Core Viewpoint - Jin Ying Co., Ltd. (600232.SH) clarifies that it is not involved in solid-state battery business and provides a risk warning regarding its stock trading [1] Group 1: Company Overview - The main business of Jin Ying Co., Ltd. includes textiles, textile machinery, plastic machinery, and lithium battery materials [1] - The revenue from lithium battery materials for 2024 is projected to be 21.72 million yuan, which accounts for 1.70% of the company's main business revenue, indicating a relatively small proportion [1] Group 2: Business Focus - The company explicitly states that it does not engage in solid-state battery business, which may clarify any misconceptions in the market [1]

Group 1: Industry Overview - The plastic machinery industry has a broad development prospect, becoming increasingly important in general equipment manufacturing [2] - The company's market share in China's plastic machinery screw and barrel products has increased from 8% in 2020 to 12.5% in 2023, maintaining the top position [12] Group 2: Financial Performance - In 2024, the company reported a sales revenue of 892 million CNY and a net profit of 92.94 million CNY, both showing year-on-year increases [3] - R&D investment in 2024 was 30.05 million CNY, accounting for 3.37% of revenue [5] Group 3: Strategic Goals and Projects - The company is focusing on three main projects: production base construction, intelligent technology transformation, and technology R&D center establishment [3] - The strategic goal for the next 3-5 years includes enhancing market share and expanding production capacity [4] Group 4: Technological Innovation - The company has developed core technologies such as "multi-axis linkage screw polishing technology," which enhances efficiency and product quality [6][9] - The company holds 15 invention patents, reflecting its strong R&D capabilities [29] Group 5: Market Challenges and Responses - International trade frictions have increased competition, but the company's overseas sales proportion is small, minimizing the impact [7][15] - The company maintains stable relationships with key suppliers, ensuring a reliable supply chain for raw materials [10] Group 6: Customer and Market Dynamics - The company serves major domestic and international clients, including Engel, Husky, and Milacron, establishing a global supply capability [23] - The demand from downstream industries such as automotive and home appliances significantly influences the company's performance [20] Group 7: Future Outlook - The company plans to enhance its digital transformation through the implementation of SAP and MES systems to improve management efficiency [13] - Future product development will focus on high-end screws and barrels, with several projects already in the R&D phase [36]

Core Insights - Zhejiang Huaye (301616) reported strong financial performance for 2024, with total revenue of 892 million yuan, a year-on-year increase of 21.20%, and a net profit attributable to shareholders of 92.94 million yuan, up 32.21% [1] - The company continued its growth in Q1 2025, achieving revenue of 215 million yuan, a 22.19% increase year-on-year, and a net profit of 16.90 million yuan, up 30.16% [1] - The plastic machinery industry in China has established a mature industrial system, with main business income of 104.9 billion yuan in 2024, a 9% increase, and total profit of 10.4 billion yuan, up 12% [2] Financial Performance - In 2024, Zhejiang Huaye's basic earnings per share were 1.549 yuan, and the weighted average return on net assets was 10.64% [1] - The company's revenue and profit growth were driven by strong demand in the downstream industry and stable partnerships with major plastic molding equipment manufacturers [1] Industry Overview - The plastic machinery industry is dominated by injection molding machines, which account for over 40% of the output value and are widely used in automotive, home appliances, and 3C industries [1] - China's plastic molding equipment production accounts for over 50% of the global market, with domestic market share increasing from 78% in 2019 to 83% in 2020 [2] Company Positioning - Zhejiang Huaye focuses on the R&D, production, and sales of core components for plastic machinery, such as screws and barrels, and has built a strong industry understanding [2] - The company has established a comprehensive and efficient production management system to meet the supply needs of brand and medium-to-large customers [3] Technological Advancements - In 2024, the company's R&D investment reached 30.05 million yuan, a 30.77% increase, leading to several industry-leading technologies [5] - The company has developed a patented method for producing wear-resistant layers for screws and barrels, combining traditional centrifugal casting techniques [5] Market Strategy - Zhejiang Huaye has successfully penetrated international markets, exporting to countries like Canada, the USA, and Germany, and has established long-term partnerships with major global and domestic players [5] - The company aims to enhance its global presence and become a leading manufacturer of core components for plastic molding equipment, focusing on customized production to meet specific client needs [6]

Overview - The plastic blown film machine is crucial for producing plastic films, with its performance directly affecting the quality and output of the films [1][11] - The market for plastic blown film machines in China has expanded significantly due to the growth in end markets such as packaging, healthcare, and agriculture, particularly since 2020 [1][11] - The production of small plastic machinery and blown film machines surged from 2020 to 2023, but has seen a rapid decline in the second half of 2023 due to a sharp decrease in overseas orders [1][11] Market Policy - Recent policies in China aim to promote high-quality development in light industry, encouraging the transformation and upgrading of the manufacturing sector towards smart, automated, and green technologies [4][6] - Key policies include guidelines for digital transformation, green low-carbon technologies, and support for large-scale equipment updates [4][6] Industry Chain - The upstream of the plastic blown film machine industry includes sectors like steel, non-ferrous metals, electronic components, and mechanical parts [7] - The midstream involves the research, development, and manufacturing of plastic blown film machines, while the downstream applications are widespread, particularly in packaging [7] Development Status - China's plastic film industry has rapidly developed, with a production volume of 16.95 million tons in 2023, showing a slight increase of 0.15% year-on-year, providing growth opportunities for the plastic blown film machine sector [9][11] - The production and demand for plastic blown film machines are projected to decline to 23,000 units and 18,000 units respectively in 2024, with the market size dropping to 10.49 billion yuan [1][11] Competitive Landscape - The plastic blown film machine industry in China is characterized by intense competition due to low technical barriers and significant product homogeneity in the mid-to-low-end market [13] - Major players like Dalian Rubber and Plastic Machinery Co., Guangdong Jinming Machinery Co., and Hubei Light Industry Machinery Co. dominate the high-end market due to their brand, technology, and scale advantages [13][14] Industry Representative Companies - Guangdong Jinming Machinery Co. is a leading manufacturer with a focus on R&D, design, production, and sales, exporting to over 50 countries, and generating a revenue of 474 million yuan in 2024, with 273 million yuan from blown film machines [15] - Hubei Light Industry Machinery Co. has decades of experience in producing plastic extrusion and blown film production line equipment, emphasizing low-carbon technology and customer service [17] Development Trends - The future of the blown film machine industry will see integration with IoT, big data, and AI technologies for real-time monitoring and optimization of production processes [19] - There will be a growing application of biodegradable plastics and new polymer materials, necessitating improvements in processing technology and equipment structure [19] - Chinese blown film machine companies are expected to enhance their international market presence by improving product quality and brand building [19]

换网器是一种基本设备，因为它可以在造粒阶段之前过滤挤出机出来的材料，并保证最终产品的总纯度和质量。 本报告重点关注熔体换网器市场。它用于熔体过滤工艺。采用换网器的市场和挤出工艺包括管道和型材、薄膜和片材、复合材料、树脂生产、吹 塑、无纺布和特种材料。 全球熔体换网器总体规模分析 熔体换网器市场在塑料工业升级和环保需求驱动下稳步增长，自动化与材料创新是核心趋势。企业需平衡技术研发与成本控制，同时关注新兴市 场的本地化需求以抢占先机。 根据 QYR （恒州博智）的统计及预测， 2024 年全球熔体换网器市场销售额达到了 257.37 百万美元，预计 2031 年将达到 377.52 百万美元，年复 合增长率（ CAGR ）为 6.08% （ 2025-2031 ）。地区层面来看，中国市场在过去几年变化较快， 2024 年市场规模为 72.01 百万美元，约占全球的 27.98% ，预计 2031 年将达到 112.28 百万美元，届时全球占比将达到 29.74% 。 生产端来看，北美和欧洲是两个重要的生产地区， 2024 年产量分别占有 24.42% 和 23.24% 的市场份额，预计未来几年，中国地区将的产量保 ...

2025 年 03 月 14 日 公司研究●证券研究报告 浙江华业（301616.SZ） 新股覆盖研究 投资要点 | 交易数据 | | | | --- | --- | --- | | 总市值（百万元） | | | | 流通市值（百万元） | | | | 总股本（百万股） | | 60.00 | | 流通股本（百万股） | | | | 12 个月价格区间 | | / | | 分析师 | | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | | lihui1@huajinsc.cn | | | 报告联系人 | | 戴筝筝 | | | daizhengzheng@huajinsc.cn | | 相关报告 华金证券-新股- 新股专题覆盖报告（矽电股 份）-2025 年第 18 期-总第 544 期 2025.3.9 华金证券-新股- 新股专题覆盖报告（胜科纳 米）-2025 年第 16 期-总第 542 期 2025.3.7 华金证券-新股- 新股专题覆盖报告（浙江华 远）-2025 年第 17 期-总第 543 期 2025.3.7 华金证券-新股- 新股专题覆盖报告（江南新 材）- ...