2025 年 04 月 15 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 邱迪 S0350522010002 qiud@ghzq.com.cn 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn [Table_Title] 风电轴承龙头产能释放在即，乘行业东风打开新 增长极 ——新强联（300850）公司深度研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 新强联 | -1.4% | 40.5% | 12.7% | | 沪深 300 | -6.2% | -1.6% | 8.2% | | 市场数据 | | | 2025/04/14 | | 当前价格（元） | | | 26.00 | | 周价格区间（元） 52 | | | 13.68-30.28 | | 总市值（百万） | | | 9,327.37 | | 流通市值（百万） | | | 6,381.60 | | 总股本（万股） | | | 35,874.51 | | 流通股本 ...

Core Viewpoint - The announcement details the conversion of the company's convertible bonds and the subsequent changes in its total share capital, highlighting the adjusted conversion price and the number of shares converted [2][4][6]. Group 1: Convertible Bond Issuance - The company issued convertible bonds totaling 1.21 billion yuan, with the issuance approved by the China Securities Regulatory Commission [2][4]. - The bonds were issued through a preferential allocation to existing shareholders, with any remaining amount sold to the public [2]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 86.59 yuan per share, which was later adjusted to 40.64 yuan per share effective from May 29, 2023 [4][6]. - Further adjustments were made, with the conversion price changing to 40.91 yuan on September 21, 2023, and then to 40.36 yuan on October 31, 2023 [6][7]. Group 3: Share Capital Changes - As of March 31, 2025, the company had a total share capital of 358,745,103 shares, reflecting an increase of 354 shares due to the conversion of bonds [6][7]. - The company reported that the remaining convertible bonds amounted to 1.21 billion yuan, with 12,098,453 bonds still outstanding [7].

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2025-011 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 1、强联转债（债券代码：123161）转股期为2023年4月17日至2028年10月10日；最 新转股价为21.89元/股。 2、2025年第一季度，共有78张强联转债完成转股(票面金额共计7,800元），合计 转成354股新强联股票（股票代码：300850）。 3、截至2025年第一季度末，强联转债剩余票面总金额为1,209,845,300元。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自律监 管指引第15号——可转换公司债券》的有关规定，洛阳新强联回转支承股份有限公司（以 下简称"公司"）现将2025年第一季度可转换公司债券（以下简称"强联转债"）转股 及公司总股本变化情况公告如下： 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于同意洛阳新强联回转支承股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2022〕2158号） ...

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2025-010 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 洛阳新强联回转支承股份有限公司 关于控股股东部分股份解除质押的公告 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。 洛阳新强联回转支承股份有限公司（以下简称"公司"）近日收到控股股东、实际 控制人肖争强先生的通知，获悉肖争强先生将其持有本公司的部分股份办理了解除质押 手续，具体事项如下： 一、股东股份解除质押基本情况 1、本次股份解除质押基本情况 截至公告披露日，上述股东及一致行动人所持质押股份情况如下： | | | | 本次解除 | 本次解除 | 占其 | 占公 | 已质押股份情况 | | | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 持股 | | | 所持 | 司总 | 已质押 | 占已质 | 未质押 | 占未质 | | 股东名 | ...

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2025-009 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | | 股东 | 是否为控 股股东或 | | | | | | | 占其 所持 | 占公司 | 是否 | | 是否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | | 本次质押 | 质押起始日 | | 质押到期 | 质权人 | 股份 | 总股本 | 为限 | 质押 | 为补 | | 名称 | | | 数量（股） | | | 日 | | | 比例 | | 用途 | 充质 | | | 东及其一 | | | | | | | 比例 | （%） | 售股 | | 押 | | | 致行动人 | | | | | | | （%） | | | | | | 肖争 | | | 5,000,000 | 2025 年 3 月 | | 办理解除 质押登记 | 云南国际 | 7.53 | 1.39 | 否 | ...

Group 1: Company Overview - The company has completed the industrial chain layout for bearing components, including forging and rolling elements, achieving a complete process from design to production and testing [2] - The company has established high-end imported equipment production lines for precision bearing products, laying a foundation for market expansion [2] Group 2: Technological Advantages - The company is the first in the industry to use a non-soft belt heat treatment process, which offers significant cost advantages in material selection and processing costs per ton, positively impacting cost control and profit margins [2] Group 3: Production and Demand - The product shipment schedule for 2025 will depend on downstream customer requirements, with a significant increase expected in the proportion of spindle bearing products based on customer orders [3] - The company currently has sufficient production orders and is maximizing capacity through equipment adjustments, procurement, and process optimization to meet delivery requirements [3] Group 4: Customer Development - The company is making steady progress in developing downstream customers, maintaining close communication and cooperation with leading wind turbine manufacturers and steadily advancing with gearbox bearing customers [3]

Summary of the Conference Call for Xin Qiang Lian Company Overview - **Company**: Xin Qiang Lian - **Industry**: Wind Power Key Points and Arguments - **2024 Profit Decline**: Xin Qiang Lian's net profit attributable to shareholders is expected to decline significantly in 2024, with estimates ranging from 55 million to 80 million yuan, representing a year-on-year decrease of 78% to 85% [4] - **Fourth Quarter Improvement**: The fourth quarter showed significant improvement, with scale profits expected to be between 91 million to 116 million yuan, marking a year-on-year increase of 58.2% to 229.1% and a quarter-on-quarter increase of 41% to 80% [4] - **Wind Power Industry Outlook**: Although the installed capacity in the wind power industry is low in 2024, the bidding volume has increased significantly, indicating a potential rise in installed capacity in 2025, with expectations of reaching around 150 GW [5] - **Market Opportunities**: The trend towards larger wind turbines is accelerating, and Xin Qiang Lian is expected to benefit from this trend due to its advantages in tapered roller bearing technology, with anticipated annual profits exceeding 500 million yuan [2][6] - **Gearbox Bearing Development**: Xin Qiang Lian has established a strong position in independent pitch systems and main bearings, with plans to focus on gearbox bearings, which are projected to have a market size of 3 to 5 billion yuan [2][6] - **Domestic Production Rate**: The domestic production rate of gearbox bearings is currently low, but Xin Qiang Lian aims to develop this segment into a new growth engine within one to two years, similar to its previous success with main bearings [2][7] - **Competitive Advantage**: The shift in downstream models towards TRB has enhanced Xin Qiang Lian's competitiveness, leading to increased main bearing shipments and improved profit margins [2][8] - **Future Performance Expectations**: Despite low current performance expectations, Xin Qiang Lian's revenue and profit are projected to increase, driven by the expansion of main bearing production and developments in offshore wind projects and gearbox bearings [2][9] Additional Important Insights - **Historical Milestones**: Xin Qiang Lian's significant operational turning point occurred in 2020 when it successfully entered the top customer market and completed the domestic replacement of double-row tapered roller bearings [3] - **Market Size Comparisons**: The global market for gearbox bearings is estimated to be between 7 to 10 billion yuan, with the domestic market size around 3 to 5 billion yuan, comparable to the markets for slewing bearings and main bearings [6] - **Strategic Positioning**: Xin Qiang Lian is positioned to leverage its technological advancements and market expansion to create a new industrial chain, particularly in the gearbox bearing segment, which is expected to grow significantly as installed capacity increases [8]

证券代码：300850 证券简称：新强联 债券代码：123161 债券简称：强联转债 编号：2025-002 | | ☑特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ☑现场参观 | | | 其他（电话会议） | | 参与单位名称及 | 中庚基金：杨舜杰、诺安基金：刘晓飞、万家基金：王立晟、 | | 人员姓名 | 人保资产：尹金泽、国盛证券：杨润思、广发证券：王宁 | | 时间 | 2025 年 2 月 20 日 14:00—15:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书、财务总监：寇丛梅 | | 员姓名 | 投资者关系管理经理：徐钊阳 | | | 1、公司产品无软带热处理工艺相对于其他工艺的优势有 哪些？ | | | 公司在行业内率先使用无软带热处理工艺，经过多年探索 | | 投资者关系活动 | 研究，加工产品质量稳定，相较于其他加工工艺，无软带热处 | | 主要内容介绍 | 理工艺在原材料的使用选择和每吨单位加工费，具有较强的成 | | | 本 ...

洛阳新强联回转支承股份有限公司 | | ☑特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ☑现场参观 | | | 其他（电话会议） | | 参与单位名称及 | 宝盈基金：王灏、李巍宇；景顺长城：朱冰文；国联安：李阳 | | 人员姓名 | 东；汇添富：童心；国海证券：邱迪；华西证券：王好尚 | | 时间 | 2025 年 2 月 13 日 14:00—15:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事长：肖争强 副总经理、董事会秘书、财务总监：寇丛梅 | | 员姓名 | 投资者关系管理经理：徐钊阳 | | | 1、齿轮箱轴承的研发进展、客户开发情况、出货节奏、 发展规划？ | | | 齿轮箱轴承产品研发进展顺利，与拟合作客户的技术沟通 | | 投资者关系活动 | 和样机开发稳步推进，并且已向部分合作客户进行不同型号的 | | 主要内容介绍 | 样机交付；齿轮箱轴承是公司研发新产品，客户验证谨慎，公 | | | 司在稳定工艺、保证产品质量的前提下，根据下游客户的需求， | ...

回转支承专业制造 证券代码：300850 证券简称：新强联 公告编号：2025-008 债券代码：123161 债券简称：强联转债 洛阳新强联回转支承股份有限公司 关于持股 5%以上股东减持计划期限届满暨实施情况的公告 股东海通开元投资有限公司保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 洛阳新强联回转支承股份有限公司（以下简称"公司"）于 2024 年 10 月 10 日在 巨潮资讯网（www.cninfo.com.cn）上披露了《关于持股 5%以上股东减持股份预披露公 告》（公告编号：2024-056），持有公司股份 26,444,397 股（占公司总股本比例 7.37%） 的股东海通开元投资有限公司（以下简称"海通开元"）计划在减持股份预披露公告披 露之日起 15 个交易日后三个月内（2024 年 11 月 1 日至 2025 年 1 月 31 日）以集中竞价 方式减持本公司股份不超过 3,587,418 股、以大宗交易方式减持公司股份不超过 1,794,753 股。若计划减持期间公司有送股、资本 ...