Company Overview - The company specializes in high-performance protective materials, with a focus on various application fields including automotive, engineering machinery, communication electronics, and rail transportation [2][3]. - In 2024, the company reported a significant revenue and net profit, with specific figures not disclosed in the document [2]. Market Competition - The market is characterized by a fragmented competitive landscape, with numerous players including multinational corporations, domestic leaders, and small-scale manufacturers [2]. - Multinational companies currently hold a major market share, posing significant competition to the company [3]. Revenue Breakdown - Revenue contributions from major application areas for the first half of 2025 are approximately: - Automotive: 68% - Engineering Machinery: 10% - Communication Electronics: 12% - Rail Transportation: 3% [3]. International Sales - The company's overseas sales accounted for about 20% of total revenue in the first half of 2025 [3]. Product Applications - The company is exploring applications in emerging fields such as humanoid robotics, with products being developed for specific components like dexterous hands and harness systems [3][4]. - Current projects are in the testing and validation phase, with some samples delivered to clients for further verification [3]. Manufacturing Bases - Manufacturing bases are strategically located in Shenzhen, Dongguan, Jiangmen, Chongqing, Wuhan, Suzhou (Kunshan), and Mexico to align with downstream customer locations [3][4]. Pricing Strategy - The company maintains a competitive pricing strategy, leveraging cost advantages while negotiating prices based on customer requirements and market conditions [3][4]. Competitive Advantages - Key competitive advantages include: - Technological and R&D capabilities - Vertical integration (e.g., in-house production of single filaments) - Comprehensive service offerings with a well-structured manufacturing base [4]. - The company is recognized as one of the few domestic firms integrated into both domestic and international supply chains for functional protective casings [4]. Future Development - The company aims to expand its product categories centered around high-performance protective materials and is considering mergers and acquisitions for growth [4]. - Plans to establish manufacturing facilities in Morocco, Vietnam, and Thailand are underway to enhance international presence and revenue [4]. Risk Awareness - The document emphasizes that forward-looking statements regarding future plans and performance do not constitute binding commitments, urging investors to remain aware of associated risks [4].

Group 1 - The plastic sector experienced a decline of 0.57% on September 2, with Dongcai Technology leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Notable gainers in the plastic sector included Shangwei New Materials, which rose by 14.66%, and Dadongnan, which increased by 10.11% [1] Group 2 - The net outflow of main funds in the plastic sector was 5.92 billion yuan, while retail investors saw a net inflow of 5.64 billion yuan [3] - The table provided details on individual stock performance and trading volumes within the plastic sector [3]

2025年1至6月份，骏鼎达的营业收入构成为：功能性保护套管占比74.34%，其他主营业务占比 25.66%。 骏鼎达（SZ 301538，收盘价：73.17元）发布公告称，2025年8月20日，骏鼎达接受招商证券等投资者 调研，公司董事、董事会秘书刘亚琴等人参与接待，并回答了投资者提出的问题。 （文章来源：每日经济新闻） ...

Financial Performance - In the first half of 2025, the company achieved revenue of approximately 479 million CNY, a year-on-year increase of 31.67% [2] - The net profit for the same period was approximately 95 million CNY, reflecting a year-on-year growth of 17.70% [2] - In Q2 2025, the company reported revenue of approximately 249 million CNY and a net profit of about 47.5 million CNY, showing a slight increase compared to the previous quarter [2] Revenue Breakdown - Functional protective sleeves generated revenue of approximately 1.23 billion CNY, a year-on-year increase of 22.97% [2] - Other products accounted for approximately 356 million CNY in revenue, marking a significant year-on-year growth of 65.65% [2] - Domestic revenue reached approximately 395 million CNY, up 38.38% year-on-year, while overseas revenue was about 83.95 million CNY, growing by 7.23% [2] Industry and Market Insights - The automotive sector is the primary application area, contributing approximately 324.4 million CNY in revenue, a year-on-year increase of 43.32%, accounting for 67.79% of total revenue [2] - Revenue from the new energy vehicle sector reached approximately 144.74 million CNY, reflecting a growth of 54.70% [2] - The company’s products are also applied in engineering machinery, communications electronics, and rail transit, with respective revenue contributions of about 10%, 12%, and 3% [4] Competitive Landscape - The market for functional protective sleeves is fragmented, with competition from multinational corporations, domestic leaders, and small-scale manufacturers [6] - The company is recognized as a leading domestic enterprise in the polymer modified protective materials sector, with product performance comparable to foreign competitors [10] Production and Capacity - Major manufacturing capacities are located in Dongguan, Jiangmen, and Suzhou, with additional bases in Shenzhen, Wuhan, Chongqing, and Mexico [8] - The company plans to expand its production capacity with a new project in Dongguan, covering approximately 68,000 square meters, expected to be operational by mid-next year [12] Pricing and Cost Structure - Material costs constitute 65.20% of the main business costs, influenced by fluctuations in upstream prices of raw materials [15] - The company employs a flexible pricing strategy based on customer requirements and market competition, leading to variations in pricing across different industries [8] Research and Development - The company is exploring applications in emerging fields such as humanoid robotics, with ongoing product testing and validation [5] - The R&D efforts are characterized by high uncertainty, with no significant impact on current operations expected from these projects [5] Customer Base and Growth - Revenue growth is primarily driven by existing customers, with stable relationships leading to increased procurement volumes [9] - New customer acquisitions include Stellantis, contributing a minor proportion to overall revenue [9]

Core Insights - The company reported a revenue of 479 million yuan for the first half of 2025, representing a year-on-year growth of 31.67% [1] - The net profit attributable to shareholders reached 95 million yuan, with a year-on-year increase of 17.70% [1] - The gross margin was 41.03% and the net margin was 19.76% for the first half of 2025 [1] Revenue Breakdown - Functional protective casing contributed significantly to revenue, achieving 356 million yuan in the first half of 2025, a year-on-year growth of 22.97%, accounting for 74.34% of total revenue [2] - The automotive sector showed robust performance with a revenue of 324 million yuan, growing by 43.32% year-on-year, representing 67.79% of total revenue [2] - The new energy vehicle segment generated 145 million yuan, marking a year-on-year increase of 54.70% [2] Emerging Markets and New Products - The company is actively developing emerging sectors such as humanoid robots, low-altitude economy, photovoltaics, wind power, energy storage, and healthcare [2] - In the energy storage sector, new products like exhaust valves and liquid cooling pipes for ultra-fast charging harnesses have been successfully launched [2] - Initial business discussions have begun with notable clients in the low-altitude flying car sector, indicating a forward-looking approach in emerging fields [2] International Expansion - The company is expanding its production capacity, with the "Functional Protective Material Headquarters Project" in East China reaching operational status [3] - A subsidiary has been established in Mexico, and plans for investment in Morocco are underway, aiming for a dual-driven strategy of domestic and international growth [3] - Future plans include exploring the feasibility of establishing sales networks, warehouses, and manufacturing plants in Southeast Asia based on downstream customer demand [3] Financial Projections - Revenue forecasts for 2025 to 2027 are 1.055 billion, 1.285 billion, and 1.539 billion yuan, with year-on-year growth rates of 22.0%, 21.8%, and 19.7% respectively [4] - Projected net profits for the same period are 214 million, 273 million, and 336 million yuan, with growth rates of 21.4%, 27.8%, and 23.0% [4] - Corresponding EPS estimates are 2.73, 3.48, and 4.28 yuan, with PE ratios of 26.2, 20.5, and 16.7 times [4]

Core Viewpoint - The report highlights the strong performance of Jun Ding Da in the automotive sector and its strategic expansion into overseas markets, leading to a dual-driven growth model [1][2]. Financial Performance - In the first half of 2025, Jun Ding Da achieved revenue of 479 million yuan, a year-on-year increase of 31.67%, and a net profit attributable to shareholders of 95 million yuan, up 17.70% year-on-year [1]. - The gross margin for the first half of 2025 was 41.03%, while the net margin was 19.76% [1]. - In Q2 2025, the company reported revenue of 249 million yuan, a year-on-year increase of 25.59% and a quarter-on-quarter increase of 8.47%, with a net profit of 48 million yuan, reflecting a year-on-year growth of 36.66% and a quarter-on-quarter growth of 0.92% [1]. Product and Market Analysis - The functional protective casing segment showed steady growth, contributing significantly to revenue with 356 million yuan in the first half of 2025, a year-on-year increase of 22.97%, accounting for 74.34% of total revenue [1]. - The automotive sector is the primary application area, generating 324 million yuan in revenue, a year-on-year increase of 43.32%, representing 67.79% of total revenue [1]. - The new energy vehicle segment achieved revenue of 145 million yuan, marking a year-on-year growth of 54.70% [1]. Strategic Initiatives - The company is actively developing emerging fields such as humanoid robots, low-altitude economy, photovoltaics, wind power, energy storage, and healthcare [2]. - In the energy storage sector, new products like exhaust valves and liquid cooling pipes for supercharging harnesses have been successfully launched [2]. - The company has established a subsidiary in Mexico and plans to invest in Morocco, aiming to expand its international presence and create a dual-driven growth model [2]. Investment Outlook - Revenue projections for 2025 to 2027 are 1.055 billion yuan, 1.285 billion yuan, and 1.539 billion yuan, with year-on-year growth rates of 22.0%, 21.8%, and 19.7% respectively [3]. - Net profit forecasts for the same period are 214 million yuan, 273 million yuan, and 336 million yuan, with corresponding growth rates of 21.4%, 27.8%, and 23.0% [3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.73 yuan, 3.48 yuan, and 4.28 yuan, with price-to-earnings (PE) ratios of 26.2, 20.5, and 16.7 respectively [3].

Investment Rating - The report maintains a "Buy-B" rating for the company [1][8] Core Views - The company reported a revenue of 479 million yuan for the first half of 2025, representing a year-on-year growth of 31.67%, with a net profit attributable to shareholders of 95 million yuan, up 17.70% year-on-year [4] - The gross margin for the first half of 2025 was 41.03%, and the net margin was 19.76% [4] - The automotive sector showed strong performance, with revenue growth exceeding 40%, particularly in the new energy vehicle segment, which grew by 54.70% [5] - The company is actively expanding into emerging fields such as humanoid robots, low-altitude economy, photovoltaic, wind power, energy storage, and healthcare [5][6] Financial Performance - The company achieved a revenue of 356 million yuan from functional protective casings in the first half of 2025, a year-on-year increase of 22.97%, accounting for 74.34% of total revenue [5] - The company forecasts revenues of 1.055 billion yuan, 1.285 billion yuan, and 1.539 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 22.0%, 21.8%, and 19.7% [8][12] - The projected net profit for the same years is 214 million yuan, 273 million yuan, and 336 million yuan, with corresponding growth rates of 21.4%, 27.8%, and 23.0% [8][12] Market Position and Strategy - The company is expanding its production capacity and has established a subsidiary in Mexico, with plans for investment in Morocco and other Southeast Asian regions [6] - The company is focusing on building a dual-driven strategy with both domestic and international markets [6]

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a leading position in the market [4]. Core Insights - The new materials sector has shown a significant increase, with the new materials index rising by 5.69%, although it underperformed compared to the ChiNext index, which increased by 2.89% [4]. - The report highlights the growth potential in the humanoid robotics sector, with the global humanoid robot market expected to grow from $2.16 billion in 2023 to $32.4 billion by 2029, representing a compound annual growth rate (CAGR) of 57% [8]. - PEEK materials are identified as having excellent performance characteristics, suitable for humanoid robots, with the domestic market for PEEK materials projected to reach 2.1 billion yuan by 2025, a year-on-year growth of 10.53% [8]. Market Performance - The new materials sector has experienced various performance metrics, with specific indices showing the following increases over the past five trading days: synthetic biology index up 1.53%, semiconductor materials up 4.27%, electronic chemicals up 6.77%, biodegradable plastics up 3.16%, industrial gases up 8.51%, and battery chemicals up 5.74% [20]. - The report also notes that the basic chemical and new materials sectors have both risen, with the CSI 300 index increasing by 2.37% and the Shanghai Composite Index by 1.7% during the same period [16]. Price Tracking - The report provides a weekly price tracking of various chemical raw materials, including amino acids, biodegradable plastics, industrial gases, electronic chemicals, vitamins, and high-performance fibers, indicating fluctuations in prices for specific items [5][11]. - For instance, the price of valine is reported at 13,450 yuan per ton, showing a decrease of 3.24%, while the price of arginine remains unchanged at 23,250 yuan per ton [5]. Investment Recommendations - The report suggests focusing on companies involved in PEEK material production and modification, such as Zhongxin Fluorine Materials, Zhongyan Co., and Kent Co. Additionally, it recommends monitoring functional protective casing manufacturers like Jundingda, which are essential for protecting internal wiring in humanoid robots [8].

据证券之星公开数据整理，近期骏鼎达(301538)发布2025年中报。截至本报告期末，公司营业总收入 4.79亿元，同比上升31.67%，归母净利润9458.17万元，同比上升17.7%。按单季度数据看，第二季度营 业总收入2.49亿元，同比上升25.59%，第二季度归母净利润4750.66万元，同比上升36.66%。本报告期 骏鼎达应收账款上升，应收账款同比增幅达37.19%。 财报体检工具显示：建议关注公司应收账款状况(应收账款/利润已达186.44%) 分析师工具显示：证券研究员普遍预期2025年业绩在2.17亿元，每股收益均值在2.76元。 最近有知名机构关注了公司以下问题： 财务报表中对有大幅变动的财务项目的原因说明如下：营业收入变动幅度为31.67%,原因:公司对汽车行 业、通讯电子、工程机械三大主要应用领域的销售额持续增加，特别是汽车行业(含新能源汽车行业)销 售收入增长较快，同比增加43.32%。营业成本变动幅度为46.26%,原因:收入增长带动及产品结构变化。 财务费用变动幅度为88.98%,原因:汇率波动及利息收入减少、未确认融资费用增加。所得税费用变动幅 度为33.68%,原因:本期利润 ...

Group 1 - The company Jun Ding Da (SZ 301538) announced that on August 19, 2025, it received an investor research visit from Baoying Fund and other investors, with participation from the company's director and board secretary Liu Yaqin [2] - For the first half of 2025, the company's revenue composition was 74.34% from functional protective casing and 25.66% from other main businesses [2]