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]

证券时报·数据宝统计，4月15日共17家公司被机构调研，按调研机构类型看，基金参与14家公司的调研 活动，其中，10家以上基金扎堆调研公司共6家。东方钽业最受关注，参与调研的基金达35家；翔楼新 材、艾为电子等分别获34家、18家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有4家，创业板公司有5家，沪市主板公司有2 家，科创板公司有3家。所属行业来看，基金调研的公司共涉及10个行业，所属电子、机械设备、计算 机、有色金属等行业个股最多，均有2只个股上榜。 从基金调研公司的A股总市值统计，总市值不足100亿元的有9家，分别是凌霄泵业、东方钽业、翔楼新 材等。 市场表现上，基金调研股中，近5日上涨的有13只，涨幅居前的有翔楼新材、茂莱光学、艾为电子等， 涨幅为28.82%、19.06%、13.16%；下跌的有1只，跌幅居前的有苏试试验等，跌幅为0.24%。 数据宝统计，基金参与调研股中，近5日资金净流入的有7只，翔楼新材近5日净流入资金1.24亿元，主 力资金净流入最多；净流入资金较多的还有茂莱光学、艾为电子等，净流入资金分别为5724.57万元、 2197.18万元。 昨日基金共对14家公 ...

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]

Core Insights - Xianglou New Materials (301160.SZ) reported record high revenue and net profit for 2024, but the slowing growth rate has raised market concerns [2][3] Financial Performance - The company achieved operating revenue of 1.485 billion yuan, a year-on-year increase of 9.74% [2] - The net profit attributable to shareholders was 207 million yuan, with a modest growth of 3.1%, significantly down from 42.2% in 2023 [2] - The non-recurring net profit showed a better performance with a year-on-year growth of 12.26% [2] - Operating cash flow net amount was only 109 million yuan, a sharp decline of 34.45% year-on-year, raising concerns about profit quality [2] Profitability Metrics - Gross margin slightly increased by 0.39 percentage points to 25.75%, while net margin decreased from 14.83% in 2023 to 13.93% [2] - The disparity between cash flow and net profit is highlighted by a cash flow to net profit ratio of only 0.53, below the industry healthy level [2] - Accounts receivable accounted for 22.86% of total assets, indicating weakened collection capability [2] Market Position and Strategy - Xianglou New Materials maintains an advantage in the automotive precision stamping materials sector, indirectly supplying leading companies like Tesla and BYD [3] - The company is actively expanding into new businesses such as robotics materials, but its internationalization progress remains slow with export business accounting for less than 1% [3] - R&D investment ranks 7th among peers, raising questions about whether technological innovation can support future growth [3] Shareholder Returns and Future Outlook - The company announced a high dividend plan of 10 yuan per 10 shares and a bonus issue of 4.5 shares [3] - Capital expenditures continue to exceed operating cash flow, and the impact of the new factory in Anhui on performance remains to be seen [3] - Balancing short-term shareholder returns with long-term competitiveness is a key challenge for the company's future development [3]

卡位优势好，机器人新业务持续推进。 公司将精冲工艺创新性地复用至机器人零部件材料生产，生产效率、成本优势显著。根据公司官方微信 公众号，3 月15 日，翔楼新材机器人材料研究院成立，系公司战略布局的重要一步，研究院主要聚焦机 器人谐波减速器柔轮材料及行星减速器关键材料研发，引入智能化产线，优化热处理、表面改性等工艺 环节，助力国产机器人向高精度、长寿命方向迈进。根据公司公开投资者交流纪要，公司专注于研发行 星减速器的太阳轮、行星轮、内齿圈等材料，以及谐波减速器的柔轮材料及各式齿轮等，目前部分材料 已完成开模，部分已进入测试阶段，我们看好公司作为减速器材料的创新先锋，有望助力人形机器人量 产降本。 分红+回购，彰显长期投资价值。 分红：4 月，公司公告，拟每10 股派息10 元（含税），合计现金分红总额0.77 亿元，占2024 年净利润 的37.37%；拟每 10 股转增4.5 股，转增34.80 百万股。公司积极分红，注重股东回报。 事件： 翔楼新材发布2024 年年报，2024 年公司实现收入14.85 亿元，同比+9.74%；实现归母净利润2.07 亿 元，同比+3.10%。 单Q4 实现营收4.11 ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Insights - The ongoing escalation of "reciprocal tariffs" has led to a divergence in demand for construction materials and steel plates, with a notable impact on export demand for plates [3][4]. - Domestic steel prices have decreased, with significant drops in various categories, including rebar and cold-rolled steel [8][9]. - The overall steel production has seen a slight decline, with total output for major steel varieties at 8.71 million tons, a decrease of 1.46 million tons week-on-week [2][3]. Price Trends - As of April 11, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,170 CNY/ton, down 50 CNY/ton from the previous week [8][9]. - The prices for hot-rolled and cold-rolled steel have also seen declines, with hot-rolled at 3,330 CNY/ton (down 40 CNY) and cold-rolled at 3,910 CNY/ton (down 100 CNY) [8][9]. Production and Inventory - The production of rebar increased by 3.72 million tons to 2.32 million tons this week, while total inventory decreased by 388,300 tons to 11.76 million tons [2][3]. - The social inventory of rebar decreased by 278,500 tons, while factory inventory increased by 72,500 tons [2][3]. Investment Recommendations - The report suggests focusing on the following companies: 1. Baosteel, Hualing Steel, Nanjing Steel in the general steel sector 2. CITIC Special Steel, Yongjin Co., and Xianglou New Materials in the special steel sector 3. Jiuli Special Materials, Wujin Stainless Steel, and Youfa Group in the pipe materials sector [3][4]. - It also recommends paying attention to high-temperature alloy stocks, specifically Fushun Special Steel [3]. Profitability Analysis - The report indicates a decrease in long-process steel profits, with rebar, hot-rolled, and cold-rolled margins down by 19 CNY/ton, 41 CNY/ton, and 38 CNY/ton respectively [1][3]. - Short-process electric furnace steel profits have seen a slight increase [1][3]. International Market Overview - The U.S. steel market prices have remained stable, with hot-rolled coil prices at 1,040 USD/ton and cold-rolled at 1,270 USD/ton [21][23]. - European steel prices have increased, with hot-rolled prices at 715 USD/ton, up 25 USD from the previous week [21][23]. Raw Material Market - Domestic iron ore prices have shown a mixed trend, with some prices declining, such as Brazilian powder at 850 CNY/ton, down 35 CNY [26][27]. - Scrap steel prices have also decreased, with a current price of 2,030 CNY/ton, down 60 CNY from last week [26][27].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 100.80 CNY for the next six months [6]. Core Views - The company achieved a revenue of 1.485 billion CNY in 2024, representing a year-on-year growth of 9.74%, and a net profit of 207 million CNY, up 3.10% year-on-year [1]. - The gross margin remained stable at 25.75%, while the net margin slightly decreased to 13.93% [2]. - The company is expected to benefit from new production capacity, with a new factory in Anhui set to be completed in April 2025, which will add 40,000 tons of capacity in its first year [3]. - The company is advancing its new robotics business, focusing on innovative materials for robotic components, which is expected to enhance production efficiency and reduce costs [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 411 million CNY, a year-on-year increase of 1.08%, and a net profit of 68 million CNY, up 7.57% [1]. - The company’s operating expenses increased, with a total expense ratio of 10.17%, driven by higher sales and management costs due to stock incentive plans and increased R&D investments [2]. Production Capacity and Growth - The company’s production capacity reached 180,000 tons in 2024, placing it among the top tier in the domestic industry [3]. - The new factory will focus on high-end manufacturing areas, which is expected to optimize the product structure and improve overall gross margins [3]. Robotics Business Development - The establishment of the robotics materials research institute marks a strategic move for the company, focusing on key materials for harmonic and planetary gear reducers [4]. - The company aims to become a leader in innovative materials for robotic applications, which could significantly lower production costs for humanoid robots [4]. Future Projections - Revenue projections for 2025-2027 are 1.826 billion CNY, 2.158 billion CNY, and 2.491 billion CNY, with corresponding net profits of 227 million CNY, 295 million CNY, and 358 million CNY [11]. - The company is expected to maintain solid performance in its core business while the robotics segment opens new growth avenues [11].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6][12]. Core Insights - The company achieved a revenue of 1.485 billion yuan in 2024, representing a year-on-year growth of 9.74%. The net profit attributable to shareholders was 207 million yuan, up 3.10% year-on-year, while the non-recurring net profit was 203 million yuan, reflecting a growth of 12.26% [1]. - The company is actively expanding its production capacity and exploring new fields, with a focus on high-end manufacturing sectors such as bearings and robotics [3][4]. - The company has established stable partnerships with several well-known automotive parts suppliers, facilitating domestic substitution of imported components [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 411 million yuan, a year-on-year increase of 1.08% and a quarter-on-quarter growth of 11.92%. The net profit for the same period was 68 million yuan, up 7.57% year-on-year and 51.10% quarter-on-quarter [1]. - The gross margin for 2024 was 25.75%, a slight increase of 0.39 percentage points year-on-year, with Q4 gross margin reaching 27.35%, up 1.66 percentage points year-on-year and 2.18 percentage points quarter-on-quarter [2]. Production and R&D - The company sold 181,500 tons of precision stamping materials in 2024, marking an 11.74% increase year-on-year, while maintaining high capacity utilization [2]. - R&D expenses for 2024 were 61 million yuan, a 20.21% increase year-on-year, with an R&D expense ratio of 4.12%, up 0.36 percentage points [2]. Future Outlook - The company plans to expand its production capacity to 180,000 tons by 2025, with a new plant in Anhui expected to add 40,000 tons of capacity [3]. - The establishment of a robotics materials research institute aims to innovate in key components for humanoid robots and other emerging applications [4]. - Profit forecasts for 2025-2027 project net profits of 243 million, 295 million, and 351 million yuan, respectively, with corresponding PE ratios of 29, 24, and 20 [5][10].

➢ 事件：公司发布 2024 年年报。2024 年，公司实现营收 14.85 亿元，同比 增长 9.74%；归母净利润 2.07 亿元，同比增长 3.10%；扣非归母净利 2.03 亿 元，同比增长 12.26%。2024Q4，公司实现营收 4.11 亿元，同比增加 1.08%、 环比增长 11.92%；归母净利润 0.68 亿元，同比增加 7.57%、环比增长 51.10%； 扣非归母净利 0.67 亿元，同比增加 16.28%、环比增长 51.59%。 ➢ 点评：销量稳步提升，加大研发投入 ① 精冲销量提升：2024 年公司精冲材料销量 18.15 万吨，同比增长 11.74%， 保持着极高的产能利用率，并通过产品结构调整、技术优化等手段优化扩充产能。 ② 毛利率小幅增长：2024 年，公司进行了订单结构优化，部分大客户的订单 量增长较快，整体毛利率为 25.75%，同比增长 0.39pct；Q4 毛利率为 27.35%， 同比增长 1.66pct，环比增长 2.18pct。 ③ 加大研发投入：2024 年，公司研发费用 0.61 亿元，同比增长 20.21%，研 发费用率 4.12%，同比增加 0.36 ...

事件：公司发布2024 年年报。2024 年，公司实现营收14.85 亿元，同比增长9.74%；归母净利润2.07 亿 元，同比增长3.10%；扣非归母净利2.03 亿元，同比增长12.26%。2024Q4，公司实现营收4.11 亿元，同 比增加1.08%、环比增长11.92%；归母净利润0.68 亿元，同比增加7.57%、环比增长51.10%；扣非归母 净利0.67 亿元，同比增加16.28%、环比增长51.59%。 点评：销量稳步提升，加大研发投入 ① 精冲销量提升：2024 年公司精冲材料销量18.15 万吨，同比增长11.74%，保持着极高的产能利用 率，并通过产品结构调整、技术优化等手段优化扩充产能。 ② 毛利率小幅增长：2024 年，公司进行了订单结构优化，部分大客户的订单量增长较快，整体毛利率 为25.75%，同比增长0.39pct；Q4 毛利率为27.35%，同比增长1.66pct，环比增长2.18pct。 未来核心看点：积极扩张产能，新兴领域拓宽空间① 把握需求释放机遇，积极扩张产能。2024 年公司 产能为18 万吨，产能规模属于国内同行业第一梯队。安徽新厂项目预期2025 年4 月建成， ...