时代新材 20250907 摘要 弹性。 时代新材的新材料业务板块发展情况如何？ 时代新材的新材料业务板块近年来取得显著进展，尤其是在高分子材料领域， 包括高端聚氨酯、HPRTM 和有机硅。这些材料主要应用于多个下游领域，为 公司打开新的增长天花板。作为中车旗下的重要子公司，时代新材负责推进新 材料业务的发展。 自 2021 年至 2024 年期间，公司整体收入和利润稳步加速 上行，并在 2024 年创历史新高。今年（2025 年）7 月，公司通过定增募集 13 亿元资金，用于创新中心智能项目及轨道交通、工业工程等产线技术升级与 扩展。此外，公司实施股权激励计划，并逐步解禁，对业绩目标提出明确要求。 这一系列举措表明公司正迈入业绩成长期，并通过现金分红逐步提升股东回报。 总体来看，新材料业务成为公司未来发展的重要支撑点，将为其带来持续增长 动力。 公司新材料业务的主要应用领域及其发展情况如何？ 公司新材料业务涵盖多个领域，包括聚氨酯块、有机硅产品和高压树脂材料。 聚氨酯块主要用于汽车悬架系统，具有减震和轻量化功能，并在风电叶片前缘 保护方面发挥重要作用。有机硅产品则主要应用于新能源电池的 pack 壳体， 以 ...

Core Viewpoint - In a challenging market environment characterized by falling coal prices and increased volatility, the company has demonstrated resilience and stability in its mid-term performance, contributing to the high-quality development of the coal industry [1][2]. Group 1: Financial Performance - For the first half of 2025, the company's total revenue reached 2.51 billion RMB, remaining stable year-on-year, outperforming industry peers [2]. - The gross margin was approximately 46.9%, and the net margin was around 22.2%, indicating significant profit resilience [1]. - Despite a decline in profits due to falling coal prices, the company reported a pre-tax profit of 860 million RMB, a decrease of 41.5%, which is notably better than the industry average [2]. Group 2: Dividend Policy - The company has maintained a generous dividend policy, announcing an interim dividend of 0.05 HKD per share for the first half of 2025, with a payout ratio of 68.8% [3]. - Cumulatively, the company has distributed 3.71 billion HKD in dividends from 2022 to 2024, with payout ratios increasing to 69.7% in 2024 [3]. - The latest trailing twelve months (TTM) dividend yield is approximately 11.3%, suggesting that investors could recover their entire investment cost through dividends in 8-9 years [3]. Group 3: Growth Strategy - The company is pursuing a dual growth strategy by integrating coal mining projects in Ningxia and South Africa, aiming to expand its operational capacity [4]. - The Ningxia Yong'an coal mine has begun trial operations, with initial products gaining positive market reception due to their quality [4]. - The South African MC Mining project, which the company has increased its stake in, is expected to become a significant growth driver, with plans for production and operation to commence by the end of this year [4]. Group 4: Market Positioning - The company has positioned itself as a high-dividend stock within the coal sector, appealing to investors seeking stable returns amidst market volatility [3][5]. - The combination of high-quality resources, effective cost management, and robust cash flow has allowed the company to maintain profitability during industry downturns [5]. - The strategic focus on both defensive and growth-oriented initiatives makes the company an attractive long-term investment option for those seeking a balance of stability and growth potential [5].

Core Viewpoint - China Merchants Industry is a global leader in specialized transportation vessels, with new capacity expected to drive performance growth in the coming years [1] Company Overview - China Merchants Industry is projected to deliver a total of 65 new vessels between 2025 and 2026, equating to a total capacity of 3.75 million DWT, which represents 61% of the company's fleet capacity by the end of 2024 [1] - The rapid expansion of the fleet is anticipated to support significant performance growth [1] Business Segments - The company's pulp carrier business is expected to benefit from the rapid fleet expansion, stable domestic pulp consumption growth, and the expansion plans of overseas pulp mills, making it a key contributor to performance growth [1] - The supply side is constrained by aging vessels and environmental compliance requirements, indicating that the tight capacity situation is likely to persist in the short to medium term [1] Market Dynamics - The expansion of the automobile carrier fleet is expected to bring additional capacity, with a solid fundamental outlook [1] - The company has a strong competitive advantage and profitability, with potential policy benefits in the semi-submersible vessel market [1] Investment Outlook - Given the rapid expansion of the fleet, the company is expected to see considerable performance growth, and assuming a 50% dividend payout ratio over the next three years, it offers a dividend yield of 5-6% [1] - The company has initiated coverage with a "Buy" rating [1]