编号：2025-012 | | □特定对象调研 ■分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | 东方财富证券：梅宇鑫；建信基金：吴昂达；汇丰基金：王家怡 | | | 人员姓名 | 鹏华基金：杨浩；中信建投自营：彭卓栋 | | | 时间 | 2025 年 11 月 日 15:30—16:00 | 21 | | 地点 | 电话会议 | | | 上市公司接待人 | 副总经理、董事会秘书：沈一涛 | | | 员姓名 | | | | | 董事会秘书沈一涛简要介绍了公司在胶粘剂与特种树脂新材料、电子 | | | | 信息材料、电子科技等领域的布局；并对控股子公司大连齐化环氧树脂 | | | | 稀释剂产能等相关情况进行介绍。 | | | | Q1:请问公司子公司大连齐化环氧稀释剂产能如何？ | | | | A：公司控股子公司大连齐化新材料有限公司的环氧树脂稀释剂（特种 | | | | 活性稀释剂）产能为 4000 吨/年（单班） ...

Core Viewpoint - Kangda New Materials (002669) is a leading supplier of epoxy structural adhesives for wind turbine blades in China, holding the largest market share in this segment [1] Group 1: Market Position - The company is the top supplier of epoxy structural adhesives for wind turbine blades in the domestic market [1] - Kangda New Materials also leads in the domestic market share for wind epoxy infusion resin [1] Group 2: Raw Material Impact - Epoxy resin diluents are a key raw material for the company's epoxy structural adhesives and infusion resins, and fluctuations in their prices can impact the company's products [1] - The company's market share advantage in niche segments provides pricing flexibility, allowing the sales team to adjust pricing strategies in response to raw material price increases [1]

Group 1: Financial Performance - The company achieved a revenue of CNY 2.258 billion in the first half of 2025, representing a year-on-year growth of 65.75% [2][14] - The net profit attributable to shareholders was CNY 51.1737 million, showing a significant increase of 190.56% compared to the previous year [3][14] - The adhesive business, including wind power epoxy resin, generated revenue of CNY 1.987 billion, with a year-on-year growth of 118.83% [3] Group 2: Market and Product Development - The demand for wind power blade products has surged, becoming a key driver for the growth of the adhesive and specialty resin segment [2][7] - The company is focusing on enhancing its core product advantages and leveraging scale effects to improve market competitiveness in the wind power sector [7][14] - The company is actively integrating its investments in subsidiaries like Chengdu Liyang and Mingci to enhance synergy in the electronic technology sector [3][19] Group 3: Strategic Acquisitions and Investments - The company is conducting due diligence on the acquisition of North One Semiconductor Technology (Guangdong) Co., Ltd., aiming to secure at least 51% ownership [5][17] - The acquisition of Chengdu Zhongke Huamei Electronics is progressing, with the first phase of the equity transfer payment completed [17][20] - The company plans to use a combination of self-funding and acquisition loans for financing the acquisitions [16][19] Group 4: Challenges and Risk Management - The company is addressing the decline in overseas revenue and is actively pursuing business in Southeast Asia, with the Thailand project in the planning stage [4][19] - The overall gross margin has experienced slight fluctuations due to macroeconomic factors and market competition, but remains relatively stable [11][14] - The company has implemented measures to manage accounts receivable, which currently exceed CNY 2 billion, ensuring strong recoverability due to the creditworthiness of its major clients [19]

【DT新材料】 获悉，4月22日， 康达新材 发布公告，2025年第一季度，公司归母净利润为540.00 万元，同比增长121.78%；扣非归母净利润为266.23万元，同比增长110.07%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利: 540.00 万元 - 660.00 万元 | 亏损:2.479.35 万元 | | | 比上年同期增长:121.78% - 126.62% | | | 扣除非经常性损 益后的净利润 | 盈利:266.23 万元 - 386.23 万元 | 亏损:2,642.75 万元 | | | 比上年同期增长:110.07% - 114.61% | | | 基本每股收益 | 盈利:0.018 元/股 - 0.022 元/股 | 亏损:0.083 元/股 | 一季度内公司在 胶粘剂新材料 板块实现销量增加，特别是风电叶片系列产品业务发展趋势向好。 实现营收规模大幅增加，净利润同比扭亏为盈，同比上年一季度业绩显著回升。 同日，康达新材发布 2024年年报 ，公司2024实现营业收入31.01亿元，同比上升1 ...

Core Viewpoint - 康达新材 reported a revenue of 3.101 billion yuan for 2024, marking an 11.05% year-on-year growth, but incurred a net loss of 246 million yuan attributable to shareholders [1] Group 1: Financial Performance - The company achieved an operating income of 3.101 billion yuan in 2024, reflecting an increase of 11.05% compared to the previous year [1] - The net profit attributable to shareholders was -246 million yuan in 2024 [1] Group 2: Business Development - In the wind power blade manufacturing sector, the company maintained its leading position in the domestic market, achieving its sales targets and solidifying its market share [1] - The sales volume of wind power structural adhesives reached 40,000 tons, with the new high-performance adhesive D-2 accounting for 17% of total structural adhesive sales [1] - The sales volume of wind power epoxy infusion resin increased by over 90% year-on-year to 45,000 tons, raising its market share to 12% and placing it among the top four in the industry [1] - The company’s overseas business in wind power blades is progressing steadily, with products completing overseas factory certifications and entering the export project preparation stage [1] Group 3: Product Innovation and R&D - In the packaging sector, the polyurethane adhesive business is performing steadily, with solvent-free film adhesives sales exceeding 10,000 tons, maintaining a leading market share [2] - The company has invested 204 million yuan in R&D for 2024, accounting for 6.56% of its operating income, and has authorized 29 new patents [2] - The company’s subsidiary, Weixin Technology, established a production line for high-purity ITO targets, successfully validating production for leading OLED panel manufacturers [2] - The semiconductor materials team is focusing on the core technology development of cerium oxide (CMP) polishing liquids to achieve domestic substitution for imported materials [2] Group 4: Infrastructure and Capacity Expansion - The company is accelerating the construction of new adhesive material production capacity, with the Shaowu adhesive base in Fujian in good trial production status [2] - The Tangshan Fengnan adhesive base has completed construction and equipment installation, preparing to enter trial production [2] - The construction of the Northern R&D Center and military electronic composite materials base is progressing in an orderly manner [2][3]