11月26日，思泉新材涨5.04%，截至发稿，报188.24元/股，成交5.84亿元，换手率6.68%，总市值152.01 亿元。 资料显示，广东思泉新材料股份有限公司位于广东省东莞市企石镇江边村金磊工业园A栋1-2楼，成立 日期2011年6月2日，上市日期2023年10月24日，公司主营业务涉及研发、生产和销售热管理材料、磁性 材料、纳米防护材料等。主营业务收入构成为：热管理材料88.60%，其他8.69%，磁性材料1.99%，纳 米防护材料0.72%。 从基金十大重仓股角度 章宏帆累计任职时间38天，现任基金资产总规模7.35亿元，任职期间最佳基金回报-4.15%， 任职期间最 差基金回报-4.22%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，鹏扬基金旗下1只基金重仓思泉新材。鹏扬数字经济先锋混合A（012456）三季度持有股数 9.28万股，占基金净值比例为3.03%，位居第八大重仓股。根据测算，今日浮盈赚取约83.82万元。 ...

广东思泉新材料股份有限公司（证券代码：301489，简称"思泉新材"）近日发布公告，就深圳证券交易 所关于公司向特定对象发行股票的审核问询函进行回复，详细解释了公司毛利率波动、2024年增收不增 利、子公司合规经营等市场关注问题。公告显示，公司2024年实现营业收入6.56亿元，同比增长 51.10%，但扣除非经常性损益后归属于母公司股东的净利润为5038.51万元，同比下降6.2%，归属于母 公司股东的净利润5245.59万元，同比下降3.88%。 核心业务毛利率波动显著 子公司亏损拖累业绩 公告披露，思泉新材核心产品中，磁性材料和纳米防护材料毛利率波动较大。磁性材料毛利率在2022年 至2025年1-9月间分别为17.01%、34.69%、-2.61%和27.17%；纳米防护材料毛利率同期分别为30.60%、 25.70%、43.53%和23.49%。公司解释，上述业务收入占比不足2%，规模较小导致客户结构及订单变动 对毛利率影响显著。例如，2024年磁性材料毛利率为负主要因导入韩系客户采取竞争性定价，2025年随 着智能手机领域订单增长毛利率回升。 2024年增收不增利的主要原因是子公司亏损及费用增加。 ...

资料显示，广东思泉新材料股份有限公司位于广东省东莞市企石镇江边村金磊工业园A栋1-2楼，成立 日期2011年6月2日，上市日期2023年10月24日，公司主营业务涉及研发、生产和销售热管理材料、磁性 材料、纳米防护材料等。主营业务收入构成为：热管理材料88.60%，其他8.69%，磁性材料1.99%，纳 米防护材料0.72%。 从基金十大重仓股角度 11月17日，思泉新材涨5.17%，截至发稿，报185.39元/股，成交3.38亿元，换手率3.91%，总市值149.71 亿元。 金鹰民丰回报混合（004265）基金经理为林龙军。 截至发稿，林龙军累计任职时间7年187天，现任基金资产总规模56.68亿元，任职期间最佳基金回报 71.77%， 任职期间最差基金回报-15.58%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，金鹰基金旗下1只基金重仓思泉新材。金鹰民丰回报混合（004265）三季度持有股数1.45万 股，占基金净值比例为1.9 ...

Group 1 - The core point of the news is that Sihuan New Materials has seen a stock price increase of 5.12%, reaching 182.38 CNY per share, with a trading volume of 611 million CNY and a turnover rate of 7.21%, resulting in a total market capitalization of 14.728 billion CNY [1] - Sihuan New Materials, established on June 2, 2011, and listed on October 24, 2023, specializes in the research, production, and sales of thermal management materials, magnetic materials, and nano-protective materials, with thermal management materials accounting for 88.60% of its main business revenue [1] - The company's main business revenue breakdown is as follows: thermal management materials 88.60%, other materials 8.69%, magnetic materials 1.99%, and nano-protective materials 0.72% [1] Group 2 - According to data from the top ten circulating shareholders, Huaxia Fund's Huaxia Industry Prosperity Mixed A (003567) reduced its holdings by 1.0407 million shares in the third quarter, now holding 1.0991 million shares, which represents 2.31% of the circulating shares [2] - The fund has achieved a floating profit of approximately 9.7604 million CNY today, with a total fund size of 8.972 billion CNY and a year-to-date return of 53.96%, ranking 680 out of 8149 in its category [2] - The fund manager, Zhong Shuai, has been in position for 5 years and 103 days, with the best fund return during his tenure being 176.24% [3]

Core Viewpoint - The announcement details Guangdong Siquan New Materials Co., Ltd.'s plan for a specific stock issuance in 2025, analyzing the impact on immediate returns and outlining measures to mitigate potential dilution of returns for investors [2][3][5]. Financial Impact Analysis - The company analyzed the impact of the stock issuance on key financial metrics, including earnings per share (EPS) and return on equity (ROE), under various profit growth scenarios of 0%, 10%, and 20% for 2025 compared to 2024 [3][4]. - Under the assumption of no profit growth, the diluted EPS would decrease from 0.91 to 0.50 yuan per share post-issuance [3][4]. - If profits increase by 10%, the diluted EPS would adjust to 0.55 yuan per share, and with a 20% increase, it would be 0.60 yuan per share [4]. Necessity and Reasonableness of the Issuance - The funds raised will be used to optimize production capacity, enhance industry position, and improve core competitiveness and profitability, aligning with national industrial policies and the company's strategic development [5][6]. Relationship with Existing Business - The fundraising projects are closely related to the company's main business of thermal management materials, magnetic materials, and nano-protective materials, which are applicable in various sectors including consumer electronics and renewable energy [6][7]. Measures to Mitigate Dilution of Immediate Returns - The company plans to accelerate project implementation and improve fund utilization efficiency to enhance overall competitiveness and sustainable development [8]. - A strict fundraising management system will be established to ensure funds are used appropriately and effectively, with ongoing supervision by the company and its sponsors [8][9]. - The company will also enhance its profit distribution policy to strengthen investor return mechanisms, ensuring compliance with relevant regulations [8][9]. Commitments from Key Stakeholders - The controlling shareholder and senior management have made commitments to not interfere with company operations or harm company interests, ensuring adherence to the measures designed to mitigate return dilution [10][11]. Approval Process for the Issuance - The analysis and measures regarding the dilution of immediate returns have been approved by the company's board and will be submitted for shareholder approval [11].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][8]. Core Insights - The company has experienced a significant revenue increase, with a 51.1% year-on-year growth in 2024, reaching 656 million yuan, while net profit slightly decreased by 3.88% to 52.45 million yuan due to increased expenses from newly acquired subsidiaries and higher sales and R&D costs [4]. - In Q1 2025, the company reported a revenue of 183 million yuan, a 93.59% increase year-on-year, and a net profit of 17.72 million yuan, up 79.57%, indicating a strong acceleration in profit growth driven by increased orders from North American clients and the release of production capacity from fundraising projects [4][5]. - The company is well-positioned to benefit from the AI-driven growth in the consumer electronics sector, with expectations of a 63% CAGR for AI smartphones from 2023 to 2028, which will increase demand for comprehensive thermal management solutions [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 656 million yuan with a growth rate of 51.1%, while the net profit was 52 million yuan, reflecting a decline of 3.9% [9]. - Forecasted net profits for 2025, 2026, and 2027 are 108 million, 152 million, and 202 million yuan respectively, with corresponding EPS of 1.87, 2.64, and 3.50 yuan [8][9]. Business Development - The company has diversified its operations into several new areas, including automotive applications, smart home technology, and AI servers, leveraging its strong brand and technical capabilities [6][7]. - The automotive sector is expected to see significant growth, particularly in applications related to electric vehicle batteries and cockpit electronics [6][7]. Market Outlook - The global smartphone market showed signs of recovery, with a 0.5% year-on-year increase in Q1 2025, and the Chinese market growing by 9% due to consumer electronics subsidies [5]. - The company is actively pursuing partnerships in emerging fields such as robotics and AI, which are anticipated to drive future growth [7].

Core Viewpoint - Company is focusing on expanding its business in emerging markets such as AI PCs and AI smartphones, leveraging the growing demand for comprehensive thermal management solutions in consumer electronics [2][10]. Business Expansion Plans - The company plans to enhance its market share and optimize product structure while developing new markets in electric vehicles, energy storage, servers, and smart home applications [2]. - A significant investment of $65 million is planned for establishing a production base in Vietnam, which will help expand production capacity and improve market share [3]. R&D and Product Development - In 2024, the company increased its R&D investment significantly, with a 72.97% growth in the number of R&D personnel and a 56.42% increase in R&D expenses compared to the previous year [4]. - The company obtained 15 new invention patents and 5 utility model patents, indicating a strong focus on innovation and technology advancement [4]. Financial Performance - In 2024, the company achieved a revenue of 656 million yuan, a year-on-year increase of 51.10%, while net profit decreased by 3.88% [5]. - For Q1 2025, the company reported a revenue of 183 million yuan, a 93.59% increase year-on-year, and a net profit of 17.72 million yuan, up 79.57% [5][13]. Market Trends and Future Outlook - The consumer electronics industry is expected to grow significantly in 2024, driven by advancements in AI, cloud computing, and 5G technologies [12]. - The company aims to strengthen its market position in graphite products and expand into new product areas such as liquid cooling and electronic adhesives [12]. Investment and Shareholder Returns - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares and increase capital reserves by converting 4 shares for every 10 shares held [6]. - Recent market performance shows a positive trend, with the stock price increasing from 55 to 62, reflecting investor confidence [6].

Group 1: Business Expansion and Market Strategy - The company plans to invest $65 million in a production base for high-performance thermal management products in Vietnam, which will enhance production capacity and market share [2] - The company aims to leverage synergies between new and existing businesses, focusing on strategic partnerships with major clients like North American companies and Xiaomi [2] - The company is committed to enhancing its market share in emerging sectors such as new energy vehicles, energy storage, and smart home technologies [1] Group 2: Research and Development - The R&D team has grown by 72.97% year-on-year, with R&D expenses increasing by 56.42% compared to the previous year [3] - The company obtained 15 new invention patents and 5 utility model patents in 2024, indicating a strong focus on innovation [3] - Continuous investment in technology and product upgrades is aimed at maintaining a competitive edge in thermal management materials and related fields [3] Group 3: Financial Performance - In 2024, the company achieved a revenue of 656 million yuan, a year-on-year increase of 51.10%, while net profit decreased by 3.88% [4] - The first quarter of 2025 saw a revenue of 183 million yuan, representing a 93.59% increase year-on-year, with net profit rising by 79.57% [4] - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [4] Group 4: Market Trends and Future Outlook - The consumer electronics market is expected to grow significantly due to advancements in AI, cloud computing, and 5G technologies [5] - The automotive sector, particularly in new energy vehicles, is experiencing rapid growth, driven by favorable policies and increased supply [6] - The company aims to strengthen its core products while expanding into new markets and technologies to ensure sustainable growth [6]

Group 1: Company Overview - The company focuses on the research, production, and sales of electronic and electrical functional materials, primarily divided into thermal management and environmental adaptation product modules [1][2] - The product range includes graphite heat dissipation films, heat sinks, cooling fans, and liquid cooling plates, providing systematic thermal solutions for various electronic products [2] Group 2: Application Fields - Products are widely used in consumer electronics such as smartphones, laptops, and smart wearable devices, as well as in high-end fields like new energy vehicles, energy storage, and medical equipment [3] Group 3: Major Clients - Key clients include major North American customers and leading domestic technology companies such as Xiaomi, Vivo, and Samsung [4] Group 4: Financial Performance - In 2024, the company achieved a revenue of 656 million yuan, a year-on-year increase of 51.10%, driven by rapid market demand and increased orders from North American clients [5] - The net profit attributable to shareholders was 52.46 million yuan, a slight decrease of 3.88% year-on-year, attributed to increased expenses from newly consolidated subsidiaries and higher sales and R&D costs [6] Group 5: Future Outlook - The company aims to enhance its core competitiveness and is optimistic about revenue growth in 2025, focusing on market expansion and continuous innovation [8] - Key projects for 2025 include the expansion of graphite film production, liquid cooling product projects, and the development of high-performance thermal products [9]

Market Overview - In March 2025, China's retail sales (社零) increased by 5.9% year-on-year, exceeding market expectations, with a total retail sales amounting to 4.09 trillion yuan [4][5] - The consumer confidence index in February 2025 was 88.4, marking a continuous increase for three months [4][5] - Online retail channels outperformed overall retail sales, with physical stores showing weaker performance [4] Industry Insights - The sports and leisure goods sector saw a robust year-on-year growth of 25.4% in retail sales for Q1 2025, indicating strong demand resilience [4] - The jewelry sector experienced a significant year-on-year growth of 10.6% in March 2025, with gold prices rising by 37.4% [4][7] - The textile and apparel sector showed a year-on-year growth of 3.6% in March 2025, with online channels expected to underperform compared to offline channels [4][7] Company Analysis Q1 2025 Performance - New Hope Group and other pig farming stocks are recommended due to the anticipated recovery in the pig farming industry, which is expected to enter a profit cycle starting from Q2 2024 [11] - The company "启明星辰" reported a decline in revenue due to weak downstream demand, but is focusing on strategic collaborations with China Mobile to enhance its market position [14][17] - "新和成" achieved a revenue of 21.61 billion yuan in 2024, a year-on-year increase of 42.95%, driven by strong performance in its nutrition products segment [20][22] Future Projections - "新和成" is projected to achieve revenues of 23.94 billion yuan in 2025, with a growth rate of 10.8% [22] - "启明星辰" expects a net profit growth of 40.9% to 38.8% from 2025 to 2027, supported by expanding its product offerings and market reach [15][18] Investment Recommendations - The report suggests focusing on undervalued apparel companies such as 森马服饰 and 锦泓集团, as well as home textile companies benefiting from government subsidies [5] - In the textile manufacturing sector, companies like 华利集团 and 申洲国际 are recommended for their potential market share gains amid changing industry dynamics [7] - The jewelry sector is expected to see a recovery in demand and performance in Q2 2025, with companies like 潮宏基 and 周大生 highlighted for investment [7]