[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 7 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 7 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《【东北固收】原油地缘溢价消退，提振消费扩 内需继续发力——政策及基本面周度观察 （20250628）》 --20250629 《甬矽转债定价：首日转股溢价率 23%~28%》 --20250626 《华辰转债定价：首日转股溢价率 22%~27%》 --20250623 《社零超预期改善，油价涨幅收窄——政策及 基本面周度观察（20250621）》 --20250622 《锡振转债定价：首日转股溢价率 29%~33%》 --20250622 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin@nesc.cn 风险提示：转债回调风险。 请务必阅读正文后的声明及说明 [Table ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 105.7 CNY, based on a 35X PE for 2025 [5][48]. Core Insights - The company has been deeply engaged in the precision stamping special steel materials sector for twenty years and is now venturing into the humanoid robot field, applying its materials innovatively in harmonic and planetary gear reducers [1][12]. - The domestic automotive market shows strong demand for precision stamping materials, with opportunities for domestic substitution as the country still relies on imports for high-end materials [2][28]. - The company has developed significant core technologies in precision cold rolling and heat treatment, allowing it to compete effectively with international giants like Wills, offering products at 30%-50% lower prices than foreign competitors [2][32]. Summary by Sections Company Overview - The company specializes in customized precision stamping special steel materials, primarily used in various automotive components, and plans to expand into the robot sector by 2024 [1][12]. - The company has a stable shareholding structure, with the chairman holding 30.16% of the shares, which is favorable for long-term development [14]. Main Business - The demand for precision stamping materials in the automotive sector is robust, with a current market demand of approximately 1 million tons per year in China [2][28]. - The company has maintained a strong focus on independent research and development, achieving performance levels close to international competitors [2][32]. - The new plant in Anhui is expected to add 150,000 tons of capacity, expanding the company's total capacity to 300,000 tons [2][34]. Robotics Sector - The company is innovatively applying precision stamping technology to the harmonic reducer flexible wheel material, which is crucial for reducing costs and improving efficiency in humanoid robot production [3][38]. - The flexible wheel's quality is critical for the fatigue life of harmonic reducers, which are essential components in humanoid robots [38]. Financial Projections - Revenue is projected to reach 1.78 billion CNY in 2025, with a year-over-year growth of 20%, and net profit is expected to be 245 million CNY, growing by 18.45% [4][45]. - The company anticipates a steady increase in revenue and profit margins as it expands into high-end markets [4][45]. Valuation - The report compares the company with peers like Siling Co., Longsheng Technology, and Keda Li, with an average valuation of 41X for 2025, leading to a target PE of 35X for the company [48][49].

Core Viewpoint - The company is expanding into the humanoid robot sector while continuing to focus on the high-end precision stamping steel materials market, which has significant growth potential due to increasing domestic automotive demand and opportunities for domestic substitution of imported materials [1][2]. Group 1: Company Overview - The company has been engaged in the research, production, and sales of customized precision stamping special steel materials for 20 years, primarily serving the automotive industry [1]. - The company plans to enter the robot sector in 2024, applying its precision stamping materials to components such as harmonic reducers and planetary reducers [1]. Group 2: Market Potential - The demand for precision stamping special steel in China is approximately 1 million tons per year, with a promising market outlook as the automotive manufacturing industry develops [1][2]. - There is still a significant reliance on imports for high-end precision stamping materials in China, presenting opportunities for domestic substitution [2]. Group 3: Competitive Advantage - The company has developed several core technologies in precision cold rolling and heat treatment, allowing its products to approach the performance of international leaders while offering prices 30%-50% lower than foreign competitors [2]. - The construction of a new plant in Anhui is expected to expand the company's capacity by 150,000 tons, targeting high-value markets such as high-end bearings and robotics [2]. Group 4: Financial Projections - The company is projected to achieve revenues of 1.78 billion, 2.09 billion, and 2.46 billion yuan in 2025, 2026, and 2027, respectively, with year-over-year growth rates of 20%, 17%, and 18% [3]. - Expected net profits for the same years are 250 million, 300 million, and 370 million yuan, with year-over-year growth rates of 18%, 22%, and 23% [3]. Group 5: Investment Recommendation - Based on comparable companies, the company is assigned a target price of 105.7 yuan with a 35X PE for 2025, indicating a "buy" rating [3].

公司报告 | 首次覆盖报告 翔楼新材（301160） 证券研究报告 精冲材料迈向高端化，开辟机器人第二增长极 基本情况：深耕精冲特钢材料二十年，切入人形机器人领域 公司主要从事定制化精密冲压特殊钢材料的研发、生产和销售，产品主要 用于各类汽车精冲零部件，应用范围覆盖汽车发动机系统、变速器与离合 器系统、座椅系统、内饰系统等结构件及功能件。2024 年，公司开拓机器 人领域的新业务，将精冲材料创新地应用于谐波减速器、行星减速器等机 器人零部件中。 主业：下游汽车市场需求旺盛，公司进军高端精冲材料国产替代 行业端，随着我国汽车制造行业发展，叠加单车精冲材料用量向发达国家 靠拢，中国精密冲压特殊钢市场前景广阔，目前需求量约为 100 万吨/年。 同时，我国高端精冲材料仍有部分高度依赖进口，具备国产替代机会。 公司端，翔楼多年来坚持自主研发，在核心工艺环节精密冷轧和热处理领 域掌握了多项核心技术。目前，公司精冲材料在性能上已经接近国际巨头 威尔斯，并且汽车领域的产品价格能比外资竞争对手低 30%-50%。同时， 安徽新厂的建设预计能在公司原有 18 万吨产能的基础上扩张 15 万吨新产 能，并且开拓高端轴承、机器人等 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 5 月十大转债 报告摘要： [Table_Summary] 5 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《2025 年 4 月转债新券点评合集》 --20250430 《特朗普还有哪些牌？》 --20250428 《转债市场一周回顾（2025/04/21-2025/04/25）》 --20250427 《关税冲击逐步显现，"四稳"兜牢民生底线— —政策及基本面周度观察（20250426）》 --20250427 《【东北资产配置】政策博弈期，大类资产怎么 看？——东北证券大类资产配置报告（第 5 期）》 --20250425 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 [Table_Invest] [Table_Author] ① 中特转债（AAA，4 月末收盘价 107.723 元，转股溢价率 111.03%， 正股 PE-TTM 11.5） ② 山路转债（AAA，4 月 ...

Core Viewpoint - The "national team" has increased its holdings in several A-share listed companies during the first quarter of 2025, indicating a strategic investment approach in key sectors such as finance, energy, and defense. Group 1: National Team Holdings - A total of 285 A-share listed companies have the "national team" (China Securities Finance Corporation and Central Huijin) among their top ten shareholders [1] - The "national team" has increased its holdings in 26 stocks, including China Ping An, Baogang Group, Guotai Junan, and others [1] - New additions to the "national team" holdings include Citic Special Steel, Tianfu Energy, and China Shipbuilding Defense [1][2][3] Group 2: Company Performance - Citic Special Steel reported a first-quarter revenue of 26.84 billion yuan, a year-on-year decrease of 5.59%, with a net profit of 1.384 billion yuan, up 1.76% [1] - Tianfu Energy's first-quarter revenue was 2.21 billion yuan, down 3.12%, while net profit increased by 22.75% to 181 million yuan [2] - China Shipbuilding Defense achieved a first-quarter revenue of 3.641 billion yuan, a year-on-year increase of 29.73%, with a net profit of 184 million yuan, up 1099.85% [3] Group 3: Strategic Developments - Citic Special Steel is recognized for producing over 3,000 varieties and 5,000 specifications of special steel materials, enhancing its market share in high-end steel products [1] - Tianfu Energy has signed a contract for a comprehensive energy efficiency enhancement project, with an investment of 313 million yuan [2] - China Shipbuilding Defense is noted for its strong order backlog and profitability, expected to stabilize with high-value ship deliveries [3]

公司点评报告 ·钢铁行业 市占率行业领先,特钢中长期需求向好 | 市场数据 | 2025-04-29 | | --- | --- | | 股票代码 | 000708 | | A 股收盘价(元) | 11.76 | | 上证指数 | 3,286.65 | | 总股本 | 504,716 | | 实际流通 A 股(万股) | 504,716 | | 流通 A 股市值(亿元) | 594 | 2025-04-29 相对沪深 300 表现图 2025 年 04月 30 日 | 中信特钢(股票代码:000708.SZ) | | --- | 推荐 维持评级 分析师 赵良毕 ☎：010-8092-7619 网: zhaoliangbi_yj@chinastock.com.cn 分析师登记编码：S0130522030003 相关研究 【银河钢铁】公司首次覆盖_中信特钢（000708.SZ）: 问鼎特钢之巅，品类丰富响应需求升级 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(亿元) | 1092.03 | ...