Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company demonstrated excellent performance during the off-season, highlighting the value of rare materials for import substitution [1] - In Q1 2025, the company achieved revenue of 330 million yuan, a year-on-year decrease of 5.2%, while net profit attributable to shareholders was 52 million yuan, a year-on-year increase of 3.1%, slightly exceeding market expectations [7] - The company is expected to benefit from the release of new factory capacities, with a projected production volume of 180,000 tons in 2024 and potential growth to 330,000 tons by 2027 [7] - The company is a leader in the field of flexible wheel materials for robotic reducers, with significant improvements in production efficiency and material usage [7] - The company has effectively controlled expenses, with a decrease in sales, management, and R&D expense ratios [7] - The earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 2.9 yuan and 3.8 yuan respectively, with a new estimate for 2027 at 5.4 yuan [7] Financial Summary - Total revenue is projected to grow from 1,485 million yuan in 2024 to 2,989 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.39% [1][8] - Net profit attributable to shareholders is expected to increase from 207 million yuan in 2024 to 441 million yuan in 2027, reflecting a CAGR of about 42.50% [1][8] - The company's gross margin is anticipated to improve from 25.75% in 2024 to 27.76% in 2027 [8] - The price-to-earnings (P/E) ratio is projected to decrease from 41.39 in 2024 to 19.42 in 2027, indicating a more attractive valuation over time [1][8]

二、对公司的影响 证券代码：301160 证券简称：翔楼新材 公告编号：2025-022 苏州翔楼新材料股份有限公司 关于安徽生产基地投产的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 苏州翔楼新材料股份有限公司（以下简称"公司"）依托全资子公司安徽翔楼新 材料有限公司建设的安徽生产基地目前已具备投产条件。现将相关情况公告如下： 一、项目基本情况 2022 年 6 月 17 日公司召开第二届董事会第二十二次会议审议通过了《关于对 外投资设立全资子公司的议案》，拟在安徽省宣城高新技术产业开发区投资设立全 资子公司安徽翔楼新材料有限公司（以下简称"安徽翔楼"），并依托子公司建立安 徽生产基地，实现在精冲材料领域的深入拓展，进一步完善公司战略布局。 2022 年 9 月 22 日公司召开第三届董事会第五次会议，审议通过将首次公开发 行股票募投项目"年产精密高碳合金钢带 4 万吨项目"等的实施地点及实施地点进 行调整，由安徽翔楼实施上述募投项目。2024 年 8 月 19 日公司召开第三届董事会 第十九次会议，审议通过《关于使用自有资金对部分募投项目追加投资的 ...

Financial Performance - The company's revenue for Q1 2025 was ¥332,077,371.54, a decrease of 5.24% compared to ¥350,432,761.36 in the same period last year[5] - Net profit attributable to shareholders increased by 3.14% to ¥52,251,237.87 from ¥50,662,761.03 year-on-year[5] - The company's net profit for the current period is 52,251,237.87, an increase from 50,662,761.03 in the previous period, representing a growth of approximately 3.13%[20] - Operating profit for the current period is 59,456,210.49, slightly down from 60,116,607.32 in the previous period, indicating a decrease of about 1.10%[20] - The total comprehensive income attributable to the parent company is 52,251,237.87, compared to 50,662,761.03 in the previous period, showing an increase of approximately 3.13%[20] - Basic earnings per share for the current period is 0.64, slightly down from 0.65 in the previous period, indicating a decrease of about 1.54%[20] Cash Flow - The net cash flow from operating activities surged by 177.20% to ¥77,157,355.70, compared to ¥27,834,330.96 in the previous year[5] - Cash flow from operating activities has significantly improved, with a net cash flow of 77,157,355.70 compared to 27,834,330.96 in the previous period, marking an increase of approximately 177.69%[23] - The net cash flow from financing activities improved significantly to ¥19,687,604.40, compared to a cash outflow of ¥29,451,553.53 in the same period last year, marking a 166.85% increase[8] - The net cash flow from financing activities is 19,687,604.40, a turnaround from a negative cash flow of -29,451,553.53 in the previous period[24] Assets and Liabilities - The total assets at the end of the reporting period reached ¥2,039,475,429.12, reflecting a growth of 3.19% from ¥1,976,432,697.90 at the end of the previous year[5] - Total assets increased to CNY 2,039,475,429.12 from CNY 1,976,432,697.90, marking a growth of 3.2%[18] - Total liabilities remained stable at CNY 323,479,943.04, slightly up from CNY 323,019,634.62[17] - The company reported a significant reduction in short-term borrowings to CNY 94,064,240.29 from CNY 104,078,854.17, a decrease of 9.7%[17] Shareholder Information - The largest shareholder, Qian Hesheng, holds 25.67% of the shares, totaling 20,802,500 shares[11] - The second-largest shareholder, Tang Weiguo, owns 7.68% of the shares, amounting to 6,224,062 shares[11] - The company has a total of 3,728,955 shares in its repurchase account, representing 4.60% of the total share capital[11] - The total number of restricted shares at the end of the reporting period is 8,193,125 shares, after accounting for 359,475 shares released from restriction[13] - The company has seen an increase in restricted shares by 273,600 shares during the reporting period[13] - The top ten shareholders collectively hold significant stakes, with the largest three shareholders accounting for over 35% of total shares[11] - The number of shares held by the top ten unrestricted shareholders includes 3,860,390 shares held by the Penghua Carbon Neutral Theme Mixed Securities Investment Fund[11] Operational Metrics - Total operating revenue for the current period is CNY 332,077,371.54, a decrease of 5.1% from CNY 350,432,761.36 in the previous period[19] - Total operating costs decreased to CNY 278,866,135.44, down 7.1% from CNY 300,223,792.00[19] - The company has incurred operating expenses of 199,570,160.82, down from 232,337,806.15 in the previous period, indicating a decrease of approximately 14.09%[23] - Accounts receivable decreased to CNY 385,943,135.88 from CNY 451,764,866.73, a decline of 14.5%[16] - Inventory decreased to CNY 319,491,366.46 from CNY 348,777,418.28, a reduction of 8.4%[16] - Non-current assets totaled CNY 777,036,362.64, an increase from CNY 740,934,844.22, reflecting a growth of 4.9%[17] Government Support and Strategic Developments - The company received government subsidies amounting to ¥135,000.00 during the reporting period[6] - The company has not disclosed any new strategies or significant market expansions during the reporting period[14] - There are no updates on new product developments or technological advancements mentioned in the conference call[14]

Financial Performance - The basic earnings per share for Q1 2025 is 0.6400 CNY, a decrease of 1.54% compared to Q1 2024, which was 0.6500 CNY [1] - The net profit for Q1 2025 is 0.52 billion CNY, showing a slight increase of 1.96% from 0.51 billion CNY in Q1 2024 [1] - The operating revenue for Q1 2025 is 3.32 billion CNY, down by 5.14% from 3.5 billion CNY in Q1 2024 [1] - The return on equity for Q1 2025 is 3.11%, a decrease of 3.42% from 3.22% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 11.2012 million shares, accounting for 25.25% of the circulating shares, with an increase of 3.1678 million shares compared to the previous period [1] - New entrants among the top shareholders include the Penghua Carbon Neutral Theme Mixed Securities Investment Fund, holding 3.8604 million shares (8.70%) [2] - Significant changes in holdings include Fu Weiping increasing his stake by 46.32% to 1.5615 million shares, while Tang Weiguo reduced his holdings by 58.05% to 1.1005 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [5]. Core Insights - The company achieved a revenue of 1.485 billion yuan in 2024, representing a year-on-year growth of 9.74%, with a net profit attributable to shareholders of 207 million yuan, up 3.10% year-on-year [1][2]. - The company is expanding its production capacity in Suzhou and is expected to benefit from new capacity in Anhui, leading to improved performance in the future [2]. - The company has established long-term partnerships with several well-known automotive parts suppliers, positioning itself favorably in the market for robot stamping materials [3]. - The profit forecast for the company indicates net profits of 227 million yuan in 2025, 277 million yuan in 2026, and 342 million yuan in 2027, with corresponding PE ratios of 32.59, 26.72, and 21.66 [3]. Financial Summary - In Q4 2024, the company reported a revenue of 411 million yuan, a year-on-year increase of 1.08%, and a net profit of 68 million yuan, up 7.57% year-on-year [2]. - The gross margin for Q4 2024 was 27.35%, an increase of 1.66 percentage points year-on-year [2]. - The company’s revenue is projected to grow significantly, with estimates of 1.835 billion yuan in 2025, 2.272 billion yuan in 2026, and 2.807 billion yuan in 2027, reflecting growth rates of 23.57%, 23.76%, and 23.59% respectively [4][13].

现场检查报告 现场检查报告 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 2024 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司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、2023 年向特定对象发行股票的 保荐人，于 2025 年 4 月 1-2 日对翔楼新材 2024 年有关情况进行了现场检查，报 告如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：翔楼新材 | | | --- | --- | | 保荐代表人姓名：孙天驰 联系电话：010-56839300 | | | 保荐代表人姓名：吴学孔 联系电话：010-56839300 | | | 保荐代表人姓名：李响 联系电话：010-56839300 | | | 现场检查人员姓名：孙天驰 | | | 年度 现场检查对应期间：2024 | | | 现场检查时间：2025 年 4 月 1-2 日 | | | 一、现场检查事项 现场检查意见 | | | （一 ...

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 2024 年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：翔楼新材 | | --- | --- | | 保荐代表人姓名：孙天驰 | 联系电话：010-56839300 | | 保荐代表人姓名：吴学孔 | 联系电话：010-56839300 | | 保荐代表人姓名：李响 | 联系电话：010-56839300 | 一、保荐工作概述 | 项目 工作内容 | | --- | | 1.公司信息披露审阅情况 | | （1）是否及时审阅公司信息披露文件 是 | | （2）未及时审阅公司信息披露文件的次数 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | | 是 募集资金管理制度、内控制度、内部审计制 | | 度、关联交易制度） | | 是 （2）公司是否有效执行相关规章制度 | | 3.募集资金监督情况 | | （1）查询公司募集资金专户次数 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露 是（注） | | 文件一致 | ...

Group 1: Company Performance - In 2024, the company achieved a total revenue of 1.485 billion CNY, representing a year-on-year growth of 9.7% [4] - The net profit attributable to shareholders for 2024 was 207 million CNY, an increase of 3.1% compared to the previous year [4] - The non-recurring net profit attributable to shareholders was 203 million CNY, reflecting a growth of 12.26% year-on-year [4] Group 2: Market and Product Insights - The automotive parts and industrial sectors were the main contributors to revenue growth in 2024 [4] - The company’s products are applied in numerous well-known new energy vehicle brands, which have seen significant sales growth, positively impacting the company's performance [4] - The company is focusing on the application of materials in the robotics sector, specifically in harmonic reducers and planetary reducers [5] Group 3: Competitive Advantages - The company has established a strong customer base with partnerships with several well-known domestic and international automotive parts suppliers [3] - It has built a reputation for high quality and cost-effectiveness, supported by a high-quality R&D team and core technology in specialized fields [3] - The company has a rapid customer response mechanism and a strict quality control system, which enhances its competitive edge [3] Group 4: Future Growth and Capacity - The new factory in Anhui is expected to release a capacity of 40,000 tons this year, with a total planned capacity of 150,000 tons [6] - The company is exploring new industry sectors beyond automotive and robotics, including high-speed rail and aerospace, contingent on market size [7] - The overall market share is expected to increase in 2025 as new production capacity is gradually released [7] Group 5: Employee Incentives - The implementation of the equity incentive plan since 2022 has contributed to steady growth in revenue and profit, highlighting its positive impact on employee motivation [7]

Group 1 - The core viewpoint of the article highlights the recent research conducted by the well-known private equity firm, Dongfang Marathon, on a listed company, Xianglou New Materials, focusing on its business performance and future prospects [1] - Xianglou New Materials reported that the profit margin for bearing materials at its Anhui factory is slightly higher than that of automotive materials, with a selling price potentially exceeding 10,000 yuan per ton [1] - The company is advancing its technology iteration cooperation based on successful cases, with a stable profit margin due to a pricing model where 50% of clients adjust prices monthly and the other 50% lock in prices [1] Group 2 - The automotive sector is expected to see growth from both existing and new clients, particularly in the passive safety systems area [1] - Xianglou New Materials has advantages in material research, mold technology, heat treatment, and processes, collaborating with stamping manufacturers to produce semi-finished flexible wheels [1] - The company anticipates a continuous increase in R&D expenses at the Anhui factory over the next few years, as many new projects in the fields of bearings and robotics will be developed there [1] Group 3 - The company is monitoring other sectors for potential expansion, but emphasizes that sufficient scale is necessary for new material applications in high-speed rail and aviation [1] - The semi-finished flexible wheels provided by the company can help clients eliminate the first seven processes, although the subsequent eight processes still need to be completed by the clients [1] - The core competitive advantage of Xianglou New Materials lies in its long-term accumulated experience in material research, a strong customer base, and rich project experience, creating a difficult-to-replicate competitive barrier [1]

Group 1: Company Overview and Financial Performance - Suzhou Xianglou New Materials Co., Ltd. is focusing on high-end bearing materials with a projected selling price above 10,000 RMB per ton, indicating a higher profit margin compared to automotive materials [6] - The company anticipates an increase of 40,000 tons in production capacity at the Anhui factory this year, with 10,000 tons allocated for bearings and 30,000 tons for the automotive sector [6] - The company has maintained stable profit margins despite pricing pressures from 50% of its clients, who adjust prices monthly based on raw material costs [6] Group 2: Market Strategy and Client Relationships - The company is deepening its engagement in the automotive sector, expecting to achieve its target of 30,000 tons in the automotive segment this year through both existing and new clients [6] - Collaboration with Schaeffler has been fruitful, with Schaeffler becoming the company's largest client in 2024, showing significant growth [7] - The company has a diverse client base of over 400, which enhances its project experience and customer trust, creating a competitive barrier [8] Group 3: Research and Development Focus - The company is investing in R&D, particularly in the Anhui factory, to support new projects in bearings and robotics, with an expected increase in R&D expenses [7] - The establishment of a humanoid robot materials research institute aims to expand the company's offerings from single components to a broader range of robotic parts [8] - The company is exploring innovative applications of stamping materials in key robotic components, aiming to reduce costs significantly [8] Group 4: Challenges and Market Conditions - The company faces potential challenges from rising tariffs, particularly affecting its exports to the U.S., which accounted for approximately 7 to 8 million RMB of its 12 million RMB overseas revenue last year [7] - The impact of tariffs is minimal as overseas revenue constitutes less than 1% of the company's total revenue [7] - The company is cautious about entering new markets, focusing on sectors with sufficient scale to justify investment [7]