Core Viewpoint - Jinbo Co., Ltd. (688598.SH) emphasizes the advantages of carbon-based composite materials in enhancing the performance of robots, particularly in terms of weight reduction, flexibility, motion efficiency, and endurance [1] Group 1: Product Features - Carbon-based composite materials are characterized by high strength, lightweight, corrosion resistance, and thermal stability, which significantly reduce the weight of robots [1] - The company's research and development efforts have led to the creation of multi-category carbon-based materials, including carbon fiber reinforced resin, which meet the technical demands for lightweight, performance, and longevity in robot components [1] Group 2: Market Application - The lightweight and performance-enhancing properties of these materials enable robots to better adapt to complex environmental usage requirements [1]

格隆汇9月18日丨金博股份(688598.SH)在投资者互动平台表示，碳基复合材料凭借其高强度、轻量化、 耐腐蚀、热稳定等特点，可显著降低机器人的自重，进而提升其灵活性、运动效率和续航能力，使其能 够更好地适应复杂环境的使用需求。公司研发试制的碳纤维增强树脂的多品类碳基材料产品，可满足机 器人机身、传动等部件对轻量化、性能化、长寿命的技术需求。 ...

在金博股份的锂电业务当中，多孔碳是其拳头产品之一。5月15日，金博股份携多孔碳产品亮相第十七 届深圳国际电池技术交流会/展览会，获得多家锂电头部企业的青睐和关注。金博股份的多孔碳材料以 石油焦、改性树脂为原料，通过碱活化造孔工艺，产品具有孔结构可控可调，电阻率低，颗粒缺陷少， 杂质含量低等特点。其有助于最终成品拥有较高的一致性、稳定性、较低工艺缺陷等优点。 根据公开数据显示，碳陶刹车装置较传统铸铁盘减重超60%，提升电动汽车的续航与操控性。同时，碳 陶刹车可耐受1300℃高温，抗热衰性能优异，制动性能高效稳定，而传统钢盘仅耐温650℃，高温下刹 车易失效。碳陶刹车的使用寿命可达50万公里，传统铁质制动盘寿命约10万公里。从制动效率来看，碳 陶刹车的刹车距离比铁质产品要缩短近12米，湿摩擦系数高，安全性显著提升。 在金博股份的交通业务当中，碳陶刹车装置是其拳头产品之一。金博股份的碳陶业务以汽车制动为核 心，依托其在碳基复合材料领域的技术积累，形成了涵盖制动盘、摩擦副系统解决方案的产品矩阵，并 通过性能突破与成本优化构建了显著优势。 本报讯 （记者肖伟） 某券商新材料行业分析师向《证券日报》记者表示："本次激励计 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 537 million yuan, a year-on-year decrease of 50%, and a net loss attributable to shareholders of 815 million yuan [3][4]. - In Q4 2024, the company achieved revenue of 96 million yuan, also down 50% year-on-year, with a net loss of 669 million yuan [3]. - For Q1 2025, the company reported revenue of 160 million yuan, a year-on-year decrease of 21%, and a net loss of 86 million yuan [3][4]. - The company is facing challenges such as intensified domestic market competition, price fluctuations in the supply chain, and insufficient operating rates from downstream customers [8]. - Despite these challenges, the company is focusing on promoting new products and enhancing its competitive edge through technological innovation and collaboration across various sectors, including photovoltaic, semiconductor, transportation, lithium battery, and hydrogen energy [8]. Financial Performance - The company recorded a total revenue of 537 million yuan in 2024, with a gross loss of 86 million yuan, resulting in a gross margin of -16% [14]. - The company incurred asset impairment losses totaling 582 million yuan, primarily due to fixed asset impairment losses of 455 million yuan and inventory write-downs of 128 million yuan [8]. - In Q1 2025, the company experienced a slight improvement in profitability, with a gross margin of -9.08%, recovering to the level seen in the first half of 2024 [8]. - The company plans to continue its research and development efforts, focusing on new products such as carbon-ceramic brake discs, lithium battery thermal components, photovoltaic heaters, and porous carbon [8].

Financial Performance - The company reported a total revenue of 160 million yuan for Q1 2025, a decrease of 20.99% year-on-year [1] - The net profit attributable to the parent company was -85.51 million yuan, down 56.33% year-on-year [1] - The gross margin was -9.08%, a decline of 263.45% compared to the previous year [1] - The net margin was -52.68%, a decrease of 95.71% year-on-year [1] - The company’s accounts receivable accounted for 67.49% of the latest annual revenue [1] Key Financial Metrics - Total revenue for Q1 2024 was 202 million yuan, compared to 160 million yuan in Q1 2025 [1] - The company’s cash and cash equivalents decreased by 38.85% to 171 million yuan [1] - The total interest-bearing debt was 338 million yuan, down 19.91% [1] - Earnings per share for Q1 2025 was -0.42 yuan, a decline of 61.54% year-on-year [1] - The company’s net asset per share was 24.95 yuan, down 42.32% [1] Business Model and Strategy - The company relies heavily on capital expenditure and equity financing for its performance, necessitating careful evaluation of capital projects [3] - The company has developed a carbon materials industrialization platform focusing on diverse applications and advanced carbon-based composite materials [5] - The company is actively promoting its carbon-based composite materials in various fields, including photovoltaics, semiconductors, transportation, hydrogen energy, and batteries [5] Fund Holdings - The largest fund holding in the company is the Guotai Golden Eagle Growth Mixed Fund, with 2.3081 million shares newly entered into the top ten holdings [4] - Other funds that have newly entered the top ten holdings include Zhongyin Income Mixed A and Guotai Research Advantage Mixed A [4]