证券研究报告 公司点评 回天新材(300041.SZ) 基础化工｜ 化学制品 竞争加剧拖累业绩，逆势扩张静待收获 2025 年 05 月 16 日 | 评级 | 买入 | | --- | --- | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 8.97 | | 52 周价格区间（元） | 6.99-10.19 | | 总市值（百万） | 5018.12 | | 流通市值（百万） | 4883.51 | | 总股本（万股） | 55943.40 | | 流通股（万股） | 54442.72 | 涨跌幅比较 | 37% | 回天新材 | | 化学制品 | | | --- | --- | --- | --- | --- | | 17% | | | | | | -3% | | | | | | -23% 2024-05 | 2024-08 | 2024-11 | 2025-02 | 2025-05 | | % | | 1M | 3M | 12M | | 回天新材 | | 8.60 | 3.94 | 14.12 | | 化学制品 | | 4.44 | 1.63 | -6.16 | 周策 分析 ...

Core Viewpoint - The company is optimistic about the growth potential in the photovoltaic adhesive sector despite facing challenges in the first quarter, and it is implementing strategies to enhance product performance and cost competitiveness [1] Group 1: Company Performance - The company reported that its photovoltaic adhesive business continues to grow, with ongoing optimization of product structure and R&D upgrades [1] - In the first quarter, the company experienced a recovery in the profitability of its silicone adhesive business due to price adjustments in response to rising raw material costs [1] Group 2: Industry Outlook - The company anticipates that if the prices of upstream silicone stabilize and recover, the gross margin and profits from its photovoltaic business may continue to improve throughout the year [1] - The photovoltaic industry is currently facing challenges such as cyclical fluctuations in raw material prices, export limitations, and increased competition, which are compressing profit margins [1] Group 3: Strategic Measures - The company plans to implement cost reduction and efficiency enhancement measures, closely monitor raw material price trends, and adjust procurement cycles to mitigate risks associated with price fluctuations [1] - The company aims to maintain its market share and leadership position by leveraging its stable supply capabilities, strong brand influence, and comprehensive service capabilities [1] - The company will also strengthen its management of receivables to reduce credit risk [1]

Core Viewpoint - The company, Huaitian New Materials, has established a strong competitive barrier over 40 years in the adhesive industry, maintaining leadership in four key sectors: automotive, electronics, photovoltaics, and packaging, while actively pursuing high-end and green transformation for future growth [1][2]. Group 1: Industry Leadership and Competitive Advantages - Huaitian New Materials is the largest domestic enterprise in the engineering adhesive industry, with a rich variety of products and extensive application fields [2]. - The company has invested CNY 196 million in R&D for 2024, a 9.3% increase year-on-year, with 49 key projects underway and an 80% project completion rate [2]. - The company holds 215 authorized patents, including 163 invention patents, and has participated in drafting numerous national and industry standards [2][3]. Group 2: Business Performance and Growth - The company has maintained a strong market position in the photovoltaic sector, with a supply share of over 40% among core customers and a 16% year-on-year increase in photovoltaic silicone sales [5]. - In the electronics sector, the company achieved a sales revenue of CNY 600 million in 2024, a 9.54% increase, with significant growth in automotive electronics sales, which rose by approximately 70% [6]. - The automotive sector saw sales revenue of CNY 990 million, a 36.73% increase, with over 50% growth in sales volume [7]. - The packaging business generated approximately CNY 388 million in revenue, a 21.87% increase, with a 3.8 percentage point rise in gross margin [7]. Group 3: Future Growth and Strategic Initiatives - The adhesive industry in China is expected to continue growing, driven by demand in emerging sectors like new energy vehicles and photovoltaics, as well as the upgrade of traditional sectors [9]. - The company is focusing on digital transformation and green upgrades to enhance operational efficiency and reduce environmental impact [10]. - Huaitian New Materials is also pursuing investment and acquisition opportunities to strengthen its competitive position and expand its product offerings [10].

Group 1 - Baoxin Technology received two lawsuits, with amounts of approximately 332.22 million yuan and 138.12 million yuan respectively [1] - Lifan Shuke is under investigation by the CSRC for suspected information disclosure violations related to its periodic reports [2] - Huitian New Materials decided to terminate the investment in the Huitian New Energy New Materials Technology Industrial Park project [3] Group 2 - Yingjia Gongjiu reported a total revenue of 7.344 billion yuan for the previous year, with a year-on-year growth of 8.46%, but Q1 revenue decreased by 12.35% [4] - Kouzi Jiao's revenue for 2024 was 6.015 billion yuan, a growth of 0.89%, while net profit decreased by 3.83% [5] - Anhui Construction's controlling shareholder plans to increase its stake in the company by up to 200 million yuan [6] Group 3 - Yongchi Technology established a new company with a registered capital of 2 million yuan, holding a 60% stake [7] - Quanyin High-Tech's 2024 annual report received a "qualified opinion," with revenue of 4.709 billion yuan but a net profit decrease of 58.23% [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [6]. Core Insights - The company reported a revenue of 3.989 billion yuan in 2024, a year-on-year increase of 2.23%, but the net profit attributable to the parent company decreased by 65.91% to 102 million yuan. In Q1 2025, revenue reached 1.071 billion yuan, up 10.49% year-on-year and 11.56% quarter-on-quarter, with a net profit of 82 million yuan, reflecting a year-on-year increase of 2.73% [1][2]. - The decline in net profit in 2024 was attributed to the oversupply in the photovoltaic industry, which led to a significant drop in sales of photovoltaic backboards by approximately 58.34% and a decrease in gross margin by 7.82 percentage points. However, in Q1 2025, the company saw an increase in sales of silicone products in the photovoltaic sector, with improved gross margins [2][3]. - The company has a diversified product portfolio with significant growth in the electronics and automotive sectors. In 2024, sales in the electronics sector exceeded 600 million yuan, growing by 9.54%, while automotive-related sales increased by approximately 70% [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.989 billion yuan, with a net profit of 102 million yuan. The forecast for 2025-2027 projects net profits of 289 million yuan, 342 million yuan, and 437 million yuan respectively, reflecting a recovery trend [4][5]. - The revenue growth rate is expected to increase significantly in the coming years, with projections of 16.55% in 2025 and 17.69% in 2026 [5]. Product and Market Analysis - The company has a total silicone production capacity of 210,000 tons per year, with new production lines for polyurethane and lithium battery adhesives expected to come online in 2025. The electronics sector is a key growth area, with significant sales increases in consumer and automotive electronics [3][4]. - The company has successfully expanded its customer base in the automotive sector, with notable clients including BYD and Huichuan Technology, contributing to a 36.73% increase in sales revenue in the transportation sector [3]. Valuation Metrics - The report provides various valuation metrics, including a projected P/E ratio of 16 for 2025 and a P/B ratio of 1.6, indicating a favorable valuation compared to historical performance [5][14].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.989 billion yuan in 2024, a year-on-year increase of 2.23%, but the net profit attributable to shareholders decreased by 65.91% to 102 million yuan [6] - The first quarter of 2025 showed improvement with revenue of 1.071 billion yuan, a year-on-year increase of 10.49% and a quarter-on-quarter increase of 11.56%, while net profit increased by 2.73% year-on-year and 233.12% quarter-on-quarter to 82 million yuan [5][8] - The gross profit margin improved to 21.81% in Q1 2025, an increase of 2.34 percentage points year-on-year and 2.84 percentage points quarter-on-quarter, indicating a positive trend in profitability [5][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.989 billion yuan, with a gross profit margin of 18.46%, down 4.36 percentage points year-on-year [6] - The fourth quarter of 2024 saw a revenue of 960 million yuan, a year-on-year increase of 17.93%, but a net loss of 61 million yuan [5] - The first quarter of 2025 reported a revenue of 1.071 billion yuan, with a gross profit margin of 21.81% [5][8] Business Segments - The renewable energy segment faced challenges, with a revenue decline of 21.49% to 1.730 billion yuan due to product price fluctuations and a contraction in the photovoltaic backplane business [6] - The transportation segment capitalized on the growth in the new energy vehicle market, achieving a revenue increase of 36.73% to 990 million yuan [6] - The electronics segment focused on high-growth areas such as consumer electronics and automotive electronics, generating a revenue of 615 million yuan, up 9.54% year-on-year [6] Future Outlook - The company expects revenue growth to reach 4.608 billion yuan in 2025, with net profit projected at 186 million yuan, reflecting a significant recovery from 2024 [10] - The gross profit margin is anticipated to stabilize around 20% in the coming years, indicating a positive outlook for profitability [10]

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Views - The company's performance in 2024 was impacted by a decline in profitability from the photovoltaic segment, despite strong sales growth in other product lines such as electronic adhesives and automotive adhesives [1][3] - The photovoltaic segment's gross margin significantly decreased due to intensified competition and falling raw material prices, but there are signs of recovery in early 2025 as raw material prices stabilize [3][2] - The company is expected to see a rebound in profitability with projected net profits of 2.5 billion, 3.1 billion, and 3.5 billion for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 39.9 billion, a year-on-year increase of 2.23%, but net profit dropped by 65.91% to 1.0 billion [1] - The first quarter of 2025 showed revenue growth of 10.49% year-on-year, reaching 10.7 billion, with a net profit margin of 7.82% [2] Product Segments - The renewable energy segment saw a revenue decline of 21.49%, while the electronic segment grew by 36.73% and the automotive segment by over 50% [1] - The gross margins for the renewable energy, transportation, and electronic segments were 11.26%, 21.79%, and 32.79% respectively, all showing a decline compared to the previous year [1] Future Outlook - The photovoltaic segment is expected to reach a bottom and recover, while electronic automotive products are anticipated to drive growth [3] - The company’s gross margin is projected to improve to 21.81% in 2025, indicating a recovery in profitability [2]

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of CNY 3.989 billion, a year-on-year increase of 2.23%, with a net profit of CNY 659.1 million, reflecting a decline due to intensified competition in the photovoltaic industry [1] - In Q1 2025, the company reported a revenue of CNY 1.071 billion, a year-on-year growth of 10.49%, and a net profit of CNY 81.54 million, up 2.73% [2] Group 2: Business Segment Performance - The electronic adhesive business saw significant growth, particularly in consumer and automotive electronics, contributing to overall revenue increases [2] - The photovoltaic silicone sales improved, with a recovery in gross margin, leading the industry [2] Group 3: Challenges and Responses - The decline in net profit in 2024 was primarily due to increased competition and a 58% year-on-year drop in sales of photovoltaic backsheet products, alongside a CNY 39.92 million impairment on related assets [3] - The company plans to enhance cost efficiency and closely monitor raw material price fluctuations to mitigate risks [5] Group 4: Future Outlook and Strategies - The company aims to increase R&D investment and digital transformation efforts to strengthen core competitiveness and achieve 2025 operational goals [2] - The transportation sector's growth is driven by the surge in demand for electric vehicles and new product breakthroughs, with stable growth expected in the coming years [6] Group 5: Capital Expenditure and Production Capacity - Major capital expenditure projects include the lithium battery negative electrode glue phase II project and the construction of an intelligent warehouse in Xiangyang [7] - The Guangzhou factory has a production capacity of approximately 39,300 tons per year, with a utilization rate expected to remain high at around 75% in 2025 [8]

| 证券代码：300041 | 证券简称：回天新材 | 公告编号：2025-32 | | --- | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | | 湖北回天新材料股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 湖北回天新材料股份有限公司（以下简称"公司"）2024年年度报告及摘要 于2025年4月28日刊登于证监会指定的网站。为使投资者能够更加深入、全面地 了解公司2024年度的经营情况，公司将于2025年5月12日（星期一）下午15:00- 16:30在全景网举行2024年度网上业绩说明会，本次说明会将采用网络远程的方 式举行，投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与 本次年度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长、总经理章力先生，董事、 副总经理王争业先生，董事赵勇刚先生，财务总监石长银先生，董事会秘书章宏 建先生，独立董事李燕萍女士，保荐代表人黎慧明先生。 为充分尊重投资者、提升交流的针对性，现就 ...

| 证券代码：300041 | 证券简称：回天新材 | 公告编号：2025-31 | | --- | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | | 湖北回天新材料股份有限公司 关于 2024 年度利润分配预案的补充公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据深圳证券交易所信息披露规则的有关规定，湖北回天新材料股份有限公 司（以下简称"公司"）对 2025 年 4 月 28 日披露的《关于 2024 年度利润分配预 案的公告》（公告编号：2025-17）进行如下补充披露： 一、审议程序 公司于 2025 年 4 月 25 日召开第十届董事会第二次会议，以 9 票赞成、0 票 反对、0 票弃权的表决结果审议通过了《公司 2024 年度利润分配预案》，董事会 认为本次利润分配预案符合相关法律法规的规定，符合《公司章程》、股东回报 规划等规定的利润分配政策。 本次利润分配方案尚需提交 2024 年年度股东大会审议。 二、2024 年度利润分配预案基本情况 经立信会计师事务所（特殊普通合伙）审计，2024年度归属于上市 ...