二、交流问答环节 1、半年度公司光伏硅胶毛利率提升了一些，主要是什么原因？现在国家反 内卷情况下，下半年光伏硅胶毛利率是不是能持续改善？ 证券代码：300041 证券简称：回天新材 湖北回天新材料股份有限公司 投资者关系活动记录表 编号：2025-04 投资者关系活 动类别 □ 特定对象调研 ☑ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他 电话会 参与单位及人 员 申万宏源证券、中信证券、国海证券、浙商证券、东吴证券、嘉实基金、 民生加银基金、东海基金、鹏华基金、博时基金、景顺长城基金、招商基金、 九泰基金、太平基金、中原英石基金、中信资管、平安养老保险、北大方正人 寿、友邦股票部、平安理财、北银理财、华宝信托、上海国际信托、上海原泽 私募基金、上海灏象资产、上海度势投资、景领投资、正圆私募基金等约 30 家 机构投资者代表。 时间 2025 年 8 月 20 日—2025 年 8 月 21 日 地点 公司会议室（电话会） 上市公司接待 人员姓名 公司董事会秘书章宏建，证券事务代表张彦，投关经理陈慧敏 投资者关系活 动主要内容介 绍 公司首先介绍了 2025 ...

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of CNY 3.989 billion, a year-on-year increase of 2.23%, with a net profit of CNY 659.1 million, reflecting a decline due to intensified competition in the photovoltaic industry [1] - In Q1 2025, the company reported a revenue of CNY 1.071 billion, a year-on-year growth of 10.49%, and a net profit of CNY 81.54 million, up 2.73% [2] Group 2: Business Segment Performance - The electronic adhesive business saw significant growth, particularly in consumer and automotive electronics, contributing to overall revenue increases [2] - The photovoltaic silicone sales improved, with a recovery in gross margin, leading the industry [2] Group 3: Challenges and Responses - The decline in net profit in 2024 was primarily due to increased competition and a 58% year-on-year drop in sales of photovoltaic backsheet products, alongside a CNY 39.92 million impairment on related assets [3] - The company plans to enhance cost efficiency and closely monitor raw material price fluctuations to mitigate risks [5] Group 4: Future Outlook and Strategies - The company aims to increase R&D investment and digital transformation efforts to strengthen core competitiveness and achieve 2025 operational goals [2] - The transportation sector's growth is driven by the surge in demand for electric vehicles and new product breakthroughs, with stable growth expected in the coming years [6] Group 5: Capital Expenditure and Production Capacity - Major capital expenditure projects include the lithium battery negative electrode glue phase II project and the construction of an intelligent warehouse in Xiangyang [7] - The Guangzhou factory has a production capacity of approximately 39,300 tons per year, with a utilization rate expected to remain high at around 75% in 2025 [8]

Core Viewpoint - The company, Huitian New Materials, reported a stable operation in 2024 with a revenue of 3.989 billion yuan, a year-on-year increase of 2.23%, but faced a significant decline in net profit due to intensified competition in the photovoltaic industry, resulting in a 65.91% drop to 102 million yuan [1] Financial Performance - In 2024, the company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 83.9151 million yuan, with a payout ratio of 82.39% [1] - The first quarter of 2025 showed a revenue of 1.071 billion yuan, a year-on-year increase of 10.49%, and a net profit of 67.3032 million yuan, up 14.43% [1][2] Market Challenges - The company faces challenges from increased competition in downstream industries and a decline in sales revenue from its photovoltaic business due to price fluctuations and reduced demand [2] - A significant impairment loss of approximately 39.9248 million yuan was recorded due to a sharp decline in demand for backplane products [2] Strategic Focus - The company is focusing on high-quality development through R&D innovation and digital transformation to enhance competitiveness [1][2] - In 2024, the company emphasized operational efficiency, with reduced sales and management expenses compared to previous years [2] Growth Areas - The company has solidified its leading position in the adhesive industry by focusing on key materials and increasing R&D investment, resulting in significant sales growth in the electronics and automotive sectors [4][5] - In the electronics sector, sales exceeded 600 million yuan, with a year-on-year growth of 9.54%, and a notable 70% increase in automotive electronic adhesives [5] - The adhesive sales in the transportation sector reached 990 million yuan, a 36.73% increase, with over 50% growth in sales volume [6] R&D and Future Projects - The company increased R&D expenditure to 196 million yuan in 2024, accounting for 4.93% of revenue, with 49 key projects underway [8] - Upcoming projects include a new production line for organic silicone sealants and a polyurethane adhesive for lithium batteries, expected to enhance market opportunities [9]