股票代码：003037 股票简称：三和管桩 广东三和管桩股份有限公司 投资者关系活动记录表 编号：2025-007 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 活动参与人员 一、参与人员： 东方财富证券股份有限公司 郁晾 中邮证券有限责任公司 赵洋 二、上市公司接待人员姓名： 董事会秘书：余俊乐 财务总监：曾立军 证券事务代表：高永恒 时间 2025 年 12 月 9 日（星期二）10:00-11:00 地点 公司二楼会议室 形式 现场会议 交流内容及具体 问答记录 1、问：公司现在大致的客户结构（地产、市政、基 建）和区域结构？ 答：从下游领域来看，公司营业收入主要来源于工业 项目，占比 50%以上，此外房地产、公共建设及光伏项目 也是重要的收入来源。近年来，公司持续拓展光伏、风电、 水利等新兴应用场景，收入结构不断优化。2025 年上半年， 公司光伏用桩占桩类产品销量比例已达 15.63%，水利用 桩与风电用桩占比分别提升至 3.17%和 0.51%。 分地区来看，目前公司收入主要集中在华东地区和中 | 南地区。2025 年 ...

Group 1: Market Expansion Strategies - The company has actively seized market opportunities in emerging fields such as renewable energy, water conservancy, wind power, and marine engineering, focusing resources on high-potential areas to achieve rapid growth [2][3] - Participation in major infrastructure projects has helped to consolidate and enhance brand influence [2] Group 2: Product and Process Innovation - The company has developed high-value new products, such as ultra-long and large-diameter prefabricated piles, improving adaptability and competitiveness in complex engineering environments [3] - Innovations in production processes include the use of high-activity admixtures and energy-saving techniques, which have effectively reduced energy consumption during the maintenance phase of pile production [3][4] Group 3: Capacity Optimization and Regional Response - The company is enhancing capacity layout by focusing on "quality improvement of existing capacity and optimization of new capacity," aiming to improve rapid response and service capabilities in key regions [4] - New production bases in Taizhou and Huizhou are expected to enhance the company's capacity layout in the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area, allowing for quicker market response and reduced logistics costs [4] Group 4: Research and Development Achievements - Recent breakthroughs in pile technology have significantly improved product competitiveness, including the development of cost-effective solid piles with high load-bearing capacity [5] - The company has established a market-driven R&D innovation system to ensure that research activities align closely with business development and market competition [5] Group 5: Talent Development and Retention - The company emphasizes a "people-oriented" talent philosophy, implementing a comprehensive incentive system to stimulate innovation among R&D personnel [5] - A dual-channel promotion mechanism has been established to provide clear career growth paths for R&D staff, ensuring long-term talent support for maintaining the company's technological leadership [5]

Market Overview - The cement sector experienced a decline of 2.3% on November 21, with Sichuan Jinding leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Notable stock performances include: - Hainan Ruize (002596) increased by 5.92% to a closing price of 5.19 [1] - Sichuan Jinding (600678) decreased by 6.90% to a closing price of 9.58, with a trading volume of 427,700 shares and a turnover of 420 million yuan [2] - Fujian Cement (600802) fell by 6.80% to 6.44, with a trading volume of 400,400 shares and a turnover of 268 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 312 million yuan from main funds, while retail investors contributed a net inflow of 319 million yuan [2] - Specific stock capital flows indicate: - Western Construction (002302) had a net inflow of 24.90 million yuan from main funds, while retail investors contributed 8.14 million yuan [3] - Sichuan Jinding (600678) experienced a significant net outflow of 54.21 million yuan from main funds [3]

Core Viewpoint - The company confirmed that its current core business does not include the production or sales of "graphite electrodes" through its interaction with investors [1] Group 1 - An investor inquired about the establishment progress of Hunan Sanqi New Materials Co., Ltd. and whether its core business includes "graphite electrodes" [1] - The company, Sanhe Pile (003037.SZ), responded on November 19 that, after verifying with the Hunan Sanqi team, their current core business does not involve the production or sales of "graphite electrodes" [1]

Group 1: Company Overview and Business Strategy - The company specializes in prestressed high-strength concrete piles, widely used in various sectors including industrial, transportation, municipal engineering, civil construction, photovoltaic, wind power, and water conservancy [2][3] - The company is focusing on the underground pipeline market and will actively seize business opportunities based on market demand and relevant policies [3] Group 2: Financial Management and Performance - The company has a significant amount of trading financial assets due to cash management from raised funds, with plans to select new investment projects [3] - Revenue has been declining since 2022, consistent with industry trends; however, the company achieved positive revenue growth in the first three quarters of the current year by diversifying product offerings and implementing cost leadership strategies [3] Group 3: Shareholder Engagement and Market Confidence - The company's share buyback and major shareholder's increase in holdings are based on confidence in future growth potential and long-term investment value [3] - The share buyback aims to support future employee stock ownership plans, while the major shareholder's actions are intended to boost market confidence [3] Group 4: Future Development Plans - The company is adopting a "dual-wheel drive" development model, enhancing traditional business while exploring new energy and emerging application scenarios to boost growth [4]

Market Overview - The cement sector experienced a decline of 0.67% on November 17, with Ta Pai Group leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Guotong Co., Ltd. (002205) with a closing price of 16.74, up 9.99% on a trading volume of 163,400 shares and a turnover of 266 million [1] - Huan Zhi Wu Shi (002596) with a closing price of 5.08, up 5.83% on a trading volume of 1,746,900 shares and a turnover of 884 million [1] - Fujian Cement (600802) with a closing price of 8.50, up 3.66% on a trading volume of 886,500 shares and a turnover of 743 million [1] - Conversely, Ta Pai Group (002233) saw a decline of 2.16% with a closing price of 8.62, trading 114,200 shares for a turnover of 98.77 million [2] - Other notable decliners included: - Huaxin Cement (600801) down 2.00% to 22.53 [2] - Conch Cement (600585) down 1.56% to 23.32 [2] Capital Flow Analysis - The cement sector saw a net inflow of 63.15 million from institutional investors, while retail investors experienced a net outflow of 10.57 million [2] - Key stocks with significant capital flow included: - Guotong Co., Ltd. (002205) with a net inflow of 91.54 million from institutional investors, representing 34.38% of its trading volume [3] - Huan Zhi Wu Shi (002596) with a net inflow of 18.09 million from institutional investors, representing 2.05% [3] - Ta Pai Group (002233) had a net outflow of 45.46 million from retail investors, representing -17.07% [3]

Market Overview - The cement sector experienced a decline of 0.22% on November 14, with Sichuan Jinding leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Hainan Ruize (002596) with a closing price of 4.80, up 5.26% on a trading volume of 1.4978 million shares and a turnover of 721 million yuan [1] - Fujian Cement (600802) closed at 8.20, up 4.19% with a trading volume of 886,600 shares and a turnover of 711 million yuan [1] - Major decliners included: - Sichuan Jinding (600678) which closed at 10.29, down 5.77% with a trading volume of 715,100 shares and a turnover of 748 million yuan [2] - Qingsong Jianhua (600425) closed at 4.84, down 1.43% with a trading volume of 310,500 shares and a turnover of 151 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 194 million yuan from institutional investors, while retail investors contributed a net inflow of 174 million yuan [2] - The capital flow for specific stocks showed: - All Yu Group (601992) had a net inflow of 17.78 million yuan from institutional investors, but a net outflow of 2.87 million yuan from retail investors [3] - Fujian Cement (600802) experienced a net inflow of 12.18 million yuan from institutional investors, but a net outflow of 15.99 million yuan from retail investors [3]

Group 1 - The cement sector experienced a rise of 1.04% on November 13, with Fujian Cement leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] - Fujian Cement's stock price increased by 4.52%, closing at 7.87, with a trading volume of 670,000 shares and a transaction value of 519 million yuan [1] Group 2 - The cement sector saw a net outflow of 134 million yuan from institutional investors and 121 million yuan from speculative funds, while retail investors had a net inflow of 255 million yuan [2] - The trading data for various cement stocks indicates mixed performance, with some stocks experiencing declines, such as Sichuan Jinding, which fell by 3.87% [2][3] - The net inflow and outflow of funds varied significantly among different stocks, with Fujian Cement showing a net inflow of 22.72 million yuan from institutional investors [3]

Market Overview - The cement sector experienced a decline of 0.2% on November 4, with Shangfeng Cement leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Individual Stock Performance - Hanjian Heshan saw a significant increase of 10.09%, closing at 6.11, with a trading volume of 231,100 shares and a turnover of 141 million yuan [1] - Fujian Cement also rose by 10.00%, closing at 7.81, with a trading volume of 706,200 shares and a turnover of 527 million yuan [1] - Conversely, Shangfeng Cement fell by 1.83%, closing at 10.74, with a trading volume of 152,300 shares and a turnover of 164 million yuan [2] Capital Flow Analysis - The cement sector had a net inflow of 68.57 million yuan from institutional investors, while retail investors saw a net outflow of 93.65 million yuan [2][3] - Notably, Fujian Cement experienced a net inflow of 102 million yuan from institutional investors, but a net outflow of 68.33 million yuan from retail investors [3] - Hanjian Heshan had a substantial net inflow of 77.89 million yuan from institutional investors, with a significant net outflow of 39.61 million yuan from retail investors [3]

Core Viewpoint - The company is poised to benefit from the new wave of demand for prestressed concrete piles driven by national infrastructure policies, showcasing strong growth potential as a leading player in the industry [1]. Group 1: Performance and Profitability - In the first three quarters of 2025, the company achieved a revenue of 4.483 billion yuan, a year-on-year increase of 3.87% [2]. - The net profit attributable to shareholders reached 80.477 million yuan, a staggering year-on-year increase of 286.23%, surpassing the annual target set earlier [2]. - The net profit excluding non-recurring gains was 57.287 million yuan, reflecting an impressive year-on-year growth of 8652.55%, indicating a significant improvement in core business profitability [2]. - In the third quarter, despite industry pressures, the company still reported a net profit of 14.033 million yuan, with a 12.70% year-on-year growth in net profit excluding non-recurring items [2]. Group 2: Cash Flow and Asset Structure - Although the operating cash flow for the first three quarters was negative, it improved by 23.87% year-on-year, indicating effective cash management [3]. - Total assets grew to 6.936 billion yuan, with shareholders' equity reaching 2.804 billion yuan, a 1.77% increase from the end of the previous year, maintaining a robust asset structure [3]. Group 3: Industry Outlook and Policy Support - The "14th Five-Year Plan" emphasizes strengthening major infrastructure construction, which will benefit the company as a leading player in the precast pile industry [4]. - The company has established production bases in key regions such as Guangdong, Jiangsu, and Hubei, allowing it to seize market opportunities amid regional economic development [4]. Group 4: Research and Development - In the first three quarters of 2025, the company invested 36.899 million yuan in R&D, a year-on-year increase of 8.89%, enhancing product performance and production processes [5]. - The company's focus on energy-saving and intelligent production line upgrades aligns with the green manufacturing policies, reinforcing its leading position in the industry [5]. Group 5: Growth Potential - The recent release of the "14th Five-Year Plan" suggests accelerated construction of new energy systems and high-quality development of clean energy, which will open new market opportunities for the precast pile industry [6]. - The development of new technologies, such as artificial intelligence, is expected to further drive demand for precast pile products [6]. - With the acceleration of national infrastructure policies and continuous internal management optimization, the company's growth momentum is expected to strengthen, providing solid investment value for long-term investors [6].