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：2025-010 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 华福证券股份有限公司：魏征宇 天风证券股份有限公司：鲍荣富 长江证券股份有限公司：董超 国金证券股份有限公司：赵铭 申万凌信基金公司：刘毅男 华源大制造基金公司：林高凡 时间 2025 年 12 月 8 日-9 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 现场交流环节主要内容如下： 近期机构调研中公司回答过的问题，本次活动披露文件中 未做重复介绍。 1.基于目前的经营情况，公司是否还有新的增产规划？ 公司目前玻纤纱年产能约为 125 万吨。根据已披露的规 划，预计将于年内完成"8.5 万吨电子级玻璃纤维生产线设备更 新及数智化提质增效项目"的建设与投产（详见公司 2024-044 号公告）。项目投产后，将进一步提 ...

Summary of Jinlei Co., Ltd. Conference Call Company Overview - Jinlei Co., Ltd. specializes in the research, production, and sales of wind power main shafts and other large castings and forgings, including forged main shafts, cast main shafts, and bearing seats for wind power products, as well as precision shafts for the shipping and mining machinery industries [3][29]. Key Financial Highlights - For the first three quarters of 2025, Jinlei reported revenue of 2.119 billion yuan, a year-on-year increase of 61.35% [2][3]. - The net profit attributable to shareholders reached 305 million yuan, up 104.59% year-on-year, driven by increased wind power installations and growth in other industries [2][3]. - In Q3 2025, revenue was 836 million yuan, a 39.36% increase year-on-year, with net profit of 117 million yuan, reflecting a 56.5% year-on-year growth [3]. Product Sales and Future Trends - In Q3 2025, the sales volume of casting main shafts was approximately 30,000 tons, with forged main shafts also close to 30,000 tons, totaling 60,000 tons for all shaft products [4]. - The company anticipates a significant increase in industrial products, particularly other precision shafts, in Q4 2025 due to rising demand [5]. - The expected casting output for 2026 is between 130,000 to 140,000 tons, with wind power forging output projected to exceed 110,000 tons [4][10]. Market Outlook - The recent International Wind Energy Conference indicated positive signals for the wind power market in 2026, with customers optimistic about future demand and intent on securing production capacity [6]. - Jinlei is negotiating with overseas clients, maintaining stable pricing while actively developing new products [2][18]. Operational Insights - The operating cash flow in Q3 2025 showed a significant outflow due to increased sales requiring ongoing investment, raw material reserves, and the need for component procurement for assembly [7]. - The Dongying Jinlei Heavy Equipment Factory reported a net profit increase of over 200% in Q3 compared to Q2, marking a significant turnaround [8]. Production Capacity and R&D - The company’s gearbox bearing business has entered the second phase of trial production, with plans to complete sample deliveries by the end of the year and achieve 50% capacity utilization by the second half of next year [9]. - Jinlei is increasing R&D investments, particularly in the application of PEEK materials in wind power main shaft bearings [2][28]. Cost and Pricing Strategy - Raw material prices have been low since March 2025, and while future price trends are uncertain, the company is focusing on cost reduction through process optimization and efficient resource planning [19]. - The company maintains an optimistic outlook on pricing due to limited changes in supply despite rising costs from raw materials [10]. Future Business Directions - Jinlei plans to continue focusing on its core business in the main shaft sector while expanding casting capacity and pursuing differentiated strategies [29]. - The company is also exploring opportunities in the shipping, cement, mining, and hydropower sectors, establishing deep collaborations with state-owned enterprises in the shipping industry [29]. Conclusion - Jinlei Co., Ltd. is positioned for growth in the wind power sector, with strong financial performance, optimistic market outlook, and strategic investments in production capacity and R&D. The company is well-prepared to meet increasing demand and capitalize on emerging opportunities in both domestic and international markets [2][6][29].

Core Viewpoint - The company has increased its production capacity for specialty fiberglass cloth from an annual output of 26 million meters to 35 million meters, indicating strong market demand and a commitment to enhancing supply capabilities [1] Group 1: Company Developments - The company announced the change in production capacity for its specialty fiberglass cloth project in April this year [1] - The project will be constructed and put into operation in phases [1] - The company is experiencing a strong demand for its specialty fiber cloth products, leading to a supply shortage [1] Group 2: Market Trends - The wind power market is currently seeing robust demand, resulting in a significant increase in sales [1]

Core Viewpoint - The company has increased the production capacity of its specialty fiberglass cloth project from 26 million meters to 35 million meters, indicating strong market demand and a commitment to enhancing supply capabilities [1]. Group 1: Company Updates - The specialty fiberglass cloth project, initially announced to have a production capacity of 26 million meters, has been revised to 35 million meters as of April this year [1]. - The project will be constructed and put into operation in phases, reflecting a strategic approach to meet market demand [1]. - Currently, the demand for specialty fiberglass cloth products is robust, leading to a situation of supply shortage [1]. Group 2: Market Conditions - The wind power market is experiencing significant demand this year, resulting in a substantial increase in sales [1]. - The company is actively working to enhance its supply capabilities to satisfy the growing market needs [1].

Core Viewpoint - President Trump continues to criticize the wind power market on his social media platform, stating that he will not approve wind power projects during his term [1] Group 1 - Trump's stance indicates a potential halt in the approval of new wind energy projects, which could impact the growth of the wind energy sector in the U.S. [1] - The criticism from Trump may influence public perception and investment in wind energy, creating uncertainty in the market [1]

Core Viewpoint - The article highlights President Trump's ongoing criticism of the wind energy market, stating that he will not approve wind energy projects during his term [1] Group 1 - President Trump continues to express disapproval of the wind energy sector through his social media platform [1] - The statement indicates a firm stance against the approval of wind energy projects while he is in office [1]