Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company achieved a revenue of 656 million yuan in 2024, representing a year-on-year increase of 51.1%, driven by rising demand from major North American clients [5] - The company is actively expanding its product and customer base, with new business initiatives in thermal management materials, magnetic materials, and nano-protective materials [5] - The forecasted growth rates for the company's net profit from 2025 to 2027 are 40.9%, 47.7%, and 38.8%, respectively, due to industry expansion and entry into the North American supply chain [5] Financial Performance - In 2024, the company reported a net profit of 52 million yuan, a decrease of 3.88% year-on-year, primarily due to losses from certain subsidiaries [5] - The company's revenue growth in 2024 was notable, with thermal management materials generating 609 million yuan (up 49.62%), magnetic materials 3 million yuan (up 56.62%), and nano-protective materials 10 million yuan (up 65.47%) [5] - The company's diluted earnings per share (EPS) for 2024 is projected at 0.91 yuan, with a forecasted EPS of 1.28 yuan for 2025 [4][6] Market Data - As of April 17, 2025, the company's closing price was 57.20 yuan, with a market capitalization of 32.99 billion yuan [3] - The company's circulating A-shares account for 34% of the total share capital, with a circulating A-share market value of 19.45 billion yuan [3] Valuation Metrics - The company's price-to-earnings (P/E) ratio is projected to decrease from 62.9 in 2024 to 21.8 by 2027, indicating an improving valuation as earnings grow [4][6] - The projected return on equity (ROE) is expected to rise from 4.7% in 2024 to 11.1% in 2027, reflecting enhanced profitability [4][6]

Core Viewpoint - The company, Siquan New Materials, reported a significant increase in revenue and net profit for 2024, driven by strategic investments and a focus on new product development in the heat management sector, particularly benefiting from the "AI+" trend in consumer electronics [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 656 million yuan, representing a year-on-year growth of 51.10% [1]. - The net profit attributable to shareholders was 52.46 million yuan [1]. - The heat management materials revenue reached 609 million yuan, showing a year-on-year increase of 49.62% [2]. Group 2: Market Trends and Opportunities - The "AI+" trend is driving significant growth in the consumer electronics sector, with the AI smartphone market expected to grow at a compound annual growth rate (CAGR) of 63% from 2023 to 2028, and the AI PC market projected to grow at a CAGR of 42% from 2024 to 2028 [2]. - The demand for heat management solutions is increasing due to rising performance requirements in consumer electronics, particularly in smartphones and computers [2]. Group 3: Strategic Initiatives - The company is actively pursuing mergers and acquisitions to optimize its product and customer structure, focusing on new business areas such as cooling fans, liquid silicone, electronic adhesives, and liquid cooling [4]. - Siquan New Materials aims to enhance its market share and product structure while fostering collaboration with major clients like North American customers and Xiaomi [3][4]. - The company is expanding its overseas operations, including a new facility in Vietnam, to increase production capacity and improve market presence [5][6]. Group 4: Future Outlook - The company plans to continue its focus on strategic growth areas, including electric vehicles, energy storage, servers, and smart home markets, while leveraging existing customer relationships and technological expertise [3][4]. - Future projects include expanding production capabilities for graphite films and liquid cooling products, which are expected to drive new business growth [6].

Company Overview - Guangdong Siquan New Materials Co., Ltd. is a national high-tech enterprise established in 2011, focusing on thermal management materials and diversified functional materials [1][3] - The company primarily engages in the research, production, and sales of thermal management materials, magnetic materials, and nano-protective materials, with applications in consumer electronics, smart home, communication devices, new energy vehicles, and energy storage [1] Financial Performance - The company's total revenue is projected to grow from 434 million yuan in 2023 to 656 million yuan in 2024, representing a year-on-year increase of 51.1% [1] - However, the net profit attributable to shareholders is expected to decline from 54.58 million yuan in 2023 to 52.46 million yuan in 2024, a decrease of 3.88%, marking a five-year low [1] - The non-recurring net profit also fell from 53.74 million yuan to 50.39 million yuan, a decline of 6.25% [1] Employee Compensation - The total number of employees increased from 589 in 2023 to 940 in 2024 [2][3] - Average employee compensation rose from 125,700 yuan in 2023 to 139,600 yuan in 2024 [2][3] - The chairman, Ren Zeming, saw his salary increase from 489,900 yuan in 2023 to 687,400 yuan in 2024, reflecting an approximate 40% increase [2][3] Market Capitalization - As of April 17, 2025, the company's total market capitalization is 3.255 billion yuan [1]

Group 1 - The core viewpoint of the article highlights that MinSen Investment recently conducted research on a listed company, Siquan New Materials, which is expected to achieve a revenue of 656 million yuan in 2024, representing a year-on-year growth of 51.10%, despite a net profit decline of 3.88% [1] - The main drivers for revenue growth include increased market demand, larger orders from North American clients, business synergy from multi-dimensional layout, capacity release from fundraising projects, and upgrades in technology research and development [1] - The decline in net profit is attributed to the inclusion of more subsidiaries in the consolidated financial statements, increased sales and R&D expenses, and provisions for impairment [1] Group 2 - The company is optimistic about its performance growth in 2025, planning to enhance collaboration across multiple business segments, strengthen key technology reserves, advance key project implementations, and promote lean management [1] - Siquan New Materials has established partnerships with well-known automotive companies, indicating a broad application of its products in the automotive sector [1]

证券代码：301489 证券简称：思泉新材 广东思泉新材料股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活 动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他：电话会议 参与单位名称 及人员姓名 中金公司、招商基金、交银施罗德基金、长信基金、东吴基金 、博时基金、瑞丰基金、信达澳银基金、前海联合基金、安基 金、九泰基金、泓德基金、广发基金、新华基金、同泰基金、 天治基金、五地私募基金、泉果基金、平正圆私募基金、云禧 基金、民森投资、鼎萨投资、臻远投资、平安资产、互兴资本 、中信期货、进门财经、东北证券、中信证券、信达证券、华 金证券、华创证券、国信证券、国投证券、国海证券 时间 2025年4月16日 地点 深圳分公司会议室 上市公司接待 人员姓名 副总经理、董事会秘书：郭智超 财务总监：沈勇 交流内容及具 体问题记录 1. 公司2024年度整体业绩情况。 答：2024年，公司实现营业收入6.56亿元，同比增长51.10%；归 属于上市公司股东的净利润5,245.59万元，同比下滑3.88%。 2. 2024年度营业收入同比增长较大，主要驱动因素 ...

长城证券股份有限公司 关于广东思泉新材料股份有限公司 使用剩余超募资金投资建设项目核查意见 长城证券股份有限公司（以下简称"保荐机构"或"长城证券"）作为广东 思泉新材料股份有限公司（以下简称"公司"或"思泉新材"）首次公开发行股 票并在创业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》、《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》、《深圳证券交易所创业板股票上市规则》、《深圳证券交易 所上市公司自律监管指引第2号——创业板上市公司规范运作》等有关规定，对 公司使用剩余超募资金投资建设项目的事项进行了核查，核查的具体情况及核查 意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东思泉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[2023]1373 号）同意注册，公司首次公开发 行人民币普通股（A股）股票 1,442.0334 万股，每股面值为人民币 1.00 元，发行 价格为人民币 41.66 元/股，募集资金总额为人民币 60,075.11 万元，扣除发行费 用人民币 6,737.99 万元（不含税）后，实际募集 ...

广东思泉新材料股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了广东思泉新材料股份有限公司（以下简称"思泉新材"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 内部控制审计报告 致同审字（2025）第 441A011779 号 广东思泉新材料股份有限公司全体股东： 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内 部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是 思泉新材董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发 表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和 ...

广东思泉新材料股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 | 审计报告 | 1-6 | | | --- | --- | --- | | 合并及公司资产负债表 | | 1-2 | | 合并及公司利润表 | 3 | | | 合并及公司现金流量表 | | 4 | | 合并及公司股东权益变动表 | | 5-8 | | 财务报表附注 | 9-102 | | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2025）第441A011771 号 广东思泉新材料股份有限公司全体股东： 一、审计意见 我们审计了广东思泉新材料股份有限公司（以下简称思泉新材公司）财务 报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财务 报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 ...

关于广东思泉新材料股份有限公司 预计 2025 年度日常关联交易事项的核查意见 长城证券股份有限公司（以下简称"长城证券"或"保荐机构"）作为广东思泉 新材料股份有限公司（以下简称"思泉新材"或"公司"）首次公开发行股票并在创 业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》、《深圳证券交 易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》、《深圳证券交 易所创业板股票上市规则（2023 年修订）》等相关规定，对思泉新材 2025 年度 关联交易预计事项进行了审慎核查，核查的具体情况如下： 长城证券股份有限公司 一、日常关联交易基本情况 （一）日常关联交易概述 1、广东思泉新材料股份有限公司（以下简称"公司"）及合并报表范围内 部分子公司（以下简称"子公司"）预计 2025 年度与东莞市企石良禾餐饮服务 部（个体工商户）（以下简称"良禾餐饮"）开展日常经营性业务交易不超过 120 万元，交易价格按照独立交易原则，参考市场行情协商确定。 2、良禾餐饮系公司实际控制人、董事长、总经理任泽明配偶之弟弟熊亮实 际控制的个体工商户，因此公司与良禾餐饮构成关联方，与其发生的交易构成关 联交易。 3、公司 ...

长城证券股份有限公司 （二）募集资金使用金额及当前余额 截至2024年12月31日，公司募集资金使用情况如下： 1 | 序 号 | | 项 目 | 金额（万元） | | --- | --- | --- | --- | | A | 募集资金总额 | | 60,075.11 | | B=C+D+E | 发行费 | | 6,737.99 | | C | 其中：券商已扣承销费（不含税） | | 4,806.01 | | D | | 非募集资金账户支付的部分 | 1,394.91 | | E | | 募集资金账户支付的部分 | 537.08 | | F | 券商已扣承销费税额 | | 288.36 | | G=A-B | 募集资金净额 | 减：募投项目投入 | 53,337.12 | | | 截至期初累计发 | 减：支付发行费 | 31,858.63 537.08 | | H | 生额 | 加：利息收入 | 66.04 | | | | 减：闲置募集资金理财余额 | 5,000.00 | | | | 减：募投项目投入 | 7,188.63 | | | | 减：支付发行费 | - | | | | 加：利息收入 | 191. ...