钢铁周报 20250720 稳增长方案即将出台，钢铁产能有望优化 2025 年 07 月 20 日 ➢ 价格：本周钢材价格上涨。截至 7 月 18 日，上海 20mm HRB400 材质螺 纹价格为 3270 元/吨，较上周升 30 元/吨。高线 8.0mm 价格为 3430 元/吨， 较上周升 20 元/吨。热轧 3.0mm 价格为 3380 元/吨，较上周升 30 元/吨。冷轧 1.0mm 价格为 3730 元/吨，较上周升 50 元/吨。普中板 20mm 价格为 3360 元 /吨，较上周升 30 元/吨。本周原材料中，国产矿市场价格稳中有升，进口矿市 场价格上涨，废钢价格上涨。 ➢ 利润：本周钢材利润震荡。长流程方面，我们测算本周行业螺纹钢、热轧和 冷轧毛利分别环比前一周变化-19 元/吨，-7 元/吨和+7 元/吨。短流程方面，本 周电炉钢毛利环比前一周变化+11 元/吨。 ➢ 产量与库存：截至 7 月 18 日，五大钢材产量下降，总库存环比下降。产量 方面，本周五大钢材品种产量 868 万吨，环比降 4.53 万吨，其中建筑钢材产量 周环比减 4.45 万吨，板材产量周环比降 0.08 万吨，螺纹 ...

Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting strong price performance and potential recovery in profitability for steel companies [5][6]. Core Insights - The "anti-involution" policy continues to influence the market, leading to stronger expectations for supply-side constraints and supporting higher steel prices [5]. - As of July 11, 2025, steel prices have increased, with notable rises in various categories such as rebar and hot-rolled steel [3][11]. - The report indicates a decrease in steel production and inventory levels, suggesting a tightening supply situation [4][5]. Price Summary - As of July 11, 2025, the prices for key steel products are as follows: - Rebar (20mm HRB400): 3,240 CNY/ton, up 60 CNY/ton from last week - High-line (8.0mm): 3,410 CNY/ton, up 50 CNY/ton - Hot-rolled (3.0mm): 3,350 CNY/ton, up 60 CNY/ton - Cold-rolled (1.0mm): 3,680 CNY/ton, up 70 CNY/ton - Common medium plate (20mm): 3,330 CNY/ton, up 10 CNY/ton [3][11][12]. Production and Inventory - As of July 11, 2025, total steel production for the five major categories was 8.73 million tons, a decrease of 124,400 tons week-on-week [4]. - Total social inventory of the five major steel products decreased by 20,200 tons to 9.1278 million tons, while steel mill inventory increased by 17,700 tons to 4.2557 million tons [4]. Profitability Analysis - The report notes fluctuations in steel profitability, with rebar, hot-rolled, and cold-rolled steel margins changing by -14 CNY/ton, -13 CNY/ton, and +33 CNY/ton respectively week-on-week [3][4]. Investment Recommendations - The report recommends several companies based on their performance and market position: - For flat steel: Baosteel, Hualing Steel, Nanjing Steel - For special steel: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [5].

证券代码：301160 证券简称：翔楼新材 公告编号：2025-026 苏州翔楼新材料股份有限公司 2024 年年度权益分派实施公告 /1.4292972。 一、股东大会审议通过权益分派方案的情况 1、公司于 2025 年 5 月 28 日召开 2024 年年度股东大会，审议通过了《关 于公司 2024 年度利润分配及资本公积转增股本预案的议案》，分派方案的具体 内容为：2024 年度公司拟以本次董事会决议日总股本 81,053,314 股扣除回购账 户股份 3,728,955 股后的股份数 77,324,359 股为基数，向全体股东每 10 股派发 现金红利 10 元（含税），以资本公积金向全体股东每 10 股转增 4.5 股，不送红 股。本次合计派发现金红利 77,324,359 元（含税），合计转增 34,795,961 股， 转增后公司总股本为 115,849,275 股(具体以中国证券登记结算有限公司实际登 记为准)。 如自本利润分配及资本公积转增股本预案公告后至实施前，因股权激励行 权、可转债转股、股份回购等股本总额发生变动情形时，导致总股本扣除回购专 户中股份的基数及公司总股本发生变动的，公司将 ...

Core Viewpoint - The company is a leading domestic precision stamping materials enterprise, contributing to the localization of key materials and is the only listed company in the precision stamping materials industry in China [1] Group 1: Company Overview - The company focuses on precision stamping materials, primarily special steel, with downstream applications in automotive parts and industrial sectors, and is expanding into emerging fields like humanoid robots [1] - Major shareholders are core management personnel, ensuring stable control, and the full subscription of the private placement by the actual controller reflects confidence in development [1] Group 2: Financial Performance - From 2020 to 2024, the company's revenue is expected to grow from 712 million to 1.485 billion yuan, while net profit attributable to the parent company is projected to increase from 68 million to 207 million yuan, indicating continuous improvement in profitability [1] - The expense ratio remains relatively stable, and raw material prices are on a downward trend with controllable risks [1] Group 3: Industry Insights - Precision stamping is a high-precision processing method widely used in automotive, electronics, and home appliances, with the global stamping parts market steadily growing and China's market share increasing [2] - The precision stamping steel market is expanding as China's manufacturing industry undergoes transformation and upgrading, with automotive being the primary downstream market [2] Group 4: Production Capacity and Technology - The company ranks among the top tier in the industry in terms of production capacity, with an expected capacity of approximately 180,000 tons in 2024, and the first batch of 40,000 tons of high-end capacity is set to be released in Q2 2025 [3] - The company possesses multiple core technologies, with some product key indicators comparable to international leading special steel material companies [3] Group 5: Market Applications - The company is deepening its presence in the automotive parts sector while exploring diversified end applications, including bearings and humanoid robots [4] - The automotive market is expected to benefit from cost reduction and domestic substitution, while the bearing steel production is anticipated to shift towards rod and wire materials [4] Group 6: Investment Projections - Revenue forecasts for 2025-2027 are set at 1.782 billion, 2.188 billion, and 2.674 billion yuan, with net profits projected at 241 million, 291 million, and 357 million yuan respectively, indicating a strong growth trajectory [5] - The company is the only listed precision stamping materials company in China, making it a unique investment opportunity in the A-share market [5]

翔楼新材（301160）公告，公司董事、副总经理张骁计划自2025年7月11日至2025年10月10日通过集中 竞价交易方式减持不超过23万股，占剔除回购专用证券账户中的股份数量后公司股本的0.30%，未超过 其所持有公司股份总数的25%。 ...

证券代码：301160 证券简称：翔楼新材 公告编号：2025-025 苏州翔楼新材料股份有限公司 关于公司董事、高级管理人员减持股份 预披露的公告 公司董事、副总经理张骁先生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。 特别提示： 1、持有苏州翔楼新材料股份有限公司（以下简称"公司"或"发行人"） 股份 949,500 股（占剔除回购专用证券账户中的股份数量后公司股本的 1.23%） 的股东、董事、副总经理张骁先生计划自本公告披露之日起十五个交易日后的三 个月内（即 2025 年 7 月 11 日至 2025 年 10 月 10 日）通过集中竞价交易方式减 持公司股份不超过 230,000 股（占剔除回购专用证券账户中的股份数量后公司股 本的 0.30%，未超过其所持有公司股份总数的 25%）。 2、股份来源：公司首次公开发行前已发行的股份及股权激励获授的股份； 3、减持方式、数量、比例及期间： 张骁先生计划自本公告披露之日起十五个交易日后的三个月内（即 2025 年 7 月 11 日至 2025 年 ...

华泰联合证券有限责任公司 关于苏州翔楼新材料股份有限公司 首次公开发行前已发行股份上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"）作为苏州翔楼新 材料股份有限公司（以下简称"翔楼新材"或"公司"）首次公开发行股票并在 创业板上市持续督导阶段的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等有关规定，对翔楼新材首次公开发行 前已发行股份上市流通事项进行审慎核查，具体核查情况如下： 一、首次公开发行股份概况 根据中国证券监督管理委员会《关于同意苏州翔楼新材料股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕651 号），苏州翔楼新材料股份有 限公司（以下简称"公司"）首次公开发行人民币普通股（A 股）股票 18,666,667 股，并于 2022 年 6 月 6 日在深圳证券交易所创业板上市。首次公开发行股票完 成后公司总股本为 74,666,667 股，其中有流通限制或限售安排的股份数量为 56,962,818 股，占发行后总股本的比例为 76.29%；无流通限 ...

证券代码：301160 证券简称：翔楼新材 公告编号：2025-024 苏州翔楼新材料股份有限公司 关于首次公开发行前已发行股份上市流通提示性公告 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。 特别提示： 1、本次解除限售股份数量为 25,560,000 股，占公司总股本的 31.5348%。解 除限售的股东户数为 5 户，限售期为自公司股票上市之日起 36 个月； 2、本次解除限售股份上市流通日为 2025 年 6 月 6 日（星期五）。 一、首次公开发行股份概况 根据中国证券监督管理委员会《关于同意苏州翔楼新材料股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕651 号），苏州翔楼新材料股份 有限公司（以下简称"公司"）首次公开发行人民币普通股（A 股）股票 18,666,667 股，并于 2022 年 6 月 6 日在深圳证券交易所创业板上市。首次公开发行股票完 成后公司总股本为 74,666,667 股，其中有流通限制或限售安排的股份数量为 56,962,818 股，占发行后总股本的比例为 76.29%；无流通限制及限售安排的股 份数 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 105.7 CNY, based on a 35X PE for 2025 [5][48]. Core Insights - The company has been deeply engaged in the precision stamping special steel materials sector for twenty years and is now venturing into the humanoid robot field, applying its materials innovatively in harmonic and planetary gear reducers [1][12]. - The domestic automotive market shows strong demand for precision stamping materials, with opportunities for domestic substitution as the country still relies on imports for high-end materials [2][28]. - The company has developed significant core technologies in precision cold rolling and heat treatment, allowing it to compete effectively with international giants like Wills, offering products at 30%-50% lower prices than foreign competitors [2][32]. Summary by Sections Company Overview - The company specializes in customized precision stamping special steel materials, primarily used in various automotive components, and plans to expand into the robot sector by 2024 [1][12]. - The company has a stable shareholding structure, with the chairman holding 30.16% of the shares, which is favorable for long-term development [14]. Main Business - The demand for precision stamping materials in the automotive sector is robust, with a current market demand of approximately 1 million tons per year in China [2][28]. - The company has maintained a strong focus on independent research and development, achieving performance levels close to international competitors [2][32]. - The new plant in Anhui is expected to add 150,000 tons of capacity, expanding the company's total capacity to 300,000 tons [2][34]. Robotics Sector - The company is innovatively applying precision stamping technology to the harmonic reducer flexible wheel material, which is crucial for reducing costs and improving efficiency in humanoid robot production [3][38]. - The flexible wheel's quality is critical for the fatigue life of harmonic reducers, which are essential components in humanoid robots [38]. Financial Projections - Revenue is projected to reach 1.78 billion CNY in 2025, with a year-over-year growth of 20%, and net profit is expected to be 245 million CNY, growing by 18.45% [4][45]. - The company anticipates a steady increase in revenue and profit margins as it expands into high-end markets [4][45]. Valuation - The report compares the company with peers like Siling Co., Longsheng Technology, and Keda Li, with an average valuation of 41X for 2025, leading to a target PE of 35X for the company [48][49].

Core Viewpoint - The company is expanding into the humanoid robot sector while continuing to focus on the high-end precision stamping steel materials market, which has significant growth potential due to increasing domestic automotive demand and opportunities for domestic substitution of imported materials [1][2]. Group 1: Company Overview - The company has been engaged in the research, production, and sales of customized precision stamping special steel materials for 20 years, primarily serving the automotive industry [1]. - The company plans to enter the robot sector in 2024, applying its precision stamping materials to components such as harmonic reducers and planetary reducers [1]. Group 2: Market Potential - The demand for precision stamping special steel in China is approximately 1 million tons per year, with a promising market outlook as the automotive manufacturing industry develops [1][2]. - There is still a significant reliance on imports for high-end precision stamping materials in China, presenting opportunities for domestic substitution [2]. Group 3: Competitive Advantage - The company has developed several core technologies in precision cold rolling and heat treatment, allowing its products to approach the performance of international leaders while offering prices 30%-50% lower than foreign competitors [2]. - The construction of a new plant in Anhui is expected to expand the company's capacity by 150,000 tons, targeting high-value markets such as high-end bearings and robotics [2]. Group 4: Financial Projections - The company is projected to achieve revenues of 1.78 billion, 2.09 billion, and 2.46 billion yuan in 2025, 2026, and 2027, respectively, with year-over-year growth rates of 20%, 17%, and 18% [3]. - Expected net profits for the same years are 250 million, 300 million, and 370 million yuan, with year-over-year growth rates of 18%, 22%, and 23% [3]. Group 5: Investment Recommendation - Based on comparable companies, the company is assigned a target price of 105.7 yuan with a 35X PE for 2025, indicating a "buy" rating [3].