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 ...

上周基金重点事件回顾丨04.21-04.27 睿兽分析每周整理最值得关注的基金重点事件，帮助大家及时了解全球私募股权基金市场动向。 苏州设立105亿战新基金 近日，江苏省、苏州市正式审议通过第二批苏州市战略性新兴产业基金组建方案，第二批4只分别为苏 州人工智能产业专项母基金、苏州低空经济产业专项母基金、苏州新型能源及智能座驾产业专项母基 金、苏州高校科技成果转化天使基金，总规模105亿元。两批战新基金的布局，从高端装备、生物医 药、未来产业天使直投到人工智能、低空经济、新能源及智能座驾、高校科技成果转化天使直投。既立 足苏州装备制造、生物医药等主导优势产业，推动产业集群化再发展；又瞄准人工智能、低空经济等新 赛道提前布局；还新增高校成果转化基金，促进产学研深度融合。（苏州创新投资集团） 深创投中小企业发展基金成功落地苏州 4月27日，国家中小企业发展基金有限公司完成第七批第一支子基金签约工作，基金名称为：深创投中 小企业发展基金（苏州）合伙企业（有限合伙），注册地为江苏省苏州市，管理机构为上海红土创新私 募基金管理有限公司，基金总规模20亿元，主要投向新一代信息技术、高端装备制造、生物技术及健康 产业、新材料 ...

Core Viewpoint - The company, Hubei Huitian New Materials Co., Ltd., is engaged in the research, production, and sales of adhesive materials and has a diverse product range that serves various industries including photovoltaic new energy, consumer electronics, and automotive manufacturing [5][10]. Company Overview - Hubei Huitian New Materials Co., Ltd. is a high-tech enterprise specializing in the development and production of adhesives and other new materials, with main products including high-performance silicone adhesives, polyurethane adhesives, lithium battery negative electrode adhesives, epoxy adhesives, and acrylic adhesives [5]. - The company also produces solar cell back sheets and has expanded its product offerings to include automotive maintenance chemicals such as brake fluids [5]. Business Model - The company employs a centralized procurement strategy for key raw materials while also utilizing local procurement for specialized materials, which helps in controlling costs and ensuring stable supply [7]. - The production cycle for adhesive products typically ranges from 3 to 7 days, with a structured sales planning process based on market demand and inventory levels [8]. Sales Strategy - Domestically, the company has established sales divisions based on application fields such as photovoltaic, electronics, and automotive, utilizing a combination of direct sales to large clients and sales through first-level distributors [9]. - Internationally, the company exports products to regions including Southeast Asia, South Asia, the Middle East, and Europe, employing a similar sales model of direct supply to major clients and through distributors [10]. Financial Information - The company has received a standard unqualified audit opinion from its accounting firm, indicating sound financial practices [3]. - The company plans to distribute cash dividends of 1.5 yuan per 10 shares to shareholders, with no stock dividends planned [4].