内容概要：隔热保温材料是指用于阻抗热流传递的材料或材料的复合体，可以用于热工设备、管道、房 屋的顶面和墙面，也可以应用于冷库、冷藏设备等工程。保温隔热材料行业在经过了多年发展后，已成 为国民经济重要的组成部分，它在满足人们对建筑审美需求的同时，顺应了绿色节能低碳的发展趋势。 在建筑中，习惯将用于控制室内热量外流的材料叫做保温材料，把防止室外热量进入室内的材料叫做隔 热材料。随着科学的快速发展，越来越多的保温隔热材料应用到建筑领域。近两年来受房地产市场影响 规模有所下降，2024年我国新型保温隔热材料市场规模降至1270.7亿元，预计2025年我国新型保温隔热 材料市场规模约为1289.2亿元。未来随着部品生产工厂化和现场施工装配化率的不断提高，建筑节能保 温隔热材料行业将走向新兴工业化道路，发展前景良好。 保温材料和隔热材料统称为绝热材料。按照不同的标准划分，隔热保温材料的种类数量也有所不同，一 般而言，隔热保温材料可以根据制作原料是否是无机还是有机为主，可划分为无机隔热保温材料和有机 隔热保温材料。按照材料的构造，可以将隔热保温材料分成纤维状、多孔状微孔、气泡、粒状、层状等 多种形态。根据防火等级划分，可以 ...

证券代码：002088 证券简称：鲁阳节能 山东鲁阳节能材料股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活 | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 动类别 | □媒体采访 √业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 □其他 （请文字说明其他活动内容） | | | 参与单位名称 | 线上参与公司 年度网上业绩说明会的投资者 2024 | | | 及人员姓名 | | | | 时间 | 2025 年 5 月 14 日 15：00-17：00 | | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 上市公司接待 | 董事、总经理 Brian Eldon Walker 先生 | | | 人员姓名 | 独立董事朱清滨先生 | | | | 财务负责人姚永华女士 | | | | 副总经理、董事会秘书崔子娆女士 | | | | 年度网上业绩说明会互动交流主要问答如下： 2024 | | | | 1、行业以后的发展前景怎样？ | | | | 答：陶瓷纤维是纤维类轻质耐火 ...

公司研究丨点评报告丨鲁阳节能（002088.SZ） [Table_Title] 期待新业务改善和工艺技术再优化 丨证券研究报告丨 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 报告要点 [Table_Summary] 公司披露 2024 年报：营业总收入 35.3 亿元，同比增长 0.38%，归母净利润 4.8 亿元，同比下 降 2.42%。同时，公司披露 2025Q1 报：营业收入为 5.42 亿元，同比下降 22.61%；归母净利 润为 6004 万元，同比下降 27.19%。 分析师及联系人 [Table_Author] 1 鲁阳节能（002088.SZ） cjzqdt11111 [Table_Title2] 期待新业务改善和工艺技术再优化 [Table_Summary2] 事件描述 公司披露 2024 年报：营业总收入 35.3 亿元，同比增长 0.38%，归母净利润 4.8 亿元，同比下 降 2.42%。 同时，公司披露 ...

Core Viewpoint - The company is experiencing pressure on revenue growth and profitability due to weak demand in the ceramic fiber market and the integration phase of new automotive padding business, leading to adjustments in earnings forecasts [1][2][4]. Financial Performance - For 2024, the company reported revenue of 3.53 billion, net profit attributable to shareholders of 480 million, and net profit excluding non-recurring items of 490 million, with year-over-year changes of +0%, -2%, and -7% respectively [1]. - In Q4 2024 and Q1 2025, the company expects revenue of 990 million and 540 million, net profit of 140 million and 60 million, and net profit excluding non-recurring items of 150 million and 60 million, with year-over-year changes of +3%/-23%, +8%/-27%, and +10%/-28% respectively [1]. - The company plans a cash dividend of 410 million for 2024, with a payout ratio of 85.5% and a dividend yield of 6.2% based on the closing price on April 28, 2025 [1]. Business Segments - Revenue from ceramic fiber, automotive padding, and industrial filtration businesses for 2024 is expected to be 3.21 billion, 140 million, and 160 million respectively, with year-over-year changes of +3%, -36%, and +13% [2]. - The sales volume of ceramic fiber products is projected to remain stable at 537,000 tons, while industrial filtration products continue to show rapid revenue growth [2]. Profitability - The company's overall gross margin for 2024 and Q1 2025 is expected to decline by 0.4 and 3.4 percentage points to 31.0% and 25.6% respectively [3]. - The gross margins for ceramic fiber, automotive padding, and industrial filtration businesses are projected to be 32.1%, 17.1%, and 10.9%, with year-over-year changes of -2.0%, +9.0%, and +4.2% respectively [3]. - The company has successfully reduced its expense ratio, with a decrease of 2.0 and 3.0 percentage points to 12.9% and 12.3% for 2024 and Q1 2025 [3]. Growth Outlook - The company maintains a strong position in the ceramic fiber market, with expectations for continued growth in automotive padding and industrial filtration businesses, which may provide synergistic development opportunities [4]. - Revenue forecasts for 2025-2027 are projected to grow by 1%, 7%, and 8% to 3.6 billion, 3.8 billion, and 4.1 billion respectively, with net profits expected to reach 490 million, 540 million, and 590 million [4]. - The current price corresponds to a 2025 PE ratio of 13x, indicating attractive valuation alongside dividend considerations [4].