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图南股份股价跌5.01%,嘉实基金旗下1只基金重仓,持有33.12万股浮亏损失48.02万元
Xin Lang Cai Jing· 2025-10-10 03:44
嘉实创新成长混合(001760)基金经理为杨欢。 10月10日,图南股份跌5.01%,截至发稿,报27.51元/股,成交2.18亿元,换手率2.64%,总市值108.81 亿元。 资料显示,江苏图南合金股份有限公司位于江苏省丹阳市凤林大道9号,成立日期1991年5月28日,上市 日期2020年7月23日,公司主营业务涉及高温合金、特种不锈钢等高性能合金材料及其制品的研发、生 产和销售。主营业务收入构成为:变形高温合金46.24%,铸造高温合金28.17%,其他合金制品 10.63%,其他业务收入8.31%,特种不锈钢5.23%,中小零部件1.42%。 从基金十大重仓股角度 数据显示,嘉实基金旗下1只基金重仓图南股份。嘉实创新成长混合(001760)二季度增持17.27万股, 持有股数33.12万股,占基金净值比例为9.04%,位居第四大重仓股。根据测算,今日浮亏损失约48.02 万元。 嘉实创新成长混合(001760)成立日期2016年2月3日,最新规模8708.87万。今年以来收益27.34%,同 类排名3970/8166;近一年收益24.76%,同类排名3993/8014;成立以来收益16.9%。 截至发 ...
图南股份股价跌5.01%,长盛基金旗下1只基金重仓,持有23.33万股浮亏损失33.83万元
Xin Lang Cai Jing· 2025-10-10 03:44
Core Points - Tunan Co., Ltd. experienced a 5.01% decline in stock price, trading at 27.51 CNY per share with a market capitalization of 10.881 billion CNY as of October 10 [1] - The company specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steel [1] Company Overview - Tunan Co., Ltd. was established on May 28, 1991, and went public on July 23, 2020 [1] - The revenue composition of the company includes: - Deformed high-temperature alloys: 46.24% - Cast high-temperature alloys: 28.17% - Other alloy products: 10.63% - Other business income: 8.31% - Special stainless steel: 5.23% - Small and medium-sized components: 1.42% [1] Fund Holdings - Changsheng Fund has a significant holding in Tunan Co., Ltd., with its Changsheng Aerospace Marine Mixed A Fund (000535) increasing its stake by 6,700 shares in the second quarter, totaling 233,300 shares, which represents 3.11% of the fund's net value [2] - The fund has reported a floating loss of approximately 338,300 CNY as of the latest data [2] Fund Performance - The Changsheng Aerospace Marine Mixed A Fund (000535) was established on March 11, 2014, with a current asset size of 159 million CNY [2] - Year-to-date performance shows a return of 25.87%, ranking 4,123 out of 8,166 in its category; the one-year return is 24.99%, ranking 3,963 out of 8,014; and since inception, the fund has achieved a return of 181.17% [2]
图南股份涨2.04%,成交额7941.11万元,主力资金净流出526.42万元
Xin Lang Cai Jing· 2025-09-30 03:18
Group 1 - The core viewpoint of the news is that Tunan Co., Ltd. has shown a significant increase in stock price and trading activity, indicating potential investor interest and market performance [1][2]. - As of September 30, Tunan's stock price rose by 2.04% to 29.45 CNY per share, with a total market capitalization of 11.648 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 35.90%, with a 6.20% rise over the last five trading days [1]. Group 2 - Tunan Co., Ltd. reported a revenue of 599 million CNY for the first half of 2025, reflecting an 18.16% year-on-year decrease, while net profit attributable to shareholders was 92.967 million CNY, down 51.41% year-on-year [2]. - The company has distributed a total of 368 million CNY in dividends since its A-share listing, with 287 million CNY distributed over the past three years [3]. - As of June 30, 2025, Tunan's top ten circulating shareholders included notable institutional investors, with changes in their holdings indicating shifts in investor sentiment [3].
图南股份202509004
2025-09-04 14:36
Summary of Tunan Co., Ltd. Conference Call Company Overview - Tunan Co., Ltd. started with welding materials and has transformed into a high-temperature alloy enterprise, benefiting from domestic strategic layouts since the 1990s. The core business includes casting high-temperature alloys, deformed high-temperature alloys, special stainless steel, and other alloy products, with casting and deformed high-temperature alloys accounting for approximately 80% of total revenue [2][4][5]. Core Business Insights - The company has established a deep collaboration model with main engine manufacturers through investments in its Shenyang subsidiary, aiming to expand into the aerospace engine components business and achieve upstream and downstream integration [2][6]. - From 2020 to 2023, the company experienced rapid growth, but revenue and profit are expected to decline in 2024 and the first half of 2025 due to inventory destocking cycles. A recovery in demand is anticipated in the second half of 2025, marking an operational turning point [2][8]. Financial Performance - The company’s overall profitability remains stable, although there was a slight decline in the first half of 2025 for casting high-temperature alloys and special stainless steel due to product price adjustments and structural changes. The industry faces pressure for cost reduction, but gross margins are expected to stabilize post-demand recovery [2][11]. Order Situation - As of mid-2025, the company holds a total order amount of 1.75 billion yuan, significantly up from 520 million yuan in the same period last year and 300 million yuan at the end of the previous year, enhancing confidence in future performance [10]. Business Segment Performance - The deformed high-temperature alloy business shows steady growth due to its broad application scenarios. In contrast, the casting high-temperature alloy business peaked in 2023 but saw a significant decline in 2024, with no immediate improvement expected in the first half of 2025. The aerospace engine components business is expected to start contributing revenue in the first half of 2025 [9][10]. Strategic Investments - In 2021 and 2022, the company invested in two subsidiaries in Shenyang, forming a close collaboration model with main engine manufacturers. This strategic choice has proven effective, providing strong growth potential [6]. Shareholding Structure and Incentives - The current chairman and his father are the actual controllers of the company, with a relatively stable shareholding structure. The implementation of equity incentive mechanisms in 2022 and 2023 has effectively improved performance and operational quality [7]. Industry Position and Competitive Advantages - Tunan Co., Ltd. holds a significant market share in the high-temperature alloy industry, focusing on casting and deformed high-temperature alloys, which account for about 90% of the market. The company has achieved breakthroughs in integrated casting technology, enhancing product quality and reducing costs [12][14][15]. Future Growth Prospects - The aerospace fastener business is expected to have high profitability, with demand not only for new aircraft manufacturing but also for maintenance and aftermarket services. This sector's growth potential is anticipated to provide continuous momentum for Tunan Co., Ltd. [19][20]. Long-term Strategy - The company plans to continue focusing on high-value-added products while actively expanding into horizontal market applications. By maintaining a priority on military products and enhancing competitiveness through technological innovation and capacity expansion, Tunan Co., Ltd. aims to solidify its market position for long-term stable development [21].
西部证券晨会纪要-20250901
Western Securities· 2025-09-01 01:55
Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]
图南股份(300855):订单大幅增长,零部件业务开启第二成长曲线
China Post Securities· 2025-08-25 06:18
Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [4][14]. Core Insights - The company experienced a significant increase in orders, indicating potential for a second growth curve in its components business. The revenue from signed contracts yet to be fulfilled reached 1.75 billion yuan, a 478% increase from the end of 2024 [7][4]. - Despite a decrease in overall revenue and net profit in the first half of 2025, the second quarter showed signs of improvement with a 9% quarter-on-quarter revenue growth [5][6]. - The company is expected to see a gradual recovery in net profit over the next three years, with projections of 302 million yuan, 365 million yuan, and 436 million yuan for 2025, 2026, and 2027 respectively [4][10]. Financial Overview - As of the latest report, the company has a total market capitalization of 12.2 billion yuan and a circulating market capitalization of 9 billion yuan. The latest closing price is 30.73 yuan, with a price-to-earnings ratio of 45.19 [3][4]. - The company reported a total revenue of 599 million yuan in the first half of 2025, a decrease of 18% year-on-year, with a net profit of 93 million yuan, down 51% year-on-year [4][5]. - The gross profit margin for the first half of 2025 was 27.92%, a decrease of 10.42 percentage points compared to the previous year, with various product lines experiencing different levels of margin changes [6].
图南股份(300855):25Q2经营环比改善,航发产业链拓展成果逐步凸显
Tianfeng Securities· 2025-08-24 02:15
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7]. Core Views - The company's performance in H1 2025 shows a significant improvement in financial metrics on a quarter-over-quarter basis, despite a year-over-year decline in revenue and net profit [1]. - The substantial increase in the company's order backlog, which reached 1.75 billion yuan, suggests strong support for future revenue growth [2]. - The profitability of the company has been under pressure due to significant investments in subsidiaries, but there are expectations for gradual recovery as operations mature and orders are released [3]. - The company's vertical integration in the aerospace materials sector is expected to enhance its growth trajectory, particularly in the small component business [4]. - Adjustments to profit forecasts have been made, with expected net profits of 304 million yuan and 397 million yuan for 2025 and 2026, respectively, reflecting changes in the supply chain dynamics [5]. Financial Summary - In H1 2025, the company reported revenue of 599 million yuan, a year-over-year decrease of 18.16%, but a quarter-over-quarter increase of 9.49% in Q2 [1]. - The gross profit margin for H1 2025 was 27.92%, down 10.42 percentage points year-over-year, while the net profit margin was 15.53%, up 10.63 percentage points from the previous year [3]. - The company’s revenue projections for 2025 to 2027 indicate a recovery trend, with expected revenues of 1.47 billion yuan in 2025, 1.83 billion yuan in 2026, and 2.26 billion yuan in 2027 [6]. - The earnings per share (EPS) is projected to be 0.77 yuan in 2025, increasing to 1.26 yuan by 2027 [6].
图南股份(300855):开辟耗材第二增长曲线,在手订单充沛加码未来
Guotou Securities· 2025-08-19 06:44
Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 37.8 CNY [6]. Core Views - The company is expected to open a second growth curve in consumables, with a strong order backlog of over 1.75 billion CNY, indicating potential revenue growth in the coming years [4][10]. - The company has experienced a decline in revenue and net profit in the first half of 2025, with revenue at 599 million CNY, down 18.16% year-on-year, and net profit at 93 million CNY, down 51.41% year-on-year [1][2]. Financial Performance - In the first half of 2025, the company's revenue from high-temperature alloys was 169 million CNY, down 39.62% year-on-year, while the revenue from deformed high-temperature alloys was 277 million CNY, down 0.24% year-on-year [2]. - The overall gross margin for the company was 27.92%, a decrease of 10.42 percentage points year-on-year, with a net profit margin of 15.53%, down 10.63 percentage points year-on-year [2]. Order Backlog and Future Prospects - The company has signed contracts worth 1.75 billion CNY that are yet to be fulfilled, with expected revenue recognition of 555 million CNY in 2025, 530 million CNY in 2026, and 665 million CNY in 2027 [4]. - The company is expanding its product offerings from raw materials to small and medium-sized components, with projects in the aerospace sector already yielding production capabilities [4][9]. Cost Management and Financial Health - The company maintained stable operating expenses, with R&D, sales, and management expenses at 26 million CNY, 6 million CNY, and 23 million CNY respectively, showing a mixed trend in year-on-year changes [3]. - Accounts receivable increased by 106.67% compared to the beginning of the period, indicating ongoing business activities, while inventory rose by 3.97% [3]. Profit Forecast - The company is projected to achieve net profits of 285 million CNY, 428 million CNY, and 589 million CNY for the years 2025, 2026, and 2027, with growth rates of 6.9%, 49.8%, and 37.6% respectively [10][11].
图南股份(300855):在手订单大幅增长,三季度业绩拐点将至
Changjiang Securities· 2025-08-18 13:45
Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a significant increase in orders on hand, indicating a potential turning point in performance for the third quarter [4][5] - For the first half of 2025, the company achieved revenue of 599 million, a year-on-year decrease of 18.16%, and a net profit attributable to the parent company of 93 million, down 51.41% year-on-year [2][4] - The company has signed contracts with a corresponding revenue amount of 1.75 billion as of the end of the first half of 2025, representing a 478% increase compared to the beginning of the period [4] Financial Performance Summary - In Q2 2025, the company recorded revenue of 313 million, a year-on-year decrease of 18.01%, but a quarter-on-quarter increase of 9.49% [2][4] - The gross profit margin for the casting high-temperature alloy business was 39.4%, down 11.4 percentage points year-on-year, while the gross profit margin for the deformation high-temperature alloy business was 25.6%, down 4.9 percentage points year-on-year [4] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 300 million, 450 million, and 650 million, respectively, with year-on-year growth rates of 14%, 47%, and 46% [4]
行业协会:雅江工程将带来400万-600万吨钢铁超级订单
Xin Lang Cai Jing· 2025-08-04 03:19
Core Insights - The Yarlung Tsangpo River downstream hydropower project is set to officially commence construction on July 19, 2025, with a total investment of 1.2 trillion yuan and an installed capacity of 70-81 million kilowatts, equivalent to three Three Gorges power stations [1] - This project is a key component of China's "West-to-East Power Transmission" strategy and presents a historic opportunity for the steel industry, creating a demand for tens of millions of tons and driving technological upgrades [1] Steel Demand Overview - The steel demand for the Yarlung project will cover the entire construction cycle, involving civil engineering, equipment, and transmission, with an estimated total demand for special steel reaching 4-6 million tons, accounting for 1.2% of the national crude steel output in 2024 [1][2] - This demand significantly exceeds the Three Gorges project, which required 590,000 tons of steel, driven by three main factors: the project's scale, extreme environmental requirements, and the expansion of supporting infrastructure [2] Special Steel Characteristics - High-end special steel will be the primary focus for the Yarlung project, with demand characterized by "specialization, high strength, and long lifespan" [3] - Estimated steel usage includes: 60-70% for main structure (2.4-4.2 million tons), 15-20% for underground works (600,000-1.2 million tons), 10-15% for electromechanical equipment (400,000-900,000 tons), 5-10% for construction aids (200,000-600,000 tons), and 5% for other special-purpose steel (200,000-300,000 tons) [3] - Key types of steel include high-strength rebar, special medium-thick plates for hydropower, non-oriented silicon steel sheets, weather-resistant angle steel, and special stainless steel, all designed to withstand extreme conditions [3]