截至发稿，吕功绩累计任职时间1年91天，现任基金资产总规模54.95亿元，任职期间最佳基金回报 25.18%， 任职期间最差基金回报-0.31%。 从基金十大重仓股角度 数据显示，宝盈基金旗下1只基金重仓赛特新材。宝盈核心优势混合A（213006）二季度持有股数130万 股，占基金净值比例为4.01%，位居第七大重仓股。根据测算，今日浮亏损失约133.9万元。 资料显示，福建赛特新材股份有限公司位于福建省连城县莲峰镇姚坪村工业二路5号,福建省厦门市集美 区灌口镇杜行东路1号，成立日期2007年10月23日，上市日期2020年2月11日，公司主营业务涉及真空绝 热材料的研发、生产和销售。主营业务收入构成为：真空绝热板96.47%，保温箱2.79%，其他0.53%， 其他(补充)0.21%。 从赛特新材十大流通股东角度 数据显示，宝盈基金旗下1只基金位居赛特新材十大流通股东。宝盈核心优势混合A（213006）二季度 新进十大流通股东，持有股数130万股，占流通股的比例为0.77%。根据测算，今日浮亏损失约133.9万 元。 宝盈核心优势混合A（213006）成立日期2009年3月17日，最新规模6.57亿。今年以 ...

Company Overview - Set New Materials Co., Ltd. is located in Fujian Province and was established on October 23, 2007, with its listing date on February 11, 2020. The company specializes in the research, production, and sales of vacuum insulation materials [1] - The main business revenue composition includes vacuum insulation boards at 96.47%, insulation boxes at 2.79%, and other products at 0.53% [1] Stock Performance - On September 5, Set New Materials' stock increased by 5.01%, reaching a price of 20.98 CNY per share, with a trading volume of 75.26 million CNY and a turnover rate of 2.18%. The total market capitalization is 3.52 billion CNY [1] Fund Holdings - The Guotou Ruijin Fund has a significant holding in Set New Materials, with its Guotou Ruijin Economic Driven Mixed A Fund (017749) increasing its stake by 65,600 shares in the second quarter, bringing the total to 481,400 shares, which represents 4.66% of the fund's net value [2] - The fund has achieved a year-to-date return of 33.31%, ranking 1293 out of 8178 in its category, and a one-year return of 52.94%, ranking 1828 out of 7978 [2] Fund Manager Information - The fund manager of Guotou Ruijin Economic Driven Mixed A Fund is Tang Yan, who has been in the position for 2 years and 177 days. The total asset size of the fund is 214 million CNY, with the best return during his tenure being 40.35% [3]

Summary of the Conference Call for Saitex New Materials Industry Overview - Saitex New Materials is a leading company in the Vacuum Insulation Panel (VIP) industry, benefiting from the improvement of refrigerator energy efficiency standards and changes in domestic consumption structure, leading to high growth in sales and revenue in 2023 [2][8] - The new Chinese refrigerator energy efficiency standards will be implemented on June 1, 2026, which are stricter and expected to improve product quality and increase the penetration of VIP materials, replacing traditional polyurethane foam insulation materials [2][5] Core Insights and Arguments - In 2024, domestic VIP revenue is expected to grow significantly, but the increase in domestic revenue proportion will lead to a decline in gross margin, with the net profit margin decreasing by 4.37% year-on-year to approximately 8% [2][9] - The global VIP market sales are approximately $1.7 billion, with Europe accounting for about 40% and China and the US together accounting for about 45%, with the Chinese market size around 2.2 billion RMB [4] - The company has developed self-research technologies for core materials, barrier films, and adsorbents, launching innovative products such as ultra-thin VIPs and shell-type VIPs, entering the automotive battery insulation field [2][7] - The company has achieved self-sufficiency in adsorbent production, effectively reducing costs, having started research in 2008 and fully replacing imports by 2015 [2][12] Financial Performance - Saitex New Materials has shown stable revenue and profit growth, with a five-year compound annual growth rate (CAGR) of 45% and 75% from 2016 to 2021 [8] - In 2023, the company’s sales and revenue rebounded strongly due to the increase in demand for VIPs driven by energy efficiency standards [8] - The expected net profits for 2025 to 2027 are projected to be 105 million RMB, 143 million RMB, and 182 million RMB, maintaining a "buy" rating [23] Market Position and Customer Structure - Saitex New Materials is a leading player in the VIP industry, with 8 out of the top 10 global refrigerator manufacturers as clients, 6 of which consider Saitex as a major supplier [7][13] - The company has a high customer retention rate due to stringent certification processes, making it difficult for clients to switch suppliers [13] Product Innovation and Capacity Expansion - The company has launched ultra-thin VIPs and shell-type VIPs, leading the VIP 2.0 era, and has expanded production capacity significantly [7][21] - A subsidiary, Weiyaji, was established in 2022 to enter the vacuum glass market, with an investment of 854 million RMB to build a production capacity of 2 million square meters [4][21] Cost Structure and Cash Flow - The overall expense structure of the company is showing a downward trend, with stable sales expenses due to high customer concentration [10] - Cash flow has remained stable, maintaining over 40 million RMB since 2018 [10] Research and Development Progress - The company has shifted from aluminum films to more efficient non-aluminum films (EVOH composite materials) and has successfully developed superior performance nano-films [11] - The company’s R&D expenses have remained stable at around 5% from 2019 to the first quarter of 2025, indicating a strong commitment to innovation [12] Market Expansion and Future Prospects - The company is exploring new markets beyond refrigerators, including new energy vehicles, energy storage, high-temperature appliances, and LNG insulation [14][16] - The potential market size for insulation materials for new energy vehicle battery packs is estimated at approximately 480 million RMB if 50% of existing products are replaced [16] Conclusion - Saitex New Materials is well-positioned in the VIP industry with strong growth prospects driven by regulatory changes and innovative product development, despite facing challenges related to profit margins and market competition [2][9][23]

Core Viewpoint - The company reported a revenue increase in 2024 and Q1 2025, driven by the vacuum insulation board business, but faced a significant decline in net profit due to rising costs and decreased gross margin [1][2]. Revenue Performance - The company achieved a revenue of 934 million yuan in 2024 and 246 million yuan in Q1 2025, representing year-on-year growth of 11.2% and 10.1% respectively [1]. - The revenue growth in 2024 was primarily driven by the vacuum insulation board segment, which generated 915 million yuan in revenue with a sales volume of 9.97 million square meters, reflecting year-on-year increases of 11.4% and 13.1% respectively [1]. - Quarterly revenue for Q4 2024 and Q1 2025 was 265 million yuan and 246 million yuan, showing year-on-year growth of 6.9% and 10.1%, attributed to increased demand in downstream home appliance sectors [1]. Profitability and Cost Analysis - The overall gross margin for 2024 was 29.1%, a decrease of 3.9 percentage points year-on-year, influenced by a decline in high-margin export sales and rising raw material costs [2]. - The gross margin for Q1 2025 was 25.1%, down 9.4 percentage points year-on-year, but improved by 1.5 percentage points from Q4 2024, likely due to efficiency gains at a subsidiary [2]. - The operating expense ratio for 2024 was 18.0%, up 2.3 percentage points year-on-year, driven by increased management and financial expenses [2]. - The net profit margin for 2024 and Q1 2025 was 8.3% and 4.0%, reflecting declines of 4.4 and 8.9 percentage points year-on-year [2]. Cash Flow and Investment - The net cash flow from operating activities for 2024 was 65.65 million yuan, down 12.7% year-on-year, primarily due to lower profitability [3]. - In Q1 2025, the net cash flow from operating activities was 5.11 million yuan, a significant decline of 82.3% year-on-year, mainly due to reduced tax refunds [3]. - The company invested 324 million yuan and 58 million yuan in fixed and intangible assets in 2024 and Q1 2025, representing year-on-year increases of 22.4% and a decrease of 35.2% respectively, indicating ongoing expansion projects [3]. Future Outlook - The company is a leading provider of systematic solutions in the vacuum insulation energy-saving sector, with ongoing advancements in product and process iterations, and new application developments [3]. - Profit forecasts for 2025-2027 are set at 98 million yuan, 137 million yuan, and 183 million yuan, with corresponding P/E ratios of 25, 18, and 13 times, reflecting a cautious outlook due to margin pressures [3].