事件：赛特新材发布 2025 中报。公司 2025H1 实现营收 4.69 亿元，同 比增长 3.7%，实现归母净利润 1210 万元，同比下滑 77.66%，其中政府 补助等非经常性损益金额 211 万元，同比减少 33.12%，扣非后归母净利 润 1000 万元，同比下滑 80.41%。单 Q2 公司取得收入 2.23 亿元，同比 窄幅下跌 2.51%，实现归母净利润 234 万元，同比下降 90.81%，扣非后 归母净利润 122 万元，同比下降 94.82%。 上半年真空绝热板量增价减持续演绎，内销收入及占比快速提升。分产品 来看，2025H1 赛特新材真空绝热板收入 4.52 亿元（占公司总营收比重的 96.47%），同比增长 1.78%，考虑上半年公司产品价格降幅较大，推测主 要系订单量的明显增长对冲价格下行，且除了家电方向的需求增长外，公 司在新能源汽车动力电池保温方向亦获取了少量订单，产品应用面进一步 丰富；保温箱产品收入 1308 万元（占公司总营收的 2.79%），同比大幅增 长 229.64%，公司凭借轻质芯材 VIP 的应用，在保温箱、托盘箱等获得更 多客户青睐，本报告期该产品收入增长 ...

核心产品产销量创新高，新应用拓展持续推进 25H1 公司真空绝热板实现收入4.52 亿元，同比+1.78%，产销量创历史新高；实现保温箱销售收入0.13 亿元，环比、同比均增长。上半年"赛特真空产业制造基地（一期）"已基本完成1 号厂房、办公楼、宿 舍楼等主体工程建设，公司持续优化生产效率与产品良率，新建产能得到较充分的释放。 上半年公司收入维持稳健增长，利润端则表现欠佳公司发布25 年中报，上半年实现收入/归母净利润 4.69/0.12 亿元，同比+3.7%/-77.66%，实现扣非归母净利润0.1 亿元，同比-80.41%。其中Q2 单季度实现 收入/归母净利润2.23/0.02 亿元，同比-2.51%/-90.81%，扣非归母净利润0.01 亿元，同比-94.82%。公司 上半年盈利水平下降的主要原因系： 1）真空绝热板产品销价整体下降，部分原材料价格上涨等原因导致单位直接材料成本增加；2）因经营 规模扩大、管理人员薪酬增加、折旧及摊销增加等导致管理费用比上年同期增加；3）公司可转债计提 利息同比增加。 以旧换新+新能效标准保障下游需求，维持"买入"评级25 年7 月，国家发展改革委下达今年第三批 69 ...

公司报告 | 半年报点评 赛特新材（688398） 证券研究报告 Q2 业绩继续承压，以旧换新+新能效标准保障下游需 求 上半年公司收入维持稳健增长，利润端则表现欠佳 公司发布 25 年中报，上半年实现收入/归母净利润 4.69/0.12 亿元，同比 +3.7%/-77.66%，实现扣非归母净利润 0.1 亿元，同比-80.41%。其中 Q2 单 季度实现收入/归母净利润 2.23/0.02 亿元，同比-2.51%/-90.81%，扣非归母 净利润 0.01 亿元，同比-94.82%。公司上半年盈利水平下降的主要原因系： 1）真空绝热板产品销价整体下降，部分原材料价格上涨等原因导致单位直 接材料成本增加；2）因经营规模扩大、管理人员薪酬增加、折旧及摊销增 加等导致管理费用比上年同期增加；3）公司可转债计提利息同比增加。 核心产品产销量创新高，新应用拓展持续推进 25H1 公司真空绝热板实现收入 4.52 亿元，同比+1.78%，产销量创历史新 高；实现保温箱销售收入 0.13 亿元，环比、同比均增长。上半年"赛特真 空产业制造基地（一期）"已基本完成 1 号厂房、办公楼、宿舍楼等主体工 程建设，公司持续优化生 ...

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].

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].

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].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][10]. Core Views - The company has demonstrated rapid revenue growth and significant improvement in profitability, particularly in its luggage product segment [4][5]. - For 2024, the company achieved a revenue of 1.002 billion yuan, a year-on-year increase of 21.75%, and a net profit attributable to shareholders of 185 million yuan, up 41.67% year-on-year [4][5]. - In Q1 2025, the company reported a revenue of 357 million yuan, reflecting a 30.40% year-on-year growth, and a net profit of 96 million yuan, which is a remarkable increase of 148.29% year-on-year [4][5]. Financial Performance Summary - The company’s revenue from various product categories in 2024 showed significant growth: air beds (588 million yuan, +13.87%), luggage (204 million yuan, +30.85%), cushions (70 million yuan, +15.70%), and other products (134 million yuan, +48.00%) [6]. - The company’s gross margin for 2024 was 33.72%, with a slight decrease of 0.12 percentage points year-on-year, while Q1 2025 saw an increase to 38.83%, up 0.46 percentage points year-on-year [7]. - The net profit margin for 2024 was 18.47%, an increase of 2.60 percentage points year-on-year, and for Q1 2025, it rose to 26.92%, up 12.78 percentage points year-on-year [7]. Future Earnings Projections - The company is expected to achieve earnings per share (EPS) of 1.91 yuan, 2.47 yuan, and 3.13 yuan for the years 2025, 2026, and 2027 respectively [10]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 13.6, 10.5, and 8.3 respectively, indicating a favorable valuation trend [10].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance [4][11]. Core Insights - The company has demonstrated rapid revenue growth in its bag products, with a significant increase in profitability. In 2024, the company achieved a revenue of 1.002 billion yuan, a year-on-year increase of 21.75%, and a net profit attributable to shareholders of 185 million yuan, up 41.67% year-on-year [4][6]. - For Q1 2025, the company reported a revenue of 357 million yuan, reflecting a year-on-year growth of 30.40%, and a net profit of 96 million yuan, which is a remarkable increase of 148.29% year-on-year [4][6]. Summary by Sections Financial Performance - In 2024, the company’s revenue reached 1.002 billion yuan, with Q4 revenue at 212 million yuan, showing a 39.44% year-on-year increase. The net profit for 2024 was 185 million yuan, with Q4 net profit soaring by 849.63% year-on-year [6][8]. - The company’s gross margin for 2024 was 33.72%, slightly down from the previous year, but improved to 38.83% in Q1 2025 [8][11]. Product and Regional Performance - Revenue from various product lines in 2024 included 586 million yuan from air beds, 204 million yuan from bags, and 134 million yuan from other products, with growth rates of 13.87%, 30.85%, and 48.00% respectively [7]. - The company generated 800 million yuan in revenue from international markets and 194 million yuan from domestic markets, with year-on-year growth of 23.07% and 13.08% respectively [7]. Cost Management and Profitability - The company has effectively managed its expenses, with a total expense ratio decreasing by 0.95 percentage points to 11.79% in 2024. In Q1 2025, this ratio further declined by 4.04 percentage points to 7.98% [8]. - The net profit margin for 2024 was 18.47%, an increase of 2.60 percentage points year-on-year, while Q1 2025 saw a net profit margin of 26.92%, up 12.78 percentage points year-on-year [8]. Future Projections - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 1.91 yuan, 2.47 yuan, and 3.13 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13.6, 10.5, and 8.3 [11][15].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for 2024 are projected to be 1.002 billion, 185 million, and 171 million yuan respectively, showing year-on-year growth of 21.75%, 41.67%, and 25.04% [2] - The significant growth in net profit is attributed to the company's active market expansion, product structure optimization, and accelerated overseas capacity ramp-up [2] - The company plans to distribute a cash dividend of 1.97 yuan per 10 shares, with a dividend payout ratio of 15.06% and a dividend yield of 0.80% [3] Financial Performance Summary - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 357 million, 96 million, and 86 million yuan respectively, representing year-on-year growth of 30.40%, 148.29%, and 53.80% [2] - The gross margin, net profit margin, and net profit margin excluding non-recurring items for 2024 are projected to be 33.72%, 18.47%, and 17.07% respectively, with year-on-year changes of -0.12%, +2.6%, and +0.42 percentage points [6] - The company experienced a 35% increase in inventory year-on-year, with inventory turnover days decreasing by 20 days [8] Investment Recommendations - In the short term, the company's main product, outdoor inflatable mattresses, is expected to maintain a revenue growth rate of over 20% due to new customer orders [9] - In the medium term, the insulated hard box and water sports products are anticipated to become new growth points, with high growth expected this year [9] - Long-term prospects remain strong due to the company's robust R&D capabilities in new materials and ongoing expansion in overseas markets, with revenue forecasts for 2025 and 2026 at 1.394 billion and 2.008 billion yuan respectively [9]

Core Viewpoint - Set New Materials announced that its chairman and senior management voluntarily decided to forgo and reduce their salaries for 2025 to demonstrate confidence in the company's future development and to optimize cost structure, thereby enhancing competitiveness [2][4]. Group 1: Management Salary Adjustments - Chairman Wang Kunming voluntarily waived his basic salary from April to December 2025 [3]. - Senior management, including directors and vice presidents, will reduce their salaries by 20% for the same period [4]. - Wang Kunming, the controlling shareholder, holds 39.74% of the company's shares and has been the chairman since 2007 [3]. Group 2: Financial Performance - In 2024, Set New Materials reported revenue of approximately 900 million yuan, a year-on-year increase of 11.16%, but the net profit attributable to shareholders decreased by 27.27% to about 80 million yuan [6]. - The decline in profit was attributed to losses from subsidiaries and rising raw material costs [7]. - The company’s subsidiaries, Weijiji and Anhui Set New Materials, reported significant losses during the investment and ramp-up phases [7]. Group 3: Operational Developments - The production and sales of vacuum insulation panels reached historical highs in 2024, with production at approximately 10.59 million square meters and sales at about 9.97 million square meters [7]. - The company plans to enhance operational efficiency through market expansion, product development, and cost control [5]. - There are delays in the completion of fundraising projects, specifically the "Set Vacuum Industry Manufacturing Base (Phase I)," which is now expected to be operational by May next year [8].