洛阳新强联回转支承股份有限公 司相关债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【621】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授 ...

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 是否为第一大股东或实际控制人 是 否 2.本次权益变动情况 股份种类（A 股、B 股等） 减持股数（万股） 减持比例（%） A 股（集中竞价） 5.86 0.02 A 股（被动稀释） - 0.37 合计 5.86 0.39 本次权益变动方式（可多选） 通过证券交易所的集中交易 协议转让 □ 通过证券交易所的大宗交易 间接方式转让 □ 国有股行政划转或变更 □ 执行法院裁定 □ 取得上市公司发行的新股 □ 继承 □ 赠与 □ 表决权让渡 □ 其他 ☑（因可转换公司债券转股导致总 股本增加从而被动稀释股份） 3.本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 股份性质 本次变动前持有股份 本次变动后持有股份 股数(万股) 占总股本比例 (%) 股数(万股) 占总股本比例 (%) 合计持有股份 2,291.2097 6.39 2,285.3497 6.00 其中：无限售条件股份 2,291.2097 ...

Group 1 - The company has approved a guarantee for its wholly-owned subsidiary, New Qianglian (Jiangsu) Heavy Industry Technology Co., Ltd., to apply for a bank credit of up to RMB 385 million from Shanghai Pudong Development Bank Suzhou Branch [2][3] - The guarantee is part of the company's development plan and is aimed at meeting the operational funding needs of New Qianglian Heavy Industry [3] - The registered capital of New Qianglian Heavy Industry has increased from RMB 30 million to RMB 160 million after introducing new minority shareholders [3] Group 2 - The company continues to provide a guarantee of up to RMB 385 million for various financing activities of New Qianglian Heavy Industry with the bank [3][4] - A counter-guarantee agreement has been signed with the new minority shareholders, who will provide unconditional and irrevocable counter-guarantees for 10% of the company's actual payments made on behalf of New Qianglian Heavy Industry [3][4] - The total amount of external guarantees provided by the company and its subsidiaries is RMB 1.0218 billion, accounting for 19.99% of the latest audited net assets [4]

回转支承专业制造 证券代码：300850 证券简称：新强联 公告编号：2025-036 债券代码：123161 债券简称：强联转债 回转支承专业制造 洛阳新强联回转支承股份有限公司 关于为子公司提供担保的补充公告 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。 一、担保情况概述 洛阳新强联回转支承股份有限公司（以下简称"公司"）于 2024 年 5 月 28 日召开 第四届董事会第六次会议审议通过了《关于为全资子公司提供担保的议案》，同意公司 为新强联（江苏）重工科技有限责任公司（以下简称"新强联重工"）向上海浦东发展 银行股份有限公司苏州分行（以下简称"浦发银行苏州分行"）申请银行授信提供最高 不超过 38,500 万元的连带责任保证担保，具体担保额度、担保期限以最终签订协议为 准，同时授权公司董事长及其委托代理人根据新强联重工的经营实际需要办理上述事项， 具体内容详见公司 2024 年 5 月 28 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关 于为全资子公司提供担保的公告》（公告编号：2024-028）。 二、担保进展情况 2024 ...

Group 1 - The core viewpoint of the articles highlights the positive operational developments of listed companies in the second quarter of 2025, showcasing advancements in various sectors such as semiconductors, robotics, new energy, and new materials [2][3] - Companies are actively sharing updates on project progress, new technologies, and orders, indicating a trend of industrial upgrades and strategic transformations [2][3] - High-growth sectors continue to exhibit strong growth momentum, while cyclical industries are seeking balance amid supply-demand adjustments [3] Group 2 - Chip companies are benefiting from the AI industry, with interconnect chip orders exceeding RMB 12.9 billion as of April 22, 2025, and expectations for significant growth in DDR5 memory interface chip demand [4] - Traditional cyclical industries like coal and chemicals are showing resilience through cost control and structural optimization, with companies like Guanghui Energy anticipating stabilization in coal prices due to various market factors [4][5] - Manufacturing companies are focusing on improving production efficiency and meeting customer demands, with firms like Xinqianglian and Guangxin Materials reporting strong order backlogs and plans for product launches [5] Group 3 - Many listed companies are already building momentum for annual revenue growth, particularly in emerging sectors like new energy and robotics, with plans for market expansion and quality enhancement through mergers and acquisitions [6] - Companies like Longmag Technology are localizing raw material supply to reduce production costs and enhance supply chain stability [6] - Hechuan Technology is actively developing humanoid robots and plans to launch new products in the second half of 2025 [6] Group 4 - The new merger regulations have made acquisitions a key strategy for A-share companies to optimize resource allocation, with firms like Chenhua Co. targeting investments in new materials and fine chemical agents [7] - Guoxing Optoelectronics is focusing on upstream and downstream opportunities in the LED and optical sensing sectors, while Zhenbaodao is exploring new industries through asset acquisitions [7] - Huichuan Technology is looking for overseas acquisition opportunities, concentrating on automation, digitalization, and intelligent sectors that align with its core business [7]

Group 1 - The core viewpoint of the news is that Ru Sheng Asset has conducted research on a listed company, Xin Qiang Lian, focusing on its production capabilities and market strategies [1] - Xin Qiang Lian has achieved self-supply in the rolling body and forging fields, with its precision bearing projects primarily concentrated in the wind power sector and gearbox bearings currently in small batch shipments [1] - The company is expanding its production capacity through equipment debugging, process optimization, and talent development, while also developing overseas markets [1] Group 2 - Xin Qiang Lian possesses various heat treatment processes and corresponding equipment, allowing for flexible selection of the most suitable heat treatment methods [1] - The company has sufficient order backlogs and is striving to improve production efficiency by optimizing processes to enhance capacity utilization [1] - Continuous investment in research and development is a priority for the company [1]

Group 1: Supply Chain and Production - The company has established a self-sufficient supply chain for rolling elements and forgings through vertical integration with subsidiaries, ensuring quality stability and delivery cycles [2][3] - Current production capacity utilization remains high, with efforts to expand capacity through equipment adjustments and process optimizations [3] Group 2: Market Focus and Orders - The company is primarily focused on the domestic market, with overseas operations still in the development phase, while maintaining a strong order backlog [3] - The high demand from downstream wind power installations supports the company's order fulfillment capabilities [3] Group 3: Product Development and Technology - The company is actively developing high-end precision bearings, particularly in the wind power sector and gearbox bearings, with the latter currently in small batch shipments [2] - Various heat treatment processes and advanced equipment are utilized to meet customer demands while balancing performance, quality, and cost [4] Group 4: Financial Performance and Strategy - The company anticipates strong performance in Q2 2025, driven by robust order volumes and increased production efficiency [5] - Strategies to enhance gross margins include optimizing processes, increasing R&D investment, and leveraging cost advantages across the supply chain [5]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [4][23]. Core Insights - The company is expected to benefit from the increasing demand for wind power equipment, particularly in the main shaft bearing segment, which is projected to see significant growth due to the rising installation of wind power [10][15]. - The company has a well-established position in the wind power bearing market, with a focus on expanding its product offerings and improving production efficiency [7][10]. - The report forecasts substantial revenue growth, with expected revenues of 43.4 billion, 52.0 billion, and 59.1 billion for the years 2025 to 2027, representing year-on-year growth rates of 47%, 20%, and 14% respectively [19][20]. Summary by Sections 1. Main Shaft Bearing Volume Growth and Gearbox Bearing Layout - The company is positioned as an expert in the rotary support field, focusing on wind power bearings, including main shaft bearings and gearbox bearings [7]. - The report highlights the expected increase in demand for main shaft bearings due to the upcoming peak in wind power installations in 2025, with a projected increase in domestic wind power installations reaching 125 GW, a year-on-year increase of over 50% [10][15]. - The company has made significant investments in high-end processing equipment to enhance production efficiency and product quality [10][14]. 2. Profit Forecast and Investment Recommendations - The report anticipates a dramatic increase in net profit, projecting figures of 4.6 billion, 5.9 billion, and 7.1 billion for the years 2025 to 2027, with year-on-year growth rates of 601%, 30%, and 20% respectively [19][23]. - The expected improvement in profit margins is attributed to the higher value and profitability of TRB main shaft bearings, alongside the company's efforts to optimize its product structure and extend its supply chain [15][19]. - The report emphasizes the potential for the gearbox bearing segment to become a second growth driver for the company, with expected production ramp-up in 2025 and 2026 [15][19].

Core Viewpoint - The company has announced adjustments to the conversion price of its convertible bonds, reflecting changes in its equity structure and dividend distribution plans [2][5][9] Group 1: Convertible Bond Issuance - The company issued 12.1 million convertible bonds at a face value of 100 RMB each, totaling 1.21 billion RMB, approved by the China Securities Regulatory Commission [2] - The bond code is "123161" and is referred to as "Qianglian Convertible Bonds" [2] Group 2: Conversion Price Adjustment Mechanism - The conversion price will be adjusted based on various corporate actions such as stock dividends, capital increases, and cash dividends, using specific formulas [3][4] - The adjusted conversion price will be announced through designated media, ensuring transparency for bondholders [4] Group 3: Historical Adjustments - The conversion price was adjusted to 86.59 RMB per share effective May 11, 2023, following a previous adjustment [4] - Subsequent adjustments brought the conversion price down to 40.64 RMB per share effective May 29, 2023, and further to 40.91 RMB per share effective September 21, 2023 [5][6] - The latest adjustment set the conversion price to 40.26 RMB per share effective May 21, 2024 [7] Group 4: Recent Adjustments and Dividend Distribution - The company plans to distribute a cash dividend of 0.92 RMB per share, totaling approximately 33 million RMB, based on its total share capital as of April 22, 2025 [8] - Following this dividend distribution, the conversion price will be adjusted from 21.89 RMB to 21.80 RMB per share, effective May 23, 2025 [9]

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 0.92 RMB per 10 shares, totaling approximately 33 million RMB, with no stock bonus or capital reserve conversion [1][2]. Profit Distribution Plan - The profit distribution plan is based on a total share capital of 358,745,103 shares as of April 22, 2025, with a cash dividend of 0.92 RMB per 10 shares, amounting to a total cash distribution of 33,004,549.48 RMB [1]. - The total share capital will increase to 380,791,304 shares after the conversion of convertible bonds during the distribution period [1]. Dividend Taxation - The cash dividend will be subject to different tax rates based on the type of shareholder, with specific provisions for Hong Kong investors and domestic investors [2]. - The company will not withhold individual income tax at the time of distribution; instead, it will be calculated based on the holding period when shares are sold [2]. Key Dates - The record date for the profit distribution is set for May 22, 2025, and the ex-dividend date is May 23, 2025 [2]. Distribution Recipients - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the record date [3]. Adjustment of Parameters - Following the distribution, the minimum selling price promised by shareholders in the IPO prospectus will be adjusted accordingly [3]. - The conversion price of the convertible bonds will be adjusted from 21.89 RMB per share to 21.80 RMB per share [4].