格隆汇12月22日｜爱建证券研报指出，鑫铂股份汽车业务加速放量，海外光伏产能投产在即。考虑光伏 装机量持续提升推动光伏边框需求，新能源汽车产量保持高增速提升汽车轻量化产品需求，公司以"光 伏+新能源汽车"为主营业务，布局海外产能建设，且积极切入机器人等场景，业绩有望持续改善，公 司2027年PE低于可比公司均值，首次覆盖，给予"买入"评级。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7] Core Views - The company is expected to benefit from the increasing demand for photovoltaic frames and lightweight automotive products, driven by the growth in global photovoltaic installations and the high growth rate of new energy vehicle production [7] - The company is actively expanding its overseas production capacity and entering new markets such as robotics, which are anticipated to contribute to future revenue growth [7] - The report highlights that the company’s earnings are expected to improve significantly by 2027, with a projected PE ratio lower than the average of comparable companies [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 6,821 million - 2024: 8,572 million - 2025: 8,532 million - 2026: 10,654 million - 2027: 13,196 million - The expected growth rates for total revenue are 61.6% for 2023, 25.7% for 2024, -0.5% for 2025, 24.9% for 2026, and 23.9% for 2027 [5][31] - The projected net profit for the company is as follows: - 2023: 302 million - 2024: 168 million - 2025: 14 million - 2026: 200 million - 2027: 308 million - The expected growth rates for net profit are 60.8% for 2023, -44.3% for 2024, -91.8% for 2025, 1346.0% for 2026, and 50.7% for 2027 [5][31] Industry and Company Situation - The company focuses on new energy photovoltaic (photovoltaic frames) and automotive lightweight (aluminum profiles) businesses, with a strong market share in the photovoltaic frame industry [7] - The company is positioned to benefit from the increasing global photovoltaic installation capacity, which is expected to drive demand for photovoltaic frames [7] - The domestic new energy vehicle production is projected to maintain a high growth rate, which will increase the demand for aluminum profiles used in automotive lightweighting [7] - The acquisition of Wuhu Bida is expected to deepen cooperation with Chery Automobile, potentially boosting the company's performance [7] Key Assumptions - For new energy photovoltaic products, revenue growth is expected to be -5% in 2025, 16% in 2026, and 14% in 2027, with gross margins of 5.0%, 5.7%, and 5.5% respectively [7] - For automotive lightweight products, revenue growth is projected at 55% in 2025, 120% in 2026, and 80% in 2027, with gross margins of 13.5%, 15.5%, and 16% respectively [7]

上海艾录（301062.SZ）12月8日在投资者互动平台表示，公司控股子公司艾纳新能源的聚氨酯复合材料 目前应用领域为光伏产业，具体产品形式为光伏边框，该产品系为公司全流程自主研发生产，产能为 1.8GW。边框产品主要原材料包括（聚氨酯、玻纤等）为外采。公司聚氨酯复合材料目前尚仅应用于光 伏行业，公司将积极探索该材料在其他行业领域的应用场景。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司所采用的聚氨酯复合材料是公司自产还是外 采？若为公司自产，产能为多少？除用作边框具体还可用于哪些方面？ ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2][6]. Core Insights - The company is positioned in high-growth sectors such as robotics and thermal management, with significant profit enhancement from the overseas photovoltaic frame market [1][6]. - The company has a strong competitive edge in the photovoltaic frame sector, having successfully integrated into the supply chains of leading domestic and international manufacturers [6][29]. - The acquisition of Jienowei allows the company to enter the thermal management market, with clear expansion plans and an optimized customer structure expected to enhance profitability [6][31]. Financial Data and Profit Forecast - Total revenue projections for 2023 to 2027 are as follows: 5,391 million, 8,183 million, 12,329 million, 17,136 million, and 23,161 million respectively, with growth rates of 4.1%, 51.8%, 50.7%, 39.0%, and 35.2% [5][37]. - The forecasted net profit for the same period is 371 million, 268 million, 60 million, 373 million, and 692 million, with corresponding growth rates of 50.7%, -27.7%, -77.7%, 523.1%, and 85.6% [5][37]. - The company’s earnings per share are projected to be 1.56, 1.13, 0.25, 1.57, and 2.92 for the years 2023 to 2027 [5][37]. Business Strategy and Market Position - The company leverages its advantages in the photovoltaic and aluminum supply chains to diversify into thermal management, energy storage, and robotics, with future growth primarily driven by overseas markets [6][34]. - The company’s Vietnam base is strategically positioned to serve the US and Indian markets, benefiting from higher processing fees and profit margins [6][34]. - The company has established partnerships with key players in the robotics sector, leading to successful mass deliveries and anticipated growth in this business line [6][31]. Key Assumptions - The report assumes overseas frame sales of 95,000 tons, 155,000 tons, and 200,000 tons from 2025 to 2027, with domestic sales of 405,000 tons, 505,000 tons, and 600,000 tons respectively [6][34]. - The company is expected to achieve profitability in its energy storage business starting in the second half of 2026 [6][34]. Catalysts for Growth - Sufficient orders from the Vietnam base for photovoltaic frames [6][34]. - Continuous advancement in the application of new technologies for photovoltaic frames [6][34]. - New business segments entering a revenue-generating phase [6][34].

Group 1 - The China Securities Regulatory Commission has approved Zhejiang Zhenstone New Materials Co., Ltd. for its initial public offering on the Shanghai Stock Exchange, with a fundraising target of 3.981 billion yuan [1][2] - Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector [5] - The company has achieved a global market share of over 35% in wind power fiberglass fabric, leading in production and sales scale [5] Group 2 - Zhenstone has pioneered the large-scale production of high-modulus fiberglass pultruded profiles and carbon-glass hybrid pultruded profiles for wind turbine blade main beams, contributing to advancements in the industry [5] - The company has developed a photovoltaic frame that received the world's first certification from the testing organization TÜV Rheinland, demonstrating excellent performance in aging resistance, flame retardancy, and mechanical properties [5]

Core Viewpoint - Since 2025, China has implemented a series of new energy policies that create a favorable environment for the fiber-reinforced materials industry, leading to increased market demand and a bright industry outlook for companies like Zhejiang Zhenshi New Materials Co., Ltd. [2] Company Overview - Zhenshi Co. is a national high-tech enterprise focused on the research, production, and sales of fiber-reinforced materials in the clean energy sector, providing high-quality and innovative solutions across various industries including wind power, photovoltaic power, new energy vehicles, and construction materials [3] Market Position - In the wind power sector, Zhenshi Co. has become a global leader in wind turbine blade materials, holding over 35% of the global market share in 2024, and establishing strong partnerships with major domestic and international wind turbine manufacturers [4] - The company’s photovoltaic frames made from fiber-reinforced materials have shown significant advantages, including low cost, lightweight, and high tensile strength, with increasing market penetration [5] Innovation and Technology - Zhenshi Co. prioritizes technological innovation and actively participates in the formulation of industry standards, holding numerous patents that demonstrate its strong R&D capabilities [6][7] Financial Performance - The company has shown robust financial health with revenues of approximately 5.27 billion yuan, 5.12 billion yuan, 4.44 billion yuan, and 3.28 billion yuan over recent periods, alongside net profits of about 774 million yuan, 790 million yuan, 606 million yuan, and 404 million yuan [8] Future Outlook - Zhenshi Co. aims to raise at least 3.98 billion yuan through an IPO to invest in its main business, including the construction of production bases and R&D centers, while expanding its market share in the clean energy sector [8][9] - The company plans to enhance its production capacity and explore new opportunities in the clean energy materials market, focusing on becoming a benchmark enterprise in global composite materials intelligent manufacturing [10]

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. has received approval for its IPO application on the Shanghai Stock Exchange, marking its return to the public market after privatization in 2019 [1] Company Overview - Zhejiang Zhenshi New Materials Co., Ltd. is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector [2] - The company has established itself as a global leader in wind power blade materials, holding over 35% of the global market share for wind power fiberglass fabrics in 2024 [2] Financial Performance - The company's operating revenues for the reporting period were 5.267 billion, 5.124 billion, 4.439 billion, and 3.275 billion yuan, with net profits of 579 million, 704 million, 597 million, and 395 million yuan respectively [5] - Total assets as of December 2023 were approximately 8.41 billion yuan, with total equity attributable to shareholders of approximately 2.41 billion yuan [6] Shareholding Structure - The company transitioned from a sole proprietorship to a partnership structure, with significant changes in its shareholding over the years [8][10] - As of the latest report, the controlling shareholder is Tongxiang Huajia, holding 56.27% of the shares, while the actual controllers are Zhang Yuqiang and Zhang Jiankang, who collectively control 96.51% of the shares [15] Business Segments - In the photovoltaic sector, the company's fiber-reinforced materials for solar panel frames are recognized for their low cost, lightweight, and high tensile strength, with increasing market penetration [3]

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (referred to as "Zhenstone") has successfully passed the IPO review by the Shanghai Stock Exchange, marking a significant step for the company in the clean energy materials sector [1][4]. Company Overview - Established in September 2000, Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials for the clean energy sector [4]. - Zhenstone has become a global leader in the manufacturing of wind turbine blade materials, holding over 35% of the global market share for wind fiberglass fabric as of 2024 [4]. Product Development and Innovation - The company has pioneered the large-scale production of high-modulus fiberglass pultruded profiles and carbon-glass hybrid pultruded profiles for wind turbine blades, contributing to advancements in blade size, weight reduction, and offshore wind turbine development [4]. - In the photovoltaic sector, Zhenstone's self-developed photovoltaic frames received the world's first certification from the Rhine Group, demonstrating superior performance in aging resistance, flame retardancy, and mechanical properties [4]. Client Relationships - Zhenstone has established stable partnerships with renowned clients globally, including domestic companies like Mingyang Smart Energy, Envision Energy, and international firms such as Vestas and Siemens Gamesa [5]. Technological Advancements - The company holds a total of 32 invention patents and 210 utility model patents, with 21 core technologies that fill domestic gaps, including advanced weaving techniques for high-weight fabrics and high-modulus fiberglass [5]. Financial Performance - For the first three quarters of 2023 to 2025, Zhenstone reported revenues of 5.124 billion yuan, 4.439 billion yuan, and 5.397 billion yuan, with net profits of 790 million yuan, 606 million yuan, and 603 million yuan respectively [6]. - The company aims to raise 3.981 billion yuan through its IPO to fund the construction of production bases for fiberglass products and composite materials, as well as a research and development center [6]. Strategic Goals - Zhenstone plans to leverage its core technologies in clean energy materials to expand production capacity and solidify its market leadership [6]. - The company is also focusing on enhancing its supply capabilities in Europe, a key region for wind energy development, to boost its global competitiveness and brand influence [6].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise 3.981 billion yuan, positioning itself as a leading manufacturer of wind turbine blade materials globally [1]. Company Overview - Zhenstone specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector, recognized as a national high-tech enterprise [1]. - The company provides high-quality, innovative solutions across various industries, including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and environmental protection [1]. Market Position - According to the China Glass Fiber Industry Association, Zhenstone holds over 35% of the global market share for wind power fiberglass fabrics, leading in production and sales [1]. - The company has pioneered the large-scale production of high-modulus fiberglass pultruded profiles and carbon-glass hybrid pultruded profiles for wind turbine blade main beams, contributing to advancements in the industry [1]. Product Development - Zhenstone's self-developed photovoltaic frames have received the world's first certification from TÜV Rheinland, excelling in aging resistance, flame retardancy, and mechanical performance [1]. Sales and Marketing Strategy - The company employs a direct sales model for market research, customer development, product promotion, and after-sales service, establishing stable partnerships with renowned clients globally [2]. Fundraising and Investment Projects - The funds raised from the IPO will be allocated to several projects, including: - Construction of a fiberglass product production base with an investment of 1.69977 billion yuan [3]. - Construction of a composite materials production base with an investment of 1.64825 billion yuan [3]. - A production project in Spain with an investment of 358.5 million yuan [3]. - Development of a research center and information technology infrastructure with an investment of 274.55 million yuan [3]. Financial Performance - The company reported revenues of approximately 5.267 billion yuan, 5.124 billion yuan, 4.439 billion yuan, and 3.275 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. - Net profits for the same periods were approximately 781 million yuan, 793 million yuan, 607 million yuan, and 404 million yuan [4]. Financial Metrics - As of June 30, 2025, total assets are projected to be approximately 1.094 billion yuan, with equity attributable to shareholders of the parent company at around 335.71 million yuan [5]. - The company's debt-to-asset ratio is expected to be 69.27% as of mid-2025, showing a slight decrease from previous years [5].

Core Viewpoint - *ST Yunwang (sz002306) experienced a trading halt on November 7, 2025, with a closing price of 2.14 yuan, reflecting a 5.05% increase, and a total market capitalization of 1.809 billion yuan [1] Group 1: Company Performance - The company is transitioning from traditional catering to the renewable energy photovoltaic sector, with renewable energy business revenue accounting for 60.1% of total revenue in the first half of 2025, and photovoltaic business revenue increasing by 1995.25% year-on-year, becoming the main source of income [2] - In the first half of 2025, the company's operating revenue grew by 155.37% year-on-year, and net profit saw a reduction in losses by 53.82%, indicating a trend of improving performance that has attracted investor interest [2] - The company has launched new photovoltaic equipment manufacturing and other businesses, aligning with national renewable energy development strategies, with the high postal Aikemi business already operational and shipping its first batch of goods [2] Group 2: Market and Technical Analysis - The renewable energy photovoltaic sector has been active recently due to industry trends and policy support, with multiple stocks in this sector rising, which has positively influenced *ST Yunwang as a stock with renewable energy transition potential [2] - Technical analysis suggests that if the stock price breaks through short-term resistance after a period of adjustment, it may attract more investor attention [2]