Group 1 - The company, Sait New Materials, announced on November 24 that it will disclose the number of shareholders at the end of each reporting period in its regular reports, in accordance with information disclosure requirements [1]

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 ...

Core Insights - The VIP board market in China is rapidly expanding, with a projected market size of 4.67 billion yuan in 2024, driven by the demand for energy-efficient appliances, particularly refrigerators [2][4] Group 1: Market Overview - The domestic VIP board market is experiencing significant growth, with a market size expected to reach 4.67 billion yuan in 2024. The market is concentrated, with the top two companies, Saitex New Materials and Maikelong, holding a combined market share of over 70% [2] - The VIP board industry has high entry barriers due to factors such as technology patents, customer resource binding, and brand effects, making it difficult for new entrants to compete [2] Group 2: Regulatory Impact - The new national energy efficiency standards for refrigerators, effective from June 1, 2026, will significantly raise the efficiency requirements, with only 0.6% of current refrigerators meeting the new top-tier standards. This change is expected to enhance the demand for VIP boards, which can achieve the same insulation performance with a thickness of 10-15mm compared to 100mm of traditional polyurethane foam [3] - The introduction of a volume utilization rate concept in the new standards is anticipated to improve the efficiency of high-volume products, potentially increasing the volume utilization rate of refrigerators by 10% to 30% [3] Group 3: Government Subsidies - The national subsidy policy for high-efficiency refrigerators, set to be implemented in August 2024, includes a 15% subsidy for secondary efficiency and an additional 5% for primary efficiency, which is expected to boost the market share of high-efficiency refrigerators [4] - The market for mid-to-high-end refrigerators is expected to grow, particularly in the price ranges of 4000-8000 yuan online and 8000-15000 yuan offline, due to ongoing government subsidies [4] Group 4: Demand Projections - Domestic refrigerator sales are projected to grow from 2023 to the first half of 2025, with a year-on-year increase of 9% expected in the first half of 2025, reaching 22.62 million units [5] - The penetration rate of VIP boards in the domestic refrigerator market is currently low compared to developed countries, with an expected increase from 3% in 2020 to approximately 7.66% in 2024. Under neutral expectations, the market size for VIP boards in refrigerators could grow by an average of 1.4 billion yuan annually over the next seven years [5]

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]

Core Insights - 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 significant decline of 60.94% [1][2] - In Q3 2025, the company achieved a revenue of 265 million yuan, showing a year-on-year growth of 22.83%, and a net profit of 13 million yuan, which is a year-on-year increase of 21.55% [1][2] Revenue and Profit Analysis - The revenue growth is attributed to increased sales volume and market share expansion, despite the decline in profitability [2] - The gross margin for the first three quarters of 2025 was 24.58%, down by 6.72 percentage points year-on-year, while the net margin was 3.47%, down by 6.28 percentage points year-on-year [2] - In Q3 2025, the gross margin was 25.79%, a decrease of 0.99 percentage points year-on-year, and the net margin was 5.03%, a slight decline of 0.05 percentage points year-on-year [2] Market Outlook - The company anticipates market expansion due to new refrigerator energy efficiency standards set to be implemented on June 1, 2026, which are expected to enhance energy savings by approximately 40% [2] - The previous EU energy efficiency standards led to accelerated order demand starting in 2022, with a 32% increase in revenue for the company's VIP materials in 2023 [3] - The domestic penetration rate of VIP materials in refrigerators is currently below 5%, indicating significant growth potential when compared to Europe and Japan [3] Market Potential and Future Growth - The domestic refrigerator production is estimated at 100 million units, with around 38 million units for domestic sales, suggesting a potential market for VIP materials worth 11.4 billion yuan [3] - If the domestic penetration rate reaches 30%, the market space could expand to 3.4 billion yuan, providing substantial growth opportunities for the company [3] - The company also expects contributions from its new vacuum glass business, projecting revenues of 60 million yuan and 130 million yuan for 2025 and 2026, respectively [3]

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]