Investment Rating - The investment rating for the company is "Buy" and is maintained [14]. Core Views - The company, Times New Materials, is a new materials platform under the state-owned enterprise China CRRC, showcasing strong competitiveness in recent years. The company has a solid foundation and is expected to continue growing across various sectors by 2025, particularly benefiting from the wind power segment, which is anticipated to contribute the most profit elasticity due to rising installation volumes and prices [3][8]. Summary by Sections Company Overview - Times New Materials focuses on the research and engineering application of polymer materials, extending its products into rubber, plastics, composite materials, and functional materials. The company has achieved large-scale engineering applications in industries such as rail transportation, industrial engineering, wind power, automotive parts, new materials, and special equipment. In 2024, the company is projected to achieve sales of 20.055 billion yuan, with a total workforce of 6,341, including 1,184 R&D personnel [22][27]. Wind Power Blades - The wind power blade industry is characterized by high concentration, with Times New Materials and China National Materials forming a dual-leader structure, together holding nearly 60% of the market share. The company has been enhancing its competitive advantages through deep cooperation with quality clients and improving operational efficiency. Despite overall industry losses in recent years, the company has maintained stable profitability, with expectations for wind power installations to accelerate in 2025, reaching 111 GW, a nearly 40% year-on-year increase [9][50][32]. New Materials - The new materials division is focusing on high-end polyurethane damping products, wear-resistant products, HP-RTM composite materials, and advanced organic silicon materials. The new materials industrial park is gradually being put into operation, which will enhance the company's scale advantages and further industrialize its R&D achievements, indicating broad long-term growth potential [10][28]. Automotive Sector - The automotive sector has seen strategic adjustments leading to operational improvements, with the company expected to turn profitable in 2024 and further solidify its results in 2025. There is significant potential for increasing the value per vehicle, as the company currently mainly supplies damping products and injection-molded parts, which have relatively low value per vehicle [11][29]. Rail Transportation & Industrial Engineering - The company is actively expanding production capacity and pursuing overseas market opportunities. It has established close collaborations with major global locomotive manufacturers and is expected to leverage its global factory resources to further penetrate international markets [12][29].

Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Views - The company, Times New Materials, is a new materials platform under the state-owned enterprise China CNR, showcasing strong competitiveness in recent years. The company has a solid foundation and is expected to continue growing across various sectors by 2025, particularly benefiting from the wind power segment, which is anticipated to contribute the most profit elasticity due to rising installation demand [4][7][21]. Summary by Sections Wind Power Blades - The wind power blade industry is highly concentrated, with Times New Materials and China National Materials forming a dual-leader structure, holding nearly 60% of the market share. The company has been improving its operational efficiency and profitability, achieving stable profits even during industry downturns. By 2025, wind power installations are expected to accelerate, reaching approximately 111 GW, a nearly 40% year-on-year increase, which will enhance profit margins for the company [8][45][38]. New Materials - The new materials division is focusing on high-end polyurethane products and advanced composite materials, with significant breakthroughs in market development and production capacity. The new materials industrial park is gradually being put into operation, which will further industrialize the company's R&D achievements and provide substantial growth potential in the long term [9][21]. Automotive - The automotive segment has successfully turned losses into profits through strategic adjustments, with a focus on enhancing the value per vehicle. The company is shifting production capacity from high-cost regions to lower-cost areas, which is expected to solidify its profitability by 2024 and expand growth potential in the medium to long term [10][21]. Rail Transit & Industrial Engineering - The company is actively expanding production capacity and pursuing overseas market opportunities. It has established close collaborations with major global locomotive manufacturers, which will facilitate further international expansion [11][21].

公司公告汇总 本周关注点 特此公告。株洲时代新材料科技股份有限公司董事会2025年5月29日。 公司公告汇总：时代新材每股现金红利0.216元（含税），权益分派实施公告发布 截至2025年5月30日收盘，时代新材（600458）报收于11.44元，较上周的11.43元上涨0.09%。本周，时 代新材5月29日盘中最高价报11.72元。5月26日盘中最低价报11.35元。时代新材当前最新总市值94.32亿 元，在轨交设备板块市值排名6/31，在两市A股市值排名1641/5146。 时代新材发布了2024年年度权益分派实施公告，主要内容如下：- 每股分配比例：A股每股现金红利 0.216元（含税）- 相关日期：股权登记日为2025年6月4日，除权（息）日及现金红利发放日均为2025年 6月5日- 分红送转情况：无差异化分红送转- 利润分配方案：以公司总股本824,448,152股为基数，每股 派发现金红利0.216元（含税），共计派发现金红利178,080,800.83元（含税）- 红利派发方式：无限售 条件流通股的红利委托中国结算上海分公司派发- 税务处理：对于持有公司无限售条件流通股的个人股 东及证券投资基金 ...

证券代码：600458 证券简称：时代新材 公告编号：临2025-025 株洲时代新材料科技股份有限公司 2024年年度权益分派实施公告 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： ● 每股分配比例 A股每股现金红利0.216元（含税） 本次利润分配方案经公司2025年5月21日的2024年年度股东大会审议通过。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 2.分派对象： 3.分配方案： 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交易所收 市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者可于红 利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分公司保 管，待办理指定交易后再进行派发。 2.自行发放对象 无 ● 相关日期 ■ ● 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 二、分配方案 ...

证券代码：600458 证券简称：时代新材 公告编号：临 2025-025 株洲时代新材料科技股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.216元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/4 | － | 2025/6/5 | 2025/6/5 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 21 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本824,448,152股为基数，每股派发现金红利 0.216元（含税 ...

Core Viewpoint - The announcement details the first unlock period and listing of restricted stock under the 2022 stock incentive plan of Zhuzhou Times New Material Technology Co., Ltd, with a total of 629.772 million shares set to be released on May 29, 2025 [1][6]. Group 1: Stock Incentive Plan Implementation - The stock incentive plan was approved by the board and relevant authorities, with independent directors providing opinions and the supervisory board verifying the matters [2][3]. - The initial grant of restricted stock was adjusted from 22.87 million shares to 22.71 million shares due to one employee's withdrawal, with the final number of recipients being 207 [3][4]. - The actual number of restricted stocks granted was 19.68 million shares at a price of RMB 5.65 per share [6][7]. Group 2: Unlock Conditions and Performance Targets - The first unlock period for the restricted stock will end on May 28, 2025, with specific performance conditions that must be met for the stocks to be released [7][10]. - The performance targets include a compound annual growth rate of at least 10.64% in revenue from 2021 to 2023, a net asset return rate of no less than 4.70%, and an asset-liability ratio not exceeding 70% [10][11]. Group 3: Unlocking and Share Structure Changes - A total of 203 individuals meet the conditions for unlocking 629.772 million shares, representing 0.76% of the company's total share capital [14][18]. - The share structure will change with the release of restricted stocks, reducing the number of restricted shares from 21.65 million to 15.35 million, while increasing the unrestricted shares correspondingly [18][19].

证券代码：600458 证券简称：时代新材 公告编号：临 2025-024 株洲时代新材料科技股份有限公司 关于 2022 年限制性股票激励计划首次授予部分 第一个解除限售期解除限售暨上市公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 629.772 万股。 本次股票上市流通总数为629.772 万股。 本次股票上市流通日期为2025 年 5 月 29 日。 一、股权激励计划限制性股票批准及实施情况 （一）已履行的决策程序和信息披露情况 1、2022 年 11 月 30 日，公司召开了第九届董事会第十九次（临时）会议和第 九届监事会第十二次（临时）会议，审议通过了《关于<株洲时代新材料科技股份 有限公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于<株洲时 代新材料科技股份有限公司 2022 年限制性股票激励计划实施考核管理办法>的议 案》《关于提请股东大会授权董事会办理公司股权激励计划相关事项的议案》，独 立董事对相关 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 13.8 CNY per share [1][7]. Core Views - The company's revenue for 2024 reached 20.055 billion CNY, a year-on-year increase of 14%, while the net profit attributable to shareholders was 440 million CNY, up 15.2% year-on-year [1][3]. - In Q1 2025, the company reported a revenue of 4.16 billion CNY, a slight decrease of 1.1% year-on-year, but the net profit attributable to shareholders increased by 26.3% year-on-year to 150 million CNY [1][3]. - The wind power blade segment showed significant growth, with revenue of 8.2 billion CNY in 2024, a year-on-year increase of 22.37%, and sales volume reaching 21.22 GW, up 33.54% [7]. Financial Summary - For 2024, the total revenue is projected to be 20.055 billion CNY, with a growth rate of 14.4% [3][8]. - The net profit attributable to shareholders is expected to grow to 760 million CNY in 2025, reflecting a growth rate of 70.9% [3][8]. - The earnings per share (EPS) is forecasted to be 0.92 CNY in 2025, with a price-to-earnings (P/E) ratio of 13 [3][8]. Business Performance - The automotive parts business in Germany achieved profitability, with revenue reaching 7.101 billion CNY, marking a historical high [7]. - The company is expanding its production capacity in Vietnam and has successfully ramped up production in several new facilities [7]. - The rail transit segment achieved a record revenue of 2.355 billion CNY in 2024, a year-on-year increase of 25.60% [7].

证券代码：600458 证券简称：时代新材 公告编号：临2025-023 株洲时代新材料科技股份有限公司 2024年年度股东大会决议公告 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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年5月21日 (二)股东大会召开的地点：株洲市天元区黑龙江路639号时代新材全球总部园区103会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次股东大会由公司董事会召集，公司董事长彭华文先生主持会议，会议采用现场加网络投票的表决方 式。会议召集、召开及表决方式符合《公司法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席7人，董事刘军、张向阳因工作原因未出席会议； 2、公司在任监事5人，出席5人； 3、董事会秘书夏智出席了本次会议；高管荣继纲、熊友波列席了本次会议。 二、议案审议情况 ...

湖南启元律师事务所 关于 株洲时代新材料科技股份有限公司 法律意见书 致：株洲时代新材料科技股份有限公司 湖南启元律师事务所（以下简称"本所"）接受株洲时代新材料科技股份有 限公司（以下简称"公司"）的委托，指派本律师出席了公司 2024 年年度股东大 会（以下简称"本次股东大会"），对本次股东大会的召集和召开程序、出席会 议人员及召集人的资格、表决程序和表决结果的合法有效性进行现场律师见证， 并发表本法律意见。 本律师根据《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》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等我国现行法律、法规、规范性文件以及《株 洲时代新材料科技股份有限公司章程》（以下简称"《公司章程》"）的有关规 定出具本法律意见书。 本律师声明如下： （一）本律师根据本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 （二） ...