证券日报网讯 志特新材9月4日在互动平台回答投资者提问时表示，安徽志特小临智能科技有限公司核 心技术源于第二代机器化学家"小临"系统，该系统可使新材料研发效率有效提升，目前首个产业化产品 为薄型相变高温隔热阻燃材料。 （编辑 袁冠琳） ...

（编辑 袁冠琳） 证券日报网讯 志特新材9月4日在互动平台回答投资者提问时表示，公司新型隔热防火材料可高效阻 燃，隔热效能与传统气凝胶相比具备显著优势，兼具高性能与经济性优势，拥有涂料和板材等多种产品 形式，可用于建筑隔热保温、安全屋防火等领域。公司将持续优化技术降低该产品的综合成本，具体情 况请以公司公开披露信息为准。 ...

格隆汇9月4日丨志特新材(300986.SZ)在投资者互动平台表示，公司的薄型相变高温隔热阻燃材料的生 产安排按计划推进中。 ...

事件描述 分业务来看，建筑模架业务毛利率32.85%，同比提升7.36 个百分点；装配式建筑业务毛利率18.86%， 同比提升3.90 个百分点；费用率方面，公司上半年费用率19.22%，同比下降1.24pct，单二季度期间费 用率17.29%，同比提升0.48pct，其中，销售、管理、研发和财务费用率分别同比变动1.08、0.78、 0.49、-1.86pct 至5.96%、5.46%、4.52%和1.35%。同时，Q2 资产与信用减值分别为0.03、0.04 亿元，去 年同期资产减值几乎没有，信用减值为0.37 亿元。综合来看，公司上半年归属净利率5.89%，同比提升 5.22pct，扣非后归属净利率5.39%，同比提升6.52pct；单二季度归属净利率7.00%，同比提升3.26pct， 扣非后归属净利率6.60%，同比提升3.82pct。 上半年经营性现金流同比转正，收现比显著提升。公司上半年经营活动现金流净流入1 亿元，同比转 正，收现比98.88%，同比提升16.59pct；Q2 来看，经营活动现金流净流出0.17 亿元，同比少流出0.24 亿元，收现比76.12%，同比提升18.21pct；同时 ...

丨证券研究报告丨 联合研究丨公司点评丨志特新材（300986.SZ） [Table_Title] 上半年业绩大幅增长，毛利率显著提升 [Table_Author] 范超 张弛 张智杰 袁志芃 龚子逸 SAC：S0490513080001 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BQK473 SFC：BUT917 请阅读最后评级说明和重要声明 报告要点 [Table_Summary] 公司 2025 年上半年实现营业收入 12.93 亿元，同比增长 14.02%；归属净利润 0.76 亿元，同 比增长 906.32%；扣非后归属净利润 0.70 亿元，同比转正。 分析师及联系人 %% %% %% %% research.95579.com 1 志特新材（300986.SZ） cjzqdt11111 [Table_Title2] 上半年业绩大幅增长，毛利率显著提升 [Table_Summary2] 事件描述 公司 2025 年上半年实现营业收入 12.93 亿元，同比增长 14.02%；归属净利 ...

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][4]. Core Insights - The construction industry faced pressure on revenue and profit in H1 2025, with total revenue of 3.75 trillion, down 5.7% year-on-year, and net profit of 87.5 billion, down 6.5% year-on-year [2][7]. - The industry experienced a relative stability in gross margin and net margin, with a gross margin of 9.9% and a net margin of 2.33% in H1 2025 [8][19]. - Operating cash flow showed improvement, with a net cash flow of -477.4 billion, a reduction in outflow by 15.1 billion year-on-year [3][12]. - The industry’s return on equity (ROE) decreased by 0.31 percentage points to 2.50% in H1 2025, indicating pressure on profitability [16][27]. Summary by Sections Financial Overview - In H1 2025, major listed companies in the construction industry reported revenues of 3.75 trillion, a decrease of 5.7% year-on-year, and net profits of 87.5 billion, down 6.5% year-on-year [2][7]. - Quarterly revenues for Q1 and Q2 were 1.84 trillion and 1.91 trillion, respectively, with year-on-year declines of 6.2% and 5.2% [2][7]. Profitability Analysis - The industry maintained a gross margin of 9.9%, a slight decrease of 0.2 percentage points year-on-year, and a net margin of 2.33%, down 0.02 percentage points [8][19]. - The ROE for the industry decreased to 2.50%, reflecting the impact of reduced investment and increased costs [16][27]. Cash Flow Improvement - The operating cash flow net amount was -477.4 billion, showing an improvement with a reduction in cash outflow by 15.1 billion year-on-year [3][12]. - The cash collection ratio improved to 103% in Q1 and 87% in Q2, with year-on-year changes of +0.85 percentage points and +11.65 percentage points, respectively [3][12]. Market Dynamics - The report highlights a shift in focus from growth to quality improvement among state-owned enterprises, with an emphasis on cash flow management and cost control [4][19]. - The construction industry is expected to see a recovery in revenue and cash flow in the second half of 2025, driven by anticipated government investment stimulus [4][19].

Group 1 - The CSI All Share Construction Products Index reported a value of 4217.66 points, with a recent one-month increase of 3.70%, a three-month increase of 10.75%, and a year-to-date increase of 10.55% [1] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weighted stocks in the CSI All Share Construction Products Index include Dongfang Yuhong (14.36%), Beixin Building Materials (13.25%), and Weixing New Materials (5.29%) among others [1] Group 2 - The CSI All Share Construction Products Index has a 100.00% allocation to the construction products industry [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Temporary adjustments to the index samples will occur in response to significant events affecting the sample companies, such as mergers or delistings [2]

Core Viewpoint - ZhiTe New Materials reported significant growth in revenue and net profit for the first half of 2025, indicating strong business performance despite recent stock price decline [1] Financial Performance - For the first half of 2025, ZhiTe New Materials achieved operating revenue of 1,293.28 million yuan, representing a year-on-year increase of 14.02% [1] - The net profit attributable to shareholders surged to 76.20 million yuan, marking a remarkable increase of 906.32% year-on-year [1] - The company's overseas business revenue reached 30.72 million yuan, reflecting a growth of 27.31% compared to the previous year [1] Stock Performance - As of August 27, 2025, ZhiTe New Materials' stock price was 13.51 yuan, down 0.75 yuan or 5.26% from the previous trading day's closing price [1] - The stock opened at 15.01 yuan, with a high of 15.25 yuan and a low of 13.32 yuan, with a trading volume of 491,345 hands and a transaction amount of 699 million yuan [1] - On August 27, the company experienced a net outflow of main funds amounting to 165.96 million yuan, accounting for 2.98% of the circulating market value [1] - Over the past five days, the net outflow of main funds totaled 183.90 million yuan, representing 3.31% of the circulating market value [1] Company Overview - ZhiTe New Materials is primarily engaged in the research, development, production, and sales of aluminum alloy templates, which are widely used in the construction industry [1] - The company is associated with various concept sectors, including decoration and renovation, Jiangxi sector, new urbanization, artificial intelligence, and the Growth Enterprise Market [1]

Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 1,293.28 million CNY, a year-on-year increase of 14.02% [2] - The net profit attributable to shareholders was 76.20 million CNY, a significant increase of 906.32% year-on-year [2] - The net cash flow from operating activities was 99.92 million CNY, up 167.08% year-on-year [2] - The overseas business generated 307.18 million CNY in revenue, growing by 27.31% year-on-year, serving as a key driver for overall performance [2] Group 2: Strategic Development - The company is implementing a "1+N" diversification strategy, focusing on the core aluminum alloy template business while developing new products in prefabricated and modular construction [2][3] - New business segments have begun to generate revenue in the millions, with ongoing expansion into public infrastructure projects [3] Group 3: Market Position and Competition - The aluminum template industry is undergoing a consolidation phase, with smaller companies exiting the market and leading firms enhancing their competitive advantages [4] - The company's aluminum template business achieved revenue of 718 million CNY, a year-on-year increase of 9.22%, with a gross margin of 36.40%, up 8.06 percentage points [4] Group 4: Cash Flow Management - Improved cash flow is attributed to effective management of accounts receivable, including adjustments in client selection and increased prepayment requirements [5] - The growth of overseas business, which generally has better payment conditions, has positively impacted overall cash flow [5] Group 5: Currency Risk Management - The company has implemented effective management strategies for currency fluctuation risks, utilizing local currency settlements in certain regions and employing forward foreign exchange contracts [6] Group 6: New Product Development - The new insulation material is currently in the market promotion phase, with positive feedback on its performance and cost competitiveness [7][8] - The company plans to enhance the product's overall stability and appearance while increasing market promotion efforts [8]

海外扩张推动主业修复，AI 新材料研发稳步布局 志特新材(300986) 证券研究报告 专业工程 / 公司点评 / 2025.08.27 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-08-26 | | 收盘价(元) | 14.26 | | --- | --- | | 流通股本(亿股) | 4.12 | | 每股净资产(元) | 4.62 | | 总股本(亿股) | 4.12 | 最近 12 月市场表现 -7% 31% 70% 108% 147% 186% 志特新材 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 联系人 陈悦明 chenym01@ctsec.com 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 2,238 | 2,526 | 2,793 ...