2025年下半年，时代新材将加快响应市场需求，推进株洲新材料产业园的升级扩能，完成宜宾PACK封 装产业工厂建设并投产，形成规模化稳定供应能力。同时，时代新材还将完成光电信息材料中试线平台 建设，开展柔性显示、半导体封装相关产品的试制与客户验证工作；加快研发低空无人机叶片；深化国 产芳纶纤维应用，推进芳纶纯纸及电容高端产品策略。 （编辑 张伟） 时代新材以高分子材料的研究及工程化应用为核心，致力于从事轨道交通、工业与工程、风力发电、汽 车、高性能高分子材料等产业领域系列产品的研制、生产与销售，产品品种超过1000种。其中，时代新 材的高分子新材料产业覆盖了高性能聚氨酯、有机硅、长玻纤增强热塑性复合材料、芳纶材料、先进纸 基材料、光电信息材料等不同领域，是资本市场的关注重点。 公告显示，2025年上半年，公司新材料及其他板块实现销售收入2.50亿元，同比增长116.71%，新签订 单6.40亿元，同比增长51.30%，已从新品培育阶段转入了高速发展阶段。其中，新能源电池封装相关制 品深耕头部客户，加快市场突破。电池上盖已稳定供应行业头部企业，生产效率大幅提升。先进有机硅 材料制品进入储能行业头部企业供应体系。高 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company achieved a year-on-year growth of 33.4% in net profit attributable to shareholders in the first half of 2025, with revenue reaching 23.46 billion yuan, reflecting a 20.9% increase [2][10]. - The company is investing 25.7 billion yuan in a new high-end materials industrial park project, which is expected to start production in 2026, indicating a focus on long-term growth and technological advancement [4][20]. - The company is facing challenges due to import tariffs and restrictions on ethane exports from the U.S., but has adapted its strategies to mitigate these impacts [2][10]. Financial Performance - In the first half of 2025, the company reported revenue of 23.46 billion yuan and a net profit of 2.74 billion yuan, with a significant increase in operating cash flow by 138.9% to 5.05 billion yuan [2][10]. - The gross margin for the second quarter of 2025 was 19.3%, showing a slight decline compared to the previous year, while the net margin improved by 0.8 percentage points year-on-year [2][10]. - The company’s revenue from functional chemicals, high polymer materials, and other segments showed varied performance, with functional chemicals growing by 32.1% year-on-year [3][19]. Earnings Forecast - The forecast for net profit attributable to shareholders has been adjusted to 6.67 billion yuan, 7.43 billion yuan, and 8.47 billion yuan for 2025, 2026, and 2027 respectively, reflecting a downward revision due to import tax impacts and weak downstream demand recovery [4][21]. - The expected diluted EPS for 2025, 2026, and 2027 is projected to be 1.98 yuan, 2.21 yuan, and 2.51 yuan respectively, with corresponding P/E ratios of 9.5x, 8.5x, and 7.5x [5][21].

Summary of Key Points Core Viewpoint - The company, Qingdao Haitai Technology Molding Technology Co., Ltd., is utilizing raised funds to increase capital in its wholly-owned subsidiary, Haitai New Materials, to implement a project for producing 150,000 tons of polymer new materials annually [1][4][12]. Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to issue convertible bonds, raising a net amount of approximately RMB 391.38 million after deducting issuance costs of RMB 5.20 million [1][2]. - The funds were deposited into a special account and are subject to a tripartite supervision agreement with the underwriter and the bank [2][11]. Investment Project Details - The total investment for the project is RMB 503.16 million, with RMB 391.38 million allocated from the raised funds [3]. - Previous capital increases to Haitai New Materials included RMB 90 million for the same project, raising its registered capital from RMB 10 million to RMB 100 million [3][4]. Recent Capital Increase Plans - The company plans to invest an additional RMB 150 million into Haitai New Materials, with RMB 10 million added to registered capital and RMB 140 million to capital reserves [5]. - Haitai New Materials will use a total of RMB 230 million (including previous investments) to further capitalize its subsidiary, Haitai (Anhui) [5]. Subsidiary Information - Haitai New Materials was established in August 2022 with a registered capital of RMB 170 million, focusing on new material technology research and production [8]. - Haitai (Anhui) was established in January 2024 with a registered capital of RMB 70 million, also engaged in similar new material activities [9]. Financial Data - As of 2024, Haitai New Materials reported total assets of RMB 2.15 billion and a net profit of -RMB 394.06 million [7]. - Haitai (Anhui) reported total assets of RMB 768.45 million with a net profit of -RMB 16.59 million for the same period [10]. Impact of Capital Increase - The capital increase is deemed necessary for the successful implementation of the project and aligns with the company's long-term development strategy [6][12]. - The board and supervisory committee have approved the capital increase, confirming it does not alter the investment direction or project content [13][14]. Fund Management - The company has established a special account for managing the raised funds, ensuring compliance with relevant regulations and protecting investor interests [11].

Core Viewpoint - The implementation of the "Implementation Opinions" aims to accelerate the high-quality development of the calcium-based new materials industry in Yiyang County, focusing on integrated development of limestone resources and enhancing product value and competitiveness [1][2]. Industry Development Goals - By 2030, the calcium-based new materials industry cluster in Yiyang County aims to achieve an output value of over 30 billion yuan, cultivate more than 100 enterprises above designated size, and have over 10 key enterprises with revenues exceeding 1 billion yuan, with high value-added products accounting for over 50% of total output value [1][2]. Key Measures - **Planning and Development**: Scientific planning of industrial functional zones, with specific areas designated for different aspects of calcium-based materials, including raw material supply and various product developments [1]. - **Technological Innovation**: Strengthening technological support for the industry, encouraging R&D, and enhancing talent development [2]. - **Digital Transformation**: Supporting enterprises in digital transformation and planning the construction of an industrial internet platform for the calcium-based materials sector [2]. - **Clean Production**: Establishing a green manufacturing system focusing on green products, factories, parks, and supply chains [2]. - **Supply Chain Enhancement**: Attracting and nurturing leading enterprises that focus on innovation and green development, while promoting the integration of industrial and supply chains [2]. Organizational Support - The establishment of a dedicated working group for the high-quality development of the calcium-based new materials industry in Yiyang County, aimed at improving coordination and execution in industrial park construction, enterprise services, and project management [2].

Company Overview - Founded in 2003 with a registered capital of 84.748746 million yuan [5] - Focuses on R&D, design, manufacturing, and sales of automotive injection molds and plastic components [5] - Operates five wholly-owned subsidiaries, including locations in Thailand and Europe [5] Product and Client Base - Main products include interior and exterior injection molds for vehicles [6] - Clients include major automotive manufacturers such as General Motors, Volkswagen, and various domestic brands [6] - Revenue from products for new energy vehicles reached 166 million yuan in 2024, a 126.21% increase year-on-year, accounting for 24.39% of total revenue [12] R&D and Innovation - R&D investment in 2024 was 28.3312 million yuan, representing 4.17% of revenue, a 15.34% increase from the previous year [8] - Total patents held reached 98 by the end of 2024, including 26 invention patents [8] - Developed multiple core technologies in injection molding, leading to competitive advantages in the industry [8] Market Position and Competitive Advantages - Recognized as a leading supplier in the automotive injection mold industry with a strong brand image [10] - Established long-term relationships with clients, enhancing customer loyalty and reducing risks [11] - Barriers to entry include technology, brand, management, and capital requirements, limiting competition from smaller firms [18] Future Growth Drivers - Anticipated growth in automotive injection mold production, with an expected output of around 1,000 sets annually post-2024 [23] - Expansion of plastic components business with a new factory in Thailand projected to generate an additional 100 million yuan in output [23] - High polymer new materials project expected to achieve annual sales of 1.745 billion yuan upon full production by 2027 [23] Export and Market Strategy - Export revenue accounted for 60.97% in 2024, with minimal impact from U.S. tariff policies due to strategic pricing [25] - Focus on high-value orders and international market expansion, particularly in Europe [19]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][21] Core Views - The company's net profit attributable to shareholders is expected to grow by 26.8% year-on-year in 2024, with revenues reaching 45.65 billion yuan, reflecting a 10.0% increase [1][6] - The company is investing 25.7 billion yuan in a new high-end materials industrial park project, which is expected to enhance long-term growth prospects [3][14] - The C2 industry chain profitability is stable, supported by a significant decrease in ethane prices, with the average price in the US at 19.0 cents per gallon, down 23.0% year-on-year [2][11] Financial Performance Summary - In 2024, the company achieved operating revenue of 456.5 billion yuan, with a net profit of 60.7 billion yuan, and a non-recurring net profit of 60.5 billion yuan, indicating strong performance [1][6] - The gross margin for 2024 is projected at 23.6%, an increase of 3.7 percentage points year-on-year, while the net margin is expected to be 13.3%, up by 1.8 percentage points [1][6] - The company forecasts net profits of 70.8 billion yuan and 85.5 billion yuan for 2025 and 2026, respectively, with a projected EPS of 2.10 yuan and 2.54 yuan [3][15] Segment Performance Summary - The company’s functional chemicals, high polymer materials, and new energy materials segments are expected to generate revenues of 21.71 billion yuan, 11.99 billion yuan, and 840 million yuan, respectively, with year-on-year growth rates of 2.0%, 0.6%, and 80.8% [2][11] - The profitability of the C2 industry chain is expected to improve, with the ethane-ethylene cracking spread increasing by 12.0% year-on-year [2][11] - The company plans to launch new projects, including a 100,000-ton/year ethanolamine and an 800,000-ton/year polyol project, which are anticipated to contribute significantly to revenue growth in 2025 [2][14]