TMT(SH:600458)2025-06-24 15:30Summary 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]