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浙江自然分析师会议调研报告-20250926
Dong Jian Yan Bao· 2025-09-26 13:46
Group 1: Report Overview - The report is about a research on Zhejiang Natural in the textile and apparel industry on September 26, 2025 [1][2][17] Group 2: Research Basic Information - Research object: Zhejiang Natural [17] - Industry: Textile and apparel [2][17] - Reception time: 2025 - 09 - 26 [17] - Company reception staff: Chairman and General Manager Xia Yonghui, Deputy General Manager, Secretary of the Board, and Director Dong Yimin, Director and Chief Financial Officer Xia Xiuhua, Independent Director Chen Weibo [17] Group 3: Detailed Research Institutions - Reception object: All shareholders [20] - Reception object type: Not specified [20] - Institution - related personnel: Not specified [20] - Others: Not specified [20] Group 4: Main Content 1. Company's Business Performance - In the reporting period, the company achieved an operating income of RMB 685.4795 million, a year - on - year increase of 14.22% compared to the first half of 2024, and a net profit attributable to shareholders of the listed company of RMB 145.5869 million, a year - on - year increase of 44.53% [25] 2. AI Application - The company is currently in the AI application stage, using AI to empower R & D and production, accelerating the implementation of the digital and intelligent strategy, assisting data analysis and simulation, optimizing the product design process, and realizing intelligent allocation of equipment and resources in production scheduling to improve production flexibility and response speed. It will continue to look for AI projects that fit its own industry [26] 3. Moroccan Subsidiary - The construction of the company's Moroccan subsidiary's factory is progressing in an orderly manner, and it is expected to complete all inspections and be put into use within 2026 [28] 4. External Investment Plan - In the reporting period, the company invested in the establishment of Singapore Ripple Private Limited with a shareholding ratio of 65%, which is mainly responsible for the water sports products division project. The company also has an insulation box division and a water sports products division to expand the business of insulation box products and water sports products respectively. Future external investment matters will be disclosed in a timely manner [28] 5. Shareholder Number - As of September 19, 2025, the company's latest number of shareholders is 11,210. The company will disclose the number of shareholders at corresponding time points in regular reports [28]
赛特新材股价跌5.07%,宝盈基金旗下1只基金重仓,持有130万股浮亏损失133.9万元
Xin Lang Cai Jing· 2025-09-23 02:27
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 ...
赛特新材股价涨5.01%,国投瑞银基金旗下1只基金重仓,持有48.14万股浮盈赚取48.14万元
Xin Lang Cai Jing· 2025-09-05 06:21
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]
浙江自然(605080):短期业绩承压,期待经营回暖
Changjiang Securities· 2025-09-04 23:30
Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In the first half of 2025, the company achieved a revenue of 690 million yuan, representing a year-on-year increase of 14.2%, and a net profit attributable to the parent company of 150 million yuan, up 44.5% year-on-year. In Q2 alone, the revenue was 330 million yuan, with a slight year-on-year increase of 0.7%, while the net profit attributable to the parent company decreased by 20.1% to 50 million yuan [2][4]. Summary by Sections Financial Performance - The company reported a total revenue of 690 million yuan for 2025H1, with a year-on-year growth of 14.2%. The net profit attributable to the parent company was 150 million yuan, reflecting a year-on-year increase of 44.5%. For Q2, the revenue was 330 million yuan, showing a modest growth of 0.7%, while the net profit decreased by 20.1% to 50 million yuan [2][4]. Future Outlook - The company anticipates a gradual recovery in its mattress business as the impact of tariffs diminishes. New business segments, including insulated boxes and water sports products, are expected to regain strong growth as production capacity in Vietnam and Cambodia is released. The company has set ambitious targets for 2025, requiring a year-on-year increase of 75% in revenue and 200% in net profit attributable to the parent company for the second half of the year [10]. Projections for net profit attributable to the parent company for 2025-2027 are 250 million, 320 million, and 380 million yuan, respectively, with corresponding valuations of 15X, 12X, and 10X [10].
赛特新材(688398):国内市场价格和盈利阶段性承压,新国标或带来显著订单增量
GOLDEN SUN SECURITIES· 2025-08-27 01:02
Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is experiencing pressure on pricing and profitability in the domestic market, but the new national standards are expected to bring significant order increases [1][4]. - The company is a leader in the vacuum insulation panel industry, benefiting from its scale, cost advantages, and customer base, with a positive outlook for the coming years despite current price competition [4]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 469 million yuan, a year-on-year increase of 3.7%, but the net profit attributable to shareholders fell by 77.66% to 12.1 million yuan [1]. - The company's vacuum insulation panel revenue was 452 million yuan, accounting for 96.47% of total revenue, with a year-on-year growth of 1.78% [2]. - The gross margin for the first half of 2025 was 23.9%, a decrease of 9.57 percentage points year-on-year, primarily due to price declines and increased raw material costs [3]. - The company’s domestic revenue reached 285 million yuan, a year-on-year increase of 26.34%, while export revenue was 184 million yuan, a decline of 18.79% [2]. Profit Forecast and Investment Recommendations - The profit forecast for the company has been adjusted downwards due to intense price competition, with expected net profits for 2025, 2026, and 2027 at 60 million, 120 million, and 170 million yuan respectively [4]. - The report projects a price-to-earnings ratio (PE) of 59X for 2025, 32X for 2026, and 22X for 2027 [4].
赛特新材(688398):Q2业绩继续承压 以旧换新+新能效标准保障下游需求
Xin Lang Cai Jing· 2025-08-26 12:35
Core Viewpoint - The company reported steady revenue growth in the first half of the year, but profit performance was poor, with a significant decline in net profit and non-recurring net profit compared to the previous year [1][3]. Group 1: Financial Performance - In the first half of the year, the company achieved revenue of 469 million and net profit attributable to shareholders of 12 million, representing a year-on-year change of +3.7% and -77.66% respectively [1]. - The second quarter saw revenue of 223 million and net profit of 2 million, with year-on-year changes of -2.51% and -90.81% respectively [1]. - The company's gross profit margin decreased to 23.9%, down 9.57 percentage points year-on-year, with the second quarter gross profit margin at 22.55%, down 9.86 percentage points [3]. - The net profit margin for the first half of the year was 2.58%, a decrease of 9.4 percentage points year-on-year [3]. Group 2: Cost and Expense Analysis - The decline in profitability was attributed to several factors, including a decrease in the selling price of vacuum insulation panels, an increase in direct material costs due to rising raw material prices, and higher management expenses due to increased salaries and depreciation [1][3]. - The company’s operating cash flow net amount was 31 million, a decrease of 28 million year-on-year, primarily due to reduced tax refunds and increased cash payments to employees [3]. Group 3: Product and Market Development - The company achieved record high sales volume for its core product, vacuum insulation panels, generating revenue of 452 million, a year-on-year increase of 1.78% [2]. - The company is actively expanding into new applications for vacuum insulation panels in sectors such as new energy battery storage and high-temperature equipment insulation, with ongoing research and development efforts [2]. Group 4: Market Outlook and Ratings - The company maintains a "buy" rating, supported by government initiatives to promote consumer goods replacement and new energy efficiency standards expected to boost market demand [4]. - The company has adjusted its profit forecasts for 2025-2027, lowering the expected net profit attributable to shareholders to 70 million, 120 million, and 180 million respectively, from previous estimates of 140 million, 180 million, and 240 million [4].
赛特新材(688398):Q2业绩继续承压,以旧换新+新能效标准保障下游需求
Tianfeng Securities· 2025-08-26 08:42
Investment Rating - The report maintains a "Buy" rating for the company [4][6][17] Core Views - The company experienced steady revenue growth in the first half of 2025, achieving revenue of 469 million yuan, a year-on-year increase of 3.7%, but faced a significant decline in net profit, which fell by 77.66% to 12 million yuan [1] - The decline in profitability is attributed to several factors, including a decrease in the selling price of vacuum insulation panels, rising material costs, and increased management expenses due to expanded operations [1][3] - The company has achieved record high production and sales volumes for its core product, vacuum insulation panels, with revenue of 452 million yuan in the first half of 2025, a year-on-year increase of 1.78% [2] - The company is actively expanding its applications in new energy sectors and has been engaging in technical exchanges with related enterprises to promote its products [2] Financial Performance Summary - The gross margin for the first half of 2025 was 23.9%, a decrease of 9.57 percentage points year-on-year, with a net profit margin of 2.58%, down 9.4 percentage points [3] - The company’s operating cash flow for the first half of 2025 was 31 million yuan, a decrease of 28 million yuan year-on-year, primarily due to reduced tax refunds and increased cash payments to employees [3] - The report projects a downward adjustment in net profit forecasts for 2025-2027, estimating 70 million yuan, 120 million yuan, and 180 million yuan respectively, compared to previous estimates of 140 million yuan, 180 million yuan, and 240 million yuan [4] Market Demand and Policy Support - The demand for the company's products is expected to be supported by government policies promoting the replacement of old appliances and new energy efficiency standards, with significant funding allocated for these initiatives [4] - The company is well-positioned to benefit from the anticipated growth in the VIP market driven by these policies [4]
赛特新材: 容诚会计师事务所(特殊普通合伙)关于福建赛特新材股份有限公司2024年年度报告的信息披露监管问询函中有关财务会计问题的专项说明
Zheng Quan Zhi Xing· 2025-06-20 10:46
Core Viewpoint - The financial report of Fujian Sait New Materials Co., Ltd. indicates a decline in gross profit margins across various product categories, with specific reasons outlined for the changes in sales prices, raw material costs, and market competition dynamics [1][2][3]. Financial Performance - The main business gross profit margin is reported at 29%, down 4 percentage points year-on-year. The gross profit margin for foreign sales is 35%, also down 4 percentage points, while the margin for intermediary sales has decreased by 15 percentage points to 21% [2][3]. - The company's main business revenue accounts for 99.76% of total revenue, indicating that the overall gross profit margin is primarily influenced by the main business gross profit margin [3]. Product Analysis - The gross profit margin for vacuum insulation panels is 29.34%, down from 33.30% the previous year. The sales price decreased by 1.48%, while unit costs increased by 4.36%, with direct material costs rising by 2.11% [3][4]. - The gross profit margin for thermal boxes is reported at 23.75%, down from 25.11%, attributed to rising unit costs exceeding the increase in sales prices [4][5]. Market Dynamics - The company experienced a 13.04% decline in overseas sales revenue, primarily due to a 12.09% drop in sales volume. This was influenced by saturated production capacity and shifts in procurement strategies by foreign clients [7][8]. - The gross profit margin for domestic sales is lower than that for foreign sales, with domestic sales revenue at 51,529.83 million yuan and a gross profit margin of 25.21%, compared to foreign sales revenue of 39,992.33 million yuan and a gross profit margin of 34.67% [8]. Supplier and Procurement Insights - The top five suppliers accounted for 44% of total procurement, with a 13 percentage point decrease year-on-year. Prepayment balances increased by 194% to 0.21 billion yuan, mainly due to prepayments for raw materials [14][15]. - The company has established stable relationships with key suppliers, focusing on local sourcing to enhance supply chain stability and cost efficiency [20][21].
赛特新材: 兴业证券股份有限公司关于福建赛特新材股份有限公司2024年年度报告的信息披露监管问询函的回复
Zheng Quan Zhi Xing· 2025-06-20 10:36
Core Viewpoint - The company is responding to regulatory inquiries regarding its 2024 annual report, particularly focusing on the decline in gross profit margins across various product lines and the implications of its sales strategies in domestic and international markets [1][2]. Group 1: Gross Profit Margin Analysis - The company's main business gross profit margin is reported at 29%, a decrease of 4 percentage points year-on-year, with international sales gross margin at 35% and intermediary sales gross margin at 21%, reflecting declines of 4 and 15 percentage points respectively [1][2]. - The primary factor affecting the overall gross profit margin is the vacuum insulation board, which has seen a sales price decrease of 1.48% and an increase in unit costs by 4.36% [4][5]. - The gross profit margin for vacuum insulation boards is 29.34%, down from 33.30% the previous year, influenced by rising costs of raw materials and manufacturing expenses [4][6]. Group 2: Sales and Market Dynamics - The company’s international sales revenue decreased by 13.04% year-on-year, primarily due to a 12.09% drop in sales volume, attributed to saturated production capacity and shifting procurement strategies of external clients [8][11]. - The company maintains strong relationships with well-known domestic and international appliance manufacturers, indicating potential for future growth in international markets despite current challenges [8][12]. Group 3: Supplier and Procurement Insights - The top five suppliers accounted for 44% of total procurement, a decrease of 13 percentage points year-on-year, with a significant increase in prepayments for raw materials [15][16]. - The company has established a stable supply chain with its main raw material suppliers, focusing on local sourcing to enhance cost efficiency and supply reliability [19][20]. - The increase in prepayments is justified by the rising prices and tight supply of glass fiber, necessitating proactive measures to secure raw material availability [18][20].
浙江自然(605080):Q1业绩超预期 关税短期压制
Xin Lang Cai Jing· 2025-05-15 10:31
Core Viewpoint - Zhejiang Natural reported strong financial results for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational performance and effective cost management [1][2]. Financial Performance - In 2024, the company achieved revenue of 1 billion yuan, a year-on-year increase of 21.7%, and a net profit attributable to shareholders of 190 million yuan, up 41.7% year-on-year [1]. - For Q4 2024, revenue reached 210 million yuan, reflecting a 39.4% year-on-year growth, with a net profit of 20 million yuan, reversing a loss of 30 million yuan from the previous year [1]. - In Q1 2025, revenue was 360 million yuan, a 30.4% increase year-on-year, with a net profit of 100 million yuan, up 148.3% year-on-year [1][2]. Business Segments - The revenue growth in Q1 2025 was primarily driven by strong orders in the mattress, thermal box, and water sports products segments [2]. - The company is experiencing stable growth in new business areas, although short-term mattress orders are pressured by tariffs [2]. Future Outlook - Short-term domestic mattress orders are expected to remain under pressure, but with the gradual implementation of tariffs and capacity migration to Southeast Asia, the mattress segment is anticipated to recover steadily [2]. - The company forecasts net profits of 270 million yuan, 340 million yuan, and 410 million yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 13X, 11X, and 9X [2].