赛特新材 20250630 摘要 新冰箱能效标准将于 2026 年 6 月 1 日实施，显著提高能效等级要求， 原国标一级能效在新标中仅相当于五级，推动冰箱企业采用 VIP（真空 绝热板）以提升容积率和保温效果，预计下半年相关生产和市场推广会 逐步启动。 新标准引入容积率概念，直接影响冰箱能耗计算，提升 VIP 板材应用， 因其能提高能效等级和保温效果，高级别冰箱必须采用 VIP 板材才能达 标，单台冰箱 VIP 板材需求量约为 2-5 平方米，具体取决于冰箱尺寸和 能效等级。 国内外 VIP 板材渗透率存在差异，日韩市场渗透率高达 70%-80%，欧 美为 40%-50%，国内仅为 20%-30%，主要受住房面积、能效要求和 消费习惯影响，新标准将推动国内单台冰箱 VIP 板材平均使用面积逐步 增加。 现有压缩机和电控技术提升能效空间有限，赛特新材作为 VIP 板材供应 商将受益于新能效标准，其产品可有效支持冰箱企业达到新标准，但目 前尚未出现冰箱厂大规模包产线生产含赛特新材产品的新型号的行动。 Q&A 新能效标准对 VIP 版需求的影响是什么？ 新能效标准全称为《家用电冰箱耗电量限定值及能效等级》，由标准 ...

赛特新材 20260626 摘要 赛特新材是真空绝热板（VIP）行业领先企业，受益于冰箱能效标准提升 和国内消费结构变化，2023 年销量和营收恢复高增长。2024 年国内 VIP 板收入大幅增长，但国内收入占比提升导致毛利率下降，归母净利 率同比下降 4.37%至约 8%。 中国新版冰箱能效标准将于 2026 年 6 月 1 日正式实施，标准更为严格， 预计将通过供给端改善冰箱产品质量，提升高端冰箱占比，进而驱动 VIP 材料渗透率提升，替代传统聚氨酯泡沫保温材料。参考欧盟经验， 新能效标准推动高能效家电产品销售额显著增长。 赛特新材掌握芯材、阻隔膜、吸附剂等自研技术，推出超薄 VIP 和壳式 VIP 等创新产品，切入新能源汽车电池保温领域。超薄 VIP 已成功打入 全球知名动力电池企业供应链，并应用于造车新势力主力车型。 公司已实现吸附剂的自产替代，有效降低了成本。自 2008 年开始自主 研发吸附剂，历时 7 年于 2015 年完全实现自产替代进口，摆脱了对意 大利和韩国少数几家企业的依赖。 公司量产的真空绝热板（VIP）初始导热系数在 1.7~2.5 mW/(m·K)左 右，产品已达到欧盟区域的认证标 ...

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Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Viewpoints - The company is expected to achieve a revenue of 934 million yuan in 2024, representing a year-on-year growth of 11.16%. However, the net profit attributable to shareholders is projected to be 77.16 million yuan, a decline of 27.27% year-on-year [2][4]. - In Q1 2025, the company reported a revenue of 246 million yuan, with a year-on-year increase of 10%, but the net profit decreased by 65.96% to 9.758 million yuan [2][4]. - The revenue performance is relatively stable, but profit performance is poor, mainly due to losses from certain subsidiaries. The company's VIP revenue for the year is expected to be 920 million yuan, with a 13% increase in sales volume [4][11]. - The company anticipates that new business segments will provide incremental growth by 2025, particularly in the ultra-thin VIP market for battery insulation in electric vehicles [11]. Summary by Sections Financial Performance - The company expects total revenue of 934 million yuan for 2024, with a gross profit margin of approximately 29% [4][15]. - The projected net profit for 2025 and 2026 is 132 million yuan and 173 million yuan, respectively, corresponding to PE ratios of 18 and 14 [5][15]. Market Dynamics - Domestic sales are expected to reach 530 million yuan in 2024, a 41% increase, while international sales are projected to decline by 13% to 400 million yuan due to geopolitical tensions affecting logistics and shipping costs [4][11]. - The company is seeing improved order signals driven by the "old-for-new" policy in China, particularly in the refrigerator segment [11]. Product Development - The company has successfully applied its VIP boards in the battery insulation sector for electric vehicles, with recognition from major automotive and battery manufacturers [11].

（2）分季度来看，2024Q4/2025Q1 分别实现营收2.65 亿元/2.46 亿元，分别同比+6.9%/+10.1%，收入增 速回升，预计得益于下游家电等领域景气上升对需求的带动。 公司披露2024 年年报及2025 年一季报：公司2024 年全年/2025 年一季报实现营收9.34 亿元/2.46 亿元， 分别同比+11.2%/+10.1%，实现归母净利润7716 万元/976 万元，分别同比-27.3%/-66.0%。 收入增速回升，新应用开拓成果显现。（1）公司2024 年营收增长主要来自于真空绝热板主业的驱动， 真空绝热板实现收入9.15 亿元、销量997 万平，同比分别+11.4%/+13.1%，除了受益于产品渗透率提升 以及公司产能增长外，公司开拓动力电池保温等新应用领域也持续取得进展。 持续推进扩产项目建设和产品工艺优化迭代。2024 年经营活动产生的现金流量净额为6565 万元，同 比-12.7%，主要是盈利下降所致。2025Q1经营活动产生的现金流量净额为511 万元，同比-82.3%，主要 是收到的税收返回同比下降所致。公司2024 年全年/2025Q1 购建固定无形长期资产支付的现 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue growth is recovering, driven primarily by its main business of vacuum insulation panels, which achieved a revenue of 915 million yuan in 2024, reflecting a year-on-year increase of 11.4% [8] - The gross profit margin is under pressure due to a decrease in export sales and rising costs, with the overall gross margin for 2024 at 29.1%, down 3.9 percentage points year-on-year [8] - The company is actively expanding production capacity and optimizing product processes, with significant investments in fixed and intangible assets [8] Financial Performance Summary - Total revenue for 2024 is projected at 933.54 million yuan, with a year-on-year growth of 11.16% [1] - The net profit attributable to shareholders for 2024 is expected to be 77.16 million yuan, a decrease of 27.27% year-on-year [1] - Earnings per share (EPS) for 2024 is estimated at 0.46 yuan, with a price-to-earnings (P/E) ratio of 31.43 [1] Revenue and Profit Forecast - Revenue is expected to grow to 1,138.94 million yuan by 2025, with a year-on-year increase of 22% [1] - The net profit attributable to shareholders is forecasted to recover to 97.92 million yuan in 2025, representing a growth of 26.90% [1] - The projected EPS for 2025 is 0.58 yuan, with a P/E ratio of 24.76 [1] Market Data - The closing price of the stock is 14.45 yuan, with a market capitalization of approximately 2,424.91 million yuan [5] - The stock has a price-to-book (P/B) ratio of 2.35 [5] Operational Insights - The company is focusing on new application development, particularly in the field of battery insulation, which is expected to drive future growth [8] - The company is also working on the installation and debugging of new production equipment, aiming for trial production in the first half of 2025 [8]