证券代码：002372 证券简称：伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 编号：2025-020 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 √其他：投资者接待日活动 | | 参与单位名称及人 | 长江证券：李浩；西南证券：笪文钊；华泰证券：樊星辰；中信证券：李家明；东 | | | 吴证券：房大磊；利檀投资：郭瑜、毛志伟；高盛：郑睿丰；招商证券：郑晓刚、 | | | 袁定云；国泰海通：花健祎、冯晨阳；中泰证券：万静远；广发证券：吴红艳；中 | | | 金公司：刘嘉忱；光大证券：鲁俊；兴业证券：陈宣屹；国投证券：陈依凡；天风 | | | 证券：王雯；方正证券：黄雪茹；平安证券：郑南宏；财通证券：陈琳云；西部证 | | | 券：陈默婧；国联民生：朱思敏；国金证券：罗逸然；华源证券：唐志玮；国盛证 | | 员姓名 | 券：陈冠宇；博时基金：王凌霄；工银瑞信：文杰；摩根基金：杨文超；天井投资： | | | 吴海云、张汉卿；鑫元基金：汪壑；长城财富保险资管： ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 5.44 billion yuan in the first half of 2025, a decrease of 15.31%, with a net profit of 5.63 billion yuan, down by 9.89% [7] - The company's CDMO business is experiencing rapid growth, with revenue increasing by 20.32% to 12.36 billion yuan, while the raw material drug business faced challenges, with revenue declining by 23.41% to 36.03 billion yuan [7] - The company is expected to achieve revenues of 10.896 billion yuan, 11.512 billion yuan, and 13.081 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.028 billion yuan, 1.224 billion yuan, and 1.477 billion yuan [7] Financial Performance Summary - Revenue for 2023A was 11,474 million yuan, with a growth rate of 8.8%, while the forecast for 2025E is 10,896 million yuan, reflecting a decline of 9.4% [6][8] - The net profit for 2023A was 1,055 million yuan, with a growth rate of 6.7%, and is expected to be 1,028 million yuan in 2025E, showing a slight decline of 0.3% [6][8] - The company's gross margin for the first half of 2025 was 25.73%, an increase of 1.03 percentage points compared to the previous period [7] Business Structure and Strategy - The company has formed a "funnel" model for its CDMO project structure, with 1,180 ongoing projects, of which 377 are in the commercialization stage [7] - The company is advancing its business transformation strategy, focusing on "starting raw materials + registered intermediates + API + formulations," with a total of 134 API projects [7] - The company is accelerating its "multi-variety" strategy in the formulation business, with 68 projects under research, including a semaglutide injection that has entered phase III clinical trials [7]

Core Viewpoint - The company, Anyuan Coal Industry Group Co., Ltd., is undergoing a significant asset swap and related party transaction, which involves exchanging its coal-related assets for a 57% stake in Ganzhou Jinhui Magnetic Selection Technology Co., Ltd. This transaction aims to transform the company's core business from coal mining to magnetic selection equipment manufacturing, enhancing its asset quality and profitability [1][10][11]. Group 1: Transaction Overview - The transaction involves the swap of all remaining assets and liabilities of the company, excluding retained assets and liabilities, for an equivalent value of the 57% stake in Jinhui Magnetic Selection [8][10]. - The transaction price for the assets being swapped is approximately 36,869.86 million yuan for the incoming assets and 36,977.10 million yuan for the outgoing assets [8][10]. - The transaction is classified as a major asset restructuring and constitutes a related party transaction [8][10]. Group 2: Financial Impact - Before the transaction, the company's total assets were approximately 581,201.75 million yuan, with total liabilities of 580,556.04 million yuan. Post-transaction, total assets are expected to decrease to about 87,133.38 million yuan, and total liabilities to approximately 48,521.21 million yuan [11][12]. - The company's net profit is projected to improve from a loss of 12,075.35 million yuan before the transaction to a profit of 497.20 million yuan afterward [11][12]. - Key financial ratios such as the asset-liability ratio will significantly decrease from 99.89% to 55.69%, indicating improved financial health [12]. Group 3: Business Transformation - The company's core business will shift from coal mining to the research, production, and sales of magnetic selection equipment, which is expected to align with market demands in the mining and environmental sectors [10][11]. - The magnetic selection equipment industry is experiencing growth due to increasing global demand for mineral resources and environmental regulations [10][11]. Group 4: Governance and Compliance - The transaction has undergone necessary decision-making and approval processes, including approval from the board of directors [13]. - The company has committed to ensuring fair pricing and compliance with relevant regulations throughout the transaction process [15][16]. - Independent financial and legal advisors have been engaged to ensure the transaction's fairness and transparency [15][19].

Group 1: Research Overview - The research object is Nanwang Energy, belonging to the professional services industry, and the reception time was on July 25, 2025. The listed company's reception staff included Cheng Guohui and Ren Yanran from the Board of Directors' Work Department [17] - The institution involved in the research is Western Securities, and the reception object is Liu Ronghui [20] Group 2: Core Views - The company's overall business performance in 2025 is expected to be positive. The core industrial and building energy - saving businesses are expected to continue to grow steadily, the impact of biomass business on performance has significantly decreased, and the implementation of various plans and organizational adjustments will support the transformation and improve the company's operation level [33] Group 3: Company Business Details Business Transformation - The company released the 2025 annual key implementation plan for its strategic plan at the beginning of the year, shifting the business structure from "investment holding" to "investment holding + high - end services" and expanding the business type from "comprehensive energy" to "comprehensive energy+energy conservation and carbon reduction" [24] - To promote transformation, the company has optimized business layout, established a digital service company, and adjusted the organizational structure [24] Biomass Power Plants - The company applied to the court for the bankruptcy of Yangshan and Changling biomass project companies in December 2024, and the court has accepted the applications. The Tengxian and Chishui projects are in normal operation, with the Tengxian project achieving profitability in the first quarter of this year [27] Distributed Photovoltaic Projects - The company's operating distributed photovoltaic projects are mainly concentrated in the five - province region of China Southern Power Grid, accounting for about 70% of the project installed capacity. The main customers are industrial and commercial users from multiple industries, including many large - scale enterprises [28] Building Energy - Saving Projects - The company provides comprehensive energy - saving services for existing buildings and one - stop comprehensive energy - saving services for new buildings. The income sources include energy trusteeship, energy - saving benefit sharing, and charging based on supply volume [30] - In 2024, the gross profit margin of the building energy - saving business decreased due to factors such as reduced power savings in individual projects and increased transformation costs. In the future, the company will focus on key directions, regions, and industries, and extend to carbon - related businesses [31][32] Renewable Energy Subsidies - The company attaches great importance to project compliance and actively cooperates with the renewable energy power generation subsidy verification work. There is uncertainty in the payment speed and proportion of receivable renewable energy subsidies, and there may be a risk of subsidy income reduction [34]

Core Viewpoint - Company is undergoing a strategic transformation from a focus on "investment holding" to a dual emphasis on "investment holding + high-end services" and expanding its business scope to include "comprehensive energy + energy conservation and carbon reduction" [2] Business Transformation - The company has launched a strategic plan for 2025, focusing on optimizing its business structure and expanding into high-end services, including consulting, design, construction, operation, and energy trading services [2] - Initiatives such as the "Energy Conservation Business Doubling Plan" and "Service Doubling Plan" are being implemented to strengthen the energy conservation and carbon reduction business [2] - A digital services company has been established to support the transition towards a dual focus on investment and high-end services [2] Biomass Power Plant Operations - The company has applied for bankruptcy for two biomass project companies, with the court accepting the applications, while other projects like the Fengtian and Chishui projects are operating normally and have achieved profitability [3] Distributed Photovoltaic Projects - The company's distributed photovoltaic projects are primarily located in five provinces of the southern power grid, with approximately 70% of installed capacity targeting industrial and commercial users [4] Building Energy Efficiency Projects - The company provides comprehensive energy-saving services for existing buildings and efficient energy supply systems for new constructions, with revenue derived from energy management, profit-sharing based on energy savings, and service fees [5] - The decline in gross margin for building energy efficiency projects in 2024 is attributed to reduced electricity savings and increased project costs, with future strategies focusing on energy-saving renovations in public institutions and key industries [5] Financial Performance - For Q1 2025, the company reported a main revenue of 693 million yuan, a year-on-year increase of 20.35%, and a net profit of approximately 91.34 million yuan, up 1.65% year-on-year [8] - The company has a debt ratio of 64.6% and an investment income of approximately 11.7 million yuan, with a gross margin of 34.67% [8] Market Outlook - The company anticipates a positive outlook for 2025, driven by stable growth in core industrial and building energy efficiency sectors, and a reduced impact from biomass operations [7] - The company is actively monitoring renewable energy subsidy policies and is prepared for potential adjustments in subsidy payments [7]

Business Transformation and Strategy - The company has initiated a strategic plan for 2025, shifting its business focus from "investment holding" to a dual approach of "investment holding + high-end services" [2] - Key initiatives include the implementation of energy-saving business plans and the establishment of a digital services company to support the transition [3] Energy Efficiency and Services - The company is expanding its energy-saving services, focusing on both existing buildings and new constructions, with revenue sources including energy management and profit-sharing based on energy savings [5] - The gross profit margin for energy-saving projects is expected to decline in 2024 due to reduced electricity savings and increased project costs, prompting a strategic focus on key sectors such as public institutions and transportation [6] Biomass Projects and Financial Outlook - The company has filed for bankruptcy for two biomass project companies, with ongoing operations for others showing improvement, such as the successful operation of the Tengxian project [3] - The overall business outlook for 2025 is positive, driven by stable growth in industrial and building energy-saving sectors, and reduced impact from biomass projects [6] Market Presence and Client Distribution - The company's distributed photovoltaic projects are primarily located in five provinces, accounting for approximately 70% of installed capacity, serving major industries including automotive and pharmaceuticals [3] Risk Management and Compliance - The company is actively monitoring renewable energy subsidy policies, acknowledging potential risks of subsidy reductions for other projects following the biomass subsidy cuts [6]

Group 1 - The company expects a positive performance forecast for the period from January 1, 2025, to June 30, 2025, indicating an upward trend [2] - The company achieved a net profit attributable to shareholders of 431 million yuan, representing a year-on-year increase of 225.90%, primarily driven by growth in investment and wealth management business revenues [3] - As of June 30, 2025, the company's total assets amounted to 98.667 billion yuan, reflecting a growth of 10.83% compared to the beginning of the year [3] Group 2 - The company has implemented significant measures to optimize its three main business lines: large investments, wealth management, and investment banking, enhancing asset allocation efficiency and accelerating business model transformation [3] - After distributing 281 million yuan in cash dividends, the equity attributable to shareholders was 19.324 billion yuan, showing a growth of 1.07% from the beginning of the year [3]

Performance Forecast - The company expects a significant increase in performance for the period from January 1, 2025, to June 30, 2025, with projected profits ranging from 478 million to 553 million yuan [1] - The net profit attributable to shareholders is forecasted to grow by 52% to 76% compared to the same period last year, with last year's figure being 313.873 million yuan [1] - The basic earnings per share are estimated to be between 0.43 yuan and 0.51 yuan, compared to 0.26 yuan in the same period last year [1] Business Performance Drivers - The company attributes the performance increase to successful business transformation and upgrades, as well as a strong focus on functional positioning to support high-quality economic development [1] - Major business segments, including proprietary investment income and net commission income from brokerage services, have shown substantial growth compared to the previous year [1]

Core Viewpoint - Recently, Aofei Entertainment announced its summer release plan for multiple films, including "Pleasant Goat and Big Big Wolf: Dawn of the Foreign Country," attracting attention. Despite owning numerous classic IPs, the company's performance has been declining in recent years, with a significant loss in 2024 attributed to high asset impairment and weak performance in its core animation business [1][2]. Financial Performance - Aofei Entertainment's revenue peaked at 3.642 billion yuan in 2017 but has been declining since 2018, with a slight fluctuation in recent years. In 2023, the company achieved a net profit of 56.28 million yuan after three consecutive years of losses. However, in 2024, it faced a significant loss again, with revenue of 2.715 billion yuan, a year-on-year decrease of 0.86%, and a net profit of -288 million yuan, a staggering drop of 610.72% [2][4]. - The company reported a total impairment loss of 412 million yuan in 2024, including goodwill impairment of 214.8 million yuan and long-term equity investment impairment of 124 million yuan [2][3]. Core Business Challenges - Aofei Entertainment's core toy sales business has seen a severe decline, with revenue dropping to 1.0256 billion yuan in 2024, a year-on-year decrease of 12.13%, and a significant reduction compared to 1.955 billion yuan in 2017. The revenue contribution from this segment fell from 53.68% in 2017 to 37.77% in 2024 [5][6]. - The company has acknowledged the need for transformation in its toy business to cover a broader demographic and is accelerating the development of trendy toy products targeting younger consumers [6]. Growth in Baby Products - The baby products segment has become a new growth engine for Aofei Entertainment, achieving revenue of 1.212 billion yuan in 2024, a year-on-year increase of 13.03%. This segment's revenue contribution rose from 39.16% to 44.64%, surpassing the toy business [7][8]. - However, this segment's growth is heavily reliant on the U.S. market, which poses significant uncertainty due to potential changes in U.S. tariff policies. In 2024, over 40% of the company's total revenue came from U.S. sales [7][8]. Domestic Market Decline - Aofei Entertainment's domestic revenue has significantly declined, with 2024 domestic revenue at 1.264 billion yuan, a year-on-year decrease of 7.05%, and a 43.9% drop compared to 2.252 billion yuan in 2017. The domestic revenue contribution fell from 61.83% in 2017 to 46.56% in 2024 [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The change in the company's chairman will not affect the strategic position of Yiwu and the Small Commodity City as a crucial hub for non-US exports. The ongoing reforms in Yiwu's international trade and the business transformation of the Small Commodity City are expected to continue driving high growth trends [7] - The company’s major shareholder has completed its share buyback plan, demonstrating confidence in the company's future development and long-term investment value [7] - The company is actively pursuing new market recruitment, with the toy and beauty markets currently open for recruitment, indicating ongoing expansion efforts [7] - The financial forecasts for the company show significant growth in revenue and net profit over the next few years, with projected net profits of 4.23 billion, 5.71 billion, and 6.83 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 38%, 35%, and 19% [7] Financial Projections - Total revenue is projected to reach 15.74 billion RMB in 2024, growing to 33.23 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 21.68% [1][8] - The company's net profit is expected to increase from 3.07 billion RMB in 2024 to 6.83 billion RMB in 2027, with a CAGR of 19.46% [1][8] - The earnings per share (EPS) is forecasted to rise from 0.56 RMB in 2024 to 1.24 RMB in 2027, indicating strong profitability growth [1][8] Market Data - The closing price of the company's stock is 19.58 RMB, with a market capitalization of approximately 107.37 billion RMB [5] - The company has a price-to-earnings (P/E) ratio of 34.93 based on the latest diluted EPS [1][5]