Group 1 - The core viewpoint of the article is that Baotai Co., Ltd. is advancing its capacity expansion through fundraising and external acquisitions, specifically by acquiring a 51% stake in Shaanxi Wanhao Titanium Technology Co., Ltd. for 287 million yuan [1][2] - The acquisition will allow Baotai to integrate local quality resources and quickly add 25,000 to 28,000 tons of annual smelting capacity, enhancing market competitiveness and laying a solid foundation for rapid development [2] - Baotai's recent financial performance shows a revenue of 6.657 billion yuan in 2024, a decrease of 3.9% year-on-year, while net profit increased by 5.92% to 576 million yuan [3] Group 2 - Baotai's processing capacity for titanium products in 2024 is designed at 27,800 tons per year, with an actual capacity of 38,100 tons, and a production and sales volume of 33,600 tons and 31,300 tons respectively, reflecting a year-on-year growth of 12% and 6.54% [3] - The company has previously raised 2.005 billion yuan through a private placement in February 2021, which was invested in various projects including high-quality titanium ingot production lines [2] - The controlling shareholder, Baotai Group, has initiated a share buyback plan worth between 150 million to 300 million yuan, with the first purchase of 500,000 shares completed in June [3]

2025 年 05 月 11 日 策略类●证券研究报告 新股二级交投表现趋于向好，但量变到质变或仍待观察确认 新股专题 投资要点 新股周观点：五一节后第一个交易周，市场表现基本符合我们判断，新股板块二级 交投赚钱效应有所提升；但与此同时，细分到内部板块及主题表现，主要活跃方向 较节前再度出现切换，其中虽有重大突发事件带来的短时影响，可能也仍需警惕资 金分歧。短期，我们依然倾向于认为，新股新一轮活跃周期开启正在路上；只是近 日外围扰动不断，叠加资金或需要重建共识，震荡拉锯或也难免；建议谨慎求证之 余适度灵活积极。 （1）上周新股次新板块表现向好；假设以 2024 年以来上市的新股次新板块比较 来看，上周板块平均涨幅 3.0%，实现正收益占比约 82.9%。 （2）随着新股多个周期指标底部共振，节前资金局部做多意愿有所恢复、叠加上 周的三部门重要会议发布，新股整体赚钱效应呈现好转。但与此同时，我们也需要 注意的，节前活跃方向切向弹性更高的科技类主题的趋势似乎本周并未进一步凸 显，虽然其中部分原因或是突发事件带来的短时影响，但不排除资金可能尚存在分 歧。短期，外围环境正有多个事件持续扰动，包括印巴冲突、美国关税谈判 ...