唯特偶(301319.SZ)公告，公司(乙方)与济南市历城区人民政府(甲方)、山东海冠电力集团有限公司(简 称"海冠集团"、丙方)签订了《战略合作框架协议》。 协议约定，乙丙双方深耕山东及北方市场，推动乙方全系列产品(包括锡膏、锡条、锡线、助焊剂、清 洗剂、预成型焊片、三防漆、胶粘剂、消防灭火新材料、弹性装甲涂料等)的销售渗透与渠道网络建 设，共同开拓重点战略客户资源。双方联合开发的新产品、新设备，在目标行业内开展业务拓展;同时 为合作载体提供全方位业务政策支持，助力快速实现市场突破与盈利增长。乙丙双方建立稳定的供应链 协同机制，丙方在相关工程项目中优先推广乙方产品，乙方结合实际需求提供定制化支持，共同探索联 合品牌建设路径，保障合作项目高效推进。乙方与丙方指定其成员企业通过设立合资公司，推进战略合 作，在甲方辖区内进行注册并开展相关业务。 公告称，本协议的签署预计对公司产品研发和市场拓展具有推进作用。 合作方海冠集团是一家集发电、输电、配电、用电、电力运维为一体的数字电网全产业链服务企业，推 出电力系统控制、变电站自动化及可持续能源解决方案，并创新性提出"EPC+OSF"商业模式，整合电 力设计、设备生产、 ...

公告称，本协议的签署预计对公司产品研发和市场拓展具有推进作用。 合作方海冠集团是一家集发电、输电、配电、用电、电力运维为一体的数字电网全产业链服务企业，推 出电力系统控制、变电站自动化及可持续能源解决方案，并创新性提出"EPC+OSF"商业模式，整合电 力设计、设备生产、工程实施加智能运维、软件管理、资金赋能全流程，致力于打造一站式电力服务平 台。截至目前，累计完成近60万KVA变电站及1300KM线路电气化工程，产品远销全球21个国家和地 区。 协议约定，乙丙双方深耕山东及北方市场，推动乙方全系列产品(包括锡膏、锡条、锡线、助焊剂、清 洗剂、预成型焊片、三防漆、胶粘剂、消防灭火新材料、弹性装甲涂料等)的销售渗透与渠道网络建 设，共同开拓重点战略客户资源。双方联合开发的新产品、新设备，在目标行业内开展业务拓展;同时 为合作载体提供全方位业务政策支持，助力快速实现市场突破与盈利增长。乙丙双方建立稳定的供应链 协同机制，丙方在相关工程项目中优先推广乙方产品，乙方结合实际需求提供定制化支持，共同探索联 合品牌建设路径，保障合作项目高效推进。乙方与丙方指定其成员企业通过设立合资公司，推进战略合 作，在甲方辖区内进行注 ...

Core Insights - Yunnan Tin Industry New Materials Co., Ltd. focuses on the development of high-end tin materials and deep processing, aiming to become a globally competitive enterprise in the tin new materials sector [1][3] - The demand for tin solder materials is increasing due to the rapid development of consumer electronics and automotive electronics in China, with tin solder accounting for approximately 70% of the country's refined tin consumption [1][3] Group 1: Product Development - The company produces various forms of tin solder to meet different welding technology requirements, including syringe solder paste and BGA solder balls, which are essential for high-end chip packaging [2] - The smallest particle size of BGA solder balls produced by the company can reach 80 microns, reflecting the industry's trend towards miniaturization [2] Group 2: Innovation and Research - The company has established several innovation platforms, including a postdoctoral research workstation and various engineering research centers, to drive technological innovation [3] - The company has developed new products such as low-radiation tin, gold-tin balls, and high-purity indium, and holds over 110 authorized invention patents and 20 utility model patents [3] Group 3: Strategic Goals - The company aims to achieve a global market share of 20% for major single products, with a revenue target of 10 billion yuan and a profit target of 1 billion yuan [3] - The vision is to be a leading force in the supply of tin and indium materials in China and an innovator in the global tin and indium materials market [3]

Summary of Huaguang New Materials Conference Call Company Overview - **Company**: Huaguang New Materials - **Main Business**: Soldering materials, including silver paste, copper-based materials, and other soldering materials [3][4] Industry Insights - **Downstream Market**: The main markets are refrigeration and HVAC, accounting for approximately 47% of revenue. The home appliance segment has decreased from over 70% to around 45%, but still maintains a growth rate of about 20% [2][3] - **Low-Temperature Soldering Materials Market**: The domestic market is valued at approximately 40 billion yuan. Revenue from low-temperature soldering materials reached about 300 million yuan in 2024, with expectations to exceed 500 million yuan in 2025 [6] Key Financial Metrics - **Revenue Growth**: - Silver paste and rare metal materials revenue reached 300 million yuan in 2024, a 200% increase year-on-year [2][4] - Rare metal materials revenue grew ninefold to 170 million yuan [2][4] - Expected revenue for special metal materials to surpass 300 million yuan in 2025 [5] - **Profit Margins**: - Gross margin for main business has been affected by raw material price fluctuations, particularly silver prices. However, there is an upward trend in gross margin since 2023 [7][9] - Information materials are expected to enhance overall gross margin due to their rapid growth and higher margins [7][9] - **Stock Performance**: The stock price has doubled since September 2024, and the current valuation is considered low [2][8] Growth Strategies - **Second Curve Growth**: Significant growth in silver paste and rare metal materials, with a focus on high-margin tin-based products like tin solder paste and pre-formed solder sheets [2][4][6] - **New Business Ventures**: - Breakthroughs in AI server liquid cooling plates, with expected revenue of nearly 100 million yuan for the year [11] - Collaboration in robot thermal management with Sanhua [11] - **Capacity Expansion**: Total production capacity will reach 10,000 tons after new production starts in 2025, supporting revenue growth [14] Market Position and Future Outlook - **International Market**: Huaguang has made significant progress in overseas markets, particularly in Southeast Asia, with plans to expand production capacity to 4,500 tons [10] - **Financial Health**: Despite poor operating cash flow, financing cash flow remains positive, allowing for capacity expansion and alleviating financial pressure [12][13] - **Long-Term Growth Potential**: The company is transitioning from mid-temperature soldering materials to low-temperature fields and equipment solutions, aiming to become a platform company [18][19] Conclusion - **Performance Expectations**: Projected revenue for 2025 is around 2.5 billion yuan, with net profit margins expected to improve from under 4% in 2024 to 5% [17] - **Investment Thesis**: The company is positioned for sustained growth through diversification, new product development, and market expansion, making it an attractive investment opportunity in the soldering materials sector [19]

Summary of the Conference Call for Huaguang New Materials Industry and Company Overview - The primary market for Huaguang New Materials is in the refrigeration and HVAC sectors, accounting for approximately 47% of revenue, while the home appliance segment has decreased to about 45% but continues to grow at around 20% annually [2][5] - The company specializes in brazing materials, with a diverse product range of over 5,000 categories across more than 16 series, including silver paste and copper-based materials [3] Key Financial Highlights - Revenue from silver paste and other materials has surged from 5 million yuan in 2021 to 300 million yuan in 2024, with tin-based materials contributing 170 million yuan, marking a ninefold increase [2][5] - The domestic low-temperature market is valued at approximately 40 billion yuan, with Huaguang achieving 300 million yuan in revenue in 2024 and projected to exceed 500 million yuan in 2025 [2][6] - The company’s overseas revenue was about 150 million yuan in 2024, representing less than 10% of total revenue, primarily from Southeast Asia, focusing on low-margin copper-based materials [2][9] Growth Drivers and Future Outlook - Huaguang is developing high-margin new products such as tin solder paste and pre-formed solder sheets, which can achieve gross margins of 20% to 30%, with expected improvements in gross margins in Q2 [2][6] - The company anticipates a revenue growth of approximately 25% in 2025, driven by capacity expansion and rising silver prices [4][12] - The net profit margin, excluding non-recurring losses, was below 4% in 2024, with expectations to improve to around 5% in 2025 [4][13] Emerging Business Areas - Huaguang has made significant strides in the AI server liquid cooling sector, generating over 10 million yuan in Q1 2025, with expectations to approach 100 million yuan for the full year [4][10] - The company is also venturing into the robotics thermal management sector, supplying welding materials to key clients like Sanhua, which could further enhance growth in emerging business areas [11] Financial Stability and Market Position - Despite challenges with operating cash flow, which has been negative due to high raw material procurement costs and long customer settlement cycles, the company maintains a positive financing cash flow [9] - Huaguang's financial health is supported by steady growth across major product categories, with a strong potential for stock price appreciation due to its robust main business and emerging sectors [8][17] Conclusion - Huaguang New Materials is positioned for significant growth, particularly in the low-temperature market and emerging technologies, with a strong focus on product innovation and market expansion. The company’s financial stability and growth potential make it an attractive investment opportunity in the materials sector [6][16]