9月26日，西大门涨5.02%，截至发稿，报16.52元/股，成交6906.68万元，换手率2.24%，总市值31.60亿 元。 资料显示，浙江西大门新材料股份有限公司位于浙江省绍兴市柯桥区兰亭镇阮港村，成立日期1997年12 月22日，上市日期2020年12月31日，公司主营业务涉及功能性遮阳材料的研发、生产和销售。主营业务 收入构成为：成品窗帘50.84%，遮光面料19.73%，阳光面料17.69%，可调光面料8.89%，其他2.84%。 从基金十大重仓股角度 华夏聚惠FOFA（005218）基金经理为卢少强、孟清扬。 截至发稿，卢少强累计任职时间3年127天，现任基金资产总规模16.07亿元，任职期间最佳基金回报 26.64%， 任职期间最差基金回报-13.62%。 孟清扬累计任职时间1年283天，现任基金资产总规模20.77亿元，任职期间最佳基金回报14.37%， 任职 期间最差基金回报1.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快 ...

Group 1 - The core viewpoint of the news is that Yuma Technology has shown significant stock performance with a year-to-date increase of 66.99%, despite a recent decline of 7.75% over the last five trading days [1] - As of September 26, Yuma Technology's stock price was 18.69 CNY per share, with a market capitalization of 5.759 billion CNY [1] - The company has seen a net inflow of main funds amounting to 2.3188 million CNY, with large orders accounting for 14.39% of purchases and 15.27% of sales [1] Group 2 - For the first half of 2025, Yuma Technology reported a revenue of 364 million CNY, reflecting a year-on-year growth of 0.89%, while the net profit attributable to shareholders decreased by 14.13% to 74.0862 million CNY [2] - The company has distributed a total of 184 million CNY in dividends since its A-share listing, with 157 million CNY distributed over the past three years [3] - Yuma Technology's main business revenue composition includes 33.60% from sunlight fabric, 30.46% from shading fabric, 22.15% from adjustable light fabric, and 13.78% from other products [1]

9月25日，西大门涨5.07%，截至发稿，报16.36元/股，成交2983.73万元，换手率0.98%，总市值31.30亿 元。 资料显示，浙江西大门新材料股份有限公司位于浙江省绍兴市柯桥区兰亭镇阮港村，成立日期1997年12 月22日，上市日期2020年12月31日，公司主营业务涉及功能性遮阳材料的研发、生产和销售。主营业务 收入构成为：成品窗帘50.84%，遮光面料19.73%，阳光面料17.69%，可调光面料8.89%，其他2.84%。 诺安多策略混合A（320016）基金经理为孔宪政、王海畅。 截至发稿，孔宪政累计任职时间4年304天，现任基金资产总规模46.07亿元，任职期间最佳基金回报 69.77%， 任职期间最差基金回报-16.74%。 王海畅累计任职时间3年66天，现任基金资产总规模25.29亿元，任职期间最佳基金回报57.83%， 任职 期间最差基金回报-18.8%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从西大门十大流通股 ...

Group 1 - The core viewpoint of the news is that Yuma Technology has shown significant trading activity and financial performance, with a notable increase in financing and shareholder numbers [1][2]. Group 2 - On August 26, Yuma Technology's stock rose by 5.32%, with a trading volume of 539 million yuan. The financing buy-in amount for the day was 68.63 million yuan, while the net financing buy-in was 36.47 million yuan [1]. - As of August 26, the total financing and securities lending balance for Yuma Technology was 219 million yuan, accounting for 3.91% of its market capitalization, indicating a high level of financing activity [1]. - The company has a diverse revenue structure, with functional shading materials contributing to its main business income: sunlight fabric (33.60%), shading fabric (30.46%), adjustable light fabric (22.15%), and others (13.78%) [1]. Group 3 - As of June 30, the number of shareholders for Yuma Technology reached 19,100, an increase of 91.37% compared to the previous period. However, the average number of circulating shares per person decreased by 47.85% [2]. - For the first half of 2025, Yuma Technology reported a revenue of 364 million yuan, a year-on-year increase of 0.89%, while the net profit attributable to shareholders decreased by 14.13% to 74.09 million yuan [2]. - Since its A-share listing, Yuma Technology has distributed a total of 184 million yuan in dividends, with 157 million yuan distributed over the past three years [2].

Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Insights - Yuma Technology has shown steady expansion despite challenges, with short-term profit pressure primarily due to currency fluctuations and increased share-based payment expenses [2] - The company is expected to enhance its market presence in non-US regions, leading to stable revenue growth [2] - The product structure remains stable with sufficient growth momentum, although some new products are still in the development phase [2] - The company has a robust production capacity, with a total capacity of 67.65 million square meters by the end of 2023 and plans to add 13 million square meters in the future [2] Financial Performance Summary - In H1 2025, the company achieved revenue of 364 million yuan (up 0.9% YoY) and a net profit attributable to shareholders of 74 million yuan (down 14.1% YoY) [1] - Q2 2025 revenue was 213 million yuan (up 5.4% YoY), with a net profit of 44 million yuan (down 11.6% YoY) [1] - The revenue from different fabric categories in H1 2025 was as follows: sunlight fabric 122 million yuan (down 0.1% YoY), full shading fabric 111 million yuan (up 9.4% YoY), and adjustable shading fabric 81 million yuan (down 1.9% YoY) [2] - The gross profit margins for these categories were 44.7%, 41.6%, and 47.5%, respectively [2] Sales and Market Dynamics - In H1 2025, external sales revenue was 261 million yuan (up 8.3% YoY), while domestic sales revenue was 103 million yuan (down 14.0% YoY) [3] - The decline in domestic sales is attributed to increased competition and export challenges in the industry [3] - The company is expanding its global reach, particularly in the European market, and is establishing a 2,200 square meter overseas warehouse in the US to mitigate tariff impacts [3] Profitability and Cash Flow - The gross margin for Q2 2025 was 39.1% (down 1.9 percentage points YoY), and the net margin was 20.6% (down 4.0 percentage points YoY) [3] - Operating cash flow for Q2 2025 was 47 million yuan (down 9 million yuan YoY) [4] - Inventory turnover days increased to 170.3 days, indicating a rise in inventory levels due to overseas warehouse stocking [4] Profit Forecast - The company’s projected net profits for 2025 to 2027 are 150 million yuan, 180 million yuan, and 210 million yuan, respectively, with corresponding P/E ratios of 37.4X, 31.2X, and 26.5X [4]

Group 1 - The company focuses on the research, production, and sales of functional shading new materials [2] - Main products include shading fabrics, adjustable light fabrics, and sunlight fabrics [2] - Applications of the products are primarily in indoor shading for homes, public buildings, and transportation shading [2]

Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Views - Yuma Technology has achieved a revenue of 769 million yuan in 2024, representing a year-on-year growth of 16.1%, with a net profit of 186 million yuan, up 12.5% [1] - The company is expanding its overseas warehouse layout and synchronizing capacity and regional expansion, with a steady increase in orders [1] - The first quarter of 2025 saw a revenue decline of 4.9% to 151 million yuan, attributed to early stocking by overseas clients and pressure on domestic sales [1][2] Summary by Sections Financial Performance - In 2024, the revenue from sunlight, full shading, and adjustable light fabrics was 266 million, 222 million, and 167 million yuan, respectively, with growth rates of 31.4%, 9.3%, and 8.5% [2] - The gross profit margins for these products were 44.5%, 42.0%, and 48.4%, showing slight variations year-on-year [2] - The company’s total capacity reached 67.65 million square meters by the end of 2023, with a capacity utilization rate of approximately 85% in Q1 2025 [2] Market Expansion - The revenue from exports and domestic sales in 2024 was 530 million and 240 million yuan, respectively, with year-on-year growth of 19.8% and 8.6% [2] - The gross profit margins for exports and domestic sales were 46.1% and 26.6%, reflecting a competitive domestic market [2] - The company is constructing a 2,200 square meter overseas warehouse in the U.S. to enhance inventory management and customer delivery [2] Profitability and Costs - In Q1 2025, the gross profit margin was 40.7%, while the net profit margin was 20.0% [3] - The sales expense ratio increased to 16.3%, primarily due to stock compensation expenses and costs associated with the new overseas warehouse [3] - The operating cash flow for Q1 2025 was 7 million yuan, down from the previous year, mainly due to increased inventory for shorter delivery times [3] Future Projections - The projected net profits for 2025 to 2027 are 192 million, 232 million, and 272 million yuan, with corresponding P/E ratios of 16.1X, 13.4X, and 11.4X [3][5]

Financial Performance - In Q1 2025, the company achieved operating revenue of 151 million yuan, a year-on-year decrease of 4.8% [2] - Net profit for the same period was 30.186 million yuan, down 17.57% year-on-year, primarily due to seasonal factors and increased costs from stock option incentives and R&D expenses [2][3] - The decline in net profit was more significant than the revenue drop, but excluding stock payment costs, the net profit decline was comparable to revenue [3] Export and Market Strategy - Revenue from exports to the U.S. accounts for approximately 10% of total revenue, with two subsidiaries and product warehouses established in the U.S. [3] - The company has completed the establishment of a subsidiary in Singapore and is in the process of setting up a production base in Vietnam, although construction has not yet begun [3] Product and Market Insights - The overall gross margin of products remains stable, with variations due to product sales structure and pricing strategies [4] - Key raw materials, including polyester fiber and PVC, are currently in ample supply, with prices at historical lows expected to remain stable [5] - The European market shows positive demand despite the impact of the Russia-Ukraine conflict, with plans for further market expansion [6] Industry Trends and Innovations - The trend of domestic substitution in the industry is emerging, particularly in transportation, high-end construction, and outdoor series, with the company focusing on targeted product development to replace imports [7] - The company emphasizes technological and business innovation, expanding its product range to include outdoor functional materials with higher performance standards [8] Production Capacity and Orders - Current order backlog is maintained at approximately 60-90 days, with ongoing projects aimed at increasing market coverage and share [9] - The company's production capacity utilization rate is around 80%, with a project for 13 million square meters of functional new materials under construction [9]