MLCC technology is emphasized, focusing on reducing material and management costs while improving production efficiency [3] - The product line includes components, electronic materials, optical communication, packaging, precision ceramic structures, and modules, serving various industries [4]

Investment Rating - Maintain "Overweight" rating [1] Core Views - MLCC high-capacity products are accelerating domestic substitution [1] - Q2 revenue reached a historical high of 1.864 billion yuan, up 29.42% YoY and 19.20% QoQ, with net profit attributable to the parent company of 593 million yuan, up 44.12% YoY and 36.86% QoQ [2] - MLCC capacity expansion continues, with increasing proportion of high-capacity products, leading to improved gross margin [2] - Optical communication products like ferrules and diaphragm plates benefit from AI computing power demand growth [2] - PKG, substrates, and slurry businesses recover with the consumer electronics industry [2] - Expected revenue for 2024-2026 is 7.395/8.835/10.390 billion yuan, with net profit attributable to the parent company of 2.142/2.527/2.999 billion yuan, corresponding to PE ratios of 27.17/23.04/19.41x [2] Financial Performance and Projections - Q2 2024 revenue: 1.864 billion yuan, up 29.42% YoY and 19.20% QoQ [2] - Q2 2024 net profit: 593 million yuan, up 44.12% YoY and 36.86% QoQ [2] - 2024E revenue: 7.395 billion yuan, up 29.14% YoY [3] - 2024E net profit: 2.142 billion yuan, up 35.49% YoY [3] - 2025E revenue: 8.835 billion yuan, up 19.47% YoY [3] - 2025E net profit: 2.527 billion yuan, up 17.96% YoY [3] - 2026E revenue: 10.390 billion yuan, up 17.60% YoY [3] - 2026E net profit: 2.999 billion yuan, up 18.69% YoY [3] Business Segments - MLCC: High-capacity products are expanding, with improved gross margin [2] - Optical communication products: Ferrules and diaphragm plates benefit from AI computing power demand [2] - PKG, substrates, and slurry: Recovery driven by the consumer electronics industry [2] Valuation Metrics - 2024E PE: 27.17x [2] - 2025E PE: 23.04x [2] - 2026E PE: 19.41x [2] - 2024E PB: 2.97x [3] - 2025E PB: 2.73x [3] - 2026E PB: 2.50x [3]

三环集团：24Q2 同环比高增，盈利能力提升显著 三环集团（300408.SZ）/电子 证券研究报告/公司点评 2024 年 09 月 02 日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

24Q2 营收创新高，持续丰富 MLCC 产品矩阵 投资要点 2024 年 8 月 29 日，三环集团发布 2024 年半年度报告。 24Q2 营收创新高，电子元件及材料毛利率显著改善 受益于消费电子、光通信等下游行业需求持续改善，以及公司 MLCC 产品市场认 可度不断提高，下游应用领域覆盖日益广泛，24H1 公司业绩稳步增长。 24H1 公司实现营收 34.27 亿元，同比增长 30.36%；归母净利润 10.26 亿元，同 比增长 40.26%；扣非归母净利润 9.14 亿元，同比增长 60.46%；毛利率 41.90%， 一年股价表现 同比提升 2.17 个百分点。 分业务看，24H1 电子元件及材料实现收入 14.44 亿元，同比增长 56.71%；毛利 率 39.82%，同比提升 10.16 个百分点。通信部件实现收入 12.21 亿元，同比增长 30.99%；毛利率 43.53%，同比提升 1.59 个百分点。 单季度看，24Q2 公司实现营收 18.64 亿元，同比增长 29.42%，环比增长 19.20%， 创历史新高；归母净利润 5.93 亿元，同比增长 44.12%，环比增长 36.86 ...

证券研究报告 被动元件 三环集团（300408.SZ） 买入-A(维持) 二季度收入创历史新高，MLCC 业务持续受益 AI 产业趋势 2024 年 9 月 3 日 公司研究/公司快报 事件描述 公司近一年市场表现 高宇洋 AI 服务器与笔电升级带动高容值 MLCC 需求，公司有望持续受益 AI 产业趋势。TrendForce 数据显示：（1）AI 服务器，MLCC 总用量（GB200 系统主板）较通用服务器增加一倍，且 1u 以上用量占 60%，X6S/X7S/X7R 耐高温用量高达 85%，系统主板 MLCC 总价也增加一倍；（2）AI PC，WoA 笔电整体 MLCC 用量高达 1160~1200 颗，与 Intel 高端商务机种用量接近， 且 1u 以上 MLCC 用量占总用量近八成。三环集团目前是国内领先的 MLCC 厂商，市场认可度不断提升，公司有望持续受益 AI 产业趋势。 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 近日，公司发布 2024 年半年报 ...

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **36.3 RMB** [2][6] Core Views - The company's H1 2024 revenue reached **3.43 billion RMB**, a **30% YoY increase**, with net profit attributable to shareholders of **1.03 billion RMB**, up **40% YoY** [1] - Q2 2024 revenue was **1.86 billion RMB**, a **29% YoY increase**, with net profit attributable to shareholders of **590 million RMB**, up **44% YoY** [1] - The company's gross margin improved to **41.9%**, up **2.2 pct YoY**, and net margin reached **29.9%**, up **2.1 pct YoY** [1] - The MLCC industry is recovering, driven by strong demand from AI servers, AI PCs, and automotive electronics, with the company's high-capacity MLCC products winning the **12th China Electronics Information Expo Innovation Gold Award** [1] - The company's high-capacity MLCC expansion project is **15% complete**, with expected production by **May 2025**, positioning the company for accelerated domestic substitution [1] - R&D investment increased by **13% YoY**, with products like fiber ceramic ferrules and ceramic substrates for chip resistors recognized as **"Single Champion" products** by the Ministry of Industry and Information Technology [1] - The company is advancing innovation in products like solid oxide fuel cells (SOFC) and has established research institutes in Chengdu and Suzhou [1] Financial Forecasts - The company's revenue is expected to grow from **7.686 billion RMB in 2024E** to **12.367 billion RMB in 2026E**, with a **34.2% YoY growth in 2024E** [3] - Net profit attributable to shareholders is forecasted to increase from **2.178 billion RMB in 2024E** to **3.958 billion RMB in 2026E**, with a **37.7% YoY growth in 2024E** [3] - Gross margin is projected to rise from **44.1% in 2024E** to **46.8% in 2026E**, while net margin is expected to increase from **28.3% in 2024E** to **32.0% in 2026E** [3] - EPS is forecasted to grow from **1.14 RMB in 2024E** to **2.07 RMB in 2026E** [3] Industry and Market Context - The MLCC industry is benefiting from increased demand in AI servers, AI PCs, and automotive electronics, with **NVIDIA's GB200 servers** and AI PCs expected to drive further growth in H2 2024 [1] - The company's MLCC products are widely used in mobile communications, smart terminals, and new energy industries, with a strong competitive position in the high-end market [1]