8月27日，银邦转债盘中下跌2.05%报129.134元/张，成交额5956.00万元，转股溢价率36.56%。 资料显示，银邦转债信用级别为"AA-"，债券期限6年（本次发行的可转债票面利率设定为:第一年为 0.20%,第二年为0.40%,第三年为0.80%,第四年为1.50%,第五年为1.90%,第六年为2.30%），对应正股名称 为银邦股份，转股开始日为2025年7月14日，转股价12.51元。 可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，银邦金属复合材料股份有限公司(以下简称"公司")创立于1988年6月,坐落于吴越文化发源地 无锡新吴区鸿山街道。公司于2012年7月在深交所挂牌上市,股票代码:300337。公司总部位于江苏无锡, 目前建有无锡、淮北两家工厂。公司主要从事铝热传输材料、铝钢复合材料、多金属复合材料等新材料 的研发、生产和销售,建有年产25万 ...

Group 1: Macroeconomic Overview - National general public budget revenue increased by 0.1% year-on-year in the first seven months of 2025, with a notable increase of 2.6% in July, marking the highest monthly growth of the year [3] - National general public budget expenditure grew by 3.4% year-on-year in the same period, with significant contributions from health and social security sectors [3] - Government fund budget revenue decreased by 0.7% year-on-year, indicating ongoing impacts from the real estate market adjustments [4] Group 2: Anfu Technology - Anfu Technology is expected to acquire a 43% stake in Nanfu Battery by 2026, significantly enhancing its earnings [8] - The restructuring strategy aims to deepen control over Nanfu Battery, with projected net profit of no less than 914 million yuan for 2025 [9] - The alkaline battery market is projected to grow, driven by trends such as smart home adoption and outdoor activities, with global retail sales expected to exceed $12 billion by 2025 [9][10] Group 3: Lenovo Group - Lenovo Group reported a strong start to FY2026, with total revenue reaching $18.8 billion, a 22% year-on-year increase [11] - The company’s three main business segments showed robust growth, with the IDG segment achieving $13.5 billion in revenue, up 18% [12] - Lenovo's AI strategy is advancing, with significant developments in both personal and enterprise AI solutions [12][13] Group 4: Ruoyuchen - Ruoyuchen's revenue for H1 2025 exceeded expectations, driven by a 242% year-on-year increase in self-owned brand sales [14] - The company is expected to maintain high growth rates, with EPS projections of 0.81, 1.20, and 1.62 yuan for 2025-2027 [15] - The self-owned brand "Zhanjia" has shown strong performance, contributing significantly to overall revenue growth [16] Group 5: Nuo Pin - Nuo Pin is positioned as a leader in high-end blueberry production, with a target EPS of 0.86, 1.26, and 1.56 yuan for 2025-2027 [18] - The company benefits from high barriers to entry in blueberry cultivation, leveraging unique climatic conditions in Yunnan [19] - Nuo Pin's sales channels are expanding, with a significant increase in fresh food revenue from 1 billion to 2.14 billion yuan from 2021 to 2024 [20]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5][11]. Core Views - The aluminum processing industry is facing intensified competition, leading to a slowdown in profit growth for the company. However, with the gradual easing of international trade frictions and the ramp-up of new products, the company's performance is expected to return to a rapid growth trajectory [2][11]. - The company achieved a net profit attributable to shareholders of 570 million yuan in H1 2025, representing a year-on-year increase of 2.15%. In Q2 2025, the net profit was 304 million yuan, a slight decrease of 0.22% year-on-year but an increase of 14.24% quarter-on-quarter, aligning with expectations [11]. - The company is advancing its capacity construction steadily, with a current finished product supply capacity of 500,000 tons and an ongoing project for 450,000 tons of high-end aluminum plates for new energy vehicles [11]. - New growth opportunities are anticipated in the AIDC, air conditioning, and energy storage sectors, driven by the increasing demand for heat dissipation performance and the application of liquid cooling technology [11]. Summary by Sections Financial Performance - In H1 2025, the company reported a net profit of 570 million yuan, with a year-on-year growth of 2.15%. The Q2 2025 net profit was 304 million yuan, down 0.22% year-on-year but up 14.24% quarter-on-quarter [11]. - The company adjusted its EPS forecasts for 2025-2027 to 1.40, 1.58, and 1.82 yuan respectively, down from previous estimates [11]. Market Position and Strategy - The company maintains a competitive edge in aluminum thermal transmission materials, despite the pressure on processing fees due to industry competition [11]. - The introduction of new products and continuous upgrades in product structure are expected to enhance profitability and market share [11]. Future Outlook - The report anticipates that the company's performance will benefit from the easing of international trade tensions and the launch of new products, positioning it for a return to rapid growth [2][11]. - The expansion into new application areas, particularly in AIDC and energy storage, is expected to open new growth avenues for the company [11].

Investment Rating - The report maintains a "Recommended" rating for the company [8]. Core Views - The company achieved a revenue of 5.964 billion yuan in the first half of 2025, representing a year-on-year growth of 20.87%. The net profit attributable to shareholders was 570 million yuan, up 2.15% year-on-year, while the net profit excluding non-recurring items decreased by 2.09% to 540 million yuan [3]. - The production capacity has been steadily increasing, with an expected output of 480,000 to 500,000 tons in 2025. The average price of aluminum ingots in the first half of 2025 was 20,317 yuan per ton, a year-on-year increase of 2.62% [4]. - The company is expanding its Chongqing Phase II project, which is expected to significantly reduce costs and enhance profitability. The new project will have a designed capacity of 450,000 tons, including 150,000 tons of high-end aluminum plates and foils [6]. Summary by Sections Financial Performance - In the second quarter of 2025, the company reported a revenue of 3.059 billion yuan, an 18.94% increase year-on-year, and a net profit of 304 million yuan, a slight decrease of 0.22% year-on-year [3]. - The overall net profit margin for the first half of 2025 was 9.57%, down 1.56 percentage points year-on-year [4]. Production and Cost Efficiency - The company has maintained a continuous increase in production, with aluminum thermal transmission material output reaching approximately 387,600 tons in 2023, a year-on-year growth of 14.90% [4]. - The gross profit margin for the aluminum thermal transmission segment was 13.67%, a decrease of 2.85 percentage points year-on-year [4]. Competitive Advantages - The company benefits from high barriers to entry in the composite materials industry, including significant investment requirements and complex processes. The production yield has reached 73%, with potential for further improvement [5]. - Key clients include major global automotive and energy management companies, which strengthens the company's market position [5]. Future Outlook - The company forecasts net profits of 1.388 billion yuan, 1.539 billion yuan, and 1.953 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 13, 12, and 9 [7].

Group 1 - The company reported a revenue of 5.964 billion yuan for the first half of the year, representing a 20.87% increase compared to the same period last year [3] - The net profit attributable to shareholders was 570 million yuan, showing a 2.15% increase year-on-year, while the net profit excluding non-recurring gains and losses decreased by 2.09% to 540 million yuan [3] - The company experienced a decline in cash flow from operating activities, with a net cash flow of -30 million yuan, a significant drop of 105.90% compared to the previous year [1] Group 2 - The company is focusing on enhancing its core business by expanding its high-end aluminum plate and foil project from an annual capacity of 150,000 tons to 450,000 tons, with total investment increasing from 198 million yuan to 261.9 million yuan [2] - The new project will introduce advanced aluminum processing equipment, which is expected to significantly increase overall production capacity, improve product quality, and reduce costs [2] - The project aims to address the bottleneck in hot-rolled production lines, adding 150,000 tons of high-end aluminum plate and foil materials and 300,000 tons of hot-rolled aluminum plate and foil billets [2] Group 3 - The aluminum processing industry is facing intensified competition due to the cancellation of certain export tax rebates and frequent international trade frictions, leading to a general decline in processing fees and profitability [1] - Despite the challenging market conditions, the company has maintained stable growth in capacity and revenue, highlighting its competitive advantages in the aluminum thermal transmission materials sector [1]

Core Viewpoint - The company is a leading player in the aluminum thermal transmission materials industry, with a target price of 21.24 yuan based on a P/E valuation method, corresponding to a 15.0 times P/E for 2025 [1] Group 1: Company Overview - The company focuses on aluminum thermal transmission materials and has rapidly expanded its production capacity, aiming for a total of 500,000 tons/year of finished aluminum capacity by the end of 2024 [2] - The company plans to increase its production capacity to 800,000 tons/year after the completion of its Chongqing facility, positioning itself as a global leader in aluminum thermal transmission materials [2] Group 2: Competitive Advantages - The company boasts strong R&D capabilities, scale advantages, and cost management, leading to an average ROE of 20.6% from 2021 to 2024, significantly higher than the industry average of 12.0% [2] - The company’s focus on high-end markets allows it to achieve higher processing fees, while its scale reduces unit manufacturing costs and enhances supply capabilities [2] Group 3: Market Demand and Supply Dynamics - The demand for aluminum thermal transmission materials is expected to grow, particularly in the transportation sector, with the use in new energy vehicles doubling compared to traditional vehicles [3] - Emerging markets such as air conditioning and data centers are anticipated to further drive demand growth [3] - The competitive landscape is characterized by high industry barriers due to the customized and differentiated nature of customer demands, allowing leading companies to strengthen their market positions [3] Group 4: Growth Catalysts - Potential catalysts for growth include high demand from downstream orders, successful capacity expansion, and better-than-expected cost reduction and efficiency improvements [4] Group 5: Financial Projections - The company is projected to have EPS of 1.42 yuan and 1.68 yuan for 2025 and 2026, respectively, with a CAGR of 17.4%, corresponding to current P/E ratios of 11.4 times and 9.6 times [5] - The target price of 21.24 yuan implies a 31% upside from the current stock price, based on a 15.0 times P/E for 2025 [5]

Group 1 - In the first four months of this year, Jiangsu's import and export to ASEAN reached 336.56 billion yuan, a year-on-year increase of 23.4% [1] - The company Nantong Tiexian Electromechanical Tools Co., Ltd. successfully exported electric tools worth 391,200 yuan to Vietnam, with electric spray guns being ten times more efficient than traditional rollers [1] - The export to ASEAN accounted for approximately 30% of the company's total exports, benefiting from the RCEP and China-ASEAN Free Trade Agreement [1] Group 2 - The demand for lightweight and high-performance materials is increasing in the rapidly developing ASEAN electric vehicle market [2] - Wuxi Yinbang Metal Composite Materials Co., Ltd. reported that its products, which are lighter and have greater tensile strength, have seen exports to ASEAN exceed 9.36 million dollars in the first four months, a year-on-year increase of 66.63% [2] - The company's aluminum thermal transfer materials are particularly advantageous in the electric vehicle sector, enhancing thermal conductivity efficiency [2]

证券代码：300337 证券简称：银邦股份 银邦金属复合材料股份有限公司投资者关系活动记录表 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □√ 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 全体投资者 时间 2025 年 5 月 9 日 15:00—17:00 地点 全景网路演平台 上市公司接待 人员姓名 董事长兼总经理：沈健生 独立董事：许春亮 董事、副总经理：李如亮 董事、财务总监：王洁 董事会秘书：顾一鸣 证券事务代表：曾曙轩 投资者关系活 动主要内容介 绍 银邦股份 2024 年年度业绩网上说明会 提问及回答： 1、请问贵公司的淮北项目，投产了没有？主要为哪些企业配 套？有没有配套周边大企业的计划？ 回答：您好，公司年产 35 万吨新能源用再生低碳铝热传输材 投资者关系活动记录表 料项目（一期）截止到 2024 年底，完成累计投资 13.7 亿元， 成功实现主体厂房全面建成，总建筑面积达 14 万平方米。 在设备安装与调试方面：熔炼铸造、加热热轧、退火、冷轧、 精整分切等核心生产设备已全部安装完成，并顺利进入试运 行阶段。生产经营模式和无锡工厂 ...