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] 收入双位数增长，毛利与费用改善明显 报告要点 [Table_Summary] 公司 2025 年一季度实现营业收入 5.56 亿元，同比增长 23.65%；归属净利润 0.25 亿元，同比 转正；扣非后归属净利润 0.21 亿元，同比转正。 %% %% research.95579.com 1 分析师及联系人 [Table_Author] 范超 张弛 张智杰 袁志芃 龚子逸 SAC：S0490513080001 SAC：S0490520080022 SAC：S0490522060005 SFC：BQK473 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% 志特新材（300986.SZ） cjzqdt11111 [Table_Title2] 收入双位数增长，毛利与费用改善明显 [Table_Summary2] 事件描述 公司 2025 年一季度实现营业收入 5.56 亿元，同比增长 23.65%；归属净利润 0.25 亿元，同比 转正；扣非后归属净利润 0.21 亿元，同比转正。 事件评论 风险提示 ...

江西志特新材料股份有限公司 投资者关系活动记录表 编号：投2025—004 投资者关系活 动类别 ☑特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称 及人员姓名 参会名单见附件 时间 2025年4月29日 地点 线上会议 上市公司接待 人员姓名 董事、副总裁：温玲 董事会秘书：黄萍 投资者关系 活动主要内 容介绍 一、公司业绩情况介绍 2025年一季度公司实现营业收入5.56亿元，较去年同期增长23.65%，归属 于母公司股东的净利润达2,461万元，同比大幅增长236%；经营活动产生的现 金流量净额为1.16亿元，同比增幅达207%。一季度境外新签订单量同比大幅增 长，业务版图在巩固既有市场的基础上，开拓了西非、中亚及南亚等新兴市场， 全球化战略布局成效凸显。 二、问答环节主要内容 1、看到公司近期围绕新业务进行了一系列动作，想请教下公司未来的规 划蓝图是怎样的？ 公司近两年开始着手布局新兴材料研发领域，最终锚定"AI+量子计算" 材料研发新范式方向。在深入考察国内科研生态后，发现中科大在量子算 法、AI、机器人自动化实验这几方面国内都非常领先，孵化了一些优 ...

志特新材 20250429 摘要 • 志特新材 2025 年一季度营收同比增长 30%，经营性现金流入达 1.16 亿 元，同比增 200%，毛利率提升至 28%。海外业务快速放量是主要驱动力， 海外订单签单量同比翻倍，并在新市场取得突破。 • 国内铝模板市场需求虽未全面复苏，但志特新材订单情况良好。客户结构 调整，转向付款能力强的民营客户，并积极拓展基建、市政等公建项目， 占比逐步增大。 • 南山铝业受前期扩张影响，发展速度放缓，价格趋于稳定。其客户结构中， 国央企占比约 60%，民营客户占比剩余部分，公建项目约占总产能的 10%-15%。 • 志特新材海外市场主要集中在东南亚（40%-45%）、港澳台（约 30%） 和中东（25%-30%）。本土化策略是重点，通过与当地伙伴建立实体公 司，降低政策风险。 • 海外项目利润率因市场竞争程度而异，早期市场利润率较高，但整体盈利 能力高于国内。台湾和中东地区项目利润率相对较高。 • 2024 年四季度，公司调整铝模板折旧方法和残值率，旨在更真实反映经 营情况。会计估计调整的影响将逐步消退，预计 2026 年影响不显著。 • 公司积极布局 AI 和量子计算领域，与 ...

事件：公司公布2025 年一季报。2025Q1 公司实现收入5.56 亿元，同比+23.65%，归母净利润0.25 亿 元，同比+236.44%。 国内企稳+海外增长，Q1 收入增速达近两年最高：Q1 公司收入同比+23.65%，是2023Q1（疫情管控放 开，需求释放）后近两年的最快单季度收入增速，我们判断主要原因是：1）公司海外业务持续拓展， 2）2024Q4 化债力度加大后地产需求逐渐筑底，公司进一步优化客户结构，国内核心盘渐企稳回升。 毛利率提升，费用率改善：2025Q1 公司毛利率28.08%，同比上升6.36个百分点，判断主要因为毛利较 高的海外业务增速较快，且低毛利的爬架等业务减亏。2025Q1，公司销售/管理/研发/财务费用率分别 为6.65%/7.07%/4.08%/3.97%，同比分别-1.67/+0.37/-1.18/-1.77，期间费用率合计下降4.25 个百分点，主 要因为公司收入规模上升后费用率被有效摊薄，利润率进一步改善。 现金流改善显著：2025Q1 公司经营净现金流1.16 亿元，同比+207.69%，经营现金流改善显著，判断主 要因为公司加强回款管理。 看好全年主业复苏及A ...

江西志特新材料股份有限公司（以下简称"公司"）第四届监事会第四次会 议通知已于 2025 年 4 月 24 日通过书面方式送达。会议于 2025 年 4 月 27 日以 通讯的方式召开。本次会议由公司监事会主席张嘉文先生主持，应出席会议监事 3 名，实际出席会议的监事 3 名。本次会议的召集、召开及表决程序符合《中华 人民共和国公司法》及《公司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 1、审议通过了《2025 年第一季度报告》 经审核，监事会认为：董事会编制和审核公司《2025 年第一季度报告》的程 序符合法律、法规和中国证监会、深圳证券交易所的有关规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏。 具体内容详见同日披露于巨潮资讯网（www.cninfo.com.cn）上的相关公告。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 | 证券代码：300986 | 证券简称：志特新材 公告编号：2025-058 | | --- | --- | | 转债代码：123186 | 转债简称：志特转债 | 江西志特新材料股份有限公司 第四届监事会 ...

一、董事会会议召开情况 证券代码：300986 证券简称：志特新材 公告编号：2025-057 转债代码：123186 转债简称：志特转债 江西志特新材料股份有限公司 第四届董事会第十一次会议决议公告 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。 本议案已经公司董事会审计委员会审议通过。 三、备查文件 1、第四届董事会第十一次会议决议； 2、董事会审计委员会决议。 特此公告。 江西志特新材料股份有限公司（以下简称"公司"）第四届董事会第十一次 会议通知已于 2025 年 4 月 24 日通过书面方式送达，会议于 2025 年 4 月 27 日以 现场结合通讯的方式召开。本次会议应出席董事 9 名，实际出席董事 9 名。会议 由董事长高渭泉先生召集并主持。本次会议的召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 1、审议通过了《2025 年第一季度报告》 公司《2025 年第一季度报告》的编制程序符合法律、法规和中国证监会、 深圳证券交易所的有关规定，报告内容真实、准确、完整地反映了公司的实 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥556,067,766.99, representing a 23.65% increase compared to ¥449,697,827.65 in the same period last year[6] - Net profit attributable to shareholders was ¥24,610,317.80, a significant turnaround from a loss of ¥18,037,966.61 in the previous year, marking a 236.44% increase[6] - The net cash flow from operating activities improved to ¥116,467,714.60, compared to a negative cash flow of ¥108,154,969.18 in Q1 2024, reflecting a 207.69% increase[6] - Total operating revenue for the current period reached ¥556,067,766.99, an increase of 23.6% compared to ¥449,697,827.65 in the previous period[28] - The company reported a net profit of ¥25,447,428.85, a significant recovery from a net loss of ¥20,771,564.51 in the previous period, marking a turnaround of over 200%[29] - Operating profit reached ¥26,550,922.32, compared to an operating loss of ¥8,279,998.23 in the prior year, indicating a substantial improvement[29] - The company achieved a basic and diluted earnings per share of ¥0.0998, recovering from a loss per share of ¥0.0732 in the previous period[30] - The company reported a total comprehensive income of ¥25,540,086.99, recovering from a comprehensive loss of ¥21,284,420.77 in the previous period[29] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥5,486,299,630.10, a slight increase of 0.56% from ¥5,455,821,386.35 at the end of the previous year[6] - Total current assets slightly increased to ¥2,707,408,218.61 from ¥2,706,457,555.60, showing a marginal growth of 0.04%[25] - Total non-current assets rose to ¥2,778,891,411.49 from ¥2,749,363,830.75, indicating an increase of 1.1%[25] - Total liabilities decreased to ¥3,620,939,788.79 from ¥3,779,681,994.86, a reduction of 4.2%[26] - Total equity attributable to shareholders increased to ¥1,710,068,661.08 from ¥1,522,914,752.29, reflecting a growth of 12.3%[26] Cash Flow - Cash and cash equivalents increased to ¥553,382,344.96 from ¥486,386,902.74, representing a growth of 13.8%[24] - Cash flow from operating activities showed a net inflow of ¥116,467,714.60, a significant improvement from a net outflow of ¥108,154,969.18 in the prior year[31] - Investment activities resulted in a net cash outflow of ¥22,707,019.91, an improvement from a larger outflow of ¥267,022,080.97 in the previous period[32] - Financing activities led to a net cash outflow of ¥26,039,295.07, contrasting with a net inflow of ¥187,650,908.41 in the prior year, indicating a shift in financing strategy[32] - The cash and cash equivalents at the end of the period increased to ¥418,032,292.08, up from ¥247,043,426.62, reflecting improved liquidity[32] Shareholder Information - The total number of common shareholders at the end of the reporting period was 13,790[18] - The largest shareholder, Zhuhai Kaiyue High-tech Industry Investment Co., Ltd., holds 37.65% of shares, totaling 98,718,937 shares[18] - The top ten shareholders hold a significant portion of shares, with the top three shareholders alone accounting for over 46% of the total[18] - The total number of shares held by the top ten unrestricted shareholders is 98,718,937 shares[19] - The company completed a share repurchase plan, acquiring 5,027,700 shares, which is 2.04% of the total share capital, with a total transaction amount of approximately RMB 39.998 million[21] - The company plans to use self-owned funds to repurchase shares for employee stock ownership plans or equity incentives, with a total repurchase amount between RMB 20 million and RMB 40 million[21] - The company’s share repurchase price ranged from a maximum of RMB 11.99 to a minimum of RMB 6.40 per share[21] Strategic Initiatives - A strategic cooperation agreement was signed with Quantum Technology Yangtze River Delta Industrial Innovation Center to develop "Quantum + AI" materials[22] - The newly established joint venture, Shanghai Zhite Jiyuan New Materials Technology Co., Ltd., has a registered capital of RMB 30 million, with Zhuhai Hengqin Zhite contributing RMB 15.3 million[22] - The company’s strategic partnerships aim to enhance high-quality development in new material production capabilities[22] Cost Management - Total operating costs amounted to ¥526,532,429.01, up from ¥474,077,751.42, reflecting a growth of 11.1%[28] - The company reported a significant reduction in income tax expenses, which fell by 88.12% to ¥1,261,136.24 from ¥10,620,064.30 in the previous year[14] - The company reported a net profit margin improvement due to better cost management strategies[28] Future Outlook - Future outlook includes plans for market expansion and potential new product launches to drive revenue growth[28]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a revenue of 2.48 to 2.6 billion yuan in 2024, representing a year-on-year growth of 10.81% to 16.17%, with a median estimate of 2.54 billion yuan, reflecting a 13.5% increase. The net profit attributable to shareholders is forecasted to be between 65 to 95 million yuan, with a median of 80 million yuan, indicating a turnaround from losses [2][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 2.526 billion yuan in 2024, marking a year-on-year increase of 12.88%. The net profit attributable to shareholders was 74 million yuan, also indicating a return to profitability. The net profit after deducting non-recurring items was 43 million yuan, showing a positive shift [4][10]. Business Performance - The company’s revenue growth was driven by a significant increase in overseas income, which grew by 41.85% to reach 520 million yuan, accounting for 16.38% of total revenue. The aluminum formwork products benefited from technological advantages and capacity upgrades, while the prefabricated PC components business capitalized on the green building trend [10]. Margin and Cost Management - The overall gross margin for the year was 25.38%, an increase of 3.89 percentage points year-on-year. The company managed to reduce its expense ratio to 18.35%, down by 1.81 percentage points, which contributed to improved profitability [10]. Future Outlook - The company is positioned for growth with a focus on overseas markets and new technological collaborations, including partnerships in AI and quantum technology for new material development. The introduction of an equity incentive plan aims to drive performance targets for net profit and overseas revenue in the coming years [10].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has turned losses into profits, with strong momentum in overseas business development [1] - The 2024 net profit attributable to the parent company is expected to increase by 262.69%, in line with expectations, while the operating revenue is projected to grow by 12.88% [6] - The company is exploring new growth avenues in emerging sectors, indicating a positive outlook for future development [6] Financial Data and Profit Forecast - Total operating revenue is projected to reach 2,238 million in 2023, increasing to 3,156 million by 2025, reflecting a growth rate of 24.9% [5][8] - The net profit attributable to the parent company is expected to recover from a loss of 45 million in 2023 to a profit of 185 million in 2025, with a year-on-year growth of 150.7% [5][8] - The gross profit margin is expected to improve from 21.5% in 2023 to 25.5% in 2025 [5][8] - The company’s return on equity (ROE) is projected to rise from -3.0% in 2023 to 12.1% in 2025 [5][8] Business Segments Performance - The aluminum formwork segment is expected to achieve operating revenue of 1,480 million in 2024, with a gross margin of 30.1% [6] - The overseas revenue is projected to grow by 41.9% in 2024, indicating strong international market performance [6] - The company is actively investing in new materials and quantum technology applications, which may contribute to future revenue streams [6]

Summary of Zhite New Materials Conference Call Company Overview - **Company**: Zhite New Materials - **Year**: 2024 - **Revenue**: 25.43 billion CNY, up 26.2% YoY - **Net Profit**: 0.97 billion CNY, up 262% YoY - **Net Profit (Excluding Non-recurring Items)**: 0.74 billion CNY, up 152% YoY - **Operating Cash Flow**: Turned positive Key Financial Performance - **Aluminum Formwork Business**: Revenue accounted for 58% of total revenue, with a 7% YoY increase [3] - **PC Business**: Revenue accounted for 17% of total revenue, with a growth of over 10% YoY [3] - **Overseas Business**: Revenue reached 5.19 billion CNY, up 41% YoY, accounting for approximately 20% of total revenue [3] - **Profit Target for 2025**: 2 billion CNY, with overseas revenue target of 10 billion CNY, requiring a 130% YoY increase [4] Business Segments and Strategies - **Aluminum Formwork Margin Improvement**: Driven by increased overseas business share and accounting policy adjustments, with expectations for continued good margins due to market expansion and production efficiency [5] - **Scaffolding Business**: Expected to turn profitable in 2025 after controlling scale and improving margins due to regulatory impacts [6] - **PC Components**: Low margins but expected growth in Hong Kong, Macau, and Taiwan markets due to rising demand for prefabricated components [6] Market Dynamics - **Real Estate Sector Downturn**: Led to pressure on aluminum formwork demand, but also resulted in market consolidation, benefiting Zhite New Materials [7] - **Industry Concentration**: Significant reduction in the number of companies in the aluminum formwork industry, from over 1,200 in 2019 to less than 200 by the end of 2024, with expectations for further concentration [8] Cash Flow and Risk Management - **Cash Flow Improvement**: Achieved through a "payment before delivery" policy for overseas business and adjustments in domestic marketing strategies [9] - **Accounts Receivable Risk**: Remains stable with measures taken to address long-standing issues [10][11] Future Outlook - **Overseas Market Focus**: Key regions include Southeast Asia (40-45%), Hong Kong and Taiwan (30-35%), and the Middle East (20-25%), with plans for local partnerships and production bases [16] - **New Business Ventures**: Collaboration with Micro-Nano Technology to enter the AI quantum materials sector, with expected business developments in Q2 [15] - **Digital Management and AI**: Progress in digital management recognized with certification, and ongoing exploration in AI for material optimization [14] Challenges and Considerations - **Aluminum Price Fluctuations**: Minimal impact on costs due to the nature of the business model, which allows for the reuse of aluminum formwork [25] - **Domestic Market Conditions**: Cautious optimism for recovery in the domestic construction industry, with a focus on maintaining profitability [22][31] Investment Opportunities - **Growth Potential**: Strong outlook for overseas business expansion and advancements in new materials and quantum computing, presenting favorable investment opportunities [35]