TMT(SH:600458) Changjiang Securities·2025-06-06 02:00Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Views - The company, Times New Materials, is a new materials platform under the state-owned enterprise China CNR, showcasing strong competitiveness in recent years. The company has a solid foundation and is expected to continue growing across various sectors by 2025, particularly benefiting from the wind power segment, which is anticipated to contribute the most profit elasticity due to rising installation demand [4][7][21]. Summary by Sections Wind Power Blades - The wind power blade industry is highly concentrated, with Times New Materials and China National Materials forming a dual-leader structure, holding nearly 60% of the market share. The company has been improving its operational efficiency and profitability, achieving stable profits even during industry downturns. By 2025, wind power installations are expected to accelerate, reaching approximately 111 GW, a nearly 40% year-on-year increase, which will enhance profit margins for the company [8][45][38]. New Materials - The new materials division is focusing on high-end polyurethane products and advanced composite materials, with significant breakthroughs in market development and production capacity. The new materials industrial park is gradually being put into operation, which will further industrialize the company's R&D achievements and provide substantial growth potential in the long term [9][21]. Automotive - The automotive segment has successfully turned losses into profits through strategic adjustments, with a focus on enhancing the value per vehicle. The company is shifting production capacity from high-cost regions to lower-cost areas, which is expected to solidify its profitability by 2024 and expand growth potential in the medium to long term [10][21]. Rail Transit & Industrial Engineering - The company is actively expanding production capacity and pursuing overseas market opportunities. It has established close collaborations with major global locomotive manufacturers, which will facilitate further international expansion [11][21].