证券日报网讯科达制造（600499）9月9日在互动平台回答投资者提问时表示，公司将持续推进全球营销 网络及本土服务点建设，尤其加强全球主要陶瓷产区的本土服务配套建设，在业务方面，通过配件耗材 业务的补充，增强与陶机客户的黏性；在区域方面，争取在巩固东南亚、中东等新兴及发展中国家等区 域优势外，积极导入欧美等高端市场，逐步提升全球市场份额。目前，公司土耳其生产基地正在建设 中，埃及等海外子公司的筹备工作也在推进。 ...

Group 1 - The company, Keda Manufacturing (600499), is optimistic about the long-term development trend of the global new energy industry despite facing structural challenges in the current market [1] - In addition to its stake in the lithium extraction company, Lanke Lithium Industry, the company operates its own lithium battery materials and new energy equipment business, providing anode materials and related firing equipment [1] - The company plans to continue advancing product research and development while focusing on cost reduction and efficiency improvement to enhance the core competitiveness of its related businesses [1]

格隆汇9月9日丨科达制造(600499.SH)在投资者互动平台表示，公司负极材料暂不涉及固态电池领域。 ...

[Table_Title] 证券研究报告 / 公司点评报告 海外建材业务量价齐升，蓝科锂业利润率提升 2025H1 盈利高增。2025H1 实现销售毛利率 29.3%，较 2024 年全年水平 +3.4pct，销售净利率 13.9%同比+3.7pct，盈利水平同比高增。其中，2025Q2 实现归母净利润 4.0 亿元同比+179%，环比+15%，销售净利率 13.9%同 比+8.9pct。 海外建材业务量价齐升。2025H1 公司海外建材业务实现营收 37.7 亿元 同比+90%，毛利率 36.8%同比+5.9pct。截至 2025 年 6 月底，海外建材 业务在非洲 7 国拥有 11 个生产基地，运营 21 条建筑陶瓷产线、2 条玻 璃产线及 2 条洁具产线。2025H1，公司建筑陶瓷产量约 0.98 亿平方米同 比+17%，浮法玻璃产量超过 17 万吨，洁具产量超过 140 万件。此外， 肯尼亚伊新亚陶瓷项目、科特迪瓦陶瓷项目已于 6 月点火，公司在南美 秘鲁的玻璃项目正在稳步推进建设，并预计其将于 2026 年投产。 建材机械业务持续推进全球化布局。2025H1 公司建材机械业务实现营收 25.7 亿元 ...

Core Viewpoint - The expansion of high-level opening-up is crucial for achieving positive interaction between domestic and international economies, accelerating the construction of a new development pattern. In the first half of the year, Foshan's exports reached 183.56 billion yuan, with a year-on-year growth of 22.1% [1] Group 1: Company Performance - Foshan's A-share listed companies achieved total operating revenue of 414.20 billion yuan in the first half of the year, an increase of 11.7% compared to 370.80 billion yuan in the same period last year [2] - Among the 55 A-share listed companies, 37 disclosed overseas sales revenue totaling 148.49 billion yuan, accounting for 35.85% of total revenue [2][4] - The overseas sales revenue of Foshan A-share listed companies increased by 17% year-on-year, with net profit from overseas operations rising by 14.2% to 36.92 billion yuan [4] Group 2: Key Contributors - Leading companies such as Midea Group, Hisense Home Appliances, and Keda Manufacturing reported significant overseas sales growth, with Keda Manufacturing achieving the highest growth rate of 58.46% [5] - Five companies, including Xidiwei and Ruide Intelligent, saw their overseas sales revenue more than double, driven by strong demand in international markets [5][6] Group 3: Market Dynamics - The overseas market demand has been robust, with companies like Xidiwei and Keda Manufacturing benefiting from favorable conditions in the air conditioning and semiconductor sectors [6] - However, some companies faced challenges due to global economic uncertainties and tariff impacts, leading to a decline in overseas sales for firms like Fuxin Technology and Arrow Home [7] Group 4: Strategic Responses - Companies are adopting strategies to mitigate tariff impacts, including establishing overseas manufacturing bases and exploring emerging markets [7][8] - Midea Group has the most overseas factories among Foshan companies, with plans for further expansion in multiple countries [7][8] Group 5: Future Outlook - Foshan's manufacturing sector is characterized by strong technical advantages and brand resilience, but challenges remain due to global trade fluctuations [9] - Recommendations for Foshan include encouraging digital marketing, supporting leading companies in international standard-setting, and enhancing legal and talent services to reduce risks [9]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

证券代码：600499 证券简称：科达制造 公告编号：2025-047 科达制造股份有限公司 关于第一大股东部分股份解除质押的公告 | 股东名称 | 梁桐灿 | | | | --- | --- | --- | --- | | 本次解除质押股份 | 44,900,000 | | 股 | | 占其所持股份比例 | 11.99% | | | | 占公司总股本比例 | 2.34% | | | | 解除质押时间 | 年 月 | 2025 8 | 日 29 | 1 | 持股数量 | 股 374,456,779 | | --- | --- | | 持股比例 | 19.52% | | 本次相关质押变更后，剩余被质押股份数量 | 股 217,610,000 | | 剩余被质押股份数量占其所持股份比例 | 58.11% | | 剩余被质押股份数量占公司总股本比例 | 11.35% | 本次相关债务人提前清偿上述股权质押项下的融资债务，梁桐灿先生提前解 除相应股权质押，旨在优化其公司的融资成本。 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 ...

Company Overview - Keda Manufacturing's stock price decreased by 2.03% on September 1, closing at 11.58 CNY per share, with a trading volume of 1.41 billion CNY and a market capitalization of 22.209 billion CNY [1] - The company has seen a year-to-date stock price increase of 52.25%, with a 2.28% decline over the last five trading days, a 5.46% increase over the last 20 days, and a 12.65% increase over the last 60 days [1] - Keda Manufacturing, established on December 11, 1996, and listed on October 10, 2002, is located in Shunde District, Foshan City, Guangdong Province [1] Business Segments - The company's main business segments include overseas building materials (46.06%), building machinery (31.38%), lithium battery materials (11.33%), new energy equipment (8.68%), and others (2.55%) [1] - Keda Manufacturing is classified under the machinery equipment industry, specifically in specialized equipment [1] Financial Performance - For the first half of 2025, Keda Manufacturing reported a revenue of 8.188 billion CNY, representing a year-on-year growth of 49.04%, and a net profit attributable to shareholders of 745 million CNY, reflecting a 63.95% increase [2] - Cumulatively, the company has distributed 3.864 billion CNY in dividends since its A-share listing, with 2.299 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, Keda Manufacturing had 59,700 shareholders, a decrease of 19.87% from the previous period, with an average of 32,144 circulating shares per shareholder, an increase of 24.80% [2] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 139 million shares, an increase of 24.308 million shares compared to the previous period [3]

Group 1 - The core viewpoint emphasizes optimism towards AI electronic cloth and AI copper foil, suggesting that the market potential may exceed expectations [1][3] - The report highlights the increasing competition in the AI new materials industry, with many leading companies entering the market, leading to divergent opinions among market participants [2] - The analysis suggests focusing on two types of companies: "grand slam" leaders like Zhongcai for electronic cloth and Tongguan for copper foil, and those with survival space that can achieve widespread use, indicating rapid technological maturity and cost reduction [3] Group 2 - The report indicates a high growth forecast for Keda Manufacturing, a leading local manufacturer in Africa, as the region seeks to enhance local supply chains and manufacturing capabilities [4] - Current market data shows the national average price for cement at 344 RMB per ton, with a year-on-year decrease of 35 RMB, and an average delivery rate of 29.17%, reflecting a decline [5] - Important corporate movements include Keda Manufacturing and Huaxin Cement releasing their semi-annual reports, and Huaxin Cement completing the acquisition of assets in Nigeria [6]

Core Viewpoint - The article highlights the significant growth in revenue and net profit for Keda Manufacturing in the first half of 2025, driven by strong performance in overseas building materials, lithium battery materials, and new energy equipment sectors [3][4]. Group 1: Financial Performance - In H1 2025, Keda Manufacturing achieved operating revenue of 8.19 billion yuan, a year-on-year increase of 49.0%, and a net profit attributable to shareholders of 750 million yuan, up 63.9% [3]. - In Q2 2025, the company reported operating revenue of 4.42 billion yuan, with a net profit of 400 million yuan, reflecting a year-on-year growth of 50.8% and 178.5% respectively [3]. - The gross profit margin and net profit margin for H1 2025 were 29.3% and 13.9%, showing increases of 3.7 and 3.8 percentage points year-on-year [4]. Group 2: Overseas Business Growth - Keda's overseas building materials business saw significant growth, with revenue reaching 3.77 billion yuan in H1 2025, a 90.1% increase year-on-year [5]. - The company has expanded its production capacity in several African countries, operating 21 production lines across seven nations [5]. - The gross margin for overseas building materials improved by 5.9 percentage points to 36.8% in H1 2025, supported by price increases and capacity expansion [5]. Group 3: Building Machinery Sector - The building machinery segment generated revenue of 2.57 billion yuan in H1 2025, a decline of 5.0% year-on-year, but maintained resilience through steady performance in traditional markets and new regions [7]. - The gross margin for the building machinery business increased by 1.3 percentage points to 26.2% in H1 2025, attributed to a higher proportion of overseas business [7]. Group 4: Lithium Industry Performance - Keda's associate company, Blue Lithium Industry, produced 20,000 tons of lithium carbonate in H1 2025, with a net profit contribution of 170 million yuan, reflecting a 21.7% increase year-on-year [8]. - Despite a 26.3% decline in revenue to 1.24 billion yuan due to price impacts, the net profit margin improved from 18.8% to 31.0% [8].