Investment Rating - The report assigns a "Buy" rating for the company [2][9] Core Views - The company has shown significant revenue recovery, with a 29% year-over-year increase in revenue for the first half of 2025, reaching 1.5 billion yuan, and a notable reduction in net loss to 22 million yuan [4][5] - The recovery in lithium hexafluorophosphate prices is expected to lead to a turning point in profitability, with prices rising approximately 15% since July 21, 2025 [5] - The company is actively developing new business lines, indicating a clear growth path for the future [5] - The aluminum foil segment is entering a performance release phase, with a production capacity of 100,000 tons expected to contribute positively to profitability [6] - The company is nearing the completion of its boron trifluoride production lines, with expected production starting in October 2025, which is anticipated to have strong demand due to its applications in nuclear technology [7] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.5 billion yuan, a 29% increase year-over-year, while the net loss was reduced to 22 million yuan [4][5] - For Q2 2025, revenue was 760 million yuan, a 15% increase year-over-year, with a net loss of 25 million yuan primarily due to the lithium hexafluorophosphate business [5] Future Projections - The company forecasts net profits of 51 million yuan, 224 million yuan, and 392 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 77, 18, and 10 times [8][9] - Revenue projections for 2025 to 2027 are 3.059 billion yuan, 3.698 billion yuan, and 4.452 billion yuan, with growth rates of 19.4%, 20.9%, and 20.4% respectively [11] Business Development - The company completed a 100,000-ton battery aluminum foil project by the end of 2024, which is expected to enhance profitability [6] - The boron trifluoride production lines are set to commence operations in October 2025, with high barriers to entry and promising profit potential due to the complexity of production [7]

Core Viewpoint - The company has shown significant revenue growth and a notable reduction in losses, indicating a potential turning point in its financial performance [2][7]. Financial Performance - In H1 2025, the company achieved a revenue of 1.5 billion yuan, representing a year-on-year increase of 29% [1][2]. - The net profit attributable to shareholders for H1 2025 was -22 million yuan, reflecting a substantial narrowing of losses [1][2]. - In Q2 2025, the company reported a revenue of 760 million yuan, with a year-on-year growth of 15%, although it incurred a net loss of 25 million yuan, primarily due to the lithium hexafluorophosphate business [2]. Business Developments - The company has completed a 100,000-ton battery aluminum foil project by the end of 2024, which includes 10 casting and rolling production lines and 2 cold rolling production lines [3][4]. - The production line for 20,000 tons of boron trifluoride complex and 10,000 tons of boron trifluoride gas is nearing completion, with an expected launch in October 2025 [5][6]. Market Outlook - The price of lithium hexafluorophosphate has rebounded, with a current price of 56,500 yuan per ton, up approximately 15% since July 21, which is expected to positively impact the company's profitability [2]. - The high barriers to entry and the complex environmental assessment procedures for boron trifluoride production suggest a promising profit elasticity for the company [6]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 51 million yuan, 224 million yuan, and 392 million yuan for the years 2025, 2026, and 2027, respectively [7].

Market Overview - The metal new materials sector experienced a decline of 0.37% on September 10, with Huitong New Materials leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Longci Technology (300835) with a closing price of 62.72, up 4.19% [1] - Jiangnan New Materials (603124) at 81.35, up 2.71% [1] - Aluminum Science and Technology (300811) at 71.75, up 2.50% [1] - Huitong New Materials (833751) was the biggest loser, closing at 23.83, down 5.06% [2] Trading Volume and Value - The trading volume and value for key stocks included: - Longci Technology: 63,300 shares traded, with a transaction value of 392 million [1] - Jiangnan New Materials: 26,700 shares traded, with a transaction value of 217 million [1] - Huitong New Materials: 44,900 shares traded, with a transaction value of 108 million [2] Capital Flow - The metal new materials sector saw a net outflow of 153 million from institutional investors, while retail investors had a net inflow of 171 million [2] - Key stocks' capital flow included: - Boweitai Gold (601137) with a net inflow of 1.05 billion from institutional investors [3] - Longci Technology (300835) with a net inflow of 24.89 million from retail investors [3]

Company Overview - Shenzhen New Star Light Alloy Materials Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on July 23, 1992. The company went public on August 7, 2017. Its main business involves the research, production, and sales of aluminum grain refiners [1] - The revenue composition of the company includes: aluminum foil raw materials 53.96%, aluminum grain refiners 33.53%, other products 7.92%, lithium hexafluorophosphate 4.19%, and others 0.40% [1] Stock Performance - On September 9, Shenzhen New Star's stock price increased by 5.2%, reaching 18.00 CNY per share, with a trading volume of 1.25 billion CNY and a turnover rate of 3.40%. The total market capitalization is 3.8 billion CNY [1] - The stock has seen a continuous rise for three days, with a cumulative increase of 8.84% during this period [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Baoying Fund holds Shenzhen New Star. Baoying New Star Mixed A (001543) held 95,500 shares in the second quarter, accounting for 1.04% of the fund's net value, making it the sixth-largest heavy stock [2] - The estimated floating profit for today is approximately 85,000 CNY, and during the three-day rising period, the floating profit amounts to 132,700 CNY [2] Fund Manager Information - The fund manager of Baoying New Star Mixed A (001543) is Cai Dan, who has been in the position for 8 years and 38 days. The total asset scale of the fund is 1.802 billion CNY, with the best fund return during the tenure being 90.62% and the worst being 0% [3]

Group 1 - The company plans to repurchase its shares using its own funds through centralized bidding, with a maximum price of 18 RMB per share and a total fund amount between 30 million RMB and 60 million RMB [1] - The repurchase period is set from February 20, 2024, to February 19, 2025, as approved by the board of directors [1] - The company extended the repurchase period by 9 months, now ending on November 19, 2025 [2] Group 2 - As of August 31, 2025, the company has repurchased a total of 997,700 shares, accounting for 0.47% of the total share capital, with a total expenditure of approximately 10.003 million RMB [4][5] - The highest purchase price was 12.58 RMB per share, and the lowest was 9.33 RMB per share [4] Group 3 - The company provided a guarantee of 35.856 million RMB for its subsidiary, ensuring financing lease operations [8] - The company also provided a guarantee of 70 million RMB for credit facilities from China Bank for its subsidiary [8][9] - The total external guarantees amount to 3.376 billion RMB, which is 195.11% of the company's audited net assets for 2024 [19]

（文章来源：证券日报） 证券日报网讯 9月1日晚间，深圳新星发布公告称，公司及控股子公司不存在逾期担保的情形，也不存 在为控股股东、实际控制人及其关联人提供担保的情形。 ...

证券日报网讯9月1日晚间，深圳新星（603978）发布公告称，2025年8月份，公司未通过集中竞价交易 方式回购股份。截至2025年8月31日，公司已累计回购股份99.77万股，占公司总股本的比例为0.47%。 ...

Group 1 - The company Shenzhen New Star (603978.SH) announced that as of August 31, 2025, it has repurchased a total of 997,700 shares, accounting for 0.47% of the company's total share capital [1] - The highest purchase price for the repurchased shares was 12.58 yuan per share, while the lowest was 9.33 yuan per share [1] - The total amount spent on the share repurchase was 10.002959 million yuan, excluding stamp duty and transaction commissions [1]

证券代码：603978 证券简称：深圳新星 公告编号：2025-083 深圳市新星轻合金材料股份有限公司 关于以集中竞价交易方式回购公司股份进展公告 一、回购股份的基本情况 2024 年 2 月 7 日，深圳市新星轻合金材料股份有限公司（以下简称"公司"） 实际控制人、董事长兼总经理陈学敏先生向公司董事会提议公司以自有资金通过 集中竞价交易方式回购公司股份，回购股份用于员工持股计划或股权激励。2024 年 2 月 20 日，公司第五届董事会第四次会议审议通过了《关于以集中竞价交易方 式回购公司股份方案的议案》，同意公司以自有资金通过上海证券交易所交易系统 以集中竞价交易方式回购公司股份，回购股份用于员工持股计划或股权激励，回 购股份的价格为不超过人民币 18 元/股；回购股份的资金总额不低于人民币 3,000 万元（含），不超过人民币 6,000 万元（含）；回购期限为自董事会审议通过回购股 份方案之日起 12 个月（即 2024 年 2 月 20 日至 2025 年 2 月 19 日）。具体内容详 见 2024 年 2 月 21 日、2024 年 2 月 26 日公司在《中国证券报》《上海证券报》《证 券时 ...

证券代码：603978 证券简称：深圳新星 公告编号：2025-082 深圳市新星轻合金材料股份有限公司 关于对外担保进展的公告 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： 担保对象及基本情况 | | 被担保人名称 | | 新星轻合金材料（洛阳）有限公司（以下 | | --- | --- | --- | --- | | 担保对象 | | 简称"洛阳新星"） | | | | 本次担保金额 | 万元 3,585.60 | | | （一） | 实际为其提供的担保余额 | 76,315.17 万元 | | | | 是否在前期预计额度内 | □√是 □否 | □不适用 | | | 本次担保是否有反担保 | □是 □√否 | □不适用 | | 担保对象 | 被担保人名称 | 下简称"公司"） | 深圳市新星轻合金材料股份有限公司（以 | | | 本次担保金额 | 7,000.00 万元 | | | （二） | 实际为其提供的担保余额 | 万元 7,900.00 | | | | 是否在前期预计额度内 | □√ 是 □否 ...