公司报告 | 首次覆盖报告 *ST 威尔（002058） 证券研究报告 收购紫江跻身国内铝塑膜头部企业，受益于固态时代 ST 威尔收购紫江新材：困境企业借优质资产实现战略转型 面对仪器仪表业务持续亏损及退市风险，*ST 威尔（002058）于 2025 年 5 月剥离亏损业务，拟以 5.46 亿元收购紫江新材 51%股权，切入高增长的锂 电池铝塑膜赛道。紫江新材作为国内铝塑膜龙头（2024 年国内市占率 22.2%），深度绑定比亚迪、ATL 等头部客户，此次关联交易有望帮助 ST 威 尔实现业务转型与盈利能力重塑，以降低退市风险，摆脱现有困境。 固态电池驱动下，铝塑膜市场迎来深刻变革 固态电池因高安全性和能量密度成为产业趋势，其软包封装形式依赖铝塑 膜性能大幅升级，因此对铝塑膜的需求量进一步提升。据 EVTank 预测，2030 年全球铝塑膜出货量达 13.9 亿平，市场规模达 160.7 亿元，其中动力与储 能领域需求为核心驱动力。 当前日企（DNP、昭和电工）垄断高端市场，但国产化率不足 40%，国产 替代空间广阔。紫江新材凭借技术突破与规模化产能位居全球第二。 紫江新材：铝塑膜业务高增+固态电池布局领先 ...

编号：2025-005 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类 别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 天弘基金：陈祥 | | | 参与单位名称及人 | 新华基金：刘海彬 | | | 员姓名 | 中银国际证券：曹鸿生 | | | | 国泰海通：孙炫浩 | | | 时间 | 2025年9月22日（星期一） 10:00-11:00 | | | 地点 | 公司总部会议室 | | | 上市公司接待人员 | | | | 姓名 | 董事会秘书：郭巍巍 1、新的实控人对公司的赋能情况？未来战略的调整方向？ | | | | 经营模式均未发生重大变化，公司管理人员发生变动，具体内 | | | | 答：尊敬的投资者，您好。实控人发生变更后，公司主营业务、 | | | | 容详见公司于2025年7月3日披露在巨潮资讯网 | | | | （www.cninfo.com.cn）的《关于选举董事长、各专门委员会委 | | | 投资者关系活动主 ...

Group 1: Company Overview - The company is a leading domestic supplier of automotive interior and exterior molds, focusing on the research, production, and sales of molds, automotive inspection tools, automation equipment, and components [2][3]. - The company holds a significant position in the automotive soft trim and foam mold sector, with capabilities in R&D, design, and production [2][3]. Group 2: Market Position and Competition - The company's molds are primarily for forming, cutting, and foaming, which differ significantly from competitors' plastic and stamping molds [3]. - The company has developed several leading technologies in the industry, including soft interior cutting molds and foam product shrinkage control technology [3]. Group 3: Financial Performance - In 2024, the revenue from mold products accounted for approximately 58.63% of total revenue, with a gross margin of 37.78% [4]. - The company has a strong customer base, including both international giants like Faurecia and local manufacturers such as Geely and BYD [4]. Group 4: Production and Order Status - The company currently has sufficient orders and operates under a customized production model, with CNC machining capacity utilization nearly at full capacity [4][6]. - The production cycle for molds ranges from 1 to 3 months, while automotive inspection tools take 2 to 4 months [6]. Group 5: International Sales and Strategy - In 2024, international sales accounted for 43.46% of total revenue, with stable export operations despite global trade tensions [6]. - The company is actively exploring AI and robotics through its newly established subsidiary, Jiangsu Chaoda Intelligent Technology [6][8]. Group 6: Recent Changes and Future Plans - In February 2025, the company underwent a change in control, with Nanjing Youxu becoming the new controlling shareholder [7]. - The timeline for the completion of major investment projects has been extended to June 30, 2026, due to various factors affecting project implementation [8].

Core Viewpoint - *ST Weir's stock reached the daily limit with a price of 25.07 yuan, reflecting a 4.98% increase, driven by significant asset restructuring and performance commitments from its new acquisition [1][2]. Group 1: Major Asset Restructuring - The company completed a significant asset restructuring by divesting its loss-making instrumentation business and acquiring a 51% stake in Zijiang New Materials, establishing a dual main business model of "automotive fixtures + aluminum-plastic films" [2]. - This restructuring optimizes the company's business structure and enhances its market position [2]. Group 2: Performance Commitments - Zijiang Group has committed to a net profit of no less than 65.5 million yuan, 78.5 million yuan, and 95.8 million yuan for the years 2025 to 2027, respectively, providing a performance guarantee for the company [2]. Group 3: Financial Improvement - The company's financial situation has significantly improved, with asset disposals generating an investment income of 221 million yuan, increasing cash from 89.62 million yuan to 304 million yuan, and net assets rising from 126 million yuan to 304 million yuan [2]. - This financial enhancement strengthens the company's capital strength and risk resistance capabilities [2]. Group 4: Market Performance - The stock was included in the "Dragon and Tiger List" on September 9 and 12, with a total buy of 47.8 million yuan and a total sell of 37.7 million yuan on September 12, indicating significant capital inflow [2]. - Zijiang New Materials' aluminum-plastic film business aligns with the company's existing automotive fixture business, allowing for shared customer resources and collaboration potential [2].

Core Insights - *ST Weir has achieved significant performance improvement in the first half of 2025, with a remarkable net profit increase of 2395.68% year-on-year, reaching 177 million yuan, due to major asset restructuring and a strategic focus on core business [1][2] Group 1: Financial Performance - The company completed the sale of its automation instruments and meters business, optimizing its asset structure and allowing for resource concentration on core operations [1] - Despite a decline in operating revenue due to business adjustments, the net profit attributable to shareholders surged significantly [1] Group 2: Strategic Focus - Post divestiture, *ST Weir is fully concentrating on the automotive gauge manufacturing industry, leveraging the technical advantages and market position of its wholly-owned subsidiary, Shanghai Ziyan Mould [1] - The automotive gauge business has emerged as a new profit growth point for the company, driven by high-quality products and continuous technological innovation [1] Group 3: Operational Efficiency - The company has implemented measures to strengthen cost control, enhance production efficiency, and improve supply chain management, effectively reducing operational costs [1] - There is a strong emphasis on talent development and recruitment, creating a high-quality, professional team to support sustainable growth [1] Group 4: Future Outlook - *ST Weir plans to continue focusing on the automotive gauge manufacturing sector, aligning with industry trends and increasing efforts in technological innovation and market expansion [2] - The company's strong performance in the first half of 2025 lays a solid foundation for future development, with promising prospects in the growing automotive industry [2]

Core Viewpoint - The company reported steady revenue growth and significant profit increase in the first half of 2025, while also enhancing R&D investment and global expansion efforts [1] Group 1: Financial Performance - The company achieved operating revenue of 354 million yuan, a year-on-year increase of 9.21% [1] - The net profit attributable to shareholders was 60.67 million yuan, reflecting a year-on-year growth of 19.42% [1] - A cash dividend of 2.5 yuan per 10 shares (including tax) is proposed, totaling 19.987 million yuan, with a dividend payout ratio of approximately 32.9% of the net profit for the first half [1] Group 2: Core Business Performance - The company remains a leading supplier of automotive interior and exterior moldings, with mold business revenue of 207 million yuan, accounting for 59% of total revenue and a gross margin of 41.98% [2] - The company maintains strong relationships with major international and domestic automotive suppliers, and is actively exploring opportunities in the new energy vehicle sector, with products applied in companies like Tesla, NIO, BYD, and Geely [2] - A wholly-owned subsidiary, Jiangsu Chaoda Intelligent Technology Co., Ltd., was recently established to expand into AI and robotics, with a registered capital of 25.5 million yuan [2] Group 3: R&D Innovation and Globalization - R&D expenses increased to 24.9 million yuan, a year-on-year growth of 11.46%, with a total of 151 patents held, including 79 invention patents [3] - The company is enhancing its integrated service capabilities in mold, inspection, and automation equipment, maintaining a competitive edge in the industry [3] - The company has established wholly-owned subsidiaries in Germany and the USA, and plans to set up a subsidiary in Thailand in 2024 to strengthen its international market presence [3]

Group 1 - *ST Weir held its ninth board meeting on August 28, 2025, to review the 2025 semi-annual report and other documents [1] - For the year 2024, *ST Weir's revenue composition is as follows: automotive testing tools account for 58.34%, while general instrumentation manufacturing accounts for 41.66% [1] - As of the report, *ST Weir's market capitalization is 2.3 billion yuan [2]

Core Viewpoint - The acquisition of Shanghai Zijiang New Materials Technology Co., Ltd. by *ST Weitai aims to establish a dual main business layout in the automotive sector, enhancing the company's competitive edge and profitability through synergies in the aluminum-plastic film market [1][3]. Company Summary - *ST Weitai is acquiring a 51% stake in Zijiang New Materials, which specializes in the research, production, and sales of aluminum-plastic films for soft-pack lithium batteries [2][3]. - Zijiang New Materials holds 68 domestic patents, including 18 invention patents, and has achieved significant sales growth, with a 2025 Q1 revenue of 155 million yuan, reflecting a 26.31% year-on-year increase [2]. - The company has reduced its reliance on a single customer, BYD, with sales proportions dropping to 22.69% and 25.62% for 2024 and Q1 2025, respectively [2]. Industry Summary - The global aluminum-plastic film market is projected to reach 1.39 billion square meters in shipments by 2030, with a market size of 16.07 billion yuan, where China's shipments are expected to be 770 million square meters [3]. - Currently, domestic aluminum-plastic films account for less than 40% of the market, positioning Zijiang New Materials as a leading player in the domestic market [3]. Financial Summary - The valuation of Zijiang New Materials is assessed at 1.1 billion yuan, with an expected revenue growth from 679 million yuan in 2025 to 1.107 billion yuan by 2029 [4]. - The acquisition price is set at 546 million yuan, funded through self-owned capital and bank loans, with a funding gap of approximately 279 million yuan to be covered by a loan agreement with Shanghai Bank [5]. - The company's debt ratio is projected to rise from 44.85% to 79.08% post-acquisition, but the financial structure remains stable, with Zijiang New Materials maintaining an average dividend payout ratio of 65% over the past two years [5][6].

Core Viewpoint - The acquisition of Zijiang New Materials by Weitai is strategically significant despite Zijiang's recent performance decline, as it offers technological and market advantages along with potential synergies with Weitai's existing business [1][3]. Company Summary - Zijiang New Materials has experienced a decline in revenue and profitability in recent years, with revenues of 711 million yuan, 623 million yuan, and 155 million yuan for 2023 to Q1 2025, and net profits of 90.24 million yuan, 53.51 million yuan, and 10.12 million yuan respectively [2]. - The gross profit margins for the same periods were 25.89%, 22.15%, and 21.40%, with significant year-on-year declines expected in 2024 [2]. - Despite these challenges, Zijiang holds 68 domestic patents, including 18 invention patents, and is recognized for its advanced R&D capabilities in the industry [2]. Industry Summary - The aluminum-plastic film industry is in a growth phase, with a stable increase since 2017. Global shipments are projected to reach 450 million square meters in 2024 and 1.39 billion square meters by 2030, with a market size of 16.07 billion yuan and a compound annual growth rate of 20.69% [3]. - Zijiang is a leading player in the domestic aluminum-plastic film market, with a market share of 22.2% in China and 14.6% globally as of 2024 [3]. - The domestic aluminum-plastic film market has significant room for growth, with a current localization rate of approximately 60.3% [3]. Synergy and Strategic Fit - The acquisition allows Weitai to expand into the aluminum-plastic film sector, which is essential for soft-pack lithium batteries used in new energy vehicles, aligning with Weitai's automotive business focus [3]. - Post-acquisition, Weitai is expected to leverage shared customer resources and broaden its customer base and application areas, creating potential synergies [3]. Financial Considerations - The acquisition price is set at 546 million yuan, funded through Weitai's own resources and bank loans, with self-funding already secured [4]. - Following the transaction, Weitai's debt ratio will increase from 44.85% to 79.08%, with short-term loans rising to 262 million yuan, although liquidity risks are deemed manageable [4]. - Zijiang's inventory, accounts receivable, and capacity utilization present areas of concern, but the overall financial health remains stable with good customer payment conditions [4].

1）超达装备 （仁布投资参与公司特定对象调研） 上海仁布投资管理有限公司成立于2015年9月，"客户利益至上"是我们的核心经营理念。仁布投资的目 标是打造高净值客户的财富管理平台，致力于为客户提供多市场的不同风险收益的财富增值方案。xa0 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：公司系国内领先的汽车内外饰模具供应商，主要从事模具、汽车检具、自动化工装设备及零 部件的研发、生产与销售。公司主营业务以模具为核心，其中汽车内外饰模具是模具产品最主要的构成 部分。公司是国内为数不多的能够实施全流程制造及服务的汽车内外饰模具企业。2024年，公司实现营 业收入7.21亿元，同比增长14.91%，净利润9660万元，同比增长1.24%。公司重视研发投入，2023年、 2024年研发费用分别为3936.51万元、4328.13万元，占同期营业收入的比例分别为6.28%、6.01%。公司 产品已应用于特斯拉、蔚来、比亚迪、吉利等新能源整车厂商。创始团队退出后，南京友旭成为控股股 东，冯建军不再拥有控制权。公司决定不提前赎回"超达转债 ...