TMT(SH:600458) Changjiang Securities·2025-06-06 10:05Investment Rating - The investment rating for the company is "Buy" and is maintained [14]. Core Views - The company, Times New Materials, is a new materials platform under the state-owned enterprise China CRRC, 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 volumes and prices [3][8]. Summary by Sections Company Overview - Times New Materials focuses on the research and engineering application of polymer materials, extending its products into rubber, plastics, composite materials, and functional materials. The company has achieved large-scale engineering applications in industries such as rail transportation, industrial engineering, wind power, automotive parts, new materials, and special equipment. In 2024, the company is projected to achieve sales of 20.055 billion yuan, with a total workforce of 6,341, including 1,184 R&D personnel [22][27]. Wind Power Blades - The wind power blade industry is characterized by high concentration, with Times New Materials and China National Materials forming a dual-leader structure, together holding nearly 60% of the market share. The company has been enhancing its competitive advantages through deep cooperation with quality clients and improving operational efficiency. Despite overall industry losses in recent years, the company has maintained stable profitability, with expectations for wind power installations to accelerate in 2025, reaching 111 GW, a nearly 40% year-on-year increase [9][50][32]. New Materials - The new materials division is focusing on high-end polyurethane damping products, wear-resistant products, HP-RTM composite materials, and advanced organic silicon materials. The new materials industrial park is gradually being put into operation, which will enhance the company's scale advantages and further industrialize its R&D achievements, indicating broad long-term growth potential [10][28]. Automotive Sector - The automotive sector has seen strategic adjustments leading to operational improvements, with the company expected to turn profitable in 2024 and further solidify its results in 2025. There is significant potential for increasing the value per vehicle, as the company currently mainly supplies damping products and injection-molded parts, which have relatively low value per vehicle [11][29]. Rail Transportation & Industrial Engineering - The company is actively expanding production capacity and pursuing overseas market opportunities. It has established close collaborations with major global locomotive manufacturers and is expected to leverage its global factory resources to further penetrate international markets [12][29].