再升科技 20250804 摘要 再生科技拟收购麦克龙 49%股权，并委托表决权，交易估值约 4.7 亿元， 主要考虑到麦克龙未来盈利能力，特别是 2027 年的预期利润，并以 12 倍市盈率折算至 2026 年。 麦克龙 2024 年营收约 4.4 亿元，三分之一出口，客户包括美的、海尔、 海信等头部家电企业。主要产品为 VIP（真空绝热板），产能约 2,500 万片，集中在四川。未来计划根据客户订单需求快速扩产，一条生产线 资本开支约千万级别。 VIP 行业前景广阔，受益于 2026 年 6 月 1 日实施的冰箱新能效标准， 以及新能源车电池保温包、车载冰箱等应用，市场规模预计达 100-200 亿元。麦克龙市占率第二，客户优质，加入上市公司后，资质和订单获 取将显著改善。 收购麦克龙有助于再生科技拓展家电客户，实现资源整合和降本增效， 并改善上市公司治理结构，减少关联交易。预计整合产业链后，总体盈 利水平将提升，但具体提升幅度尚未进行细致财务测算。 麦克龙此前受股东债务问题影响订单获取，加入再生科技后，这些问题 将得到显著改善，有助于提升竞争力和业务拓展能力。2025 年业绩预 测低于 2024 年，主 ...

Summary of Conference Call on Saitex New Materials Industry Overview - The new refrigerator energy efficiency standards will be implemented on June 1, 2026, significantly raising efficiency level requirements. The previous national standard's first-level efficiency will only correspond to the fifth level under the new standards, prompting refrigerator manufacturers to adopt VIP (Vacuum Insulation Panels) to enhance volume efficiency and insulation performance. [2][4][11] Key Points and Arguments - The new standards introduce the concept of volume efficiency, directly impacting refrigerator energy consumption calculations and increasing the application of VIP panels, which are essential for high-efficiency refrigerators. Each refrigerator requires approximately 2-5 square meters of VIP material, depending on size and efficiency level. [2][6][7] - There is a significant difference in VIP panel penetration rates between domestic and international markets, with Japan and South Korea at 70%-80%, Europe and the US at 40%-50%, and China at only 20%-30%. The new standards are expected to gradually increase the average usage area of VIP panels in domestic refrigerators. [2][8] - Existing compressor and electronic control technologies have limited potential for improving energy efficiency. Saitex New Materials, as a VIP panel supplier, stands to benefit from the new energy efficiency standards, as its products can effectively support refrigerator manufacturers in meeting these standards. However, there has not yet been a large-scale production line commitment from refrigerator manufacturers to produce new models incorporating Saitex products. [2][3][17] Market Dynamics - Saitex New Materials holds a significant market share among leading refrigerator manufacturers, with some being sole suppliers, reflecting recognition of its product quality and scale advantages. However, the overall market share has not yet reached 50%. [3][18][19] - Sales and order conditions for VIP versions have remained strong in the first five months of the year, driven by energy efficiency improvements, an increase in innovative products, and national subsidy policies. [20] - The production capacity utilization rate for Saitex in the first five months of the year was nearly full, with the Anhui production base's utilization rate improving but not yet reaching headquarters levels. [21][22] Future Developments - Saitex currently operates three vacuum glass production lines, with an expected annual capacity of 500,000 pieces in the second half of the year, primarily focused on home appliances and construction materials. [23] - The company plans to expand into new areas over the next three to five years, including insulation for new energy vehicle batteries, industrial equipment, and construction materials, aiming for diversification in products and customers to promote revenue and profit growth. [24] Additional Insights - The new energy efficiency standards will not require major adjustments in refrigerator manufacturing processes, as Saitex's VIP panels are integrated into the internal structure of refrigerators, necessitating only minor procedural adjustments. [15] - The acceptance of VIP panels among mid-range refrigerator manufacturers remains low, with high-end models (priced above 5,000 yuan) being more likely to adopt VIP technology due to cost considerations. [15][16]