Group 1 - The core viewpoint is that Yuean New Materials (688786.SH) has indicated that some of its absorbing materials are being applied in the national defense specialty field, although the company currently only provides basic raw materials in this area [1] - The sales scale of these products in the national defense sector accounts for a small proportion of the company's overall revenue [1]

Core Viewpoint - The demand for high-end metal powder products is rising, coupled with a decrease in costs, leading to positive net profit growth for the leading company in the micro-nano metal powder industry in the first half of the year [1] Group 1: Financial Performance - The company, Jiangxi Yuean New Materials Co., Ltd., reported a revenue of 203 million yuan, a year-on-year decrease of 0.76% [1] - The net profit attributable to shareholders was 37.9864 million yuan, reflecting a year-on-year increase of 3.54% [1] - The net profit after deducting non-recurring gains and losses was 35.0706 million yuan, up 4.83% year-on-year [1] Group 2: Product Demand and Market Position - The company specializes in the research, production, and sales of micro-nano metal powder new materials, focusing on carbonyl iron powder and atomized alloy powder [2] - The micro-nano metal powder products are widely used in various end applications, including 3C precision parts, electronic components, automotive parts, diamond tools, and 3D printing materials [2] - The company is one of the few in China capable of large-scale production of carbonyl iron powder and has advanced technology in both water atomization and gas atomization alloy powder processes [2][3] Group 3: Innovation and R&D - The company has increased its R&D investment by 14.08% year-on-year, emphasizing technological innovation to support sustainable development [4] - The company has successfully developed ultra-fine carbonyl iron powder products suitable for multiple high-end fields, reinforcing its leading position in the carbonyl iron powder niche market [4] - The company has deepened cooperation with several automotive electronic component manufacturers, providing customized high-performance material solutions to enhance product reliability [5]

Core Viewpoint - The company Yuenan New Materials (688786.SH) has indicated that its absorbing materials can be applied in aviation vehicles, but currently, it only provides raw materials to downstream customers, with sales scale contributing a small proportion to its overall revenue [1]. Group 1 - The absorbing materials produced by the company are applicable in aviation vehicles [1]. - The company currently focuses on supplying raw materials to downstream customers [1]. - The sales scale of these materials accounts for a small share of the company's total revenue [1].

Group 1 - The company confirmed that its radar-absorbing materials can be applied in stealth aircraft and drones [2] - Currently, the company only provides raw materials to downstream customers, and the sales scale accounts for a small proportion of its revenue [2]

格隆汇8月6日丨悦安新材(688786.SH)在投资者互动平台表示，公司吸波材料可应用于水面舰船中，目 前仅向下游提供原材料，销售规模占收入比重较小。 ...

Core Viewpoint - The company is steadily advancing its layout in the field of absorbing materials, focusing on customized performance due to high requirements in application areas and long downstream verification cycles [1] Group 1: Company Developments - The company's current output of absorbing materials is primarily in small batches, as it actively collaborates with clients to complete product testing and validation in specific scenarios [1] - The absorbing materials developed by the company can be applied in electromagnetic wave shielding coatings and patch fields [1]

Core Viewpoint - The article emphasizes the growing importance of polymer electromagnetic composite materials in addressing electromagnetic interference and ensuring the stable operation of electronic devices, particularly in the context of rapid advancements in AI, 5.5G/6G, and other emerging industries [1][4]. Forum Information - The forum will take place on September 11-12, 2025, in Hefei, Anhui, organized by Ningbo Detai Zhongyan Information Technology Co., Ltd. (DT New Materials) [2]. - The conference will be chaired by Qian Xigao, an academician of the Chinese Academy of Engineering [2]. Core Topics - The forum will cover the current status and future trends of electromagnetic composite materials, including high-frequency, high-speed, and high-density interconnect copper-clad board materials [4]. - Discussions will focus on the exploration of polymer composite materials for the 6G era [4]. Research Progress - Advances in polymer-based electromagnetic shielding composite materials, including performance tuning and structural design for various polymers such as PET, epoxy resin, and PEEK [5]. - Research on absorbing composite materials and their performance adjustments, including materials like epoxy resin and PU [5]. - Development of thermal conductive composite materials and low dielectric loss polymers, with a focus on materials like LCP and PTFE [5]. Substrate Materials and Power Devices - Key materials and packaging methods for electromagnetic shielding in advanced electronic packaging [6]. - Processing techniques for electromagnetic composite materials, including fibers, foams, and films [6]. - Applications of new materials such as MOFs and COFs in electromagnetic materials [6]. Emerging Fields - The forum will explore the transformation of the electromagnetic materials industry chain, particularly in relation to AI servers, new energy vehicles, and robotics [8]. - Discussions will include the development of materials for antennas and base stations in the context of 5.5G/6G [10]. Overall Conference Agenda - The event will feature over 100 new materials and technologies, providing a platform for sharing the latest research and innovations in electromagnetic materials [15]. - It will also include specialized activities such as school-enterprise cooperation and technology achievement matching [15]. Related Conferences - The event will coincide with other conferences focusing on engineering plastics, new energy vehicles, and embodied robotics, highlighting the interconnectedness of these industries [16].

Core Insights - The company reported a revenue of 418 million RMB for 2024, a year-on-year increase of 13%, but a net profit of 70 million RMB, a decrease of 12% year-on-year [1] - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, totaling 30 million RMB, with a payout ratio of 42.62% [5] - The company expects revenue growth for 2025-2027, projecting revenues of 499 million, 654 million, and 898 million RMB respectively, with corresponding net profits of 101 million, 130 million, and 195 million RMB [6] Financial Performance - In Q1 2025, the company achieved a revenue of 96 million RMB, a 9% increase year-on-year but a 10% decrease quarter-on-quarter [1] - The overall gross margin for 2024 was 35.40%, down 5.06 percentage points year-on-year, primarily due to increased costs from projects transitioning to fixed assets [1] Product Performance - The demand for soft magnetic powder increased due to the rise in automotive intelligence, leading to a revenue of 153 million RMB in 2024, a 19% increase year-on-year [4] - The revenue from atomized alloy powder products reached 46 million RMB in 2024, reflecting a 13% year-on-year increase, with sales volume up by 27% [2] - The revenue from carbonyl iron powder products was 122 million RMB in 2024, a 6% increase year-on-year, although the gross margin decreased by 4.91 percentage points due to production ramp-up effects [3] Capacity Expansion - The company is in the process of ramping up production capacity for its carbonyl iron powder and atomized alloy powder projects, with the carbonyl iron powder project expected to add 6,000 tons per year upon completion [4] - The first phase of the Ningxia project, which includes a 3,000-ton carbonyl iron powder project, is expected to enter trial production in 2025 [4] Investment Outlook - The company maintains an "Accumulate-A" rating, with a target price adjustment to 32.4 RMB per share, based on anticipated performance improvements from new production lines [6]

Investment Rating - The investment rating for the company is "Accumulate-A" with a 12-month target price of 32.4 CNY per share, while the current share price is 26.18 CNY [5]. Core Views - The company reported a revenue of 418 million CNY in 2024, representing a year-on-year increase of 13%, but the net profit attributable to shareholders decreased by 12% to 70 million CNY [1]. - The growth in demand for inductors is boosting the demand for soft magnetic powders, while technological substitution is enhancing the demand for Metal Injection Molding (MIM) materials [2]. - The company is in the process of ramping up production capacity from its fundraising projects, with the first phase of the Ningxia project expected to enter trial production in 2025 [8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 418 million CNY, with a net profit of 70 million CNY, and a gross margin of 35.40%, down by 5.06 percentage points year-on-year due to increased operating costs [1]. - For Q1 2025, the company reported a revenue of 96 million CNY, a year-on-year increase of 9%, and a net profit of 17 million CNY, reflecting a slight increase of 0.3% year-on-year [1]. Product Segments - **Atomized Alloy Powder**: Revenue for 2024 was 46 million CNY, up 13% year-on-year, with sales volume increasing by 27% to 867 tons [2]. - **Carbonyl Iron Powder**: Revenue reached 122 million CNY in 2024, a 6% increase year-on-year, with a sales volume of 2887 tons, up 9% [2]. - **MIM Feedstock**: Revenue surged by 34% to 74 million CNY in 2024, with sales volume increasing by 72% to 1540 tons [2]. - **Soft Magnetic Powder**: Revenue increased by 19% to 153 million CNY, driven by the rising demand in the automotive electronics sector [3]. - **Absorbing Materials**: Revenue grew by 83% to 4 million CNY, with sales volume increasing by 78% [3]. Capacity Expansion - The company has existing capacities of approximately 5000 tons/year for carbonyl iron powder and over 1000 tons/year for atomized alloy powder [8]. - The fundraising projects are expected to add 6000 tons/year for carbonyl iron powder and 4000 tons/year for atomized alloy powder, with the Ningxia project expected to begin trial production in 2025 [8]. Dividend Policy - The company plans to distribute a cash dividend of 2.50 CNY per 10 shares, totaling 30 million CNY, with a payout ratio of 42.62% [9].

Core Viewpoint - New Lai Fu (301323.SZ) announced a plan to acquire 100% equity of Guangzhou Jin Nan Magnetic Materials Co., Ltd. and raise supporting funds, aiming to boost its stock price and performance amid slowing growth since its IPO [2][9]. Group 1: Acquisition Details - The acquisition target, Jin Nan Company, is familiar to investors as it shares the same actual controller, Wang Xiaoming, with New Lai Fu [2][5]. - Jin Nan Company, established in 2009, specializes in the production and sales of motor magnetic strips, absorbing materials, and soft magnetic alloy cores [4]. - New Lai Fu's stock price has been volatile, with a significant drop since its peak post-IPO, leading to a need for strategic changes through this acquisition [9][11]. Group 2: Financial Performance - New Lai Fu's revenue from 2021 to 2024 was 782 million, 715 million, 771 million, and 886 million yuan, with year-on-year growth rates of 30.75%, -8.66%, 7.88%, and 14.94% respectively [9]. - The company's net profit during the same period was 133 million, 128 million, 138 million, and 145 million yuan, showing fluctuations and a slowing growth trend [10]. - Jin Nan Company's projected revenues for 2023 and 2024 are 421 million and 502 million yuan, with net profits of 57.1 million and 83.4 million yuan respectively [8]. Group 3: Market Reaction - On the first day of resuming trading, New Lai Fu's stock rose by 10.34%, closing at 39.17 yuan [3]. - The stock price has been under pressure, remaining close to the issue price, indicating market skepticism about the effectiveness of the acquisition [11][13].