| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-068 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 关于本次注销部分已回购股份调整可转债转股价格暨 转股停牌的公告 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： 经上海证券交易所自律监管决定书〔2022〕303 号文同意，公司 155,000.00 万元可转换公司债券于 2022 年 11 月 9 日起在上海证券交易所挂牌交易，债券简 称"广大转债"，债券代码"118023"。 根据《张家港广大特材股份有限公司向不特定对象发行可转换公司债券募集 说明书》（以下简称"《募集说明书》"）相关条款规定："当公司可能发生股份回购、 合并、分立或任何其他情形使公司股份类别、数量和/或股东权益发生变化从而可 能影响本次发行的可转换公司债券持有人的债权利益或转股衍生权益时，公司将 视具体情况按照公平、公正、公允的原则以及充分保护本次发行的可转换公司债 券持有人权 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [9]. Core Views - The company's operating indicators have shown significant improvement, driven by increased product volume and structural optimization, leading to revenue growth [3]. - The company is expected to achieve a revenue of 3,788 million in 2023, with a projected growth rate of 13% year-on-year, and is forecasted to reach 7,759 million by 2027, reflecting a compound annual growth rate [3]. - The net profit attributable to the parent company is anticipated to grow from 109 million in 2023 to 550 million by 2027, with a remarkable growth rate of 213% in 2025 [3]. - The company is benefiting from high downstream demand and capacity release, particularly in gearbox components and wind power castings, which are expected to continue driving performance in the second half of 2025 [6]. - The company is also expanding its presence in the nuclear fusion sector, with successful applications of its products in this field, which may create new growth opportunities [6]. Summary by Relevant Sections Financial Performance - The company is projected to achieve a revenue of 4,003 million in 2024, increasing to 6,107 million in 2025, with a year-on-year growth rate of 52.6% [8]. - The net profit is expected to rise from 115 million in 2024 to 359 million in 2025, with a year-on-year growth rate of 213.3% [8]. - The earnings per share (EPS) is forecasted to increase from 0.50 in 2024 to 1.56 in 2025 [8]. Market Outlook - The report highlights a strong outlook for the wind power industry, with expectations of continued growth in both onshore and offshore installations, supporting the company's performance [6]. - The company is expected to benefit from the ongoing demand in the nuclear fusion sector, which may enhance its growth trajectory [6]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 59.7 in 2023 to 11.8 by 2027, indicating an improving valuation as earnings grow [3]. - The price-to-book (P/B) ratio is expected to decline from 1.8 in 2023 to 1.4 by 2027, reflecting a strengthening financial position [3].

Core Viewpoint - Zhangjiagang Guoda Special Materials Co., Ltd. is issuing convertible bonds to unspecified objects, with a total issuance amount of RMB 155 million, aiming to enhance its capital structure and provide investment opportunities for bondholders [2][3][6]. Group 1: Bond Issuance Details - The bond issuance plan was approved by the company's board on November 18, 2021, and by the shareholders on December 6, 2021 [2]. - The issuance was approved by the Shanghai Stock Exchange on August 11, 2022, and the China Securities Regulatory Commission on December 6, 2022 [3]. - A total of 15,500,000 convertible bonds were issued at a par value of RMB 100 each, raising a net amount of RMB 153.49 million after deducting issuance costs [3][6]. Group 2: Bond Characteristics - The bonds have a term of six years, with interest rates increasing from 0.30% in the first year to 2.00% in the sixth year [6][7]. - The initial conversion price is set at RMB 33.12 per share, with adjustments based on corporate actions such as cash dividends [8][11]. - The bonds are rated AA- by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [8]. Group 3: Conversion Price Adjustment - The conversion price will be adjusted from RMB 21.20 to RMB 20.84 per share effective June 12, 2025, due to a cash dividend distribution [9][13]. - The adjustment is based on the company's total share capital and the cash dividend per share calculated from the total profit distribution [12][13]. - The company will continue to monitor the impact of these adjustments on bondholders' interests [14].

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-066 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 关于实施回购股份注销暨股份变动的公告 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、准确性和完整性依法承担法律责任。 本次注销完成后公司总股本将由 230,593,693 股（2025 年 6 月 26 日总股本） 变更为 222,593,693 股（因公司可转债处于转股期，实际股本变动情况以中国证 券登记结算有限责任公司上海分公司出具的股本结构表为准），注册资本将由 214,241,479 元（截至 2025 年 2 月 17 日数据）变更为 222,593,693 元(其中包 含 2025 年 2 月 18 日至 2025 年 6 月 26 日公司可转债转股增加的 16,352,214 元 注册资本部分)。 三、回购股份注销的办理程序 重要内容提示： 张家港广大特材股份有限公司（以下简称"公司"）本次将注销存放于回 购专用证券账户中的第一 ...

本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《张家港广大特材股份有限公司向不特定对象发行可转换公司债券之受托管理协议》 （以下简称"《受托管理协议》"）《张家港广大特材股份有限公司向不特定对象发 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）等相关公开信息披 露文件、第三方中介机构出具的专业意见等，由本期债券受托管理人国元证券股份有 限公司（以下简称"国元证券"）编制。国元证券对本报告中所包含的从上述文件中 引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完 整性做出任何保证或承担任何责任。 证券代码：688186 证券简称：广大特材 转债代码：118023 转债简称：广大转债 张家港广大特材股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2025 年度） 债券受托管理人 （安徽省合肥市梅山路 18 号） 1 重要声明 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜 做出独立判断，而不应将本报告中的任何内容据以作为国元证券所作的承诺或声明。 在任何情况下，投资者依据本报告所进行的任何作为或不作为， ...

证券代码：688186 证券简称：广大特材 转债代码：118023 转债简称：广大转债 张家港广大特材股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （安徽省合肥市梅山路 18 号） 1 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《张家港广大特材股份有限公司向不特定对象发行可转换公司债券之受托管理协议》 （以下简称"《受托管理协议》"）《张家港广大特材股份有限公司向不特定对象发 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）《张家港广大特材 股份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的 专业意见等，由本期债券受托管理人国元证券股份有限公司（以下简称"国元证券"） 编制。国元证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证， 也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜 做出独立判断，而不应将本报告中的任何内容据以作为国元证券所作的承诺或声明。 在任何情况下， ...

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-067 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 关于变更保荐代表人的公告 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、准确性和完整性依法承担法律责任。 张家港广大特材股份有限公司（以下简称"公司"）于近日收到国元证券股 份有限公司（以下简称"国元证券"）出具的《关于变更张家港广大特材股份有 限公司持续督导工作保荐代表人的函》。 国元证券作为公司持续督导阶段的保荐机构，目前负责持续督导的保荐代表 人为束学岭先生、孙彬先生。公司向不特定对象发行可转换公司债券持续督导期 已于 2024 年 12 月 31 日结束，但由于募集资金尚未使用完毕，国元证券需要对 公司剩余募集资金的使用和管理继续履行督导义务。束学岭先生因工作变动原因、 孙彬先生因个人原因，不再负责广大特材的持续督导工作。为保证公司持续督导 工作的有序进行，国元证券现委派黄斌先生、林超先生接替束学岭先生、孙彬先 生担任广大特材持续督导 ...

Core Viewpoint - The company, Guangda Special Materials, is experiencing significant growth in its performance, with a notable increase in revenue and net profit for the first half of 2025, alongside plans for further share buybacks [1][4][3]. Financial Performance - The company expects to achieve approximately 2.5 billion yuan in revenue for the first half of 2025, representing a year-on-year increase of about 32.91% [1][4]. - The net profit is projected to be around 200 million yuan, reflecting a substantial year-on-year increase of approximately 367.51% [1][4]. - The net profit after excluding non-recurring items is estimated at about 195 million yuan, indicating a dramatic year-on-year increase of around 2342.81% [1][4]. Market Demand and Operational Efficiency - The demand in the downstream industries served by the company is overall positive, contributing to robust production and sales [1][4]. - The company has optimized its internal product structure and implemented cost-reduction measures, leading to an improvement in overall gross margin and enhanced profitability [4]. Share Buyback Initiatives - The company has utilized approximately 400 million yuan for share repurchases and plans to initiate a second round of buybacks, with a total amount not less than 200 million yuan and not exceeding 400 million yuan [3][11]. - As of June 19, 2025, the company has completed the initial buyback, acquiring 18.128 million shares, which is about 8.1375% of the total share capital, at an average price of 22.06 yuan per share [10][11]. Stock Performance - Since the beginning of 2025, the company's stock price has increased by over 70% [2][9]. - The stock price has more than doubled since September 2024, indicating strong market confidence in the company's growth prospects [9].

Group 1 - The core point of the news is that the main funds in the Shanghai and Shenzhen markets experienced a net inflow of 7.138 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 323 million yuan [1] - A total of 233 stocks saw net inflows, while 355 stocks experienced net outflows [1] - On the Sci-Tech Innovation Board, 452 stocks rose, with one stock, Tai Lingwei, hitting the daily limit, while 126 stocks declined [1] Group 2 - The top three stocks with the highest net inflow of main funds are: Han's Laser with 362 million yuan, SMIC with 349 million yuan, and Tai Lingwei with 107 million yuan [2] - The stock with the highest net outflow was Guangda Special Materials, which saw a net outflow of 158 million yuan despite a price increase of 2.91% [1][2] - There are 62 stocks that have seen continuous net inflows for more than three trading days, with Sanyou Medical leading at 10 consecutive days [2] Group 3 - The main funds' inflow ranking shows that Han's Laser had an inflow rate of 6.40% and a price increase of 0.64% [2] - Other notable stocks include Kingsoft Office with an inflow of 101 million yuan and a price increase of 3.87%, and Wealth Trend with an inflow of 100 million yuan and a price increase of 17.84% [2] - A total of 114 stocks experienced continuous net outflows, with Bohui Technology leading at 24 consecutive days of outflow [2]

Company Summary - Guangda Special Materials (688186) expects to achieve approximately 2.5 billion yuan in revenue for the first half of 2025, representing an increase of about 619 million yuan or 32.91% year-on-year [2] - The company anticipates a net profit attributable to shareholders of around 200 million yuan, an increase of approximately 157 million yuan or 367.51% year-on-year [2] - The improvement in profitability is attributed to optimized product structure and cost-reduction measures, leading to enhanced overall gross margin [2] Industry Trends - The wind power industry in China is experiencing significant growth, with newly approved wind power projects totaling 68.4 GW from January to May 2025, a year-on-year increase of 72% [3] - The wind turbine sector is expected to see a turning point in profitability as bidding prices stabilize and rise, indicating the start of a new upward cycle [3] - Analysts highlight three major trends in the wind power industry: continuous exceedance of approval and bidding data expectations, recovery in wind turbine prices, and a significant increase in offshore wind power construction [4] - The newly installed capacity for offshore wind power in China is projected to exceed 14 million kW in 2025, with major installations occurring in provinces like Shandong, Guangdong, Hainan, and Jiangsu [4]