Core Viewpoint - The termination of the share transfer agreement between the controlling shareholder and Yunnan International Trust is seen as a positive signal, indicating the controlling shareholder's confidence in the company's future development [2][10]. Group 1: Share Transfer Agreement - On May 9, Feirongda (300602.SZ) announced that the controlling shareholder, Ma Fei, reached an agreement with Yunnan International Trust to terminate the share transfer agreement, which involved the transfer of 29 million shares, accounting for 5% of the total share capital, at a price of 15.72 yuan per share, totaling nearly 460 million yuan [2]. - The purpose of the transfer was to introduce strategic investors who recognize the company's intrinsic value and future development potential, optimize the equity structure, and improve the financial structure of the actual controller [2]. - The agreement was originally proposed on November 25, 2024, but was terminated without any breach of contract responsibilities [2]. Group 2: Company Performance and Market Position - Feirongda has been a long-term supplier to Huawei since 1997, with sales to Huawei accounting for approximately 17% of the company's revenue in 2024 [15]. - The company's revenue has shown significant growth, with a compound annual growth rate (CAGR) of 13.9% from 2019 to 2024, and a 14.7% growth in Q1 2025, reaching 1.18 billion yuan [18][26]. - The main revenue contributors are thermal management materials, electromagnetic shielding materials, and lightweight materials, which accounted for 37%, 26%, and 14% of revenue in 2024, respectively [22]. Group 3: Financial Performance and Challenges - Despite revenue growth, the company's profit margins have not kept pace, with a significant drop in gross margins from 29.8% in 2019 to around 17% in recent years [34][41]. - The company has faced challenges such as rising raw material costs and increased competition, leading to a decline in profitability [37][68]. - Feirongda has been reliant on capital markets for funding, raising a total of 2.07 billion yuan through equity financing since its listing, indicating a struggle to generate sufficient cash flow from operations [86][90]. Group 4: Market Dynamics and Competition - The market for electromagnetic shielding and thermal management materials is growing, driven by increased demand in consumer electronics, telecommunications, and new energy sectors [17][68]. - However, the industry is characterized by low concentration and intense competition, with Feirongda holding less than 10% market share in the thermal management materials sector [69]. - The company faces pressure from larger international competitors and must navigate a landscape where pricing pressures are increasing due to the proliferation of manufacturers [72][74].

2025 年 05 月 18 日 业绩增长开始提速，多业务布局具备看点 —思泉新材（301489.SZ）公司动态研究报告 增持(维持) 投资要点 | 分析师：任春阳 | S1050521110006 | | --- | --- | | rency@cfsc.com.cn | | | 分析师：高永豪 | S1050524120001 | | gaoyh7@cfsc.com.cn | | | 联系人：何鹏程 | S1050123080008 | | hepc@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 5-1 6 | | --- | --- | | 当前股价（元） | 73.5 | | 总市值（亿元） | 42 | | 总股本（百万股） | 58 | | 流通股本（百万股） | 34 | | 52 周价格范围（元） | 52.03-84.35 | | 日均成交额（百万元） | 176.37 | 市场表现 -30 -20 -10 0 10 20 30 40 (%) 思泉新材 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 2024 年利润有所承压，2025Q1 业绩开始提速 公 ...

Core Viewpoint - The electronic information industry in China is expected to experience significant growth due to advancements in electronic information technology and the promotion of new infrastructure strategies represented by 5G and data centers [2] Company Performance - In 2024, the company achieved a revenue of 943 million yuan, a year-on-year increase of 1.62%, and a net profit attributable to shareholders of 185 million yuan, a year-on-year increase of 20.26% [2] - The core business focuses on the research, production, and sales of thermal management materials and devices, with revenue from these products reaching 928 million yuan, accounting for 98.37% of total revenue [2] Production Efficiency and Strategy - The company has improved production efficiency through continuous optimization of production processes and increased automation, contributing to the significant growth in net profit for 2024 [3] - Future strategies include further optimizing production processes, enriching product structure, enhancing product added value, and strengthening market development [3] Client Relationships and Market Expansion - The company has established long-term stable partnerships with well-known manufacturers such as vivo and OPPO, and has successfully certified new clients like Google and Dixon in 2024 [3] - The company aims to deepen cooperation with existing major clients and continuously explore high-quality domestic and international customer resources [3] Technological Advancements - The company has developed several core technologies, including powder blending technology and surface modification processes, and is one of the few in the industry capable of mass production of mid-to-high-end thermal interface materials and heat pipes [3][4] - The company’s mass-producible heat pipes and temperature equalization plates have thicknesses as low as 0.3mm and 0.22mm, respectively, with corresponding heat transfer capacities exceeding 5W [4] Research and Development Investment - As of the end of 2024, the company invested 69.59 million yuan in R&D, a year-on-year increase of 25.75% [4] - Ongoing R&D projects include high heat flow density temperature equalization plates and various types of temperature equalization plates for mobile phones [4][5] Market Outlook - The demand for thermal management products is expected to grow due to the rapid development of downstream markets such as consumer electronics and automotive electronics [5] - The smartphone and laptop markets are projected to maintain high shipment volumes, while the automotive electronics sector, particularly in electric vehicles, will also drive demand for thermal management solutions [5] Future Development Strategy - The company plans to leverage its advantages in technology, brand, customer resources, and automated production to drive innovation and enhance its competitive position in the thermal management field [6]

证券之星消息，2025年5月6日思泉新材（301489）发布公告称公司于2025年5月6日召开业绩说明会。 具体内容如下： 问：领导，您好！我来自四川大决策请在新兴的AI PC、AI手机市场，公司有哪些具体的业务拓展计划？ 答：在I技术融合的趋势推动下，消费电子终端迎来新的市场机遇，其对综合散热方案提出了更严格的功 能性和散热性能需求，公司也将从中受益，获取更多订单。公司将持续提升市场份额，优化产品结构，推 进各业务协同发展。一方面，继续巩固和提升公司在消费电子领域的既有优势，加大力度开发新能源汽 车、储能、服务器、智能家居等市场。一方面，积极发挥业务协同效应，依托现有客户资源、技术积累和 研发力量，发挥新业务与现有业务的协同效应，以热管理材料为战略原点，深化与北美大客户、小米、 vivo等重要客户的长期战略合作，打造多业务板块协同共进的增长新引擎，实现公司快速、高质量、可持 续发展。 问：越南的工厂完工后其产能对母公司有多大的产值贡献？ 答：公司紧跟国际一流客户的未来发展方向，积极布局海外，公司计划投资6500万美元在越南投资建设高 性能导热散热产品的生产基地项目。目前已完成上述项目的境外投资备案手续、越南 ...

2025 年 02 月 21 日 公司研究●证券研究报告 永杰新材（603271.SH） 新股覆盖研究 投资要点 | 交易数据 | 总市值（百万元） | | | | --- | --- | --- | --- | | 流通市值（百万元） | 总股本（百万股） | 147.52 | | | 流通股本（百万股） | 个月价格区间 | 12 | / | | 李蕙 | 分析师 | 执业证书编号：S0910519100001 | SAC | | lihui1@huajinsc.cn | 戴筝筝 | 报告联系人 | | | daizhengzheng@huajinsc.cn | | | | 相关报告 华金证券-新股- 新股专题覆盖报告（常友科 技）-2025 年第 9 期-总第 535 期 2025.2.16 华金证券-新股- 新股专题覆盖报告（汇通控 股）-2025 年第 8 期-总第 534 期 2025.2.14 华金证券-新股- 新股专题覆盖报告（毓恬冠 佳）-2025 年第 6 期-总第 532 期 2025.2.13 华金证券-新股- 新股专题覆盖报告（宏海科 技）-2025 年第 5 期-总第 531 期 ...