Company Overview - Zhuzhou Times New Material Technology Co., Ltd. is located in Hunan Province, China, and was established on May 24, 1994. The company was listed on December 19, 2002. Its main business involves the research and engineering application of polymer materials, focusing on products for rail transit, wind power generation, automotive, and high-performance polymer materials [1][2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 9.256 billion yuan, representing a year-on-year growth of 6.87%. The net profit attributable to the parent company was 303 million yuan, with a year-on-year increase of 36.66% [2]. - Since its A-share listing, the company has distributed a total of 1.106 billion yuan in dividends, with 442 million yuan distributed over the past three years [3]. Stock Performance - As of September 18, the stock price of Times New Material increased by 2.06%, reaching 15.36 yuan per share, with a trading volume of 101 million yuan and a turnover rate of 0.83%. The total market capitalization is 14.303 billion yuan [1]. - Year-to-date, the stock price has risen by 21.96%, with a 2.20% increase over the last five trading days, a 3.36% increase over the last 20 days, and a 15.06% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders is 31,300, an increase of 2.82% from the previous period. The average number of circulating shares per person is 25,853, which has decreased by 1.98% [2]. - Notably, Hong Kong Central Clearing Limited and Bosera Theme Industry Mixed Fund (160505) have exited the list of the top ten circulating shareholders [3]. Business Segmentation - The revenue composition of the company's main business includes: wind power generation (40.63%), automotive products (35.18%), rail transit (11.67%), industrial and engineering (9.51%), new materials and others (2.38%), and other supplementary sources (0.63%) [1]. Industry Classification - Times New Material is classified under the Shenwan industry as part of the mechanical equipment sector, specifically in rail transit equipment [2]. The company is also associated with concepts such as offshore wind power, wind energy, new materials, and magnetic levitation [2].

Investment Rating - The report maintains a "Buy" rating for the wind power industry, indicating a high level of optimism regarding its continued growth and profitability improvement [2]. Core Insights - The wind power industry is experiencing sustained high demand, with significant increases in installed capacity and profitability. In the first half of 2025, new wind power installations reached 51.4 GW, a year-on-year increase of 98.9% [9][22]. - The average bidding prices for onshore wind projects have started to recover, while offshore wind prices have stabilized. The average bidding price for onshore wind in Q1 and Q2 of 2025 was 1459 and 1543 CNY/kW, respectively, showing a quarter-on-quarter increase [15][22]. - The wind power sector's revenue and net profit have shown continuous growth, with total revenue of 2298.1 billion CNY in the first half of 2025, up 24.27% year-on-year, and a net profit of 126.9 billion CNY, up 15.01% year-on-year [24][30]. - Inventory and contract liabilities in the sector have reached their highest levels in five years, indicating a positive outlook for continued industry growth [30][38]. Summary by Sections Industry Overview - The wind power industry is witnessing a robust increase in installed capacity, with both onshore and offshore installations contributing significantly to growth [9][22]. - The bidding volume for wind turbines has increased, with a total of 71.9 GW of bids in the first half of 2025, reflecting strong market demand [9][22]. Financial Performance - The wind power sector's core companies achieved a revenue of 1364.4 billion CNY in Q2 2025, a 26.84% increase year-on-year and a 46.11% increase quarter-on-quarter [24][30]. - The net profit for the sector in Q2 2025 was 77.8 billion CNY, representing a year-on-year increase of 17.1% and a quarter-on-quarter increase of 57.99% [24][30]. Company Analysis - Key companies in the wind power sector, such as Dongfang Cable and Zhongtian Technology, are projected to see significant earnings growth, with EPS estimates for 2025 at 2.29 CNY and 1.04 CNY, respectively [3][22]. - The report highlights specific investment opportunities in companies benefiting from the offshore wind demand and improving profitability in the component supply chain [30][38].

Investment Rating - The report maintains an investment rating of "B" for the new materials sector, indicating a positive outlook compared to the market [1]. Core Insights - The new materials sector has shown strong performance, with the new materials index rising by 2.50%, outperforming the ChiNext index by 0.39%. Key sub-sectors such as semiconductor materials and battery chemicals have seen significant increases, with battery chemicals up by 13.68% [3][19]. - The report highlights opportunities in upstream new materials for the automotive industry, driven by government policies aimed at stabilizing growth in the sector. The target for total vehicle sales in 2025 is approximately 32.3 million units, with a projected 20% increase in new energy vehicle sales [6]. Market Performance - The new materials sector has outperformed the broader market, with significant gains in various sub-sectors over the past week. The synthetic biology index increased by 2.88%, semiconductor materials by 9.04%, and electronic chemicals by 6.88% [3][19]. - The report notes that 60.67% of stocks in the new materials sector achieved positive returns, with notable performers including Xiamen Tungsten (up 26.79%) and Hengshen Co. (up 20.33%) [24]. Price Tracking - The report provides weekly price updates for key materials. For instance, the price of valine is 12,600 CNY/ton, down 1.18%, while the price of lysine (98.5%) is 6,950 CNY/ton, up 2.21% [29]. - In the biodegradable plastics segment, the price of PLA (injection grade) remains stable at 17,800 CNY/ton, while PBS is also stable at 17,800 CNY/ton [33]. Investment Recommendations - The report suggests focusing on companies such as Times New Material and Jun Ding Da, which are positioned to benefit from the growth in the automotive sector and new materials [6].

Market Overview - On September 17, the rail transit equipment sector rose by 0.39% compared to the previous trading day, with Kanni Electromechanical leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Performers - Kanni Electromechanical (603111) closed at 8.33, with a gain of 6.25% and a trading volume of 359,900 shares, amounting to a transaction value of 294 million yuan [1] - Xianghe Industrial (603500) closed at 12.02, up 5.62%, with a trading volume of 235,800 shares and a transaction value of 283 million yuan [1] - Times New Material (600458) closed at 15.05, increasing by 4.30%, with a trading volume of 193,600 shares and a transaction value of 286 million yuan [1] Underperformers - Jiaokong Technology (688015) closed at 26.21, down 3.11%, with a trading volume of 49,100 shares and a transaction value of 130 million yuan [2] - Quanta Vehicle (301048) closed at 12.68, down 1.63%, with a trading volume of 75,100 shares and a transaction value of 95 million yuan [2] - Railway Technology (301016) closed at 23.69, down 1.50%, with a trading volume of 117,500 shares and a transaction value of 277 million yuan [2] Capital Flow - The rail transit equipment sector saw a net inflow of 36.47 million yuan from institutional investors, while retail investors experienced a net inflow of 34.64 million yuan [2] - However, speculative funds recorded a net outflow of 71.11 million yuan [2] Individual Stock Capital Flow - Yonggui Electric (300351) had a net outflow of 48.59 million yuan from institutional investors, while it saw a net inflow of 860,730 yuan from speculative funds [3] - Tongye Technology (300960) experienced a net inflow of 20.80 million yuan from institutional investors, with a net outflow of 415,940 yuan from speculative funds [3] - Times New Material (600458) had a net inflow of 20.63 million yuan from institutional investors, while retail investors saw a net outflow of 24.87 million yuan [3]

Group 1 - Wind power equipment concept stocks experienced a significant surge on September 17, with Goldwind Technology rising over 8% [1] - Other companies in the sector, such as Jinlei Co., Jixin Technology, and Times New Materials, also saw increases in their stock prices [1]

Core Viewpoint - The company reported a strong financial performance for the first half of 2025, with significant growth in revenue and net profit, indicating a positive outlook for its business segments and potential investment opportunities [1][4]. Financial Performance - Total operating revenue for the first half of 2025 reached 9.256 billion, a year-on-year increase of 6.87% [1] - Total profit amounted to 405 million, reflecting a year-on-year growth of 37.01% [1] - Net profit attributable to shareholders was 303 million, up 36.66% year-on-year [1] - The second quarter of 2025 saw operating revenue of 5.098 billion, a 14.41% increase year-on-year [1] - Net profit for Q2 2025 was 152 million, showing a year-on-year growth of 48.86% [1] Business Segments - The new materials and other segments achieved sales revenue of 250 million, a remarkable year-on-year increase of 116.71% [2] - Wind power blade segment generated sales revenue of 3.911 billion, with a year-on-year growth of 39.38%, maintaining a leading position in the domestic market [3] - The automotive parts segment reported sales revenue of 3.393 billion, with the new materials segment in Germany achieving profitability for the first time since its establishment [3] - The rail transit segment generated sales revenue of 959 million, with new orders exceeding 1.26 billion, marking a new high [3] Market Expansion and Strategy - The company is focusing on high-end polyurethane automotive vibration reduction products and has established close cooperation with several well-known domestic enterprises in the low-altitude field [2] - The company is expanding its overseas market presence, with a significant increase in overseas revenue by 300% through collaboration with Nordex [3] - The establishment of a subsidiary in Vietnam is expected to commence production in the first half of 2026 [3] Investment Outlook - The company is expected to see continued growth in its core business areas, particularly in wind power, automotive parts, and rail transit, with new materials business anticipated to contribute significantly to profit growth [4] - Projected net profits for 2025-2027 are estimated at 760 million, 897 million, and 1.087 billion respectively, with corresponding EPS of 0.82, 0.96, and 1.17 [4] - The company is rated as "strong buy" with a target price of 19.2 per share based on a PE valuation method [4]

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 19.2 CNY per share [2][6]. Core Views - The company achieved total operating revenue of 9.256 billion CNY in the first half of 2025, representing a year-on-year growth of 6.87%. The total profit reached 405 million CNY, up 37.01% year-on-year, and the net profit attributable to shareholders was 303 million CNY, an increase of 36.66% year-on-year [2]. - The wind power blade segment generated sales revenue of 3.911 billion CNY, a year-on-year increase of 39.38%, maintaining a leading position in the domestic market. The company has established strategic partnerships with major wind turbine manufacturers and expanded its overseas market presence significantly [2][6]. - The new materials and other segments achieved sales revenue of 250 million CNY, a remarkable year-on-year growth of 116.71%, indicating a rapid development phase [2][6]. - The company is focusing on energy transportation sectors, emphasizing vibration reduction and lightweight material technologies, with expectations for substantial profit growth in the coming years [2][6]. Financial Summary - For the fiscal years 2024A to 2027E, the projected total operating revenue is expected to grow from 20.055 billion CNY to 24.985 billion CNY, with corresponding year-on-year growth rates of 14.4%, 7.3%, 10.9%, and 4.7% respectively [2][7]. - The net profit attributable to shareholders is forecasted to increase from 445 million CNY in 2024A to 1.087 billion CNY in 2027E, with significant growth rates of 15.2%, 70.9%, 18.0%, and 21.2% [2][7]. - The earnings per share (EPS) is projected to rise from 0.48 CNY in 2024A to 1.17 CNY in 2027E, reflecting the company's improving profitability [2][7].

Core Viewpoint - The company has approved the use of its own funds and bank acceptance bills to pay for fundraising project expenses, with plans to replace these with raised funds in equal amounts, ensuring compliance with regulations and maintaining shareholder interests [1][11][30]. Group 1: Board Meeting Resolutions - The board meeting was held on September 15, 2025, with all nine directors present, and the resolutions were passed unanimously [1][2]. - The board approved the use of self-owned funds and bank acceptance bills for project funding, with a plan to replace these with raised funds [1][11]. - The board also approved the performance evaluation criteria for the management team for the 2025-2027 term [5][7]. Group 2: Supervisory Board Meeting Resolutions - The supervisory board meeting was also held on September 15, 2025, with all five supervisors present, and resolutions were passed unanimously [9][10]. - The supervisory board agreed to the use of self-owned funds and bank acceptance bills for project funding, confirming that this does not affect the normal implementation of the fundraising projects [11][12]. - The supervisory board approved the replacement of self-raised funds used for project expenses with raised funds, affirming compliance with regulations [13][14]. Group 3: Fundraising and Project Details - The company raised a total of approximately 1.3 billion yuan through a stock issuance, with a net amount of about 1.29 billion yuan after deducting issuance costs [17][30]. - The company has pre-invested approximately 678.7 million yuan of its own funds into the fundraising projects, with plans to replace 515 million yuan of this amount with raised funds [32][30]. - The company has also paid approximately 1 million yuan in issuance costs, with plans to replace about 684,000 yuan of this amount with raised funds [34][30]. Group 4: Operational Procedures and Impact - The company will use self-owned funds and bank acceptance bills to pay for project expenses, with a structured process for replacing these with raised funds [20][22]. - This approach is expected to enhance the efficiency of fund utilization and ensure the normal progress of fundraising projects without altering the intended use of funds [23][25]. - The supervisory board and sponsor have confirmed that the procedures followed are in line with regulatory requirements and do not harm shareholder interests [26][38].

证券代码：600458 证券简称：时代新材 公告编号：临 2025-059 株洲时代新材料科技股份有限公司 关于使用自有资金、银行承兑汇票等方式支付募投 项目所需资金并以募集资金等额置换的公告 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法律责任。 株洲时代新材料科技股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开第十届董事会第八次（临时）会议、第十届监事会第五次（临时）会议审 议通过了《关于使用自有资金、银行承兑汇票等方式支付募投项目所需资金并以 募集资金等额置换的议案》，同意公司及实施募投项目的子公司（以下简称"子 公司"）在募集资金投资项目（以下简称"募投项目"）实施期间根据实际情况 使用自有资金、银行承兑汇票等方式支付募投项目所需部分资金，并以募集资金 等额置换。现将有关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意株洲时代新材料科技股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2025〕996 号）批复，公司于 2025 年 6 月以人民币 12.18 元/股的发行价 ...

证券代码：600458 证券简称：时代新材 公告编号：临 2025-060 株洲时代新材料科技股份有限公司 关于使用募集资金置换预先投入募投项目及已支付 发行费用的自筹资金的公告 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法律责任。 重要内容提示： 株洲时代新材料科技股份有限公司（以下简称"公司"）本次使用募集资金 置换预先投入募投项目及已支付发行费用的自筹资金金额为 515,036,041.83 元，符合募集资金到账后 6 个月内进行置换的规定。 公司于 2025 年 9 月 15 日召开第十届董事会第八次（临时）会议、第十届监 事会第五次（临时）会议，审议通过了《关于使用募集资金置换预先投入募投项 目及已支付发行费用的自筹资金的议案》，同意以募集资金置换公司预先投入募 投项目及已支付发行费用的自筹资金，合计人民币 515,036,041.83 元。现将有 关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意株洲时代新材料科技股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2025〕996 号）批复， ...