2020-2025年1-5月中国焊接钢管产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：宝钢股份（600019）,新兴铸管（000778）,常宝股份（002478）,久立特材（002318）,鸿路钢 构（002541）,友发集团（601686）,中信特钢（000708）,金洲管道（002443）,玉龙股份（601028） 相关报告：智研咨询发布的《2025-2031年中国焊接钢管行业发展模式分析及未来前景展望报告》 根据国家统计局数据显示：2025年5月中国焊接钢管产量为546万吨，同比下降1.4%；2025年1-5月中国 焊接钢管累计产量为2392.2万吨，累计增长4.2%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Insights - The company has been deeply involved in the magnesium alloy automotive parts sector for over a decade, achieving industry-leading product gross margins. It was established in 2003 and entered the magnesium alloy automotive parts field in 2014, currently serving notable clients such as Chery, Porsche, BMW, and Xpeng [1] - The company reported a revenue of 184 million yuan in the first half of 2025, a year-on-year increase of 0.1%, while the net profit attributable to shareholders was 31 million yuan, down 15.2% year-on-year, primarily due to expense ratios and fixed asset depreciation [1] - The gross margin for magnesium alloy die-casting products is projected to be 33.77% in 2024, an increase of 1.04 percentage points year-on-year, significantly higher than comparable companies [1] Market Potential - The demand for lightweight materials is significantly driven by the dual carbon goals and concerns over the range of new energy vehicles. The economic and corrosion resistance issues that previously limited the development of magnesium alloys have been largely resolved [1] - The market size for magnesium alloys is estimated to reach 16 billion yuan by 2025, based on projected sales of 16 million new energy vehicles and an average magnesium usage of 25 kg per vehicle. In an optimistic scenario, the market could exceed 50 billion yuan by 2030, potentially surpassing 100 billion yuan when considering applications in the robotics market [1] Product Expansion and Financial Strategy - The company has been expanding its magnesium alloy product line, moving from small to medium and large products. By the first half of 2022, revenue from medium and large products accounted for 60.18% of total revenue, an increase of 7.46 percentage points since 2019 [2] - The average selling price (ASP) of the company's products is expected to reach 62.5 yuan in 2024, with a compound annual growth rate (CAGR) of 18% from 2021 to 2024 [2] - The company plans to issue convertible bonds to raise no more than 450 million yuan for the construction of a project to produce 3 million sets of high-strength large magnesium alloy precision components annually. As of August 2025, the company has secured orders worth 1.363 billion yuan for magnesium alloy powertrain casings, with production expected to commence in 2026 [2] Technological Advancements - The company has been acquiring semi-solid magnesium alloy injection molding equipment since 2021, with five sets procured to date. A 6600T machine was delivered in July 2025, capable of a maximum theoretical injection weight of 38 kg [2] - The company has successfully completed mass production of various products, including display brackets and magnesium alloy electric drive casings, since 2022, indicating significant changes at the industrial level [2] Financial Forecast - The company is projected to achieve revenues of 590 million yuan, 1.077 billion yuan, and 1.519 billion yuan from 2025 to 2027, with net profits attributable to shareholders of 110 million yuan, 189 million yuan, and 282 million yuan respectively. The earnings per share (EPS) are expected to be 0.98 yuan, 1.69 yuan, and 2.52 yuan per share for the same period [3] - The current market capitalization corresponds to price-to-earnings (PE) ratios of 55, 32, and 21 for 2025 to 2027 [3] - The company is recognized as a small but precise player in the magnesium alloy die-casting industry, with leading capabilities in semi-solid magnesium alloy product mass production and a robust order backlog, anticipating a harvest period in the automotive magnesium alloy business starting in 2026 [3]

天眼查App显示，近日，东莞市耐思金属科技有限公司成立，注册资本50万人民币，经营范围为一般项 目：金属制品销售；金属制品研发；工业工程设计服务；信息技术咨询服务；模具销售；模具制造；包 装专用设备制造；金属加工机械制造；金属表面处理及热处理加工；金属工具制造；金属结构制造；金 属材料制造；货物进出口；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；技术进 出口；润滑油销售；日用化学产品销售；液压动力机械及元件销售。（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）。 ...

Core Insights - A new company, Zhongshan Shiguang Youpin Doors and Windows Co., Ltd., has been established with a registered capital of 50,000 RMB [1] - The company’s business scope includes sales and installation services for doors and windows, as well as sales of various metal and composite materials [1] Company Overview - The registered capital of Zhongshan Shiguang Youpin Doors and Windows Co., Ltd. is 50,000 RMB [1] - The company operates in multiple sectors including door and window sales, installation services, and sales of high-performance metal and composite materials [1] Industry Implications - The establishment of this company indicates growth potential in the doors and windows market, as well as in the sales of metal and composite materials [1] - The diverse range of services and products offered suggests a strategic positioning to capture various segments within the construction and manufacturing industries [1]

Group 1 - A new company named Handan Hengyuan Titanium Metal Products Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Hao Qingliang [1] - The company's business scope includes manufacturing and sales of various metal products, including construction metal fittings, fasteners, and electrical equipment [1] Group 2 - The company is also involved in the manufacturing and sales of high-speed rail equipment and components, as well as solar equipment and components [1] - Additional activities include wholesale and retail of hardware products, rubber products, plastic products, and building materials [1] - The company is authorized to conduct import and export activities, except for projects that require approval [1]

Core Insights - Baoding Zhongheng Metal Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a new player in the metal processing industry [1] Company Overview - The legal representative of the company is Fan Siying, which may suggest a local leadership presence [1] - The company’s business scope includes various activities related to non-ferrous metals, such as processing, manufacturing, and sales [1] Industry Activities - The company engages in the processing of non-ferrous metal rolling, manufacturing of non-ferrous metal alloys, and sales of these products [1] - It also handles metal waste and scrap processing, as well as the sales of metal materials and products [1] - Additional activities include recycling of renewable resources, excluding production waste metals, and sales of chemical products (excluding licensed chemical products) [1]

Overview - The company plans to increase capital by RMB 150 million to its wholly-owned subsidiary, North Special Singapore Investment Co., Ltd. [2][3] - 99% of the capital increase will be allocated to North Special Singapore Technology Co., Ltd., which will then fully invest in North Special Technology (Thailand) Co., Ltd. [2][3] - The remaining 1% will be directly invested by North Special Singapore Investment into the Thailand company [2][3] Capital Increase Details - The capital increase amount is RMB 150 million, which will be converted into local currencies based on the current exchange rates [3] - After the capital increase, the registered capital of North Special Singapore Investment is expected to rise from 1 SGD to approximately 27.045 million SGD [3] - North Special Singapore Technology's registered capital is expected to increase from 1 SGD to approximately 26.7746 million SGD [3] - The registered capital of the Thailand company is expected to increase from 4 million THB to approximately 672.54 million THB [3] Board Approval - The capital increase was approved during the 23rd meeting of the company's fifth board of directors held on September 19, 2025, and does not require shareholder approval [5][6] Subsidiary Information - The subsidiaries involved in the capital increase are North Special Singapore Investment, North Special Singapore Technology, and North Special Technology (Thailand) [7] - Both North Special Singapore Investment and North Special Singapore Technology are newly established companies and have not yet generated economic benefits [8][9] - North Special Technology (Thailand) is a newly established company that has not yet commenced production and has not generated economic benefits [10] Impact of Capital Increase - The capital increase is expected to enhance the subsidiaries' liquidity and operational capabilities, supporting their daily operations and business expansion [11] - This move aligns with the company's strategic planning and long-term interests [11] - The capital increase will not affect the company's consolidated financial statements or operational status negatively [11]

Group 1 - The company Xi'an Filter Metal Filter Materials Co., Ltd. (referred to as "Filter") is planning a major asset restructuring, with its stock suspended from trading from September 22 and expected to resume by October 21 [1] - Filter is a listed company on the National Equities Exchange and Quotations, primarily engaged in the R&D, production, and sales of metal fibers and related products, with applications in various industries including environmental protection, non-ferrous metallurgy, new energy, and chemical engineering [1] - The company has been recognized as a "specialized, refined, distinctive, and innovative" enterprise and has received several accolades, including being a key laboratory for porous metal materials and a champion enterprise in Shaanxi Province [1] Group 2 - In the first half of 2025, Filter achieved operating revenue of 58.6562 million yuan, a year-on-year increase of 13.24%, while net profit was -3.11221 million yuan, a decrease of 88.45% compared to the previous year [2] - The decline in net profit is attributed to increased inventory impairment provisions and higher R&D expenditures, influenced by intensified market competition and product price fluctuations [2] - The company has been leveraging its core product advantages in high-end fibers and liquid-solid separation systems to deepen technical cooperation with industries such as hydrogen energy, non-ferrous metallurgy, and new energy, contributing to steady business growth [2]

Core Viewpoint - The company is actively expanding its business in the marine engineering and high-tech shipbuilding sectors, with some orders already signed in this area [1] Group 1 - The marine engineering and high-tech shipbuilding sectors are identified as important areas for the company's product and technology expansion [1] - The company is currently working on developing related business in these sectors [1] - Specific operational data will be provided in the company's official announcements [1]

（编辑 姚尧） 证券日报网讯 锡装股份9月19日在互动平台回答投资者提问时表示，公司拥有挪威及德国DNV·GL、法 国BV和英国LR等国际著名船级社的企业资质认证。公司已签订单中有部分来自该领域，目前公司正积 极开拓该领域的相关业务。 ...