Summary of the Conference Call for Taihe New Materials Group Co., Ltd. Company Overview - Taihe New Materials Group Co., Ltd. was established in 1987 and focuses on high polymer new material technology [3][6] - The company adheres to values of customer-centricity, open collaboration, integrity, innovation, and excellence [3] - It aims to empower a better life through technological innovation and industry chain services, becoming a leader in the high-performance fiber industry [3] - The company has expanded into six new sectors: new energy vehicles, smart wearables, green manufacturing, information communication, bio-based materials, and green chemicals [3] Key Points Discussed Industry Position and Strategy - The company is a state-controlled mixed-ownership enterprise, with the largest shareholder being a state-owned entity [7][8] - The company has a production capacity of approximately 100,000 tons for spandex and 16,000 tons each for meta-aramid and para-aramid fibers [6] - Since 2021, the company has been focusing on upstream and downstream technologies related to aramid fibers, including the production of aramid-coated membranes and green dyeing technologies [6] Market Dynamics - The impact of US-China trade tensions is minimal on direct exports to the US, as the company has low revenue from this market since 2021 [10] - Indirectly, trade tensions may accelerate domestic substitution, particularly affecting downstream demand for spandex and aramid fibers [10] - The company is experiencing overcapacity in the spandex sector, which is heavily investment-driven [12] Future Growth and Development - The company is focusing on expanding its aramid fiber business, which is seen as a key growth area [14] - There is potential for increasing market share in aramid fibers to between 50% and 70% through new business initiatives and expanding application spaces [23] - The company is also exploring international markets, with plans for local supply through warehouses abroad, although there are no immediate plans for overseas production bases [19][22] Product Development and Innovation - The company is working on enhancing production efficiency in the spandex sector and exploring the possibility of divesting this segment [34] - New product lines, such as smart fibers and green dyeing technologies, are in development, with a focus on market introduction and customer testing [31][33] - The company is also investing in upstream raw material production to stabilize quality and reduce costs [38] Financial Performance - The profitability of the spandex segment has declined significantly, while aramid fiber profits have shown slight growth [13][34] - The company is currently experiencing stable raw material supply and prices, with production rates for meta-aramid fibers exceeding 80% [39] Additional Insights - The company is actively pursuing internationalization strategies, including hiring overseas staff for local sales [41] - The competitive landscape is characterized by price wars in the spandex market, prompting the company to focus on structural and performance adjustments [43] - The company is committed to maintaining a diverse product structure to adapt to market changes and competition [42]

投资者关系活动记录表 证券代码：002254 证券简称：泰和新材 泰和新材集团股份有限公司 投资者关系活动记录表 编号：2025-025 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 国诚投资 祁海波 时间 2025 年 5 月 8 日 地点 公司会议室 上市公司接待人 员 证券事务代表刘建宁、董事会办公室人员 投资者关系活动 主要内容介绍 公司介绍： 公司是生产氨纶起家，1987 年投建，1989 年实现产业 化，目前产能约 10 万吨；间位芳纶 2004 年实现产业化，目 前产能约 1.6 万吨；对位芳纶 2011 年产业化，目前产能约 1.6 万吨，这是主要的存量业务。2021 年以后公司围绕芳纶 上下游及其他共性技术，布局了增量产品，包括芳纶涂覆隔 膜，它是 2023 年中试线投产，产能是 3000 万平；还有基于 材料技术，推进了绿色印染的示范线，可以在常温环境下染 色，能够节水降碳，比较环保；基于新能源汽车应用领域， 有复合材料项目；像产业链上游的芳纶原料，也在布局之中。 这是主要的增量扩展版图 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 10.75 CNY per share [1][5]. Core Views - The company's aramid business is experiencing steady growth, while the spandex segment is under pressure due to ongoing supply-demand imbalances and price competition [4][10]. - The forecast for the company's net profit for 2025-2027 has been adjusted to 222 million, 292 million, and 361 million CNY respectively, reflecting a significant downward revision from previous estimates [5][10]. - The company is expected to maintain a strong position in the aramid market, which has a projected compound annual growth rate of 5-10% globally, despite current price competition [10]. Financial Summary - The company reported a revenue of 3,925 million CNY in 2023, with a slight increase to 3,929 million CNY in 2024, and projected revenues of 4,494 million CNY in 2025, 4,938 million CNY in 2026, and 5,359 million CNY in 2027, indicating a growth trajectory [7][13]. - The net profit attributable to the parent company is forecasted to decline significantly in 2024 to 90 million CNY, before rebounding to 222 million CNY in 2025, reflecting a growth of 147.9% [7][10]. - The gross margin is expected to improve from 16.0% in 2024 to 21.4% by 2027, indicating a recovery in profitability [7][10]. Segment Performance - The spandex segment is projected to face continued challenges, with a forecasted gross margin of -11.86% in 2024, while the aramid segment is expected to see a 13% increase in sales volume [10]. - The company is advancing its aramid-coated diaphragm industrialization process, with pilot projects already in production and full-scale production expected to begin in 2025 [10].

泰和新材 002254.SZ 公司研究 | 年报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年05月06日） | 10.45 元 | | 目标价格 | 10.75 元 | | 52 周最高价/最低价 | 12.71/7.72 元 | | 总股本/流通 A 股（万股） | 86,295/81,844 | | A 股市值（百万元） | 9,018 | | 国家/地区 | 中国 | | 行业 | 石油化工 | | 报告发布日期 | 2025 年 05 月 07 日 | 1 周 1 月 3 月 12 月 绝对表现% 2.96 4.08 14.96 -3.06 相对表现% 2.07 5.45 15.85 -7.18 沪深 300% 0.89 -1.37 -0.89 4.12 芳纶业务稳步增长，氨纶盈利承压 2024-05-02 | 倪吉 | 021-63325888*7504 | | --- | --- | | | niji@orientsec.com.cn | | | 执业证书编号：S0860517120003 | | 顾雪莺 | guxueying@orientsec.com.c ...

Core Insights - The company reported a slight increase in revenue for 2024, reaching 3.93 billion yuan, but a significant decline in net profit, down 73.1% to 90 million yuan [1] - The first quarter of 2025 showed a revenue increase of 9.4% year-on-year, totaling 1.06 billion yuan, but net profit fell by 54.1% to 10 million yuan [1] - The spandex segment continues to face pressure with a gross margin decline of 11.86%, exacerbating losses [1] Segment Analysis - The aramid segment saw a 13% increase in sales volume, maintaining strong growth, but revenue and gross margin decreased by 5.8% and 15.8% respectively due to intensified price competition [1] - The global aramid market is projected to grow at a compound annual growth rate of 5-10%, indicating potential for future expansion [1] - The company is advancing the industrialization of aramid-coated membranes, with pilot projects completed in March 2023 and full-scale production expected to begin in 2025 [1] Market Conditions - The domestic spandex market is experiencing a supply-demand imbalance, with new production capacity expected to increase by 11,500 tons in 2024, a 9.3% year-on-year rise [2] - Spandex profits are under pressure, but prices showed signs of recovery towards the end of Q1 due to industry maintenance and shutdowns [2] - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of 222 million, 292 million, and 361 million yuan respectively [2]

中信证券股份有限公司关于 泰和新材集团股份有限公司 2021 年度非公开发行股票持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 5 月 | 项目 | 基本情况 | | --- | --- | | 中文名称 | 泰和新材集团股份有限公司 | | 法定代表人 | 宋西全 | | 股本 | 862,945,783 | | 注册地址 | 烟台经济技术开发区黑龙江路 10 号 | | 证券简称 | 泰和新材 | | 证券代码 | 002254 | | 经营范围 | 氨纶、芳纶系列产品的制造、销售、技术转让、技术咨 询和服务。主要产品为"纽士达"牌氨纶丝、"泰美达" | | | 牌间位芳纶、"泰普龙"牌对位芳纶及"民士达"牌芳纶 | | | 纸。 | 一、发行人基本情况 二、本次发行情况概述 2022 年 8 月 3 日，公司收到中国证券监督管理委员会出具的《关于核准烟 台泰和新材料股份有限公司非公开发行股票的批复》（证监许可〔2022〕1684 号）， 核准公司非公开发行不超过 205,318,350 股新股。信永中和会计师事务所（特殊 普通合伙）于 2023 年 1 月 12 日出具 ...

中信证券股份有限公司 关于泰和新材集团股份有限公司 2024年度保荐工作报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称： 泰和新材 | | --- | --- | | 保荐代表人姓名：梁勇 | 联系电话：010-60838007 | | 保荐代表人姓名：徐焕杰 | 联系电话：010-60838007 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | | | | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | | 是，根据《泰和新材集团股份有限公司2024 年度内部控制评价报告》、《泰和新材集团股 | | （2）公司是否有效执行相关规章制度 | | | | 份有限公司2024年度内部控制审计报告》，发 | | | 行人有效执行了相关 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、基本情况 泰和新材集团股份有限公司（以下简称"公司"）分别于2024年4月26日及2024年5月21日召开了第十一届 董事会第八次会议和2023年度股东大会，会议审议通过了《关于核定公司及子公司2024年度担保额度的 议案》，同意公司为控股子公司宁夏宁东泰和新材有限公司（以下简称"宁东泰和新材"）提供不超过10 亿元的累计最高担保限额，为所有控股子公司的累计最高担保额度不超过人民币38.21亿元。自股东大 会通过本议案起12个月内，公司对控股子公司担保的累计有效余额总额（即任一时点的担保余额）不得 超过上述最高担保限额总额。持有上述公司股权的其他控股子公司，可以根据各自的持股比例为上述公 司提供担保，并履行各自的内部决策程序。 具体内容详见公司于2024年4月29日刊登于《中国证券报》《上海证券报》《证券日报》《证券时报》 及巨潮资讯网（http://www.cninfo.com.cn）的《关于核定公司及子公司2024年度担保额度的公告》（公 告编号：2024 ...

临时公告：2025-030 证券代码：002254 股票简称：泰和新材 公告编号：2025-030 泰和新材集团股份有限公司 关于为控股子公司宁东泰和新材担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、基本情况 临时公告：2025-030 就控股子公司宁东泰和新材向上述银行的借款事项签署了《保证合同》。 泰和新材集团股份有限公司（以下简称"公司"）分别于 2024 年 4 月 26 日及 2024 年 5 月 21 日召开了第十一届董事会第八次会议和 2023 年度股东大会， 会议审议通过了《关于核定公司及子公司 2024 年度担保额度的议案》，同意公 司为控股子公司宁夏宁东泰和新材有限公司（以下简称"宁东泰和新材"）提供 不超过 10 亿元的累计最高担保限额，为所有控股子公司的累计最高担保额度不 超过人民币 38.21 亿元。自股东大会通过本议案起 12 个月内，公司对控股子公 司担保的累计有效余额总额（即任一时点的担保余额）不得超过上述最高担保限 额总额。持有上述公司股权的其他控股子公司，可以根据各自的持股比例为上述 公司提供担保，并履 ...

基础化工 2025 年 04 月 29 日 泰和新材 (002254) ——芳纶继续放量，价格略有下跌，氨纶盈利继续承压 报告原因：有业绩公布需要点评 增持（维持） 上 市 公 司 | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 10.17 | | 一年内最高/最低（元） | 12.71/7.72 | | 市净率 | 1.2 | | 息率（分红/股价） | 2.95 | | 流通 A 股市值（百万元） | 8,324 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 8.23 | | 资产负债率% | 48.99 | | 总股本/流通 A 股（百万） | 863/818 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 ...