盛德鑫泰 20251202 摘要 盛德鑫泰 2024 年营收达 26.63 亿元，同比增长 34.4%，主要受益于不 锈钢无缝钢管营收大幅增长。但 2025 年前三季度归母净利润同比下滑 21.4%，主要因不锈钢管原材料价格上涨导致毛利下滑。 公司逐步形成合金钢管和不锈钢管双轮驱动的产品结构，并拓展汽车电 机转轴产品线，2024 年汽车配件营收占比增至 16.53%，多元化战略 初见成效。 盛德鑫泰成本控制良好，研发投入占比高，但应收账款大幅增加 58.58%至 8.5 亿元，资产负债率小幅上升，需关注资金周转效率。 受益于下游火电锅炉设备升级和新建扩容，以及高端不锈钢产品出口， 公司预计第四季度毛利率及盈利能力有望恢复，未来利润增长可期。 公司积极拓展海外市场，减少对国内单一区域市场的依赖，2025 年上 半年境外营收达 0.28 亿元，并积极参与国际项目招标。 中国无缝钢管产量占全球主导地位，盛德鑫泰凭借高性能、高附加值产 品打破国际垄断，小口径、高精度定制化产品具备竞争优势。 公司预计 2025-2027 年营收稳步增长，归母净利润持续提升，但需警 惕美国经济修复及核电改造可能导致业务增速低于预期。 Q ...

Company Overview - Shengde Xintai New Materials Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on October 15, 2001, with its listing date on September 1, 2020 [1] - The company specializes in the production, research, and sales of seamless steel pipes for various industrial energy equipment [1] Revenue Composition - The main business revenue composition includes: - Alloy steel pipes: 45.54% - Stainless steel pipes: 29.38% - Automotive motor shafts: 5.67% - Components and others: 5.55% - Automotive motor housings: 4.68% - Steel grating: 4.05% - Waste revenue: 3.49% - Carbon seamless steel pipes: 1.64% [1] Stock Performance - On November 18, Shengde Xintai's stock fell by 5.04%, trading at 35.60 CNY per share, with a transaction volume of 95.28 million CNY and a turnover rate of 4.60% [1] - The total market capitalization of the company is 3.916 billion CNY [1] Shareholder Information - Guotai Fund's Guotai Zhongzheng Steel ETF (515210) entered the top ten circulating shareholders in the third quarter, holding 328,600 shares, which is 0.57% of the circulating shares [2] - The estimated floating loss for this fund today is approximately 621,000 CNY [2] Fund Performance - Guotai Zhongzheng Steel ETF (515210) was established on January 22, 2020, with a latest scale of 3.66 billion CNY [2] - Year-to-date return is 33.9%, ranking 1401 out of 4212 in its category; the one-year return is 32.58%, ranking 1224 out of 3956; and since inception, the return is 77.33% [2]

Company Overview - Shengde Xintai New Materials Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on October 15, 2001. The company was listed on September 1, 2020. Its main business involves the production, research, and sales of various industrial energy equipment specialized seamless steel pipes [2]. Financial Performance - As of June 30, 2025, Shengde Xintai achieved operating revenue of 1.49 billion yuan, representing a year-on-year growth of 13.20%. However, the net profit attributable to shareholders decreased by 31.36% to 84.56 million yuan [2]. - The company has distributed a total of 229 million yuan in dividends since its A-share listing, with 206 million yuan distributed over the past three years [3]. Stock Performance - The stock price of Shengde Xintai has increased by 21.29% year-to-date, with a 1.69% rise over the last five trading days. However, it has seen a decline of 2.33% over the past 20 days and a 22.18% increase over the last 60 days [2]. - As of September 16, the stock was trading at 36.08 yuan per share, with a market capitalization of 3.969 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders was 9,506, a decrease of 5.08% from the previous period. The average number of circulating shares per person increased by 5.35% to 6,038 shares [2]. Business Segmentation - The revenue composition of Shengde Xintai includes: alloy steel pipes (45.54%), stainless steel pipes (29.38%), automotive motor shafts (5.67%), components and others (5.55%), automotive motor housings (4.68%), steel grating (4.05%), scrap revenue (3.49%), and carbon seamless steel pipes (1.64%) [2]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Shengde Xintai included a notable change, with the Dongfanghong Zhongzheng Advantage Growth Index Fund (018920) exiting the list [3].

Group 1 - The core point of the news is that Shengde Xintai experienced a decline of 5.04% in its stock price, reaching 35.81 yuan per share, with a total market capitalization of 3.939 billion yuan [1] - Shengde Xintai New Materials Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on October 15, 2001, with its listing date on September 1, 2020 [1] - The company's main business involves the production, research and development, and sales of various industrial energy equipment specialized seamless steel pipes, with revenue composition including alloy steel pipes (45.54%), stainless steel pipes (29.38%), and other products [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under China Merchants Fund holds shares in Shengde Xintai, specifically the China Merchants Ruihe 1-Year Holding Period Mixed A Fund, which held 8,300 shares, accounting for 0.48% of the fund's net value [2] - The fund has a current scale of 28.4198 million yuan and has achieved a return of 3.13% this year, ranking 7,284 out of 8,194 in its category [2] - The fund manager, Yin Xiaohong, has a tenure of 8 years and 144 days, with a total asset scale of 14.681 billion yuan, achieving a best fund return of 132.07% during the tenure [3]

Core Points - Jiangsu Wujin Stainless Steel Co., Ltd. was established as a joint-stock company in accordance with the Company Law and other relevant regulations, with its registration completed in May 2012 and listed on the Shanghai Stock Exchange in December 2016 [1][3] - The registered capital of the company is RMB 561,069,165, and it is committed to maintaining the rights and interests of shareholders, employees, and creditors [1][3] - The company aims to leverage its talent and technological advantages to develop new technologies and products, enhancing economic efficiency and brand recognition [1][3] Company Structure - The company has a total share capital of 100,447,482 shares, with all shares being ordinary shares [3][5] - The company prohibits financial assistance for acquiring its shares, except under specific conditions approved by the board of directors [5][6] - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [5][6] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, request meetings, supervise company operations, and transfer their shares [6][7] - Shareholders must comply with laws and the company's articles of association, and they are liable for their subscribed shares [10][11] - The company’s articles of association provide a legal framework for shareholder meetings, including the rights to propose and vote on resolutions [12][13] Governance and Decision-Making - The company’s governance structure includes a board of directors and an audit committee, which are responsible for overseeing company operations and ensuring compliance with laws [9][10] - Shareholder meetings must be held annually, and special meetings can be called under specific circumstances [12][13] - Decisions made at shareholder meetings require a majority or supermajority vote, depending on the nature of the resolution [12][13]

Group 1 - The company Jiangsu Wujin Stainless Steel Co., Ltd. issued convertible bonds totaling RMB 310 million, with 3,100,000 bonds at a face value of RMB 100 each [3][19][26] - The bonds have a maturity period of six years, from July 10, 2023, to July 9, 2029, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [4][10] - The initial conversion price for the bonds is set at RMB 8.55 per share, with provisions for adjustments based on stock dividends and other corporate actions [6][7][10] Group 2 - The company reported a significant decline in net profit for 2024, amounting to RMB 125.71 million, a decrease of 64.25% compared to the previous year, primarily due to downturns in the petrochemical industry [20][26] - The total revenue for 2024 was RMB 2.65 billion, reflecting a 24.57% decrease from RMB 3.52 billion in 2023 [20][26] - The company’s total assets at the end of 2024 were RMB 4.05 billion, down 4.98% from RMB 4.26 billion in 2023 [20][26] Group 3 - The company has established a special account for managing the raised funds, with agreements signed with multiple banks to ensure proper oversight [19][21] - As of July 25, 2024, the company had permanently supplemented its working capital with surplus funds amounting to approximately RMB 14.89 million [25][26] - The company’s credit rating is "AA" with a stable outlook, indicating a strong capacity to meet its financial obligations [19][26]