股 票 研 究 公司将积极应诉，海外布局加速推进 梅花生物(600873) 公司公告点评 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 27,761 | 25,069 | 26,389 | 28,297 | 30,048 | | (+/-)% | -0.6% | -9.7% | 5.3% | 7.2% | 6.2% | | 净利润(归母) | 3,181 | 2,740 | 3,200 | 3,456 | 3,728 | | (+/-)% | -27.8% | -13.8% | 16.8% | 8.0% | 7.9% | | 每股净收益(元) | 1.13 | 0.98 | 1.14 | 1.23 | 1.33 | | 净资产收益率(%) | 22.5% | 18.8% | 20.2% | 19.8% | 19.3% | | 市盈率(现价&最新股本摊薄) | 9.14 | 10.61 | 9.09 | 8.41 | 7.8 ...

证券代码：300993 证券简称：玉马科技 山东玉马遮阳科技股份有限公司 投资者关系活动记录表 编号：2025-005 | 投资者关系活 | 特定对象调研 □ □ | 分析师会议 | 媒体采访 □ | | | --- | --- | --- | --- | --- | | 动类别 | □ 业绩说明会 □ | 新闻发布会 | □ 路演活动 | | | | 现场参观 □ | √其他-电话采访 | | | | | 国泰海通证券 | 毛宇翔 | 上海美市科技 | 张震 | | | 百年人寿保险 | 裘歆骅 | 诺德基金 | 姜禄彦 | | | 循远资产 | 田超平 | WT China Fund | Xinyue | | | | | Limited | | | | 华夏久盈资产 | 桑永亮 | 中国民生银行 | 唐谷军 | | | 九泰基金 | 赵万隆 | 深圳通和私募 | 孙艳荣 | | | 申万宏源证券资产 | 陈旻 | 国投瑞银基金 | 叶亦涛 | | 参与人员姓名 | | | Taikang Asset | | | | 福建知止掇金资产 | 米永峰 | Management HK | NancyYin | | ...

玉马科技 20251119 摘要 玉马科技 2025 年前三季度营收 5.53 亿元，同比增长略超去年同期，但 归母净利润同比下降约 13%，主要受股权激励费用、利息收入波动及研 发投入增加影响，扣除非经营性因素后净利润基本持平。 公司通过加大销售推广、新产品研发和成本控制，应对关税政策不确定 性，尤其是在美国市场，并对 2026 年增长持乐观态度，前提是关税政 策无重大不利影响。 近期客户拜访显示，欧洲市场稳定，北美市场对供应链担忧减弱，拉丁 美洲老客户追加订单，新客户转向玉马科技，东南亚市场表现良好，全 球市场情绪积极，对 2026 年充满信心。 玉马科技管理层已明确继续推进海外产能布局，以应对全球政策变动风 险和中长期成本控制，并提高区域市场占有率，计划春节前确定海外选 址方案。 功能性遮阳材料赛道垂直，竞争对手较少，玉马科技凭借技术优势、高 品质产品和全球服务，与 70 多国建立合作，在欧美亚主要出口地区保 持领先地位。 Q&A 请介绍一下玉马科技在 2025 年三季度以来的经营情况及四季度的新趋势。 玉马科技是一家集功能性遮阳材料研发、生产和销售于一体的高新技术企业， 产品主要用于建筑内外遮阳、节能 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In the first three quarters of 2025, the company achieved revenue of 3.63 billion yuan, a year-on-year increase of 1.5%, while the net profit attributable to the parent company was 580 million yuan, a year-on-year decrease of 6.5% [2][4]. - The third quarter alone saw revenue of 1.29 billion yuan, a year-on-year increase of 0.9%, and a net profit of 210 million yuan, a year-on-year increase of 3.0% [2][4]. - The gross profit margin improved by 0.9 percentage points to 45.2% in Q3 2025, indicating stable profitability despite weak market demand [10]. Summary by Sections Financial Performance - Revenue for the first three quarters of 2025 was 3.63 billion yuan, with a net profit of 580 million yuan, reflecting a decline in profitability [2][4]. - Q3 2025 results showed a revenue of 1.29 billion yuan and a net profit of 210 million yuan, indicating a slight recovery in performance [2][4]. Market Outlook - The company expects revenue growth to improve, particularly in overseas markets, with Q3 showing a significant recovery from Q2's decline [10]. - The company is positioned well in the zipper industry with overseas production capacity, which is expected to support future growth [10]. Profitability Metrics - The gross profit margin for Q3 2025 was 45.2%, with a net profit margin of 16.5%, reflecting the company's resilience in maintaining profitability amid market challenges [10].

Core Viewpoint - Jia Yi Co., Ltd. has announced that Vietnam is the preferred location for its overseas capacity layout due to its cultural, geographical, transportation, and demographic similarities with China, which facilitate corporate culture development and employee management [2] Group 1 - Vietnam's cultural environment, geographical location, transportation conditions, and population structure are highly similar to China's, aiding in corporate culture establishment and employee management [2] - Vietnam is strategically located in Southeast Asia, close to major international shipping routes, providing significant advantages in overall costs and supply chain stability [2] - The company considers Vietnam as the optimal choice for its overseas production capacity expansion [2]

Group 1: Company Overview - The company is Zhejiang Jiayi Thermal Insulation Technology Co., Ltd., with stock code 301004 and bond code 123250 [1] - The investor relations activity was recorded on November 10, 2025, at the Jiayi Vietnam company meeting room [3] Group 2: Production and Supply Chain in Vietnam - The production efficiency at the Vietnam facility is improving steadily, with certifications for quality, social responsibility, safety, and environmental systems completed [3] - The localization rate of raw materials at the Vietnam base has reached a high level, with key materials like stainless steel and silicone sourced locally [3] - The Vietnam facility has comparable equipment and process levels to the Chinese base, with some processes previously outsourced now being self-manufactured [3] Group 3: Strategic Rationale for Overseas Expansion - Vietnam's cultural, geographical, and logistical similarities to China facilitate management and communication, making it an ideal location for overseas capacity [4] - The establishment of the Vietnam factory aligns with the company's strategic goals for internationalization and enhancing global market competitiveness [5] Group 4: Financial Planning and Future Outlook - The company plans to maintain a steady capital expenditure approach while focusing on improving the efficiency and management of the Vietnam factory [6] - A high dividend payout ratio has been maintained in recent years, with a commitment to sustainable shareholder returns [6] Group 5: Industry Trends - The thermal insulation cup manufacturing industry is undergoing a global supply chain restructuring, with a shift from cost-driven competition to a focus on manufacturing systems and local supply chain capabilities [7] - Companies with stable overseas production and quick customer response capabilities will be better positioned in the industry's trend towards high-end, diversified, and international development [8]

Core Viewpoint - Xinbao Co., Ltd. announced the ongoing construction of its second phase of the manufacturing base in Indonesia, which has already achieved a certain scale of production capacity [2] Group 1: Manufacturing Capacity - The design capacity of the Indonesian manufacturing base is expected to meet most of the demand from the company's existing target customers in the United States once fully operational [2] - The company is currently assessing the order rhythm from U.S. customers, which remains primarily focused on domestic production [2] Group 2: External Factors - Changes in U.S. tariff policies towards China may lead to fluctuations in the demand from U.S. target customers, prompting a reevaluation of order placements [2] - The company will continue to consider external environmental changes, the stability of relevant tariff policies, customer demand, and the operational status and profitability of the Indonesian manufacturing base in its strategic planning [2]

Summary of the Conference Call for Senqilin Company Overview - **Company**: Senqilin - **Industry**: Tire Manufacturing Key Financial Metrics - **Q3 Revenue**: 2.318 billion CNY, up 3.94% YoY, up 12.35% QoQ [2][3] - **Net Profit**: 343 million CNY, down 47.03% YoY, up 10.56% QoQ [2][3] - **Sales Volume**: 8.44 million units, up 2.36% YoY, up approximately 12% QoQ [2][5] - **Gross Margin**: 23%, down 8.73 percentage points YoY, down approximately 3.42 percentage points QoQ [2][5] Operational Highlights - **Production Capacity**: Over two-thirds of production capacity is located overseas, with significant contributions from the Morocco factory expected by 2026 [2][9] - **Customer Transition**: Completed customer transition to avoid tariff risks related to EU anti-dumping measures [4][10] - **Material Costs**: Raw material cost management remains stable, with expectations of low prices in the coming year [11] Challenges and Risks - **Morocco Factory Issues**: Facing power supply problems, expected to be resolved by the end of November, which has slowed production ramp-up [2][6] - **Impact of US Tariffs**: Current tariffs have not significantly impacted demand, but future adjustments may be necessary as EU anti-dumping measures come into effect [19] Market Dynamics - **EU Anti-Dumping Measures**: Expected to shift demand from Chinese imports to overseas production, benefiting companies like Senqilin with overseas factories [7][10] - **Global Tire Market Changes**: Major international brands are reducing production capacity, creating opportunities for Chinese tire manufacturers to capture market share [15] Future Outlook - **Sales Projections**: Anticipated sales of 10 million units from the Morocco factory by 2026, with a strong focus on EU retail customers and the US replacement market [6][20] - **Gross Margin Expectations**: While domestic competition may pressure margins, strong customer relationships in non-EU markets may mitigate risks [13][22] - **Overall Sentiment**: Positive outlook for 2026, with expectations of increased overseas capacity and potential price increases to offset domestic pressures [22]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 1.756 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19%. However, the net profit attributable to shareholders decreased by 29% to 72 million yuan [4][7] - The decline in net profit is attributed to significant investments in new product molds and the initial costs associated with subsidiaries [7] - The company is expanding its product categories, particularly in air fryers and coffee machines, which are expected to contribute to revenue growth in the future [7] - The company has successfully established itself as a key supplier for several well-known domestic and international brands [7] Financial Data and Profit Forecast - For 2025, the company is projected to achieve a total revenue of 2.441 billion yuan, with a year-on-year growth rate of 18.6% [6] - The net profit attributable to shareholders is expected to be 153 million yuan in 2025, reflecting a growth of 9.9% [6] - The gross margin is forecasted to improve gradually as new products ramp up production, with an expected gross margin of 14.3% in 2025 [6][7] - The company plans to enhance its overseas production capacity, with ongoing developments in its Thailand facility [7]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1]. Core Insights - The company reported a revenue of 1.756 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19%. However, the net profit attributable to shareholders decreased by 29% to 72 million yuan, and the net profit after deducting non-recurring items fell by 33% to 66 million yuan [4][7]. - The decline in profit is attributed to significant investments in new product molds and the initial costs associated with the startup phase of subsidiaries. Despite this, the company is expanding its product categories, particularly in air fryers and coffee machines, which are expected to contribute to revenue growth in the future [7]. - The company has successfully established itself as a key supplier for several well-known domestic and international brands, enhancing its market position [7]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2.441 billion yuan in 2025, with a year-on-year growth rate of 18.6%. The net profit attributable to shareholders is expected to be 153 million yuan, reflecting a growth of 9.9% [6][9]. - The gross margin is forecasted to improve gradually as new products ramp up production, with an estimated gross margin of 14.3% in 2025 [6]. - The company’s earnings per share (EPS) is projected to be 0.82 yuan in 2025, with a price-to-earnings (P/E) ratio of 24 times [6][9].