[Table_Title] 证券研究报告 / 公司点评报告 风电叶片增长亮眼，新材料业务有望驱动估值提升 ---时代新材公司点评 [Table_Summary] 公司是以高分子材料研究及工程化应用为核心的高端制造龙头，公司产 品主要领域包括风电、汽车、轨道交通、工业与工程板块，以及高分子 新材料等。风电产业主要从事风电叶片的设计、生产、销售及运维业务， 风电叶片规模稳居全球前三；汽车产业主要是高端汽车减振降噪与轻量 化产品，汽车减振细分领域排名全球第三；轨道交通产业主要是轨道交 通机车车辆减振降噪、车辆轻量化系列产品，轨道交通悬挂部件全球市 占率第一，为 WABTEC、ALSTOM 等国际巨头的核心供应商；工业与工 程产业主要是轨道交通减振降噪、桥隧与建筑减震隔震、工业减振与传 动产品；高分子新材料产业主要从事高性能聚氨酯、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、PAI 聚酰 胺酰亚胺等新材料业务的研究与工程化应用。 2025 年前三季度公司利润高增，风电叶片和新材料业务增长亮眼。25 年 前三季度实现营收 149.49 亿元，同比增长 14.42%；归母净利润 4.28 亿 ...

Summary of the Conference Call for Times New Material Company Overview - **Company**: Times New Material - **Industry**: New materials, wind power, automotive components, rail transportation, and industrial engineering Key Points and Arguments Industry and Market Dynamics - **Wind Power Demand**: The company has received nearly 13 billion yuan in orders for wind turbine blades in 2025, indicating strong demand and a supply shortage in the industry [3][31] - **Price Trends**: Wind power equipment prices have increased by 5%-8% since early May 2025, with raw material prices rising by 3%-5% [31] - **Market Position**: The company holds a dominant position in the wind power market, collaborating with major players like China National Materials to maintain market prices [33][35] Capacity Expansion and Production - **Capacity Expansion**: The company is actively expanding production capacity in locations like Ordos and Sheyang, with a focus on improving the delivery ratio between the first and second halves of the year [2][3] - **New Material Park**: A new materials industrial park is set to enter a rapid growth phase starting in 2025, focusing on high-performance polyurethane and battery pack shell products [2][4][6] - **Rail Transportation and Industrial Engineering**: The company is upgrading production lines and expects significant capacity release in 2024 [7][30] Financial Performance and Projections - **Financial Outlook**: The company anticipates significant improvement in overall financial performance in 2025, with the new materials segment expected to turn profitable for the first time [9][10] - **Revenue Expectations**: The company expects stable growth in wind power business revenue over the next three years, with a focus on overseas market expansion [33][35] Strategic Collaborations and Innovations - **Partnerships**: Collaborations with major companies like Huawei and CATL are expected to accelerate scalable profitability [2][6][19] - **New Business Models**: The company is adopting a new business model that includes not only product delivery but also front-end R&D, enhancing competitiveness [19] Product Development and Market Applications - **New Material Products**: The main products include polyurethane, aramid, HHPRTM, and silicone, with a significant portion of revenue expected from high-performance polyurethane [16][17] - **Battery Pack Shells**: The company is developing composite battery covers using HPRTM technology, which offers advantages over traditional materials [18] Challenges and Opportunities - **Internationalization**: The company has a high degree of internationalization, with significant overseas assets and sales, which helps mitigate tariff risks [11][13] - **Market Competition**: The company faces competition from international leaders but aims to leverage its R&D capabilities and market experience to capture new growth opportunities [36] Future Development Focus - **Strategic Focus**: The company plans to prioritize overseas business expansion over domestic markets in the coming years, aiming to tap into strategic emerging industries [37] - **Long-term Vision**: The company aims to leverage its capabilities in new materials to drive future growth and create new revenue streams [38] Additional Important Information - **Recent Financing**: The company successfully raised 3 billion yuan through a premium issuance, with funds allocated for industrial applications, particularly in wind power and rail industries [28][29] - **Production Efficiency**: The new smart manufacturing center is expected to significantly enhance production efficiency and profitability in the rail transportation sector [30]