福建赛特新材股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 投资者可于 2025 年 11 月 17 日（星期一）至 11 月 21 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过福建赛特新材股份 有限公司（以下简称"公司"）邮箱 zqb@supertech-vip.com 进行提问。公司将在 说明会上对投资者普遍关注的问题进行回答。 公司已于 2025 年 10 月 28 日发布公司 2025 年第三季度报告，为便于广大投 资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 24 日（星期一）13:00-14:00 举行 2025 年第三季度业绩说明会，就 投资者关心的问题进行交流。 一、 说明会类型 | 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：118044 | 债券简称 ...

智通财经APP获悉，东北证券发布研报称，VIP板为高效保温隔热材料，性能远超传统材料。真空 绝热板中玻璃纤维导热系数最低，气相二氧化硅寿命最长，根据智研咨询，两者应用最广，2024年分别 占比32%、56%。推荐受益于冰箱新能耗标准出台，VIP板及相关原材料需求提升标的：1)持续深耕VIP 板行业的龙一赛特新材(688398.SH);2)存在收并购VIP板行业龙二迈科隆预期的再升科技(603601.SH)。 东北证券主要观点如下： 国内VIP板市场规模快速扩张，行业竞争格局集中 根据智研咨询，国内VIP板市场规模近年来迅速扩张，2024年市场规模达46.7亿元。其中，家电领 域VIP板市场呈现头部集中，CR2占比超70%，赛特新材占比48%，迈科隆占比23%。同时，VIP板行业 壁垒高，技术专利积累、客户资源绑定、品牌效应等因素导致后来者难以突围。 冰箱新能耗标准出台，VIP板成能效达标关键材料 冰箱国补政策于2024年8月正式落地，二级能效补贴15%，一级能效追加5%补贴。中高端冰箱市场 占比明显上升，2024年第36周~52周，线上4000~8000元、线下8000~15000元价格段的份额明显提升。 国 ...

Group 1: Cement Industry - The cement production in China for Q1-Q3 2025 decreased by 5% year-on-year, with a narrowing decline, and the annual production is expected to be around 1.73 billion tons, which is a 30% drop from the peak in 2014 [15][32] - The SW cement manufacturing industry revenue for Q1-Q3 2025 was 252.1 billion yuan, a year-on-year decrease of 9%, with a sales net profit margin of 3.3%, an increase of 1.0 percentage points compared to the full year of 2024 [32][33] - The future support for domestic cement prices mainly depends on the optimization process on the supply side, with a focus on completing the target of limiting overproduction by the end of the year [35][45] Group 2: Glass Industry - The flat glass production in China for Q1-Q3 2025 was 730 million weight cases, a year-on-year decrease of 5%, with prices continuing to decline [57] - The SW glass manufacturing industry achieved a total revenue of 34.4 billion yuan in Q1-Q3 2025, a year-on-year decrease of 11%, with a sales net profit margin of 0.6% [74] - The overall profitability of the glass manufacturing industry is under pressure, with major companies like Xinyi Glass and Qibin Group experiencing significant declines in net profit margins [74][78] Group 3: Fiberglass Industry - The fiberglass manufacturing industry saw a significant recovery in profitability in Q1-Q3 2025, with revenue reaching 49.2 billion yuan, a year-on-year increase of 24%, and a sales net profit margin of 10.8%, up 4.3 percentage points from 2024 [83][84] - The demand for high-performance electronic fabrics is expected to continue growing due to advancements in AI and high-frequency communication technologies [84][89] - Companies like Zhongcai Technology and Honghe Technology are recommended for their focus on high-end products and significant growth in revenue and profit margins [89][94] Group 4: Consumer Building Materials - The transaction volume of commercial housing and second-hand housing prices in China continued to decline, but the rate of decline has narrowed [2] - The sales of waterproof materials and coatings have shown significant improvement compared to 2024, with companies like Sankeshu and Hanhai Group recommended for investment [2][4]

此轮提标的空间测算：而目前国内内需冰箱VIP 材料渗透率不到5%，若对标欧洲和日韩，潜力较大。 具体来看，国内冰箱产量约1 亿台，其中预计主要是出口，内销预计约3800 万台，单台冰箱使用的VIP 板材约300 元，潜在市场为114 亿；假设国内渗透率假设30%，市场空间为34 亿；而赛特作为全球龙 一，目前2024 年的收入仅约9 亿级别，未来弹性较大。 同时，也期待新业务真空玻璃贡献增量。预计2025-2026 年业绩0.6、1.3 亿元，对应PE为56、27 倍，推 荐。 公司发布2025 年三季报：2025 前3 季度实现营业收入7.34 亿元，同比增长9.89%，归母净利润0.25 亿 元，同比下降60.94%；其中2025Q3 营业收入2.65 亿元，同比增长22.83%，归母净利润0.13 亿元，同比 增长21.55%。 事件评论 收入有增长，但是利润在下行，盈利能力承压。2025Q1~3 实现营业收入7.34 亿元，同比+9.89%，归母 净利润0.25 亿元，同比下降60.94%；收入端有增长，我们判断主要是公司销量有提升，份额在持续扩 张。2025 前3 季度公司毛利率为24.58%，同比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 734 million yuan for the first three quarters of 2025, representing a year-on-year increase of 9.89%, while the net profit attributable to shareholders was 25 million yuan, a decrease of 60.94% [2][4]. - In Q3 2025, the company achieved a revenue of 265 million yuan, up 22.83% year-on-year, and a net profit of 13 million yuan, an increase of 21.55% year-on-year [2][4]. - The company's gross margin for the first three quarters of 2025 was 24.58%, down 6.72 percentage points year-on-year, and the net margin was 3.47%, down 6.28 percentage points year-on-year [10]. - The report anticipates that the new energy efficiency standards for refrigerators, effective from June 1, 2026, will expand the market, as the new standards are expected to improve energy efficiency by approximately 40% [10]. - The company is expected to benefit from the vacuum glass business, with projected profits of 60 million yuan and 130 million yuan for 2025 and 2026, respectively [10]. Financial Summary - For 2024, the total revenue is projected to be 934 million yuan, with a net profit of 77 million yuan [16]. - The company’s earnings per share (EPS) for 2025 is estimated at 0.37 yuan, with a price-to-earnings (PE) ratio of 56 [16]. - The total assets are expected to be 2.009 billion yuan in 2025, with a debt-to-asset ratio of 40.5% [16].

Group 1 - The core transaction of Sait New Materials on October 28 involved a block trade of 201,300 shares, amounting to 3.4668 million yuan, with a transaction price of 17.22 yuan, representing a discount of 13.86% compared to the closing price of the day [2][3] - The buyer of the block trade was Guohai Securities Co., Ltd. institutional seat, while the seller was Xinyu Securities Co., Ltd. Xiamen Huli Avenue Securities Business Department [2][3] - Over the past three months, Sait New Materials has recorded a total of 9 block trades, with a cumulative transaction amount of 23.5059 million yuan [2] Group 2 - The latest margin financing balance for Sait New Materials is 185 million yuan, which has decreased by 2.7523 million yuan over the past five days, reflecting a decline of 1.47% [3] - On the same day, Sait New Materials closed at 19.99 yuan, down 0.05%, with a turnover rate of 0.95% and a total trading volume of 32.1175 million yuan, indicating a net outflow of 3.1218 million yuan in main funds [2][3] - Over the past five days, the stock has remained flat, with a total net outflow of funds amounting to 15.0085 million yuan [2]

Group 1 - On October 28, 2023, a block trade of 201,300 shares of Sait New Materials was executed, with a transaction value of 3.4668 million yuan, accounting for 9.74% of the total trading volume for the day [1] - The transaction price was 17.22 yuan, which represents a discount of 13.86% compared to the market closing price of 19.99 yuan [1]

Core Viewpoint - On October 27, 2023, Sait New Materials conducted six block trades totaling 1,203.15 million yuan, with a trading price of 17.22 yuan, reflecting a discount of 13.90% compared to the closing price of the day [1][2]. Group 1: Block Trade Details - A total of 698,700 shares were traded in the six transactions, with institutional special seats participating in five of the trades, contributing to a total transaction amount of 1,002.54 million yuan and a net purchase of 1,002.54 million yuan [1]. - In the last three months, Sait New Materials has recorded eight block trades with a cumulative transaction amount of 2,003.91 million yuan [2]. Group 2: Stock Performance Metrics - The closing price of Sait New Materials on the day of the block trades was 20.00 yuan, marking a 1.06% increase, with a daily turnover rate of 1.13% and a total transaction volume of 3,818.70 million yuan [2]. - Over the past five days, the stock has seen a cumulative decline of 0.10%, with a total net outflow of funds amounting to 1,128.72 million yuan [2]. - The latest margin financing balance for the stock is 184 million yuan, which has increased by 543,600 yuan over the past five days, representing a growth rate of 0.30% [3].

Core Viewpoint - The company reported a revenue increase but a significant decline in net profit for the third quarter of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters of 2025 reached 734 million yuan, representing a year-on-year growth of 9.89% [1] - The net profit attributable to shareholders of the parent company was 25.45 million yuan, showing a year-on-year decrease of 60.94% [1] - The basic earnings per share were reported at 0.15 yuan [1]

Summary of Key Points Core Viewpoint - On October 27, 2023, Sait New Materials saw a closing price of 20.00 yuan, with a rise of 1.06% and a total of 6 block trades executed, amounting to a total transaction volume of 698,700 shares and a transaction value of 12.03 million yuan [1]. Trading Details - The first four block trades were executed at a price of 17.22 yuan per share, each involving 116,500 shares, with a transaction value of 2.01 million yuan and a discount rate of -13.90%. The buyers included Huatai Securities Guangdong Branch and institutional buyers, while the seller was Industrial Securities Xiamen Huli Avenue Securities Branch [1][2]. - The fifth and sixth trades also occurred at the same price of 17.22 yuan, with the fifth trade involving 116,500 shares and the sixth trade involving 116,200 shares, both with similar transaction values and discount rates [2]. Recent Trading Activity - Over the past three months, Sait New Materials has recorded a total of 8 block trades, with a cumulative transaction value of 20.04 million yuan. In the last five trading days, the stock has experienced a slight decline of 0.10%, with a net outflow of 9.19 million yuan in principal funds [2].