8月26日主力资金净流入845.78万元，占流通市值的0.23%。近五个交易日主力资金累计净流出5606.95 万元，占流通市值的1.54%。 风险提示：股市有风险，投资需谨慎。 明新旭腾8月26日股价收报22.46元，较前一交易日下跌1.10%。盘中出现快速反弹，13时13分股价最高 触及22.96元，5分钟内涨幅超过2%，成交额达4817.85万元。 该公司属于汽车零部件行业，主营业务为汽车内饰材料的研发、生产和销售，产品主要应用于中高端汽 车品牌。公司总部位于浙江，是华为汽车概念股之一。 ...

Investment Rating - The investment rating for Tianan New Materials is "Accumulate" (maintained) [1] Core Views - The company has demonstrated stable performance while actively seeking changes and expanding into new sectors [7] - The company is focusing on the dual-track strategy of "ceramics + home furnishing" and is enhancing its distribution channels to drive sales growth in the building ceramics segment [7] - The automotive interior materials segment is experiencing rapid growth, particularly in the new energy vehicle market, with a significant increase in revenue [7] - Overall gross margin has improved, while the expense ratio has slightly increased due to higher marketing and R&D investments [7] - The company is strategically positioning itself in the home furnishing industry and exploring opportunities in robotics and new materials for artificial intelligence applications [7] Financial Summary - For 2025, the company is projected to achieve total revenue of 3,244 million yuan, a year-on-year increase of 4.65% [1] - The net profit attributable to the parent company is expected to reach 137.02 million yuan, reflecting a year-on-year growth of 35.66% [1] - The earnings per share (EPS) for 2025 is estimated at 0.45 yuan, with a price-to-earnings (P/E) ratio of 24.03 based on the latest diluted EPS [1] - The gross margin for the first half of 2025 is projected to be 23.21%, showing an improvement from the previous year [8] - The company’s total assets are expected to grow to 3,751 million yuan by 2026, with a debt-to-asset ratio of 68.09% [8]

Group 1 - As of August 11, 2025, the stock price of Shenda Co., Ltd. closed at 4.45 yuan, down 0.08 yuan or 1.77% from the previous trading day [1] - The stock opened at 4.48 yuan, reached a high of 4.59 yuan, and a low of 4.43 yuan during the day, with a trading volume of 637,300 hands and a transaction amount of 287 million yuan [1] - On August 11, the stock experienced a rapid decline, with a drop of over 2% within 5 minutes, followed by some fluctuations in the stock price [1] Group 2 - Shenda Co., Ltd. specializes in automotive interior materials and textile new materials, with products widely used in the automotive and home industries [1] - The company has a diversified business portfolio across multiple market sectors, indicating a certain level of industrial layout [1] Group 3 - On August 11, the net outflow of main funds was 22.9652 million yuan, accounting for 0.47% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 83.5621 million yuan, representing 1.69% of the circulating market value [1]

Group 1: Financial Performance - In 2024, the company's gross margin is expected to reach 24.11%, an increase of 3.25 percentage points year-on-year [3] - In Q1 2025, the gross margin reached 26.81%, indicating a return to the normal operating range [3] - The company has maintained a cash dividend payout ratio of 96.05% of the average annual net profit attributable to ordinary shareholders over the past three years, which is higher than most listed companies [5] Group 2: Market Position and Opportunities - The company's automotive interior products accounted for approximately 10% of total revenue in 2024, with stable shipment volumes [1] - The domestic new energy vehicle market is growing rapidly, with BYD holding about one-third market share, indicating significant growth potential for the company in this sector [1][2] - The company has established a stable partnership with Jianghuai Automobile since 2015, with ongoing projects and potential for further collaboration [2] Group 3: ESG Commitment - The company emphasizes the integration of economic, social, and ecological benefits, aligning its sustainable development philosophy with ESG principles [3][4] - Good ESG practices enhance the company's collaboration with major global brands, which have strict supplier certification and factory audit requirements [4] - ESG performance is increasingly viewed as a key indicator of sustainable development potential in the capital market [4] Group 4: Production Capacity and Strategy - The company plans to achieve an annual production capacity of 100 million meters of polyurethane composite materials, with 44 production lines anticipated after the completion of two additional lines in Vietnam [2] - The company does not adopt a simple cost-plus pricing strategy but utilizes a flexible pricing model based on customer needs, competitive landscape, and target gross margins [4][5]