Investment Rating - The report assigns a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company is a global leader in prestressed materials, with significant revenue growth anticipated in its core businesses of prestressed materials and concrete products for rail transit. In 2024, the revenue from prestressed materials is projected to be 2.425 billion yuan, a year-on-year increase of 6.03%, with a net profit of 174 million yuan, reflecting a substantial year-on-year growth of 55.93% [2][3]. - The company is also focusing on expanding its market share in high-value products, driven by the robust development of national infrastructure projects, which is expected to enhance profitability further [2]. - The company is exploring new applications for fine wire products, particularly in the robotics tendon business, leveraging its existing technology in prestressed materials. This project is currently in the early research and technical preparation stage [3]. Financial Summary - The company’s revenue is expected to grow from 3.054 billion yuan in 2024 to 4.886 billion yuan by 2027, representing a compound annual growth rate (CAGR) of approximately 13.46% [4]. - The net profit attributable to the parent company is forecasted to increase from 237 million yuan in 2024 to 525 million yuan in 2027, with a CAGR of 19.09% [4]. - The earnings per share (EPS) is projected to rise from 0.28 yuan in 2024 to 0.61 yuan in 2027, indicating strong growth potential [4]. Market Position and Future Outlook - The company is positioned to benefit from ongoing infrastructure investments, with the China National Railway Group planning to complete 590 billion yuan in infrastructure investments and 2,600 kilometers of new lines in 2025 [2]. - The company aims to maintain stable supply for existing high-speed rail and metro projects while actively exploring new market opportunities in regions such as Beijing-Tianjin-Hebei and various metro lines in Guangzhou and Shenzhen [2].

Core Points - The company has completed the registration of its 2025 restricted stock incentive plan, granting a total of 6.53 million shares [1][7] - The restricted stock was allocated to 150 core management and key personnel, with the total number of shares representing 0.76% of the company's total shares on the grant date [2][7] - The stock grant will not change the controlling shareholder's ownership percentage significantly, as the controlling shareholder's stake will decrease from 21.59% to 21.53% after the grant [7][9] Summary by Sections Grant Details - The restricted stock grant date was June 27, 2025, with a total of 6.53 million shares registered [1][7] - The shares were sourced from 2.58 million shares issued to the incentive targets and 3.95 million shares repurchased from the secondary market [2][7] Vesting Schedule - The vesting of the restricted stock is structured over four years, with 30% vesting after 12 months, another 30% after 24 months, and 40% after 36 months [5][6] - The stock cannot be transferred or used as collateral until the vesting conditions are met [3][6] Performance Metrics - The performance assessment for the incentive plan will be conducted annually from 2025 to 2027, focusing on net profit growth rates and cumulative net profit targets [6][10] - The company will repurchase and cancel any restricted stocks that do not meet the performance criteria [6][10] Financial Impact - The total expense recognized for the 6.53 million shares granted is estimated at 21.94 million yuan, which will be amortized over the vesting period [10][12] - The company will adjust the number of shares eligible for vesting based on performance metrics and the number of participants eligible for release [10][12] Share Capital Structure - Following the grant, the company's total share capital will increase from 854,764,000 shares to 857,344,000 shares [7][9] - The distribution of shares remains compliant with listing requirements post-grant [9]

证券代码：603969 证券简称：银龙股份 公告编号：2025-033 天津银龙预应力材料股份有限公司 关于 2025 年限制性股票激励计划授予结果公告 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： 天津银龙预应力材料股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 限制性股票登记日期为 2025 年 6 月 27 日，根据中国证监会《上市公司股权激励 管理办法》及上海证券交易所、中国证券登记结算有限责任公司上海分公司有关 规定，公司完成了 2025 年限制性股票激励计划授予登记工作，有关具体情况公 告如下： 一、限制性股票的授予情况 3．授予人数：150人，包括公司（含公司控股子公司）核心管理人员及核心 骨干人员。 4．授予价格：3.50元/股。 限制性股票登记日：2025 年 6 月 27 日 限制性股票登记数量：653.00 万股 5．股票来源：公司从二级市场回购的本公司A股普通股和向激励对象定向 发行的本公司 ...

证券代码：603969 证券简称：银龙股份 公告编号：2025-034 专用证券账户中股份发生变动的，公司拟维持每股分配比例不变，相应调整分配总 额。 2025 年 6 月 27 日，公司 2025 年限制性股票激励计划登记完成，本次登记的 限制性股票共计 653.00 万股，其中来源于向激励对象定向发行的本公司 A 股普通 股为 258.00 万股，来源于公司从二级市场回购的本公司 A 股普通股为 395.00 万股。 因公司 2025 年限制性股票激励计划在中国证券登记结算有限责任公司上海分公司 登 记 过 户 完 成 ， 公 司 进 行 利 润 分 配 的 股 份 数 量 由 850,814,000.00 股 调 整 为 857,344,000.00 股。因此，公司维持每股分配比例不变，以 2024 年年度利润分配时 股权登记日的总股本为基数，向全体股东每 10 股派发现金红利 0.8 元（含税）。 截至本公告披露日，公司总股本为 857,344,000.00 股，以此为基数，本次共计分配 现金红利 68,587,520.00 元。同时，根据《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》 ...

Group 1: Yinlong Co., Ltd. - Yinlong Co., Ltd. has a broad production base in the prestressed materials and concrete products for rail transit industry, adhering to market proximity and regional radiation principles [1] - The company is involved in multiple high-speed rail projects, such as the Xiong'an New Area to Shangqiu high-speed rail, ensuring production schedules align with project milestones [1] - The company is optimistic about future performance, with the PCCP industry expected to maintain a compound annual growth rate of 6%-7% until 2030 [1] Group 2: Kangxi Communication - Kangxi Communication's operating conditions are strong in the first half of 2025, with orders sufficient to cover until the fourth quarter of 2025 [2] - The company benefits from the increasing demand for Wi-Fi 7 products, with significant revenue growth driven by strong demand in industrial IoT products and high-efficiency drone products [2] - The 337 investigation is set to officially commence in July 2025, with an initial ruling expected by the end of the year [2] - The Wi-Fi 8 technology standard is anticipated to be established by the end of 2027, with product samples expected to be launched in 2026 [2]

Group 1 - The company has completed the conditions for granting restricted stock under the 2025 Restricted Stock Incentive Plan, with the grant date set for June 6, 2025, for 150 eligible participants, totaling 6.53 million shares at a price of 3.50 yuan per share [1][2] - The funding for the restricted stock includes 3.95 million shares sourced from the company's repurchase of its own A-shares in the secondary market and 2.58 million shares from a directed issuance to the incentive participants [2] - The company's total share capital remains unchanged at 854,764,000 shares before and after the stock grant, with the structure of restricted and unrestricted shares being updated accordingly [3] Group 2 - The company has received the subscription payments from the 150 participants for the 6.53 million shares, and the verification of these funds has been conducted by Beijing Dehao International Accounting Firm [1][2] - The transition of 3.95 million shares from unrestricted to restricted status will affect 96 participants, changing their shares from unlimited circulation to limited circulation [2][3] - The company will proceed with the necessary registration work for the restricted stock grant with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, and will fulfill its information disclosure obligations in a timely manner [3]

经与上海证券交易所和中国证券登记结算有限责任公司上海分公司确认，公 司本次拟授予150名激励对象认购公司653.00万股限制性股票，其中395.00万股来 源于公司从二级市场回购的本公司A股普通股股票，258.00万股来源于公司向激 励对象定向发行的本公司A股普通股股票。本次拟授予96名激励对象共计395.00 万股的限制性股票将由无限售条件流通股变更为有限售条件流通股，股份来源为 公司从二级市场回购的本公司人民币A股普通股股票。 根据相关规定，公司将在中国证券登记结算有限责任公司上海分公司办理本 次激励计划限制性股票后续授予登记工作，并及时履行信息披露义务。 特此公告。 证券代码：603969 证券简称：银龙股份 公告编号：2025-032 天津银龙预应力材料股份有限公司 关于完成股份性质变更暨 2025 年限制性股票 激励计划实施的进展公告 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。 《天津银龙预应力材料股份有限公司2025年限制性股票激励计划（草案）》 （以下简称"《激励计划》"或"本次激励计划"）规定的限制性 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Viewpoints - The construction materials sector is experiencing a demand season that is not significantly weak, supported by delayed renovations in the second-hand housing market [2] - The glass market is facing a contradiction between supply and demand, with a continuous decline in demand expected post-2025, although there has been marginal improvement since March [2] - The cement industry is in a phase of seeking a bottom, with increased off-peak production efforts by companies, leading to fluctuating prices around unprofitable levels [2] - The fiberglass market has shown signs of bottoming out, with price wars ending and prices beginning to recover, particularly in the wind power sector [2] - Carbon fiber demand is slowly recovering, with growth expected in downstream sectors such as wind power and hydrogen bottles [2] Summary by Sections Cement Industry Tracking - As of June 20, 2025, the national cement price index is 362.67 yuan/ton, down 0.21% from the previous week, with a total cement output of 2.781 million tons, a decrease of 2.88% [3][16] - The cement market is currently in a phase of "weak reality" and "weak expectations," with potential for weak recovery by the end of Q3 if policies are strengthened or the rainy season ends [16] Glass Industry Tracking - The average price of float glass is 1209.75 yuan/ton, down 1.64% from the previous week, with inventory levels increasing [32] - The market is expected to experience short-term price fluctuations downward, with ongoing challenges in meeting demand during the seasonal downturn [32] Fiberglass Industry Tracking - The price of non-alkali roving has shown a stable decline, with demand for high-end products like wind power yarn performing relatively well [6] - The overall price of fiberglass is expected to maintain a weak and stable trend in the short term [6] Carbon Fiber Industry Tracking - The carbon fiber market price remains stable, with a weekly production of 1781 tons and an operating rate of 60.13% [7] - The industry continues to face losses, with a production cost of 106,500 yuan/ton and a negative gross margin [7] Key Stocks - Recommended stocks include Beixin Building Materials (Buy), Weixing New Materials (Overweight), and China Jushi (Buy) with respective EPS forecasts for 2024A to 2027E [8]

Group 1 - Hongde Fund recently conducted research on a listed company, Yilong Co., which highlighted the advantages of 2200-2400MPa ultra-high-strength steel strands and their applications in multiple high-speed rail constructions [1] - The company’s export business typically has a shorter account period compared to domestic business, with 90% and 80% of customers having account periods within one year, respectively [1] - Yilong Co.'s products are primarily used in railway, water conservancy, bridges, highways, new energy infrastructure, and civil construction, with the railway market being a core focus [1] Group 2 - The company is considering factory upgrades and capacity expansion, having requested authorization from the board to proceed with a simplified procedure for issuing stocks to specific targets [1] - The execution cycle of contracts varies based on product type and contract amount, with longer execution cycles for concrete products used in rail transit [1] - Pre-stressed materials have transportation radius requirements, and concrete products for rail transit need to be constructed near new high-speed rail projects [1] Group 3 - Hongde Fund was established in 2015, with a total asset management scale of 46.34 billion yuan, ranking 86 out of 210 [2] - The fund's best-performing public fund product in the past year is Hongde Digital Economy Mixed Initiation A, with a latest net value of 1.19 and a growth of 38.5% over the past year [2] - The latest public fund product raised by Hongde Fund is Hongde Yuhui Bond A, which is a bond-type mixed secondary fund, with a concentrated subscription period from June 3, 2025, to June 23, 2025 [2]

证券代码：603969 证券简称：银龙股份 公告编号：2025-031 天津银龙预应力材料股份有限公司 关于董事辞职的公告 1 一、董事离任基本情况 二、董事离任对公司影响 根据《公司法》及《公司章程》的有关规定，杨旭才先生辞去公司董事职务 不会导致公司董事会人数低于法定最低人数，不会影响公司董事会的正常运行， 其辞职报告在送达董事会后即时生效。杨旭才先生不存在未履行完毕的公开承诺， 已按照公司相关规定完成交接工作。 杨旭才先生担任公司董事、董事会战略发展委员会委员期间恪尽职守、勤勉 尽责，公司及董事会对杨旭才先生任职期间所做工作表示衷心感谢！ 特此公告。 天津银龙预应力材料股份有限公司董事会 2025 年 6 月 10 日 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。 天津银龙预应力材料股份有限公司（以下简称"公司"）董事会于 2025 年 6 月 8 日收到董事杨旭才先生提交的书面辞职申请。因个人身体健康原因，杨旭 才先生申请辞去公司董事、董事会战略发展委员会委员职务。辞职后，杨旭才先 生不再担任公司任何职务。 | ...