证券代码：301526 证券简称：国际复材 重庆国际复合材料股份有限公司 投资者关系活动记录表 编号：2025-008 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 □路演活动 □其他 (请文字说明其他活动内容) 参与单位名称及 人员姓名 国投证券股份有限公司：刘小凤 华泰证券股份有限公司：黄颖 时间 2025 年 11 月 19 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书：黄敦霞 财务部、运营管理部、董事会办公室相关人员 投资者关系活动 主要内容介绍 一、公司副总经理、董事会秘书黄敦霞介绍公司基本情况： 公司成立于 1991 年，是一家以研发、生产、销售玻璃纤 维及制品为核心业务的高新技术企业。玻璃纤维作为复合材料 的增强材料，具有轻质、高强、耐久、绿色环保等特点，广泛 运用于风电叶片、汽车及轨道交通、电子电器、航空航天等重 要领域。 经过 30 多年的砥砺奋进，公司现已在国内外多个国家和 地区建有生产基地，玻纤纱年产能超过 120 万吨，玻纤布年产 能达到 2 亿米，居全球前三。在清洁能源、5G 通讯、节能减 排等核心领域 ...

格隆汇11月16日｜中信建投发布研报称，中国是全球最大的稀土资源国、矿/冶生产国、消费国，具备 稀土全产业链优势。其中，据USGS数据，中国稀土资源储量约占全球40%，且南重北轻，拥有较为丰 富的、战略价值更高的中重稀土资源。稀土永磁是稀土消费最大的领域，保持高速增长。新能源汽车是 高性能钕铁硼材料需求拉动最明显的领域，未来需求占比约50%。由于新能源汽车、节能电机、风力发 电等领域的快速增长，预计2027年高性能钕铁硼磁材需求量将达到21.2万吨，年均复合增速13%。 ...

Core Viewpoint - Huangshan Valley Jiejie (301581.SZ) indicated that the proportion of its products used in wind power generation, photovoltaic power generation, and energy storage is relatively small [1] Group 1 - The company has a limited presence in the wind power generation sector [1] - The company's involvement in photovoltaic power generation is also minimal [1] - Energy storage applications represent a small fraction of the company's product usage [1]

Core Viewpoint - The article emphasizes the growth potential of the rare earth industry, particularly focusing on the company's strategic positioning and product development in response to increasing demand across various sectors, including electronics, robotics, and renewable energy [2][4][19]. Company Overview and Financial Data - The company, China Northern Rare Earth Group, has a rich history dating back to 1927, evolving through four strategic phases: foundational research, industrial expansion, full industry chain integration, and high-quality development [4]. - As of 2024, the company has 28 first-level subsidiaries and 17 second-level subsidiaries, covering all aspects of rare earth mining, separation, processing, and material manufacturing [8]. - The company achieved a total rare earth mining quota of 188,700 tons in 2024, maintaining a 69.9% share of the national quota [13]. Product and Revenue Structure - The company produces over 100 types of rare earth products, categorized into raw materials, functional materials, and end-use products [10]. - In 2024, the company reported a revenue of 32.97 billion yuan, a slight decrease of 1.58% year-on-year, with a net profit of 1.004 billion yuan, down 57.64% due to fluctuating prices of key products [15][19]. - The revenue structure shows a clear focus on rare earth products, which accounted for 72.25% of total revenue in 2024, while environmental services grew significantly [19]. Market Demand and Applications - The demand for rare earth materials is driven by their applications in consumer electronics, electric vehicles, and renewable energy technologies, with significant growth expected in the automotive sector [52][55]. - The company is positioned to benefit from the increasing demand for rare earth permanent magnets, particularly in electric vehicles and energy-efficient appliances [55][62]. Price Trends and Cost Structure - Rare earth prices have shown volatility, with significant price increases for key products like praseodymium and neodymium oxides in 2024, which positively impacted the company's profitability [28][15]. - The cost structure indicates that raw material costs account for approximately 70% of total costs, with ongoing efforts to optimize production costs [25]. Global Industry Context - China remains the largest supplier of rare earths globally, with a significant share of the world's reserves and production capacity [33][36]. - The article highlights the increasing competition from international players, particularly in the U.S. and Australia, as they ramp up their rare earth production capabilities [39][43]. Future Outlook - The company is optimistic about the future of the rare earth industry, projecting continued growth in net profits from 2025 to 2027, driven by rising demand and improved operational efficiencies [2][19]. - The strategic focus on high-quality development and technological innovation positions the company favorably within the global rare earth supply chain [4][19].

Core Viewpoint - Goldwind Technology (02208) experienced a decline of over 4% in its stock price despite reporting a significant increase in net profit for the first three quarters of 2025, indicating potential profit-taking by investors ahead of the fourth-quarter earnings announcement [1] Financial Performance - The company reported a revenue of approximately 48.147 billion yuan, representing a year-on-year growth of 34.34% [1] - The net profit attributable to shareholders was around 2.584 billion yuan, reflecting a year-on-year increase of 44.21% [1] - Basic earnings per share were reported at 0.5969 yuan [1] Market Analysis - Daiwa published a report suggesting that there may be opportunities for profit-taking before the fourth-quarter results are released [1] - The firm believes that the market has largely priced in the guidance of a 2 percentage point increase in gross margin for wind turbines by 2026, indicating limited potential for positive surprises in the future [1] - Daiwa noted that the largest product mix for Goldwind comes from the wind turbine business, which is expected to reach breakeven by 2026 [1] Rating and Target Price - Daiwa downgraded Goldwind's stock rating from "Outperform" to "Hold" [1] - The target price was raised from 9 Hong Kong dollars to 13 Hong Kong dollars [1]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the nine months ending September 30, 2025, driven by increased sales of wind turbines and components [1] Financial Performance - Revenue for the period reached 48.147 billion yuan, representing a year-on-year increase of 34.34% [1] - Net profit attributable to shareholders was 2.58 billion yuan, showing a year-on-year growth of 44.21% [1] - Basic earnings per share stood at 0.5969 yuan [1] Sales Growth Drivers - The increase in revenue is primarily attributed to the expanded sales scale of wind turbines and their components [1]

Group 1 - The core viewpoint of the news is the performance and market position of Shanghai Electric Wind Power Group Co., Ltd., which saw a stock price increase of 5.16% to 20.57 CNY per share, with a total market capitalization of 27.427 billion CNY [1] - The company was established on September 7, 2006, and went public on May 19, 2021, focusing on the design, research and development, manufacturing, and sales of wind power generation equipment, as well as providing aftermarket services [1] - The revenue composition of the company is as follows: 92.60% from product sales, 5.29% from service provision, 1.42% from electricity sales, and 0.68% from other supplementary sources [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Haitong Asset Management has a significant position in Electric Wind Power, with 418,700 shares held, representing 1.14% of the fund's net value, making it the ninth-largest holding [2] - The fund, Guotai Junan SSE STAR Market Composite Index Enhanced A (023889), has a current scale of 170 million CNY and has achieved a return of 39.11% since its inception on April 17, 2025 [2] - The fund manager, Hu Chonghai, has been in position for 3 years and 306 days, overseeing a total asset scale of 8.512 billion CNY, with the best fund return during his tenure being 77.75% and the worst being 1.78% [2]

Core Viewpoint - Guangzhou Xunneng Electric Power Technology Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various technical services and products in the electric power and technology sectors [1] Group 1: Company Overview - The company was recently founded and has a registered capital of 500,000 RMB [1] - It offers a wide range of services including technical services, development, consulting, and technology transfer [1] - The operational scope includes specialized design services, installation and maintenance of residential electrical systems, and sales of electrical and electronic components [1] Group 2: Industry Focus - The company is involved in the sales and maintenance of power electronic components and machinery [1] - It provides services related to wind power technology and smart distribution and control equipment [1] - The company also engages in research and development of energy-efficient technologies for the mining industry [1]

Core Viewpoint - Tianhe Magnetic Materials (603072.SH) is actively responding to national policies aimed at building "two rare earth bases" by investing in high-performance rare earth permanent magnet projects, which will enhance its production capacity and market competitiveness [1] Investment Projects - Tianhe New Materials, a wholly-owned subsidiary, plans to invest approximately 850 million yuan in the "high-performance rare earth permanent magnet and component manufacturing and R&D project" [1] - Tianhe Equipment Manufacturing, another wholly-owned subsidiary, intends to invest no more than 50 million yuan in the "high-performance rare earth permanent magnet production equipment manufacturing and R&D project" [1] Strategic Alignment - The projects align with national industrial policies and industry development trends, aiming to boost the company's production capacity for high-performance rare earth permanent magnet materials and equipment [1] - The production equipment developed by Tianhe Equipment will not only serve internal needs but will also be marketed, expanding its business scope and enhancing profitability [1] Market Demand - The projects will help the company meet order demands in various sectors, including new energy vehicles, automotive components, wind power generation, energy-saving appliances, 3C consumer electronics, robotics, and low-altitude economy [1] Long-term Benefits - Upon completion, the projects are expected to scale up the company's operations, improve overall profitability, and strengthen market competitiveness and risk resilience, aligning with the company's long-term strategic planning [1]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4] - As of September 26, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 1.43%, Shenzhen Component Index 1.76%, CSI 300 0.95%, CSI 500 1.37%, CSI 1000 2.08%, CSI 2000 3.67%, ChiNext Index 2.60%, and STAR 50 Index 1.60% [6][24] - The sectors closest to their 250-day new highs include power equipment and new energy, non-ferrous metals, electronics, media, and machinery, while food and beverage, banking, coal, transportation, and comprehensive finance are further away [24] Group 2 - A total of 1,233 stocks reached a 250-day new high in the past 20 trading days, with the most new highs in the electronics, machinery, and basic chemicals sectors [13][24] - The highest proportion of new high stocks is found in non-ferrous metals (54.84%), electronics (37.45%), and power equipment and new energy (31.09%) [13][24] - The technology and manufacturing sectors had the most new high stocks this week, with 386 and 358 stocks respectively [15][24] Group 3 - The report identifies 50 stable new high stocks based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability [25] - The technology sector had the most stable new high stocks, particularly in the electronics industry, while the manufacturing sector had the most in the machinery industry [20][25]