证券代码：300200 证券简称：高盟新材 北京高盟新材料股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ■其他 线上会议 参与单位名称及 人员姓名 光大证券：赵乃迪、王礼沫 嘉实基金：归凯 国信证券：杨林 招商证券：曹承安 太平基金：杨行远 山西证券：李旋坤 京管泰富基金：陈谦 中信建投证券：邓天泽 西南证券：钱伟伦 兴业证券：张勋 孔令荣 时间 2025 年 8 月 25 日，14:30-15:30 地点 公司会议室（线上会议） 上市公司接待人 员姓名 副总经理、董事会秘书：史向前 投资者关系活动 主要内容介绍 公司与投资者进行了充分的交流与沟通，严格按照相关规 定，保证信息披露的真实、准确、完整、及时、公平性，没有 出现未公开重大信息泄露等情况。沟通主要内容如下：公司副 总经理、董事会秘书史向前首先就公司主营业务未来发展战 略、2025 年半年度经营情况等做了介绍，指出 2025 年第二季 1 度，无论从收入还是归母扣非净利润都实现了环比和同比增 长，第二季度，营业收入环比增长 ...

编号：2025-007 | | ☑特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 投资者关系活动类 | □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） 华福证券 李琦 浩期资产 肖滨 兴全基金 | | 沈安妮 | | | | 蜂巢基金 孙可 耀川私募 刘天文 远信投资 农银汇理 王皓非、繆凌 天治基金 林轩毅 | | 袁迦昌 | | | | 长江证券研究所 申浩树 财通证券 黄梦龙 | | | | | 活动参与人员 | 东方财富证券 刘冠、姜倩慧 西南证券 | | | 徐一丹 | | | 华福证券 罗通 中航证券 刘牧野 远桥资产 | 汪睿 | | | | | 宁波宝隽资管 董一平 深圳市路演时代 潘芳琴 | | | | | | 北京金百镕投资管理 陈勇汾 长江资管 姚远 | | | | | | 中海基金 姚晨曦 凯石基金 林之 同泰基金 | 程洲 | | | | 时间 | 2025 年 8 月 14 日星期四 14:0 ...

Investment - The article discusses various investment opportunities in new materials, semiconductors, and renewable energy sectors, highlighting the potential for growth and innovation in these industries [1][3][4]. Semiconductor - It emphasizes the importance of semiconductor materials such as photolithography, electronic special gases, and silicon wafers, which are critical for advanced packaging and manufacturing processes [1][3]. - The report also covers the advancements in third and fourth generation semiconductors, including silicon carbide and gallium nitride technologies, which are expected to drive future growth [1][3]. New Energy - The article outlines the investment landscape in new energy, focusing on lithium batteries, solid-state batteries, and hydrogen energy, which are pivotal for the transition to sustainable energy solutions [1][3]. - It highlights the significance of materials like silicon-based anodes and composite current collectors in enhancing battery performance [1][3]. Photovoltaics - The report details the photovoltaic sector, including materials such as solar glass, encapsulants, and back sheets, which are essential for solar panel efficiency [1][3]. - It also mentions the role of quartz sand and perovskite materials in the development of next-generation solar technologies [1][3]. New Display Technologies - The article discusses the emerging display technologies, including OLED, MiniLED, and MicroLED, and the materials required for their production, such as optical films and adhesives [3][4]. - It notes the growing demand for high-performance display materials driven by advancements in consumer electronics [3][4]. Fibers and Composites - The report covers the fiber and composite materials sector, highlighting the applications of carbon fiber and aramid fibers in various industries, including automotive and aerospace [3][4]. - It emphasizes the importance of these materials in achieving lightweight and high-strength components [3][4]. Notable Companies - The article lists key players in the materials sector, including ASML, TSMC, and Tesla, which are at the forefront of technological innovation and market expansion [4][3]. - It discusses the impact of these companies on the supply chain and their role in driving industry standards [4][3].

Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting that leading companies will benefit from economic recovery and demand resurgence [4][8]. Core Insights - The chemical sector has shown significant growth, with the CITIC Basic Chemical Index rising by 3.65% and the Shenwan Chemical Index increasing by 4.03% this week [14][17]. - Key sub-industries such as soda ash, modified plastics, and organic silicon have experienced notable price increases, indicating strong market performance [17][18]. - The report highlights several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [4][5][8]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 1.67%, while the ChiNext Index rose by 2.76% this week [14]. - The basic chemical sector outperformed, with significant gains in various sub-industries, particularly soda ash, which saw a 12.49% increase [17][18]. Key Industry Developments - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [3]. - A new coal-to-natural gas project in Xinjiang has been announced, with a total investment of 15.488 billion yuan, expected to commence production by the end of 2027 [3]. Investment Themes - **Tire Industry**: Domestic tire manufacturers are becoming increasingly competitive, with recommended stocks including Sailun Tire and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit from increased demand in the panel supply chain [4]. - **Phosphate and Fluorine Chemicals**: The report suggests that supply constraints and rising demand in the new energy sector will tighten the supply-demand balance, making companies like Yuntianhua and Juhua attractive [5]. - **Vitamin Supply Disruptions**: BASF's announcement regarding supply issues for vitamins A and E is expected to create market imbalances, presenting investment opportunities in companies like Zhejiang Medicine [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a pioneer in the domestic substitution of optical OCA glue, with revenue expected to continue growing significantly. In 2024, the company's electronic-grade adhesive materials are projected to generate 1.43 billion yuan, a year-on-year increase of 66%, primarily driven by OCA optical glue [9] - The company is accelerating vertical integration to build a comprehensive supply chain, achieving over 70% self-sufficiency in key materials for OCA optical glue. This integrated approach is expected to enhance profitability as the scale effect materializes [9] - Profitability is currently under pressure due to prior investments, but profits are anticipated to grow rapidly after the peak of depreciation costs passes [9] Financial Forecasts and Investment Recommendations - The company is forecasted to achieve net profits attributable to the parent company of 141 million yuan, 275 million yuan, and 439 million yuan for the years 2025 to 2027, respectively. This is an adjustment from previous forecasts due to a downward revision in gross margin and an upward revision in revenue [3][10] - The target price is set at 19.52 yuan based on a comparable company PE of 32 times for 2026 [3][10] - Revenue projections for the company are as follows: 1,969 million yuan in 2023, 2,691 million yuan in 2024, 3,535 million yuan in 2025, 4,431 million yuan in 2026, and 5,345 million yuan in 2027, reflecting a compound annual growth rate of 20.6% from 2025 to 2027 [5][11]

Investment Rating - The report maintains a rating of "Outperform" for the chemical industry, indicating a positive outlook compared to the broader market [6]. Core Insights - The report highlights the successful completion of China's largest offshore gas field, "Deep Sea No. 1," which is expected to produce over 4.5 billion cubic meters of gas annually, enhancing energy supply to the Guangdong-Hong Kong-Macao Greater Bay Area [3]. - A significant coal comprehensive utilization project in Xinjiang has commenced, with an investment of 27.4 billion yuan, projected to generate an annual revenue of 15.4 billion yuan and create approximately 2,000 jobs [3]. - The report identifies several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain chemical sectors [4][5][10]. Summary by Sections Chemical Sector Market Overview - The Shanghai Composite Index rose by 1.91%, while the CSI 300 increased by 1.95%. The CITIC Basic Chemical Index and the Shenwan Chemical Index saw gains of 4.15% and 3.11%, respectively [16]. - The top-performing sub-industries included membrane materials (11.79%), other plastic products (6.72%), and nylon (6.51%) [19]. Key Industry Dynamics - The report emphasizes the strong competitive position of domestic tire companies, suggesting a focus on companies like Sailun Tire and Linglong Tire due to their growth potential in a global market [4]. - In the consumer electronics sector, a gradual recovery is anticipated, benefiting upstream material companies involved in the panel supply chain [4]. - The phosphoric chemical sector is highlighted for its tightening supply-demand dynamics due to environmental regulations and increasing demand from the new energy sector [5]. - The fluorochemical sector is expected to stabilize as production quotas for refrigerants are reduced, supporting profitability [5]. Investment Themes - Investment Theme One: Domestic tire manufacturers are positioned strongly, with recommended stocks including Sailun Tire and Linglong Tire [4]. - Investment Theme Two: The consumer electronics sector is expected to recover, with a focus on upstream material companies like Dongcai Technology and Stik [4]. - Investment Theme Three: Resilient sectors such as phosphoric and fluorochemical industries are recommended for investment due to favorable supply-demand conditions [5]. - Investment Theme Four: The recovery of leading chemical companies is anticipated as economic conditions improve, with recommendations for companies like Wanhua Chemical and Hualu Chemical [10]. - Investment Theme Five: Attention is drawn to vitamin products due to supply disruptions, with companies like Zhejiang Medicine and New Heavens being highlighted [10].

Group 1: Company Overview and Strategic Development - The company plans to invest in a functional film project with an annual production capacity of 6 million square meters to meet the demand for light-adjustable conductive films and optical films [2] - The investment for the functional film project is approximately 822 million yuan, which will be allocated in phases [2] - As of March 31, 2025, the company's debt-to-asset ratio is below 20%, indicating a strong cash flow position [2] Group 2: Product Performance and Market Position - In the previous year, the revenue from light-adjustable conductive films was approximately 70 million yuan, while optical films generated around 30 million yuan [2] - The company anticipates growth in both product lines during the 2024 reporting period, with these products being key areas of expansion [2] - The market penetration rate for panoramic sunroofs in new energy vehicles reached 14.4% in 2024, an increase of 7.7 percentage points year-on-year [3] Group 3: Future Market Demand and Applications - The adoption rate of smart adjustable glass in panoramic sunroof models is expected to exceed 25% by 2024, according to S&P Global Mobility [3] - The company is actively supporting clients in various applications, including AI glasses and smart wearables, although there have been no sales results for AI glasses yet [2] - The company has not disclosed specific future market demand for light-adjustable conductive films due to confidentiality agreements [3]

Group 1: Financial Performance - The company's profit has significantly improved year-on-year due to three main factors: 1. The conductive film business structure optimization led to revenue growth, with the gaming touch button field generating revenue of 98.73 million, up 22.83% year-on-year [1] 2. The sales of dimmable conductive films in automotive applications reached 66.95 million, increasing by 122.70% year-on-year [1] 3. The 2A/3A optical film products achieved revenue of 29.45 million, a year-on-year growth of 104.19% [2] Group 2: Product Development and Market Trends - The embedded in-cell technology has improved the thickness by 0.3mm and increased light transmittance by 15%, with the yield rate rising from 65% three years ago to 88% in 2024, driving the penetration rate of LCD mobile phones to over 75% [2] - The company has established four major technology platforms for dimmable conductive films, focusing on automotive applications such as sunroofs and side windows [2][3] Group 3: Competitive Landscape and Future Outlook - The main competitors in the dimmable conductive film market include EC, SPD, LC, and PDLC technologies, with the company primarily focusing on EC electrochromic technology [3] - The OCA optical adhesive product has seen a revenue of 158 million, growing by 21.3% year-on-year, but has not yet achieved profitability due to market price competition and high R&D costs [5]

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.57%, although it underperformed compared to the ChiNext index, which rose by 0.81% [2]. - The report highlights the anticipated growth in the foldable device market, driven by the upcoming launches of Huawei's foldable PC and Apple's foldable iPhone, which are expected to significantly boost demand for upstream optical adhesive materials [5]. - The report projects that the shipment volume of foldable smartphones in China will reach approximately 10 million units in 2025, representing a year-on-year growth of 8.3%, with a compound annual growth rate of 10.6% expected by 2028 [5]. Market Performance - The report notes that the synthetic biology index increased by 2.35%, while semiconductor materials and electronic chemicals saw declines of 3.52% and 3.58%, respectively. In contrast, biodegradable plastics rose by 2.12% [17]. - The overall performance of the basic chemicals and new materials sectors has been positive, with the Shanghai Composite Index rising by 0.76% and the CSI 300 increasing by 1.12% during the reporting period [13]. Industry Price Tracking - The report provides a detailed price tracking of various chemical products, including amino acids, biodegradable plastics, industrial gases, and vitamins, indicating stable prices for most categories with minor fluctuations [3]. - For instance, the price of valine remains unchanged at 13,450 RMB/ton, while the price of vitamin E decreased by 1.82% to 108,000 RMB/ton [3]. Investment Recommendations - The report suggests focusing on domestic optical adhesive manufacturers like Stik and upstream monomer suppliers such as Dinglong Co., which are expected to benefit from the growth in the foldable device market [5].

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.57%, although it underperformed compared to the ChiNext index, which rose by 0.81% [2]. - The report highlights the anticipated growth in the foldable device market, driven by the upcoming launches of Huawei's foldable PC and Apple's foldable iPhone, which are expected to significantly boost demand for upstream optical adhesive materials [5]. - The report cites IDC's forecast that China's foldable smartphone market will see shipments reach approximately 10 million units in 2025, representing a year-on-year growth of 8.3% and a compound annual growth rate (CAGR) of 10.6% from 2025 to 2028 [5]. Summary by Sections 1. Market Performance - The new materials sector experienced a rise this week, with the synthetic biology index up by 2.35%, while semiconductor materials and electronic chemicals saw declines of 3.52% and 3.58%, respectively [2][16]. - The overall performance of the basic chemicals and new materials sectors was positive, with the Shanghai Composite Index increasing by 0.76% and the ChiNext Index by 1.38% during the same period [12]. 2. Industry Chain Data Tracking - Prices for amino acids remained stable, with valine at 13,450 CNY/ton and arginine at 25,500 CNY/ton, while vitamin E saw a decrease of 1.82% to 108,000 CNY/ton [3]. - The report tracks the prices of biodegradable plastics, with PLA (injection grade) priced at 17,500 CNY/ton, remaining unchanged [3]. 3. Industry News - The report notes the successful holding of the semi-marathon for humanoid robots, indicating a growing interest in lightweight PEEK materials, which are expected to see rapid development [2]. - The report emphasizes the potential benefits for upstream companies producing optical adhesive materials as the foldable device market expands [5]. 4. Investment Recommendations - The report suggests focusing on domestic optical adhesive manufacturers like Stik and upstream monomer suppliers such as Dinglong Co., which are expected to benefit from the growth in foldable device shipments [5].