股票代码：300881 股票简称：盛德鑫泰 公告编号：2025-043 盛德鑫泰新材料股份有限公司 关于召开 2025 年第二次临时股东会的通知 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。 盛德鑫泰新材料股份有限公司（以下简称"公司"）第三届董事会第十五次 会议决定于 2025 年 10 月 9 日召开 2025 年第二次临时股东会，本次股东会将采 取现场投票与网络投票相结合的方式召开，现将本次股东会有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、会议召集人：公司董事会 5、会议召开方式：本次股东会采取现场投票、网络投票相结合的方式召开。 6、股权登记日：2025 年 9 月 25 日（星期四）。 7、会议出席对象： （1）于股权登记日下午收市时在中国结算深圳分公司登记在册的公司全体 普通股股东均有权出席股东会，并可以以书面形式委托代理人出席会议和参加表 决，该股东代理人不必是本公司股东； （2）公司董事、高级管理人员； 3、会议召开的合法、合规性：公司第三届董事会第十五次会议审议通过了 《关于召开 2025 ...

盛德鑫泰新材料股份有限公司 股票代码：300881 股票简称：盛德鑫泰 公告编号：2025-039 第三届董事会第十五次会议决议公告 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、董事会会议召开情况 盛德鑫泰新材料股份有限公司（以下简称"公司"）第三届董事会第十五次 会议通知于2025年9月15日以专人送达方式向各位董事发出。会议于2025年9月22 日在公司会议室以现场表决的方式召开。会议应出席董事五名，实际出席董事五 名。会议由董事长周文庆先生主持，公司高级管理人员列席了会议。本次会议的 召集和召开程序符合国家有关法律、法规及《公司章程》等有关规定，会议合法 有效。 二、董事会会议审议情况 与会董事以投票表决的方式审议通过了以下议案： （一）审议通过《关于公司符合向不特定对象发行可转换公司债券条件的议 案》； 根据《公司法》《中华人民共和国证券法》（以下简称《证券法》）《上市公司 证券发行注册管理办法》（以下简称《管理办法》）等法律法规、规范性文件的规 定，公司董事会对公司申请向不特定对象发行可转换公司债券的资格和条件进行 了认真审查。经审查，公司董 ...

Group 1 - The company, Shengde Xintai (300881.SZ), has disclosed a plan to issue convertible bonds to unspecified investors, with a total fundraising amount not exceeding 440 million yuan (including principal) [1] - The net proceeds from the fundraising, after deducting issuance costs, will be used for the construction of an advanced high-nickel seamless pipe manufacturing project [1]

Core Viewpoint - Shengde Xintai (300881.SZ) has announced a plan to issue convertible bonds to unspecified investors, with a total fundraising amount not exceeding 440 million yuan, which will be used for the construction of an advanced high-nickel seamless pipe manufacturing project [1] Group 1 - The company plans to issue convertible bonds with a total amount of up to 440 million yuan, including the principal [1] - The net proceeds from the fundraising, after deducting issuance costs, will be allocated to the advanced high-nickel seamless pipe manufacturing project [1]

Core Viewpoint - The report from Dongfang Securities indicates that Shengde Xintai's net profit attributable to shareholders for the first half of the year was 84.56 million yuan, a year-on-year decrease of 31.36% due to rising raw material prices and significant provisions for bad debts affecting profitability [1] Financial Performance - Shengde Xintai's main business, stainless steel pipes, experienced a gross margin decline of 6.48 percentage points compared to the same period last year due to increased raw material costs [1] - The company reported a substantial provision for accounts receivable bad debt losses, which further impacted its profitability [1] Future Prospects - Despite the current challenges, the company remains optimistic about its performance potential, supported by recent project wins including the "Orient Electric 2025 June to September small pipe framework procurement" and notifications for steel pipe needs from various thermal power projects, which together account for approximately 17% of 2024 revenue [1] - The company anticipates record high orders and deliveries for super stainless steel in 2024, with total stainless steel deliveries expected to exceed 20,000 tons [1] - Continuous shipments of high-end stainless steel products are expected to help restore the company's gross margin levels, indicating strong performance potential [1] Strategic Initiatives - The company is committed to ongoing R&D investments to build a competitive "moat," with high-performance products expected to tap into significant market opportunities [1] - The company is also expanding into the automotive parts industry to create a second growth curve for profitability [1] Valuation - Using the DCF method, the company has a target price of 39.41 yuan, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.41 CNY [2][4] Core Views - The company's gross profit margin has temporarily declined, leading to pressure on profitability, but growth driven by high-end products is expected to continue [1][8] - Adjustments have been made to sales volume and gross profit forecasts, with projected net profits for 2025-2027 being 190 million, 215 million, and 246 million CNY respectively [2][4] Financial Performance Summary - Revenue is projected to grow from 1,981 million CNY in 2023 to 3,517 million CNY in 2027, with a compound annual growth rate (CAGR) of 7.1% [3][11] - The gross profit margin is expected to fluctuate, with estimates of 15.2% in 2025, 15.4% in 2026, and 15.6% in 2027 [3][11] - The net profit margin is projected to be 6.2% in 2025, 6.5% in 2026, and 7.0% in 2027 [3][11] - Earnings per share (EPS) are forecasted to be 1.72 CNY in 2025, 1.95 CNY in 2026, and 2.24 CNY in 2027 [2][3] Market Position and Growth Drivers - The company is focusing on high-end stainless steel products, with significant contracts in the power generation sector expected to contribute to revenue [7][8] - The automotive parts sector is being developed as a second growth curve, with a notable increase in revenue from automotive components projected to grow by nearly 250% in 2024 [7][8]

Group 1 - The humanoid robot concept stocks experienced a significant decline at the beginning of trading, with companies such as Haon Automotive, Wolong Electric Drive, and Hongchang Technology dropping over 8% [1] - Other companies like Anpeilong, Hengshuai Co., and Wuzhou Xinchun also reported notable declines in their stock prices [1]

Market Performance - The special steel sector experienced a decline of 2.42% on September 18, with Shengde Xintai leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Shengde Xintai (300881) closed at 34.10, down 4.91% with a trading volume of 35,000 shares and a turnover of 122 million yuan [1] - Shagang Group (002075) closed at 5.86, down 3.93% with a trading volume of 849,300 shares and a turnover of 506 million yuan [1] - Fangda Special Steel (600507) closed at 5.32, down 2.92% with a trading volume of 270,500 shares [1] - CITIC Special Steel (000708) closed at 12.72, down 2.90% with a trading volume of 200,300 shares and a turnover of 257 million yuan [1] - Xianglou New Materials (301160) closed at 65.68, down 2.71% with a trading volume of 67,000 shares and a turnover of 452 million yuan [1] Capital Flow Analysis - The special steel sector saw a net outflow of 143 million yuan from main funds, while retail investors contributed a net inflow of 51.37 million yuan [1] - The table of capital flow indicates that Jiuli Special Materials (002318) had a main fund net inflow of 5.58 million yuan, while Shengde Xintai (300881) experienced a significant net outflow of 21.40 million yuan [2]

Company Overview - Shengde Xintai New Materials Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on October 15, 2001. The company was listed on September 1, 2020. Its main business involves the production, research, and sales of various industrial energy equipment specialized seamless steel pipes [2]. Financial Performance - As of June 30, 2025, Shengde Xintai achieved operating revenue of 1.49 billion yuan, representing a year-on-year growth of 13.20%. However, the net profit attributable to shareholders decreased by 31.36% to 84.56 million yuan [2]. - The company has distributed a total of 229 million yuan in dividends since its A-share listing, with 206 million yuan distributed over the past three years [3]. Stock Performance - The stock price of Shengde Xintai has increased by 21.29% year-to-date, with a 1.69% rise over the last five trading days. However, it has seen a decline of 2.33% over the past 20 days and a 22.18% increase over the last 60 days [2]. - As of September 16, the stock was trading at 36.08 yuan per share, with a market capitalization of 3.969 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders was 9,506, a decrease of 5.08% from the previous period. The average number of circulating shares per person increased by 5.35% to 6,038 shares [2]. Business Segmentation - The revenue composition of Shengde Xintai includes: alloy steel pipes (45.54%), stainless steel pipes (29.38%), automotive motor shafts (5.67%), components and others (5.55%), automotive motor housings (4.68%), steel grating (4.05%), scrap revenue (3.49%), and carbon seamless steel pipes (1.64%) [2]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Shengde Xintai included a notable change, with the Dongfanghong Zhongzheng Advantage Growth Index Fund (018920) exiting the list [3].

Market Overview - On September 15, the special steel sector declined by 1.51%, with Fangda Special Steel leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the special steel sector showed varied performance, with notable declines in Fangda Special Steel, which fell by 5.50% to a closing price of 5.50 [2] - Other significant declines included Sha Steel Co., down 1.67% to 5.90, and Jiu Li Special Materials, down 1.18% to 22.61 [2] Trading Volume and Capital Flow - The special steel sector experienced a net outflow of 268 million yuan from main funds, while retail funds saw a net inflow of 85.74 million yuan [2] - The trading volume for Fangda Special Steel was 575,800 shares, with a transaction value of 320 million yuan [2] Individual Stock Capital Flow - Major stocks like Tai Steel and CITIC Special Steel saw significant net outflows from main funds, with Tai Steel experiencing a net outflow of 53.12 million yuan [3] - Conversely, retail investors showed a net inflow into stocks like Sha Steel, with a net inflow of 891.85 million yuan [3]