普利特主营改性材料业务稳健增长，汽车和非汽车业务订单饱满，为公 司业绩提供坚实基础。同时，公司积极与机器人行业头部企业合作，开 发轻量化材料，有望成为新的增长点。 新能源板块海思达触底反弹，2025 年上半年实现盈亏平衡并盈利约 300 万元。随着两个新基地投产并接近满产，海思达业务显著改善，预 计全年贡献利润。 LCP（液晶聚合物）业务方面，LCP 薄膜已实现批量生产，IC 薄膜预计 年底量产，2026 年出货量有望达到 100 万平方米，贡献营收 2.5-3 亿 元，净利润约 1 亿元。SU 薄膜和纤维在高频高速通信网络中的应用也将 推动业绩增长。 普利特拥有 LCP 树脂、薄膜和纤维的完整产业链，具备技术和工艺壁垒， 尤其是在 LCP 树脂合成和薄膜生产工艺方面，领先于国内其他厂商。与 美国头部客户合作开发脑机接口（BCI）用 LCP 材料，预示着 LCP 在新 兴领域的广阔应用前景。 Q&A 请介绍普利特公司 2025 年上半年的经营情况及其主要业绩驱动因素。 2025 年上半年，普利特公司的销售收入约为 40.9 亿元，同比增长 10%；净 利润为 2.07 亿元，同比增长 44%。这一显著增长主要 ...

证券代码： 002324 证券简称：普利特 上半年公司新能源板块经营业绩触底反弹，未来随着公司在海外 布局的加速；钠离子电池的快速发展；半固态电池的持续交付；新 增方型产线产能的供不应求,将对公司新能源板块业绩起到积极的 影响。 3、公司在机器人领域的进展情况如何？ 公司作为改性材料行业的龙头企业，材料应用在绝大部分的国内 外主机厂中。公司积极布局改性 PEEK，改性 PPS，改性 PA 等材料在 机器人领域的应用，与下游机器人终端客户和零部件客户在前端设 计和验证方面进行三方深度合作，目前部分材料已经批量供应于工 业机器人领域，未来公司将重点推进改性材料产品在人形机器人的 轻量化应用。 4、公司 LCP 薄膜的壁垒主要体现在哪些方面？ 上海普利特复合材料股份有限公司投资者关系活动记录表 编号：2025-08-26 | 投资者关 | □特定对象调研 □分析师会议 | | --- | --- | | 系活动类 | □媒体采访 业绩说明会 ☑ | | 别 | □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 | 西部证券、天风证券、开源证券、信达证 ...

Group 1: Company Overview and Strategy - The company is focusing on expanding its modified materials business, particularly in the automotive sector, which is experiencing stable growth due to new capacity releases [1] - The company plans to alleviate production capacity shortages with the completion of new factories in Anhui and Tianjin by the end of the year [1] Group 2: New Energy Business Development - The new energy business is showing continuous improvement, with increased shipments of 100Ah household energy storage batteries, sodium-ion batteries, and semi-solid batteries positively impacting the company's semi-annual performance [2] - The company has secured bulk orders for sodium-ion batteries in various sectors and is actively engaging in projects related to data center backup power [2] - The establishment of Guangdong Haishida Sodium Star Technology Co., Ltd. aims to enhance the development of sodium-ion batteries through strategic investments [2] Group 3: Robotics Material Applications - The company produces modified PEEK, PPS, and PA materials for the robotics industry, with some materials already in mass supply, although this segment currently represents a small proportion of overall business [3] - The company is actively collaborating with leading clients to promote the use of its materials in the robotics sector [3] Group 4: LCP Business Overview - The company has a comprehensive LCP resin layout, covering I, II, and III types, with production capabilities for injection-grade, film-grade, and fiber-grade resins [4][5] - The company is the only global entity with the ability to synthesize, modify, and produce LCP resins, films, and fibers at scale [5] Group 5: LCP Business Progress - LCP products are increasingly used in high-frequency and high-speed signal transmission industries, with applications expected to grow in 6G, automotive millimeter-wave radar, AI servers, brain-machine interfaces, and low-orbit satellites [6] - The company is making significant progress in validating LCP film products with a leading domestic telecommunications client, with expectations for mass delivery this year [6]

Core Viewpoint - The acquisition of a stake in Jujia Technology by Landi Group is a strategic move to enhance its position in the new materials sector, aiming to strengthen its supply chain and expand into emerging fields such as automotive electronics and humanoid robotics [5][7]. Group 1: Acquisition Details - Landi Group plans to acquire up to 20.17% of Jujia Technology for a total price not exceeding 121 million yuan [2]. - Currently, Landi Group holds a 1.3721% stake in Jujia Technology [4]. Group 2: Jujia Technology Overview - Founded in 2017, Jujia Technology specializes in LCP fibers, films, and resins, and is the only company in the industry capable of large-scale production and R&D across the entire LCP value chain [3]. - Jujia Technology is projected to incur a loss of 46.31 million yuan in 2024 and reported a loss of 6.09 million yuan in the first quarter of this year [3]. Group 3: Landi Group's Business Focus - Landi Group is a leading player in the domestic air conditioning fan blade sector, with its main business segments including household air conditioning fan blades (58.83%), mechanical fans (28.85%), and composite materials (10.14%) [4]. - The company has been focusing on the trends of automotive lightweighting and paint-free technologies, enhancing its R&D efforts to innovate and expand product applications [4]. Group 4: Strategic Importance of LCP - Liquid Crystal Polymers (LCP) are known for their high-temperature resistance, mechanical strength, and excellent electrical properties, making them suitable for applications in electronics, industrial, consumer electronics, and automotive sectors [7]. - Jujia Technology is recognized as a leading company in China for large-scale production of LCP across various forms, including resins, fibers, and films [7][8][9][10]. Group 5: Market Position and Competitors - Major global producers of LCP resins include companies like Toray, Sumitomo Chemical, and Celanese, while domestic competitors include Kingfa Technology and Waton [8]. - In the LCP fiber segment, Jujia Technology leads with an annual production capacity of 2,000 tons, alongside other domestic players like Pulit [9].

Group 1 - The core point of the article is that Zhejiang Longdi Group Co., Ltd. plans to acquire up to 20.1667% of Ningbo Jujia New Materials Technology Co., Ltd. for no more than 121 million yuan, increasing its stake from 1.3721% to 21.5388% [1][2] - The acquisition aims to strengthen Longdi Group's new materials segment, which has shown significant growth, with projected revenue of 192 million yuan in 2024, representing a year-on-year increase of 51.12% [2] - Longdi Group has a strong focus on the new materials sector, particularly in high-performance LCP (Liquid Crystal Polymer) materials, which are widely used in critical fields such as aerospace and industrial applications [2] Group 2 - Jujia Technology, founded in 2017, specializes in the full industrial chain production and R&D of LCP fibers, films, and resins, making it a key player in the high-tech sector [2] - The investment in Jujia Technology is expected to enhance Longdi Group's product offerings in emerging fields such as automotive electronics and humanoid robots, thereby boosting its sustainable development [2] - Experts suggest that the acquisition will fill Longdi Group's technological gaps in high-end new materials and support the upgrade of its existing products, creating a win-win situation for both companies [2]

Investment Overview - The company intends to acquire up to 20.1667% equity in Ningbo Jujia New Materials Technology Co., Ltd. for a total price not exceeding 121 million RMB [1][5] - The acquisition will be made through cash payment and does not constitute a related party transaction or a major asset restructuring as per regulations [1][2] Target Company Information - Ningbo Jujia New Materials Technology Co., Ltd. was established on November 27, 2017, with a registered capital of approximately 14.2 million RMB [2][3] - The company specializes in technology services, research and development of bio-based materials, and manufacturing of synthetic materials [2][3] Financial Data - The target company's total assets as of the latest reporting period amount to approximately 389.4 million RMB, with total liabilities of about 280.8 million RMB [3] - The company reported a net loss of approximately 6.1 million RMB in the latest financial period [3] Transaction Details - The investment agreement is currently a non-binding intention, and further due diligence will be conducted before a formal agreement is signed [4][11] - The transaction is subject to various conditions, including the completion of due diligence and internal approvals from both parties [6][8] Strategic Importance - The acquisition is expected to enhance the company's capabilities in the new materials sector, particularly in high-performance LCP fibers and resins, which have applications in aerospace, industrial transport, and high-end cables [10] - Successful completion of the investment will support the company's expansion into emerging fields such as automotive electronics and humanoid robotics [10]

Core Viewpoint - The company maintains a "buy" rating due to significant recovery in the price spread of polyester industrial yarn and positive performance from its Vietnam operations [1][2]. Summary by Sections Investment Highlights - The company maintains a "buy" rating, projecting EPS for 2025, 2026, and newly added 2027 to be 0.44, 0.47, and 0.52 yuan respectively [2]. - The target price has been raised to 6.59 yuan from the previous 4.61 yuan, based on a 15 times PE ratio for 2025 [2]. - The average price of polyester industrial yarn reached 8400 yuan/ton as of May 23, reflecting a month-on-month increase of 2.44% [2]. - The gross profit for polyester industrial yarn in April was 538 yuan/ton, a year-on-year increase of 185.46%, with a gross margin of 6.15%, marking the highest monthly gross profit in the past year [2]. - The company holds a significant market share and brand influence in the polyester filament industry, with a production capacity of 320,000 tons expected in 2024, benefiting from the recovery in product price spreads [2]. - The company’s polyester filament products include non-automotive yarns and automotive yarns, with the latter being recognized for their superior performance compared to domestic peers [2]. Vietnam Operations - The Vietnam subsidiary is operating at full capacity, projecting a net profit of 100 million yuan for 2024 [3]. - In Q1 2025, the sales structure of the Vietnam subsidiary improved, leading to a significant increase in profitability compared to the same period last year [3]. - The company aims to leverage the "Belt and Road" initiative to enhance its "technology + capacity + market" strategy, focusing on global expansion to mitigate external risks and capture high-end market opportunities [3]. - The construction of a high-performance tire cord fabric project with an annual capacity of 18,000 tons in Vietnam is progressing smoothly [3]. Product Development - The company is committed to developing new products based on customer needs, aiming for industry-leading innovations [3]. - The company has established production capabilities for LCP fibers, while PEEK fibers are in the sample testing phase, targeting applications in environmental materials and clean energy [3]. - The company's seawater polyester industrial yarn products are widely used in marine applications and have passed ABS testing certification [3].