证券代码：301131 证券简称：聚赛龙 债券代码：123242 债券简称：赛龙转债 广州市聚赛龙工程塑料股份有限公司 投资者关系活动记录表 2、上游原材料成本与原油价格走势共振，请问公司是否采取相关 措施控制原材料价格波动对毛利的影响，比如通过原油期货合约对冲、 低价期囤货等方式？ 公司密切关注大宗商品价格波动情况，针对原材料价格波动风险， 采取了战略备货、灵活备货等多项措施。公司与供应商签订了长期供 货协议，通过稳定的合作关系保障原材料供应的同时避免因原材料价 格突发波动导致采购成本激增。公司目前不直接参与原油期货合约的 对冲操作。 3、2025 年前三季度，公司来自新能源汽车、AI 服务器、低空飞 行器客户的收入贡献如何？公司对 2025 年全年及未来 3 年来自这些新 兴领域的收入占比有何具体目标？ 公司产品主要下游领域为家电和汽车，其中汽车材料业务整体在 营收中占比超过 30%。在 AI 服务器和低空领域，公司仍处于技术储备 和市场拓展阶段，尚未形成规模性收入。总体而言，公司当前业务仍 集中在家电和汽车领域，现阶段新兴领域对营收不会造成重大影响。 未来公司将聚焦拓展新兴领域材料，加大研发投入、绑定头 ...

Core Viewpoint - Haomei New Materials (002988) plans to raise up to 1.897 billion yuan through a private placement to support the expansion of automotive lightweight aluminum profiles and components, R&D innovation center construction, smart upgrades of its production base in South China, and to supplement working capital [1][2]. Group 1: Fundraising and Investment Plans - The company intends to issue no more than 74.9255 million shares to raise funds not exceeding 1.897 billion yuan [1]. - A total of 232 million yuan will be allocated for the construction of an R&D innovation center focusing on automotive lightweight components, low-altitude aircraft, lightweight robotics, and high-performance cooling products [1][3]. - The company plans to invest 479 million yuan in expanding production capacity for high-performance aluminum profiles and components in East China, with a new production base in Anhui [2]. - An additional 554 million yuan will be directed towards expanding capacity in South China to meet the growing demand from customers [2]. Group 2: Business Growth and Market Position - Haomei New Materials is a leading domestic player in automotive lightweight aluminum materials, with a complete industrial chain from casting to deep processing [2]. - The company has secured over 400 automotive lightweight project designations by the end of 2024, with an additional 70 expected in the first half of 2025 [2]. - Revenue from the automotive lightweight business has grown from 168 million yuan in 2020 to 1.775 billion yuan in 2024, reflecting a compound annual growth rate of 80.29% [2]. Group 3: Strategic Expansion into New Markets - The company is actively expanding into new material and application fields centered around aluminum profiles, including low-altitude aircraft, humanoid robots, and liquid cooling systems [3]. - Aluminum and magnesium alloys are expected to have broad applications in low-altitude aircraft and humanoid robots due to their excellent strength-to-weight ratio [3]. - The construction of the R&D center is aimed at achieving core technological breakthroughs in emerging fields, enhancing the company's competitive advantage in the aluminum profile industry [3].

Core Viewpoint - The company, Haomei New Materials, plans to raise up to 1.897 billion yuan through a private placement to expand its production capacity in automotive lightweight aluminum materials and components, as well as to establish a research and development innovation center [2] Group 1: Fundraising and Investment Plans - The company intends to issue no more than 74.9255 million shares to raise funds primarily for expanding production capacity in East and South China, building a research and development center, and upgrading its production base [2] - A total of 232 million yuan will be allocated to the construction of the R&D innovation center, focusing on automotive lightweight components, low-altitude aircraft structures, robotic joints, and new liquid cooling products [2][3] Group 2: Business Growth and Market Position - The company is a leading domestic player in automotive lightweight aluminum materials, with a complete industrial chain from casting to deep processing, serving major automotive manufacturers [2][3] - The automotive lightweight business revenue has grown from 168 million yuan in 2020 to 1.775 billion yuan in 2024, with a compound annual growth rate of 80.29% [3] Group 3: Strategic Expansion into New Markets - The company plans to invest 479 million yuan in expanding production capacity for high-performance aluminum materials in East China and 554 million yuan in South China to meet increasing customer demand [3] - The strategic focus is also on emerging fields such as low-altitude aircraft, humanoid robots, and liquid cooling systems, leveraging the advantages of aluminum and magnesium alloys [3][4]

证券研究报告：汽车 | 公司点评报告 发布时间：2025-11-18 股票投资评级 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | | --- | --- | | 最新收盘价（元） | 9.71 | | 总股本/流通股本（亿股）9.95 / 9.20 | | | 总市值/流通市值（亿元）97 / 89 | | | 52 周内最高/最低价 | 14.93 / 9.62 | | 资产负债率(%) | 55.1% | | 市盈率 | 416.74 | | 第一大股东 | 孙锋峰 | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 金固股份(002488) 25Q3 盈利能力同比改善，低碳车轮产能布局提速 ⚫ 事件 金固股份发布 2025 年三季报，公司前三季度实现营业收入 30.86 亿元，同比+6.91%。实现归母净利润 0.42 亿元，同比+29.77%，实现 扣非归母净利润 0.35 亿元，同比+39.13%。 ⚫ 点评 增持|首次覆盖 个股表现 -5% 1% 7% 13% 19% 25% 31% 37% 43% 49 ...

Core Viewpoint - The company reported a revenue of 3.086 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.91%, and a net profit attributable to shareholders of 42 million yuan, up 29.77% year-on-year [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 963 million yuan, a year-on-year increase of 0.61% but a quarter-on-quarter decrease of 22.09%. The comprehensive gross margin was 17.38%, up 9.93 percentage points year-on-year and 6.09 percentage points quarter-on-quarter [2] - The net profit attributable to shareholders for Q3 was 12 million yuan, reflecting a year-on-year increase of 1.65%, with a corresponding net profit margin of 2.44%, up 1.22 percentage points year-on-year and 2.24 percentage points quarter-on-quarter [2] Group 2: Product Development and Sales - The sales of the Avatar low-carbon wheels have significantly increased, with a 44% year-on-year growth in product sales during Q3, and a remarkable 93% year-on-year increase in Avatar product sales [3] - To alleviate the production capacity constraints of high-margin Avatar low-carbon wheels, the company is converting some traditional wheel production lines into dedicated lines for Avatar low-carbon wheels [3] Group 3: Strategic Expansion - The company is set to launch its overseas factory, with the Thailand Avatar low-carbon wheel factory expected to commence production in early 2026. This is anticipated to drive international business growth alongside domestic operations [4] - The company is actively pursuing applications for materials like Avatar niobium micro-alloy in emerging fields such as intelligent robots and low-altitude aircraft, with structural components already provided to Zhiyuan Robotics for mass production within the year [4] Group 4: Investment Strategy - The company forecasts revenues of 3.767 billion, 5.697 billion, and 7.284 billion yuan for 2025-2027, with net profits of 63 million, 261 million, and 421 million yuan respectively. The current stock price corresponds to PE ratios of 154.24, 37.0, and 23.0 times [5]

Core Viewpoint - The company is focusing on the electric vehicle charging station market and is actively monitoring industry trends, including low-altitude aircraft, to seize market opportunities and expand its business [1] Company Summary - The company's charging stations are primarily compatible with new energy vehicles [1] - The company is committed to ongoing technical exchanges to keep up with market dynamics [1] - The company aims to continuously expand its business in response to market opportunities [1]

Core Viewpoint - The company, Sulian Co., has begun supplying components such as fluid pipelines, connectors, valves, and composite liquid cooling plates for low-altitude aircraft applications, indicating a strategic move into the EVTOL market [1] Group 1: Product Applications - The components produced by the company can be utilized in fuel, electric drive, and thermal management systems of low-altitude flying vehicles [1] - The company has started supplying products to clients like XPeng Huitian and has secured development tasks for other EVTOL products through battery-related business [1] Group 2: Market Expansion - The company is actively exploring application markets including low-altitude flying vehicles, ships, and rail transportation through channels such as OEMs, battery manufacturers, and BMS integrators [1]

Core Viewpoint - The company, Zhonghaidah (300177.SZ), is actively engaging in the development of embodied robots and their associated technologies, indicating a focus on various technical architectures and their applications in different fields [1] Group 1: Technology and Applications - Different technical architectures for embodied robots will utilize varying numbers of Inertial Measurement Units (IMUs), depending on the specific technology framework of the robot company [1] - The company's navigation positioning modules, high-precision antennas, and IMU modules can be applied in the flight control systems of low-altitude flying vehicles, providing essential spatial positioning and attitude judgment information [1] Group 2: Business Development - The company's high-precision positioning products for intelligent driving are primarily targeted at domestic automotive enterprises, with plans to expand both domestic and international business based on customer development [1]

Core Viewpoint - The company, Zhonghaidah (300177.SZ), is actively engaging in the development of embodied robots and their associated technologies, indicating a focus on various technical architectures and their applications in different fields, including low-altitude flying vehicles [1] Group 1: Technology and Applications - Different technical architectures for embodied robots will utilize varying numbers of Inertial Measurement Units (IMUs), depending on the specific technology framework of the robot company [1] - The company's navigation positioning modules, high-precision antennas, and IMU modules can be applied in the flight control systems of low-altitude flying vehicles, providing essential spatial positioning and attitude judgment information [1] Group 2: Business Development - The company's high-precision positioning products for intelligent driving are primarily targeted at domestic automotive enterprises, with plans to expand both domestic and international business based on customer development [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting significant growth in the coming years [4][7]. Core Insights - The company is successfully promoting its new material, Avanda niobium microalloy, and has established partnerships with various enterprises, indicating a strong market presence [1][4]. - The upgrade of production lines and the pre-emptive allocation of R&D expenses are expected to impact short-term performance, but the long-term outlook remains positive as production capacity for Avanda wheels is anticipated to meet growing demand [2][4]. - The upcoming launch of the Thailand factory is expected to drive international business growth, with several overseas projects already secured, including a significant contract with a leading global automotive company [3][4]. Financial Summary - The company forecasts revenue growth from 3,357 million in 2023 to 7,835 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 32.7% [5][12]. - Net profit is projected to rebound from 32 million in 2023 to 460 million by 2027, with a notable increase of 257.45% in 2026 [5][12]. - The earnings per share (EPS) is expected to rise from 0.03 in 2023 to 0.46 in 2027, indicating strong profitability growth [5][12]. Market Position and Strategy - The company is actively entering emerging sectors such as robotics and low-altitude aircraft, leveraging the unique properties of Avanda niobium microalloy, which offers significant weight reduction and cost savings compared to traditional materials [4][12]. - Collaborations with companies like Zhiyuan Robotics and Luming Robotics highlight the company's strategic focus on innovative applications of its materials [4][12].