证券代码：301349 证券简称：信德新材 公告编号：2025-046 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 辽宁信德新材料科技（集团）股份有限公司（以下简称"公司"）分别于2025 年4月18日召开第二届董事会第十二次会议和2025年5月13日召开2024年年度股 东会，审议通过了《关于预计2025年度申请授信额度及相应担保事项的议案》， 同意公司及子公司向银行等金融机构申请总额不超过人民币20亿元的授信额度。 在上述授信项下，公司拟为子公司申请银行授信提供连带责任担保，担保主债权 最高本金额度（以下简称"担保额度"）合计不超过人民币15.1亿元。其中，预 计对资产负债率低于70%子公司提供的担保额度不超过人民币6.5亿元；对资产负 债率超过70%子公司提供的担保额度不超过人民币8.6亿元（其他股东按照持股情 况提供同等比例担保）。其中公司为全资子公司大连信德碳材料科技有限公司（以 下简称"大信碳材"）提供担保额度为60,000.00万元，上述授信及担保额度在 授权期限内可循环使用，有效期为自公司股东会审议通过之日起12个月内。具 ...

Core Viewpoint - The AI Fund Hongde New Energy Industry Mixed Initiation A (018029) reported a profit of 468,700 yuan for the first half of 2025, with a weighted average profit per fund share of 0.0444 yuan. The fund's net value growth rate was 6.4%, and the fund size reached 7.7564 million yuan by the end of the first half of the year [2]. Fund Performance - As of September 3, 2025, the fund's one-year cumulative net value growth rate was 50.93%, ranking it 55 out of 169 comparable funds. The three-month and six-month growth rates were 27.97% and 24.93%, ranking 39 out of 171 and 20 out of 171, respectively [4]. - The fund's net value as of September 3, 2025, was 0.858 yuan per unit [2]. Economic Context - The fund management indicated that the overall economic operation was stable in the first half of the year, with GDP growth of 5.3% year-on-year, supported by policies promoting consumption and investment. However, uncertainties regarding exports and consumption in the second half of the year were noted, with a need for effective policy stimulation to address potential economic momentum shortages [2]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 43.24 times, compared to the industry average of 36.17 times. The weighted average price-to-book (P/B) ratio was about 2 times, while the industry average was 2.99 times. The weighted average price-to-sales (P/S) ratio was approximately 1.95 times, against an industry average of 2.5 times [10]. Growth Metrics - For the first half of 2025, the weighted average revenue growth rate of the stocks held by the fund was -0.02%, and the weighted average net profit growth rate was 0.6%. The weighted annualized return on equity was 0.05% [16]. Fund Holdings and Turnover - As of June 30, 2025, the fund had a total of 174 holders, with a total of 10.7206 million shares held. Institutional investors accounted for 93.28% of the holdings, while individual investors made up 6.72% [32]. - The fund's turnover rate for the last six months was approximately 205.04% [35]. Top Holdings - The top ten holdings of the fund included companies such as Ningde Times, Sunshine Power, Longi Green Energy, China Nuclear Power, and Huayou Cobalt [37].

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Xinde New Materials, including stock price movements and trading volumes [1][2] - On September 1, Xinde New Materials saw a stock price increase of 2.33% with a trading volume of 124 million yuan, while the net financing buy was negative at -2.08 million yuan [1] - As of September 1, the total margin balance for Xinde New Materials was 104 million yuan, representing 6.45% of its circulating market value, indicating a high level of financing [1] Group 2 - As of June 30, the number of shareholders for Xinde New Materials increased to 15,300, a rise of 77.97%, while the average circulating shares per person decreased by 43.81% to 2,745 shares [2] - For the first half of 2025, Xinde New Materials reported a revenue of 510 million yuan, reflecting a year-on-year growth of 41.31%, and a net profit attributable to shareholders of 9.81 million yuan, which is a 169.28% increase year-on-year [2] - Since its A-share listing, Xinde New Materials has distributed a total of 98.31 million yuan in dividends [3]

Core Viewpoint - The company, Xinde New Materials, reported a decline in net profit in the second quarter due to weak demand in the by-product industry and market price fluctuations, leading to impairment provisions for certain by-product inventories [2] Group 1: Financial Performance - The company indicated that the net profit decreased on a quarter-on-quarter basis in the second quarter [2] - Impairment provisions were made for certain by-product inventories due to market conditions [2] Group 2: Strategic Outlook - The company plans to align its strategy with industry development prospects and focus on its main business to achieve steady growth [2]

Financial Performance - In the first half of 2025, the company achieved revenue of 510 million CNY, a year-on-year increase of 41.31% [1] - The net profit attributable to shareholders was 9.81 million CNY, reflecting a significant year-on-year growth of 169.28% [1] Production and Sales Strategy - The company maintained a production capacity utilization rate of 105.47% in the first half of 2025, with normal production scheduled for the third quarter [3] - The company has established safety stock and is balancing production and sales based on market dynamics and real-time inventory [3] Product Development and Market Expansion - The company has expanded its carbon fiber product applications into photovoltaic, optical fiber, and semiconductor fields, continuously optimizing its customer structure [4] - The proportion of high softening point products in the overall shipment has increased, contributing to an overall improvement in gross margin [5][6] Industry Competition and Strategy - The negative electrode material industry faces intensified competition and price adjustments, with overall profitability at historical lows [7] - The company is focusing on enhancing its capabilities through talent development, increased R&D investment, and market expansion to strengthen its competitive position [7] Raw Material Procurement and Cost Control - The company actively optimizes its supply chain management to monitor raw material price fluctuations and maintain stable supply while reducing procurement costs [8] - Strategic partnerships with resource-advantaged suppliers are being pursued to build a sustainable and cost-effective supply chain [8] Capacity Planning - The company has established two major production bases in Dalian and Chengdu, with a total production capacity of 70,000 tons per year for negative electrode coating materials [9] - Future capacity planning will be based on market expansion and actual downstream demand, ensuring cost advantages while achieving precise capacity expansion [9]

Group 1 - The company's Q2 2025 performance met market expectations, with H1 revenue of 510 million yuan, a year-on-year increase of 41%, and a net profit attributable to shareholders of 10 million yuan, up 169% year-on-year [1] - In H1 2025, the company shipped 40,000 tons of coated materials, a year-on-year increase of over 35%, with Q2 shipments estimated at around 20,000 tons, maintaining the same level as the previous quarter [1] - The company achieved full production and sales capacity, with a production capacity utilization rate of 105% in H1 2025, and is expected to ship 80,000 tons for the full year, a year-on-year increase of 33% [1] Group 2 - The company's H1 2025 coated materials revenue was 220 million yuan, with a unit price of 6,200 yuan/ton, remaining stable compared to 2024, while Q2 unit gross profit was 1,500 yuan/ton, showing a slight increase [2] - The decline in profitability was primarily due to a 5 million yuan asset impairment loss from falling by-product prices, but product prices are expected to stabilize, and the proportion of mid-to-high-end coated materials is gradually increasing to over 30% [2] - Operating expenses in H1 2025 were 50 million yuan, a year-on-year increase of 25.6%, with a cost rate of 9.2%, while operating cash flow was negative at -170 million yuan [2] Group 3 - The company's profit forecast for 2025-2027 has been revised down due to the impact of falling by-product prices, with expected net profits of 40 million, 90 million, and 110 million yuan respectively, reflecting year-on-year increases of 223%, 119%, and 24% [3] - The company maintains a "buy" rating, considering the expected recovery in by-product prices and the increasing proportion of mid-to-high-end products [3]

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant growth in shipments driven by fast charging technology, with a gradual recovery in unit gross profit [1] - The company's H1 2025 performance met market expectations, with revenue of 510 million yuan, a year-on-year increase of 41%, and a net profit attributable to shareholders of 10 million yuan, up 169% year-on-year [8] - The company is expected to maintain full production and sales capacity, with an estimated total shipment of 80,000 tons for the year, representing a 33% increase [8] - The report anticipates a gradual recovery in net profit per ton as product prices stabilize and the proportion of high-end coating materials increases [8] - The company has effectively controlled expenses, although operating cash flow has come under pressure [8] - The profit forecast has been adjusted downwards due to the impact of declining by-product prices, with expected net profits for 2025-2027 revised to 40 million, 90 million, and 110 million yuan respectively [8] Financial Summary - Total revenue for 2023 is projected at 948.85 million yuan, with a year-on-year growth of 4.99% [1] - The net profit attributable to shareholders for 2023 is expected to be 41.30 million yuan, reflecting a year-on-year decline of 72.28% [1] - The earnings per share (EPS) for 2023 is estimated at 0.40 yuan, with a price-to-earnings (P/E) ratio of 99.99 [1] - The company’s gross margin for H1 2025 was reported at 11%, with expectations for improvement as by-product prices recover [8] - The company’s total assets are projected to reach 3,027 million yuan by 2024, with total liabilities of 329 million yuan [9]

Core Viewpoint - Xinde New Materials (信德新材) has experienced a significant decline in stock price since its IPO, currently trading at 37.47 yuan, down 7.44%, indicating a state of underperformance since its listing [1][2]. Group 1: Company Overview - Xinde New Materials was listed on the Shenzhen Stock Exchange's ChiNext board on September 9, 2022, with an initial public offering (IPO) of 17 million shares at a price of 138.88 yuan per share [1]. - The stock reached a peak price of 180 yuan on its first trading day but has since faced a downward trend, currently trading below its IPO price [1]. Group 2: Financial Performance - The total funds raised by Xinde New Materials amounted to 236.096 million yuan, with a net amount of 216.58238 million yuan after deducting issuance costs, exceeding the original fundraising plan by 151.58238 million yuan [1]. - The company planned to use the raised funds for a 30,000-ton carbon material industrial upgrade project, a research and development center, and to supplement working capital [1]. Group 3: Shareholder Returns - In 2023, Xinde New Materials announced a dividend distribution plan, where shareholders would receive a cash dividend of 10 yuan per 10 shares, totaling 68 million yuan, along with a capital reserve conversion of 5 additional shares for every 10 shares held [2]. - The record date for the dividend distribution was set for May 30, 2023, with the ex-dividend date on May 31, 2023 [2].

Market Overview - The battery sector experienced a decline of 2.29% on the previous trading day, with Xinde New Materials leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the battery sector included Huabao New Energy, which rose by 8.43% to a closing price of 65.23, and Yiwei Lithium Energy, which increased by 5.76% to 53.25 [1] - Conversely, Xinde New Materials saw a significant drop of 7.44%, closing at 37.47 [2] Trading Volume and Capital Flow - The trading volume for Huabao New Energy was 95,000 shares, with a transaction value of 617 million yuan, while Yiwei Lithium Energy had a volume of 1.1448 million shares and a transaction value of 6.137 billion yuan [1] - The battery sector experienced a net outflow of 2.483 billion yuan from institutional investors, while retail investors saw a net inflow of 1.842 billion yuan [2][3] Individual Stock Capital Flow - Yiwei Lithium Energy had a net inflow of 438 million yuan from institutional investors, while it faced a net outflow of 319 million yuan from speculative funds [3] - Xinde New Materials had a net outflow of 270 million yuan from institutional investors, indicating a significant shift in capital dynamics within the sector [3]