证 券 研 究 报 告 证券分析师：郑菁华 A0230525060001 刘靖 A0230512070005 研究支持：郑菁华 A0230525060001 联系人：郑菁华 A0230525060001 2026.03.17 www.swsresearch.com 证券研究报告 2 周期迎拐点，成长正当时 2026年春季北交所化工新材料行业投资策略 ◼ 风险提示：1）下游客户拓展不及预期；2）外部环境导致需求不及预期；3）新项目进展不及预期。 核心观点 ◼ 周期拐点明确，成长乘势而起。从成本端看，PPI迎来缓慢修复，形成支撑。从供给端看，国内反内卷政策持续加码， 出口退税取消，国内落后产能逐步出清，资本开支增速显著放缓，同时欧洲受能源成本高企影响产能逐步退出市场， 形成内外共振之势。从需求端看，传统需求如农药行业景气度回暖，更重要的是新兴需求带来增量，形成双轮驱动之 势。我们认为，本轮化工行情具备强持续性，周期板块拐点明确，成长板块乘势而起。 ◼ 主线1-周期板块：从普涨走向分化，寻找边际回暖赛道。北交所本轮化工行情始于2026年初，化工新材料行业标的 实现普涨，表现亮眼的主要为具有较高辨识度的化工股和近期受 ...

Group 1 - The ongoing conflict between the US and Iran is driving up international oil prices, with Brent crude reaching $92.69 per barrel, the highest since 2024, and predictions of prices potentially soaring to $150 per barrel due to disruptions in energy transport from Gulf countries [2][11][12] - The rise in oil prices is expected to significantly impact the chemical industry, as oil is a primary raw material for most chemical products, leading to increased prices for petrochemical products and a favorable environment for coal chemical products to gain market share [2][12][18] - The coal chemical sector is becoming increasingly attractive for investment as the cost advantages of coal-based products over oil-based products are highlighted, especially when oil prices exceed the breakeven points for coal-to-olefins and coal-to-methanol projects [16][18] Group 2 - The North Exchange chemical new materials sector experienced a decline of 1.81% in the week from March 2 to March 6, 2026, with only the professional technical services and chemical products sub-sectors showing gains [4][28][29] - Key stocks that performed well during this period included Keli Co., which saw a rise of 38.90%, and other companies like Kaida Catalysis and Ruihua Technology, which also reported positive growth [32][35] - The overall market sentiment is reflected in the North Exchange 50 index, which closed at 1427.35 points, down 7.14% for the week, indicating a broader market downturn affecting various sectors [27][30] Group 3 - The report highlights the structural changes in the global chemical industry, particularly in Europe, where a significant retreat is occurring due to rising energy costs and reduced investment, leading to a loss of production capacity and increased unemployment [23] - Major chemical companies are shifting their focus towards China and North America, indicating a strategic realignment in response to the challenges faced in Europe, with firms like BASF and Total Energy increasing their investments in the Chinese market [23][24] - The report suggests that the ongoing geopolitical tensions and rising energy prices are creating new investment opportunities in the global chemical sector, particularly for companies with a high degree of globalization [24]

国浩律师（南京）事务所 关 于 常州瑞华化工工程技术股份有限公司 2026 年第一次临时股东会 之 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 7-8 层 邮编：210036 7-8/F, Block B, 309 Hanzhongmen Dajie, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 2589660966 网址/Website: http://www.grandall.com.cn 二〇二六年三月 致：常州瑞华化工工程技术股份有限公司 根据《中华人民共和国公司法》、《北京证券交易所股票上市规则》及其 他法律、法规和规范性文件的要求，国浩律师（南京）事务所（以下称"本 所"）接受常州瑞华化工工程技术股份有限公司（以下称"公司"）的聘请， 指派本所律师出席该公司 2026 年第一次临时股东会，并就公司本次股东会相关 事宜出具法律意见。 为出具本法律意见书，本所律师出席了公司本次股东会，并对本次股东会 召集和召开的相关事实以及公司提供的文件进行了核查和验证。公司保证，公 司向本所提供的文件和材料是完整、真实和有效 ...

证券代码：920099 证券简称：瑞华技术 公告编号：2026-008 3.会议召开方式：现场投票和网络投票相结合的方式 4.会议召集人：董事会 常州瑞华化工工程技术股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2026 年 3 月 2 日 2.会议召开地点：公司会议室 5.会议主持人：董事长徐志刚先生 6.召开情况合法合规的说明： 本次股东会的召集、召开及议案审议程序符合《中华人民共和国公司法》及 《常州瑞华化工工程技术股份有限公司章程》等有关法律、行政法规、部门规章、 规范性文件的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 14 人，持有表决权的股份总数 38,936,978 股，占公司有表决权股份总数的 49.6645%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三）公司董事、高级管理人员出席 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Insights - The company is expected to achieve a revenue of 581 million yuan in 2025, with a year-on-year growth of 4.66%. However, the net profit attributable to the parent company is projected to decrease by 7.30% to 107 million yuan [3] - The revenue structure is changing, with a significant increase in catalyst business revenue, expected to reach 239 million yuan in 2025, while other technical services and licensing revenues are declining [4] - The company has successfully launched its catalyst fundraising project and fulfilled overseas contracts, marking a successful application of its proprietary polystyrene process package [5] Financial Summary - The company’s total revenue is projected to grow from 394 million yuan in 2023 to 709 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17.8% [7] - The net profit attributable to the parent company is expected to increase from 114 million yuan in 2023 to 151 million yuan in 2027, reflecting a CAGR of 19.8% [7] - The earnings per share (EPS) is forecasted to be 1.37 yuan in 2025, increasing to 1.92 yuan by 2027, with corresponding price-to-earnings (P/E) ratios of 24.1X and 17.1X respectively [3][7]

Group 1 - The core point of the article is that Ruihua Technology reported its 2025 annual performance, showing a revenue increase but a decline in net profit [2] - The company achieved an operating income of 581,023,109.55 yuan, representing a year-on-year growth of 4.66% [2] - The net profit attributable to shareholders of the listed company was 107,489,422.72 yuan, reflecting a year-on-year decrease of 7.30% [2]

Group 1 - The core viewpoint of the article is that Ruihua Technology is set to release its 2025 annual report, with a reported net profit of 107.5 million yuan, reflecting a year-on-year decrease of 7.3% [1] - Ruihua Technology (920099) specializes in providing comprehensive technical solutions based on chemical process package technology for the petrochemical industry [1] Group 2 - There have been no institutional ratings for the stock in the last 90 days [2]

Financial Performance - The company's operating revenue for 2025 is reported at ¥581,023,109.55, representing a 4.66% increase compared to ¥555,168,362.13 in the previous year[4] - Total profit for the period is ¥127,566,212.25, which is a decrease of 3.05% from ¥131,580,458.17 year-on-year[4] - Net profit attributable to shareholders is ¥107,489,422.72, down 7.30% from ¥115,953,735.47 in the previous year[4] - The basic earnings per share decreased to ¥1.37, a decline of 23.89% compared to ¥1.80 in the previous year[4] Assets and Equity - Total assets at the end of the reporting period are ¥1,264,463,270.60, a decrease of 4.68% from ¥1,326,484,604.32 at the beginning of the period[5] - Shareholders' equity attributable to the company increased by 11.29% to ¥923,847,840.34 from ¥830,108,324.80 at the beginning of the period[5] Revenue Structure and Profitability - The decline in net profit is attributed to a shift in revenue structure due to a prolonged industry downturn, with high-margin technical service revenues decreasing significantly[7] - The company anticipates that the operational costs and expenses from the Shandong Ruijun catalyst project, which commenced production in July 2025, contributed to the profit decline despite a slight revenue increase[8] - The company aims to enhance profitability and pursue sustainable, high-quality growth by implementing various operational measures in response to the complex business environment[8] Financial Data Disclaimer - Investors are cautioned that the financial data presented is preliminary and unaudited, and the final figures will be disclosed in the official 2025 annual report[9]

Core Insights - The company reported a revenue of 581 million yuan for the fiscal year 2025, representing a year-on-year increase of 4.66% [1] - The net profit for the same period was 107 million yuan, showing a year-on-year decline of 7.30% [1] - The company experienced a shift in revenue structure due to the prolonged downturn in the industry, with a decrease in high-margin process packages and other technical service and licensing revenues, while traditional manufacturing revenues from equipment and catalysts increased [1]

Group 1 - The core point of the article is the appointment of Ms. Zhou Haiyan as the Vice General Manager of Ruihua Technology [2] Group 2 - The announcement was made on February 12 [2] - The source of the information is Securities Daily [2]