| 证券代码：603186 | 证券简称：华正新材 | 公告编号 2026-015 | | --- | --- | --- | | 转债代码：113639 | 转债简称：华正转债 | | 浙江华正新材料股份有限公司 关于实施"华正转债"赎回暨摘牌的 自 2026 年 2 月 11 日起，"华正转债"停止交易。 最后转股日：2026 年 2 月 13 日 截至 2026 年 2 月 12 日收市后，距离 2 月 13 日（"华正转债"最后转股日， 含当日）仅剩 1 个交易日，2 月 13 日为"华正转债"最后一个转股日。 本次提前赎回完成后，"华正转债"将自 2026 年 2 月 24 日起在上海证 券交易所摘牌。 投资者所持"华正转债"除在规定时限内按照 38.51 元/股的转股价格进 行转股外，仅能选择以 100 元/张的票面价格加当期应计利息（即 100.1529 元/张）被强制赎回。若被强制赎回，可能面临较大投资损失。 最后一次提示性公告 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个别及连带责任。 重要内容提示： 特提醒"华正 ...

| 证券代码：603186 | 证券简称：华正新材 | 公告编号：2026-016 | | --- | --- | --- | | 转债代码：113639 | 转债简称：华正转债 | | 浙江华正新材料股份有限公司 关于"华正转债"转股数量累计达到转股前公司已发行 股份总额 10%暨股份变动的公告 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个别及连带责任。 重要内容提示： 累计转股情况：浙江华正新材料股份有限公司（以下简称"公司"）公开 发行的可转换公司债券（以下简称"华正转债"）自2022年7月28日开始转股，截 至2026年2月11日，累计共有人民币564,199,000元"华正转债"已转换为公司股 票，累计转股数量为14,649,523股，占"华正转债"转股前公司已发行股份总额 的10.3147%。 未转股可转债情况：截至2026年2月11日，公司尚未转股的"华正转债" 金额为人民币5,801,000元，占"华正转债"发行总量的1.0177%。 一、可转债发行上市概况 经中国证券监督管理委员会证监许可[2021]2508 号文 ...

Group 1 - The core viewpoint of the article is that Huazheng New Materials (603186.SH) has confirmed that its BT packaging materials and CBF laminated insulation films are suitable for various advanced packaging processes, including FC-BGA [1] Group 2 - The company is actively engaging with investors through an interactive platform to provide insights into its product applications [1] - The mention of advanced packaging processes indicates the company's focus on innovation and adaptation to industry trends [1] - The specific reference to FC-BGA highlights the relevance of the company's products in the semiconductor packaging market [1]

证券日报网讯 2月11日，华正新材发布公告称，投资者所持"华正转债"除在规定时限内按照 38.51 元/股 的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期应计利息（即 100.1529元/张）被强制 赎回。若被强制赎回，可能面临较大投资损失。 （文章来源：证券日报） ...

| 证券代码：603186 | 证券简称：华正新材 | 公告编号 2026-014 | | --- | --- | --- | | 转债代码：113639 | 转债简称：华正转债 | | 浙江华正新材料股份有限公司 关于实施"华正转债"赎回暨摘牌的第七次提示性公告 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个别及连带责任。 重要内容提示： 自 2026 年 2 月 11 日起，"华正转债"停止交易。 最后转股日：2026 年 2 月 13 日 截至 2026 年 2 月 11 日收市后，距离 2 月 13 日（"华正转债"最后转股日， 含当日）仅剩 2 个交易日，2 月 13 日为"华正转债"最后一个转股日。 特提醒"华正转债"持有人注意在限期内转股。 浙江华正新材料股份有限公司（以下简称"公司"）的股票自 2025 年 12 月 29 日至 2026 年 1 月 23 日已有 15 个交易日收盘价格不低于公司"华正转债" 当期转股价格的 130%，即不低于 50.06 元/股。根据《华正新材公开发行可转换 公司债券募集说明书》（以 ...

Group 1 - The core point of the article highlights that Jujie Microfiber has reached a 20% limit-up, indicating strong market performance [1] - Baichuan Co., Ltd. and China National Materials Technology have also hit the limit-up, reflecting positive investor sentiment [1] - Other companies such as Zhongtian Technology, Huazheng New Materials, Jiebang Technology, Xinzhoubang, Guoci Materials, and Ping An Electric have shown significant gains, following the upward trend [1]

Group 1 - The article discusses the investment potential in the fiberglass sector, highlighting companies like Jushi, Honghe, and Fucai as easier to hold based on TR holding lines [1] - China National Materials (中材) is noted for its slow growth and has breached holding lines twice, making it challenging to maintain positions, although there are reasons to hold based on sector linkage and fundamentals [3] - The article suggests that when a stock breaches its holding line, investors might consider switching to stronger stocks like Jushi and Honghe, emphasizing the importance of sector performance and fundamental logic [4] Group 2 - The article mentions other companies in the copper-clad laminate sector, such as Shengyi Technology, Nanya New Materials, Huazheng New Materials, and Jin'an Guoji, indicating that despite Shengyi being a leading player, it has underperformed recently [4] - The performance metrics of Nanya New Materials and Huazheng New Materials are highlighted, with specific percentage changes noted, indicating their market positions [5] - The article concludes with a note on the unpredictability of future performance, suggesting that current conditions are the only controllable factors [7]

Summary of Conference Call Records Company and Industry Involved - **Company**: 华正新材 (Huazheng New Materials) - **Industry**: CCL (Copper Clad Laminate) industry, specifically focusing on high-end CCL materials and their applications in the domestic computing power sector Core Points and Arguments 1. **Price Increase in CCL Industry**: The CCL industry has entered a price increase phase driven by both cost push and demand pull, following price hikes announced by major players like 建滔 (Kingboard) and Resonac [1] 2. **Domestic Computing Power Surge**: The accelerated release of domestic computing power chips, such as Huawei's昇腾910C, is pushing for faster localization of high-frequency and high-speed CCL materials [1] 3. **Low Inventory Levels**: The CCL industry has experienced a prolonged destocking phase, resulting in current low inventory levels, which enhances price elasticity [1] 4. **Improved Bargaining Power**: With rising copper prices and a shortage of glass fiber cloth supply, CCL manufacturers are regaining bargaining power [1] 5. **Profit Margin Expansion**: 华正新材, as a leading domestic CCL manufacturer, is expected to benefit from the current price increase cycle, leading to potential profit margin expansion and performance elasticity [1] 6. **Strong Ties with Huawei**: The company has established deep ties with Huawei, positioning itself as a core supplier of essential materials for the domestic computing power base [1] Additional Important Content 1. **High Standards for PCB Layers**: Huawei's昇腾 servers require an increase in PCB layers and have stringent requirements for signal transmission loss [2] 2. **Ultra Low Loss Material Certification**: 华正新材's Ultra Low Loss materials have passed multiple terminal certifications and are being sold in small batches, directly competing with high-end products from companies like 台光电 (Taiwan Union Technology) and 松下 (Panasonic) [2] 3. **Revenue Growth Projection**: The revenue from CCL is expected to grow by 14.26% year-on-year in 2024, indicating a significant structural upgrade with increasing market share in high-frequency and high-speed boards within the server sector [2] 4. **CBF Film Development**: The company’s CBF laminated insulation film is set to break Japan's ABF monopoly and has been validated by major domestic IC substrate manufacturers, with small batch deliveries already achieved [2] 5. **Valuation Potential**: Given the tight supply of advanced packaging capacity in CoWoS, the need for domestically controlled packaging materials is urgent, and this business segment has high valuation elasticity [2] 6. **Risk Factors**: Potential risks include severe fluctuations in raw material prices and delays in the validation process for domestic computing power PCBs [2]

Summary of Key Points from the Conference Call Company Overview - The document discusses **华正新材 (Huazheng New Materials)**, a leading company in the domestic copper-clad laminate (CCL) industry, which is experiencing rapid growth driven by AI server demand and strong customer relationships [1][4]. Core Industry Insights - **AI Server Demand**: The company is positioned to benefit significantly from the increasing capital expenditures by major clients like ByteDance, particularly in the AI server segment [1][4]. - **Product Innovation**: The introduction of **Seedance 2.0** by ByteDance, which can generate high-quality videos from text or images, is expected to enhance the demand for related materials [1][2][4]. Financial Performance and Projections - **Revenue Growth**: The company is projected to capture approximately **50-70%** of the M7 material market for AI servers, translating to significant revenue increases. For instance, with **1 million chips**, the material procurement amount is estimated at **500 million CNY**, with a **60% market share** leading to an additional **300 million CNY** in AI revenue [5]. - **Production Capacity**: The current monthly production capacity is about **3.6 million sheets**, equating to an annual capacity of **43 million sheets**. The average price for standard FR-4 materials is around **100 CNY per sheet**, with potential price increases leading to substantial profit growth [5]. - **Profit Margin Impact**: A price increase of **10 CNY** per sheet could enhance net profit by **430 million CNY**, while increases of **20 CNY** and **30 CNY** could boost profits by **860 million CNY** and **1.29 billion CNY**, respectively [5]. - **Net Profit Forecast**: The conservative estimates for net profit are **450-500 million CNY** in 2026 and **550-600 million CNY** in 2027, with a market valuation of **10 billion CNY** corresponding to a **20x** multiple for 2026 [5]. Additional Insights - **Market Positioning**: The company is strategically positioned within the AI server supply chain, which is expected to drive its growth in the coming years [4][5]. - **Customer Relationships**: Deep integration with major clients is a key factor in the company's growth strategy, allowing it to leverage high demand for advanced materials [4][5]. This summary encapsulates the critical insights and projections regarding Huazheng New Materials and its positioning within the rapidly evolving AI server market.

Summary of Conference Call Notes Industry Overview - The focus is on the domestic AI industry and its supply chain, particularly in the context of rising inflation and production capacity constraints in the upstream sector [1] - The report emphasizes the ongoing strong demand for domestic AI applications beyond just computing power [1] Key Points - The upstream sector is characterized by a "winner takes all" dynamic, indicating that leading companies will dominate the market [1] - Recent production halts by companies like Taiyao highlight the tight supply of electronic fabrics, specifically E-glass, which is gradually shifting towards Lowdk production [1] - Domestic manufacturers capable of producing E-glass and Lowdk are expected to benefit significantly from this trend, leading to accelerated shipments and validations in the domestic market [1] - The ongoing supply tightness in the upstream sector is anticipated to drive continuous price increases for Copper Clad Laminate (CCL) [1] Investment Recommendations - Recommended stocks include Huazheng New Materials, which has doubled in value since the recommendation, and Honghe Technology [1] - Other notable upstream companies mentioned are Chenghe Technology, Dongcai Technology, Feilihua, and Defu Technology [1] Additional Insights - The report suggests that last year's overseas trends could be mirrored in the domestic market this year, indicating a potential shift in market dynamics [1]