禾盛新材 20251124 和胜新材近期股权变更的具体情况是什么？对公司未来发展有何影响？ 和胜新材近期进行了股权变更，两位股东将 18%的股份转让给了摩尔之星，谢 总成为新的实际控制人。公司将加大在芯片领域的布局，但传统主营业务保持 不变，并继续良好经营。在 AI 芯片领域，公司计划未来进行更多投入。摩尔之 星拥有深厚的产业背景，包括慧博云通董事谢总、阿里巴巴集团副总裁黄总等 核心人物，这些资源将为和胜新材提供平台赋能，特别是在 AI 芯片领域的发展。 易知电子采用 CPU 加 NPU（C+N）的二合一技术路线，类似于苹果 M 系列芯片，实现了统一内存技术，避免了爆显存的问题，在对密度有要 求、模型尺度灵活以及数据不能出域等应用场景中具有明显优势。 易知电子与国内主流 40 家软件硬件厂商全部完成互认证，无需专门修 改软件版本即可运行，兼容性得到了操作系统、数据库、中间件等多方 认可，同时在价格方面保持竞争力，使其成为 ARM CPU 体系中的佼佼 者。 和胜新材目前的业务结构和主要客户有哪些？ 和胜新材目前主要分为三块业务：家电业务、海希技术以及易事电子。家电业 务涵盖松下、日立、三星、LG 和美的等顶级 ...

Economic Overview - High-frequency data indicates that automotive consumption remains strong, benefiting from tax incentives and subsidies, while textile and film consumption is weak[7] - Real estate sales and land market show signs of fatigue, with infrastructure special bonds fully issued but project progress lagging[7] - Exports to South Korea are recovering, while import demand weakens post shopping festival[7] Market Performance - Major global asset prices have declined, with the Hang Seng Index dropping 5.1%, the largest decline among major indices[9] - The S&P 500 Index fell by 1.9%, while the Shanghai Composite Index decreased by 3.9%[9] - The 10-year U.S. Treasury yield fell by 8 basis points to 4.06%[9] Federal Reserve Insights - The U.S. added 119,000 non-farm jobs in September, significantly exceeding expectations of 51,000[12] - The unemployment rate rose to 4.4%, higher than the expected 4.3%[12] - Federal Reserve officials exhibit significant internal disagreement regarding future monetary policy direction[8] Investment Strategies - ETF inflows have increased significantly to 503 billion, while foreign and financing funds have seen outflows[15] - The market's trading activity has decreased, with average daily turnover dropping to 1.9 trillion[14] - The risk appetite remains low, with the overall market sentiment declining[14] Sector Analysis - The technology sector is expected to benefit from AI advancements, with recommendations for investments in internet and computing sectors[35] - The financial sector is poised for recovery, with a focus on brokerage and insurance stocks[35] - Consumer stocks are seen as undervalued, with potential growth in food and beverage sectors[35]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4]. Core Insights - The company is a leader in the home appliance composite materials sector, maintaining stable operations while strategically expanding into AI chips and servers, capitalizing on the domestic computing power wave, indicating significant future growth potential [4][10]. - Revenue projections for 2025-2027 are estimated at 30.06 billion, 35.22 billion, and 40.87 billion RMB, with corresponding EPS of 0.83, 1.19, and 1.68 RMB [10][14]. Financial Summary - Total revenue for 2023 is projected at 2,340 million RMB, with a year-on-year growth of 9.7%. This is expected to grow to 2,526 million RMB in 2024, 3,006 million RMB in 2025, 3,522 million RMB in 2026, and 4,087 million RMB in 2027, reflecting growth rates of 7.9%, 19.0%, 17.2%, and 16.0% respectively [3][10]. - Net profit attributable to the parent company is forecasted to be 83 million RMB in 2023, increasing to 98 million RMB in 2024, 207 million RMB in 2025, 296 million RMB in 2026, and 417 million RMB in 2027, with growth rates of 25.5%, 18.3%, 111.2%, 43.1%, and 41.0% respectively [3][10]. Business Overview - The company has over 20 years of experience in the home appliance composite materials sector, focusing on PCM (pre-coated metal sheets) and VCM (film-coated metal sheets) used in various home appliances [19][20]. - The company has established a subsidiary, Haixi Technology, to advance its AI transformation, focusing on AI servers and intelligent computing centers, which have already begun to generate significant orders and profits [4][9]. AI Business Expansion - The AI business is expected to see rapid growth, with revenue projections of 300 million RMB in 2025, 600 million RMB in 2026, and 960 million RMB in 2027, reflecting growth rates of 100% and 60% for the latter two years [9][11]. - The company is actively building a diversified product matrix in the AI sector, including hardware, software, and industry-specific solutions, to enhance its market presence [39][44]. Valuation Analysis - The report employs both PE and PS valuation methods, estimating a reasonable valuation of 147.90 billion RMB based on a 50x PE for 2026, corresponding to a target price of 59.61 RMB per share [4][16]. - The average PE of comparable companies is around 43.54x for 2026, indicating a strong growth trajectory for the company [14][15].

Core Viewpoint - He Sheng New Materials is undergoing another change in control, with the major shareholder Zhao Dongming and his associates transferring 18% of the company's shares to Moer Zhixin at a price of 33.71 yuan per share, totaling approximately 1.505 billion yuan [1][3]. Group 1: Share Transfer Details - The share transfer involves 44.66 million shares, representing 18% of He Sheng New Materials' total share capital, with a total transaction value of approximately 1.505 billion yuan [1][3]. - After the transaction, Moer Zhixin will become the controlling shareholder, while Zhao Dongming and his associates will hold 13.72% of the shares and forfeit voting rights on 6% of the shares [3]. - The transfer price represents a discount of about 13% compared to the market price of 38.82 yuan per share as of November 21 [3]. Group 2: Historical Context - He Sheng New Materials has experienced multiple changes in control, initially founded and controlled by Zhao Dongming, then transferred to Zhongke Chuang Asset Management in 2016, and later returned to Zhao Dongming in 2023 after legal issues faced by the previous controller [4]. - The company has a history of control changes, with the most recent shift occurring just over two years after Zhao Dongming regained control [4]. Group 3: New Controlling Entity - Moer Zhixin, the new controlling entity, was established less than three months prior to the acquisition and has a registered capital of 755 million yuan, operating in the software and information technology services sector [5][6]. - The business scope of Moer Zhixin includes various trending areas in the information technology industry, such as information system integration, AI public data platforms, and integrated circuit design and manufacturing [6]. - The actual controller of Moer Zhixin, Xie Haiwen, has a strong background in finance and investment, having held senior positions in various financial institutions [6]. Group 4: Company Performance - He Sheng New Materials has shown a steady increase in revenue and net profit, with a reported revenue of 1.862 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 1.41%, and a net profit of 144 million yuan, up 67.90% year-on-year [7].

Core Viewpoint - He Sheng New Materials is undergoing another change in control, with the major shareholder Zhao Dongming and his associates transferring 18% of the company's shares to Moer Zhixin at a price of 33.71 yuan per share, totaling approximately 1.505 billion yuan [2][5]. Group 1: Share Transfer Details - The share transfer involves 44.66 million shares, representing 18% of He Sheng New Materials' total share capital, with a total transaction value of approximately 1.505 billion yuan [5]. - The transfer price of 33.71 yuan per share reflects a discount of about 13% compared to the closing price of 38.82 yuan per share on November 21 [4][5]. - After the transaction, Moer Zhixin will become the controlling shareholder, while Zhao Dongming and his associates will hold 13.72% of the shares and forfeit voting rights for 6% of the shares [5]. Group 2: Historical Context - This is not the first change in control for He Sheng New Materials; the company was originally founded and controlled by Zhao Dongming, then transferred to Zhongke Chuang Asset Management in 2016, and later returned to Zhao Dongming in 2023 after legal issues faced by the previous controller [6][9]. - The new controlling entity, Moer Zhixin, was established recently and is involved in various sectors within the information technology industry, including software services and integrated circuit design [9]. Group 3: Company Performance - He Sheng New Materials has shown a steady increase in revenue and net profit, with reported revenue of 1.862 billion yuan for the first three quarters of the year, a year-on-year increase of 1.41%, and a net profit of 144 million yuan, up 67.90% year-on-year [10].

Core Viewpoint - The controlling shareholder of He Sheng New Materials (002290) will change to Shanghai Moer Zhixin Information Technology Partnership (Limited Partnership), with the actual controller shifting from Zhao Dongming to Xie Haiwen [2][4]. Group 1: Share Transfer Details - On November 21, He Sheng New Materials announced that Zhao Dongming and his associates signed a share transfer agreement to transfer 44.66 million shares (18% of total shares) to Moer Zhixin at a price of 33.71 CNY per share, totaling approximately 1.505 billion CNY [4][5]. - After the transaction, Moer Zhixin will hold 18% of He Sheng New Materials, while Zhao Dongming and associates will retain 34.03 million shares (13.72% of total shares) and waive voting rights for 14.89 million shares (6% of total shares) [6]. Group 2: New Controller Background - Xie Haiwen, born in 1984, holds a master's degree in financial engineering from Peking University and has extensive experience in investment and management roles, including positions at China International Capital Corporation and various investment firms [6][7]. Group 3: Future Plans and Business Overview - Moer Zhixin recognizes the intrinsic value and long-term investment potential of He Sheng New Materials and plans to enhance the company's competitiveness and profitability through operational management experience and resource integration [7]. - Currently, Moer Zhixin has no plans for significant changes to He Sheng New Materials' main business in the next 12 months, which focuses on the research, production, and sales of appearance composite materials for home appliances [8].

Core Viewpoint - He Sheng New Materials announced a significant share transfer to Moer Zhixin, resulting in a change of controlling shareholder and actual controller to Moer Zhixin and Xie Haiwen respectively [1] Group 1: Share Transfer Details - The controlling shareholder Zhao Dongming and his associates plan to transfer 44.66 million shares at a price of 33.71 yuan per share, totaling approximately 1.505 billion yuan, which represents 18% of the company's total equity [1] - Zhao Dongming has agreed to waive voting rights for 6% of the company's shares to ensure Moer Zhixin and Xie Haiwen maintain control [1] - Moer Zhixin, established in August 2025, is involved in various sectors including information system integration, AI public data platforms, software development, and integrated circuit design and manufacturing [1] Group 2: Company Background and Strategic Moves - He Sheng New Materials specializes in the R&D, production, and sales of composite materials for home appliances, with applications in refrigerators, washing machines, and air conditioners [2] - The company has been investing in AI technology and semiconductor localization, including the establishment of Shanghai Haixi Technology Co., focusing on domestic AI chip R&D and server construction [2] - In 2025, He Sheng New Materials plans to invest 250 million yuan in Yizhi Electronics, acquiring a 10% stake to deepen its strategic involvement in the semiconductor and AI hardware sectors [2]

Core Viewpoint - The controlling shareholder of He Sheng New Materials (002290) will change to Shanghai Moer Zhixin Information Technology Partnership (Limited Partnership), with the actual controller shifting from Zhao Dongming to Xie Haiwen [1][3]. Group 1: Share Transfer Details - On November 21, He Sheng New Materials announced that Zhao Dongming and his associates signed a share transfer agreement to transfer 44.66 million shares (18% of total share capital) to Moer Zhixin at a price of 33.71 CNY per share, totaling approximately 1.505 billion CNY [3]. - After the transaction, Moer Zhixin will hold 18% of He Sheng New Materials, while Zhao Dongming and associates will retain 34.03 million shares (13.72% of total share capital) and waive voting rights for 14.89 million shares (6% of total share capital) [5]. Group 2: New Controller Background - Xie Haiwen, born in 1984, holds a master's degree in financial engineering from Peking University and has extensive experience in investment management and corporate governance [5]. - Moer Zhixin was established on August 29, 2025, and is controlled by Xie Haiwen through Beijing Shanchuang Technology Co., Ltd. [6]. Group 3: Business Operations and Future Plans - He Sheng New Materials specializes in the research, production, and sales of appearance composite materials for home appliances, with a high market share among major domestic and international brands [7]. - For the first three quarters of 2025, He Sheng New Materials reported revenue of 1.862 billion CNY, a year-on-year increase of 1.41%, and a net profit of 144 million CNY, a year-on-year increase of 67.9% [8].

Group 1 - The core point of the article is the announcement of a share transfer agreement involving He Sheng New Materials, where the controlling shareholder Zhao Dongming and others will transfer a total of 18% of shares to Mo Er Zhi Xin, making it the new controlling shareholder [2][5] - Zhao Dongming, Jiang Xueyuan, and Shanghai Hongyuan Sheng will transfer their respective holdings of 8.1863%, 1.8137%, and 8%, totaling 44.66 million shares at a price of 33.71 yuan per share [5] - Following the transaction, the actual controller of He Sheng New Materials will change to Xie Haiwen, indicating a significant shift in the company's ownership structure [5] Group 2 - In March 2024, He Sheng New Materials plans to establish a joint venture, Shanghai Haixi Technology Co., focusing on domestic AI chip research and development and intelligent computing center services [5] - By 2025, He Sheng New Materials aims to invest 250 million yuan in Yi Zhi Electronics to acquire a 10% stake, further enhancing its position in the semiconductor and AI hardware sectors [5] - The collaboration between Yi Zhi Electronics and Haixi Technology is expected to create a synergistic effect, integrating the AI industry chain and enhancing strategic priorities in the chip business [5]

Group 1 - The core point of the news is that He Sheng New Materials (SZ 002290) announced a significant share transfer agreement, resulting in a change of controlling shareholder and actual controller [1] - The controlling shareholder Zhao Dongming and his associates will transfer 44,660,220 shares, representing 18.00% of the total share capital, to Shanghai Moer Zhixin Information Technology Partnership [1] - The transfer price is set at 33.71 yuan per share, and after the transaction, Moer Zhixin will hold 18.00% of He Sheng New Materials, while Zhao Dongming and his associates will hold 13.72% [1] Group 2 - As of the first half of 2025, He Sheng New Materials' revenue composition shows that 97.87% comes from the manufacturing of appearance components for home appliances, with other businesses contributing 1.98% and trade revenue at 0.15% [2] - The current market capitalization of He Sheng New Materials is 9.6 billion yuan [2]