证券代码：002372 证券简称：伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 编号：2025-026 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动类 | □媒体采访 | □业绩说明会 | | 别 | □新闻发布会 | □路演活动 | | | □现场参观 | √其他：电话会议 | | 参与单位名称及人 | 汇添富基金：向敏锐、何旺、卞正；国泰海通证券：花健祎、杨冬庭、巫恺洋。 | | | 员姓名 | | | | 时间 2025 | 年 12 月 2 日 | | | 地点 公司 | | | | 上市公司接待人员 谭梅等 | | | | 姓名 | | | | | 1、请问公司近期的市场需求情况？ | | | | 答：目前市场需求依然比较疲弱。 | | | | 2、请问公司明年对于工程业务的展望？ | | | | 答：对于工程业务而言，从外部来看，2026 年是"十五五"的开局之年，预计 | | | | 政策方面会更积极一点，但总体持谨慎态度；从内部来看，公司工程业务这两年一 | | | | 直坚持转型提质，通过技术营销和服务创新持续提升经营 ...

国泰海通证券发布研报称，中国联塑管道业务销售转型较好，非地产+非华南拓展迅速。非地产业务的 拓展和华南外市场的拓展迅速，农业领域发展领先。公司前期地产业务应收账款，高风险房企的应收或 充分计提75%以上，抵房进行中整体风险消较好。公司目前动态PE已经下降到4x左右，主要受到出身港 股影响；而且在目前产能利用率不足的背景下，公司向新能源转型的增加其实也难以明显增加capex， 经营风险相对可控。 消息面上，国家发展改革委党组书记、主任郑栅洁此前指出，"十五五"时期将建设改造地下管网超过70 万公里，新增投资需求突破5万亿元。国盛证券（002670）发布研报称，化债政策加码下政府财政压力 有望减轻，企业资产负债表也存在修复的空间，市政工程类项目有望加快推进，市政管网及减隔震实物 工作量有望加快落地。 中国联塑(02128)早盘涨超7%，截至发稿，涨6.53%，报4.73港元，成交额2907.56万港元。 ...

Core Viewpoint - China Lesso (02128) experienced a significant stock price increase, rising over 7% in early trading, attributed to favorable government policies and strong performance in its pipeline business [1] Group 1: Government Policy and Investment - The National Development and Reform Commission plans to construct and renovate over 700,000 kilometers of underground pipelines during the 14th Five-Year Plan, with new investment needs exceeding 5 trillion yuan [1] - The enhanced debt policy is expected to alleviate government financial pressure, allowing for accelerated progress in municipal engineering projects [1] Group 2: Company Performance - China Lesso's pipeline business has shown a successful sales transformation, with rapid expansion in non-real estate and non-South China markets, particularly in the agricultural sector [1] - The company has effectively managed risks associated with receivables from high-risk real estate firms, with over 75% of receivables adequately provisioned [1] - The company's dynamic PE ratio has decreased to around 4x, influenced by its Hong Kong stock market presence, while its capital expenditure remains manageable despite underutilized capacity [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][7][11] Core Insights - The company is seizing opportunities in the semiconductor localization trend, actively expanding its layout in semiconductor equipment and component markets. The company achieved revenue of 2.255 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.31%. However, overseas business experienced a decline due to macroeconomic factors [5][11] - The company plans to invest 2 billion yuan in a semiconductor core component project in Kunshan, which is expected to generate an annual output value of over 1.5 billion yuan upon reaching full production [6][11] - Revenue projections for the company are 3.019 billion yuan, 3.434 billion yuan, and 3.953 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 192 million yuan, 258 million yuan, and 357 million yuan for the same years [7][10] Company Overview - The latest closing price of the company is 52.72 yuan, with a total market capitalization of 21.5 billion yuan and a circulating market value of 15.2 billion yuan. The company has a total share capital of 408 million shares, with 288 million shares in circulation [4][11] - The company has a debt-to-asset ratio of 61.5% and a price-to-earnings ratio of 94.14 [4][11]

Core Viewpoint - Qinglong Pipe Industry has been awarded a contract for a water supply project in Pengyang County, which is expected to impact its financial performance from 2025 to 2027 [1] Group 1 - Qinglong Pipe Industry's subsidiary, Pengyang Qinglong Pipeline Technology Co., Ltd., received a "Notice of Winning Bid" from the Pengyang County Water Conservancy Service Center [1] - The company has been confirmed as the winning bidder for the second section of the water supply project in the Wangwa area of Pengyang County [1] - The bid amount is 81,952,733.10 yuan, which represents 2.91% of the company's audited total revenue for the fiscal year 2024 [1]

Group 1 - The core point of the announcement is that Qinglong Pipeline Technology Co., Ltd., a subsidiary of Qinglong Pipe Industry Group Co., Ltd., has been selected as the first candidate for the bidding of the Pengyang County Wangwa Area Water Supply Project - Water Supply and Distribution Engineering Section II [1] - The project is initiated by the Pengyang County Water Conservancy Service Center, with a bid amount of 81,952,733.10 yuan, which represents 2.91% of the company's audited operating revenue for the year 2024 [1] - If the project is confirmed and a formal contract is signed, it is expected to have a positive impact on the company's future operating performance during the contract execution period [1]

Core Points - Qinglong Pipe Industry announced that its subsidiary, Pengyang Qinglong Pipeline Technology Co., Ltd., has been selected as the first candidate for the bidding of the water supply project in Pengyang County, Ningxia Hui Autonomous Region [2] Summary by Category Company Announcement - Qinglong Pipe Industry Group Co., Ltd. reported that its subsidiary won the bid for the water supply project with a quoted price of 81,952,733.10 yuan, subject to the final contract amount [2] Industry Context - The announcement highlights the company's involvement in public resource projects, indicating potential growth opportunities in the water supply sector within the Ningxia region [2]

Core Viewpoint - Qinglong Pipe Industry (002457.SZ) has been awarded the first candidate for the bidding of the water supply project in Pengyang County, with a bid amount of 81.95 million yuan, which represents 2.91% of the company's audited revenue for 2024 [1] Company Summary - Qinglong Pipe Industry's subsidiary, Pengyang County Qinglong Pipeline Technology Co., Ltd., has been recognized as the first candidate for the water supply project [1] - The bid amount of 81.95 million yuan is a significant contract for the company, indicating potential revenue growth [1]

Core Viewpoint - Qinglong Pipe Industry (002457.SZ) has been selected as the first candidate for the bidding of the water supply project in Pengyang County, which is expected to positively impact the company's future operating performance if the contract is signed and implemented successfully [1] Summary by Categories Company Information - Qinglong Pipe Industry's subsidiary, Pengyang Qinglong Pipeline Technology Co., Ltd., has been recognized as the first candidate for the bidding of the water supply project [1] - The bid amount is 81,952,733.10 yuan, which represents 2.91% of the company's audited operating revenue for the year 2024 [1] Project Impact - If the project is confirmed and the contract is signed, it is anticipated to have a positive effect on the company's operating performance during the contract execution period [1]

Core Viewpoint - Qinglong Pipe Industry announced that its subsidiary, Pengyang Qinglong Pipeline Technology Co., Ltd., has been selected as the first candidate for the bidding of the Pengyang County Wangwa Water Supply Project, with a bid amount of approximately 81.95 million yuan, which represents 2.91% of the company's audited operating revenue for 2024 [1] Group 1 - The project involves the water supply and distribution engineering in the Wangwa area of Pengyang County [1] - The bid amount is approximately 81.95 million yuan, which is 2.91% of the company's projected operating revenue for 2024 [1] - If the project is confirmed and a formal contract is signed, it is expected to have a positive impact on the company's future operating performance during the contract execution period [1] Group 2 - The evaluation result public notice period is from November 10, 2025, to November 13, 2025 [1] - There is uncertainty regarding whether the subsidiary will receive the "Notice of Winning Bid" and sign the formal contract after the public notice period [1] - The total project amount and specific implementation details will be determined based on the formal contract [1]