Core Insights - The chemical new materials industry is at a cyclical turning point, with growth opportunities emerging due to a recovery in PPI and a supportive supply-demand dynamic [4][9] - The report identifies two main investment themes: the cyclical sector focusing on marginal recovery and the growth sector with multiple themes rotating around key nodes [4][33] Group 1: Cyclical Sector - The cyclical sector is transitioning from broad-based gains to differentiation, with a focus on identifying marginal recovery tracks [4] - Key sectors showing strong performance include textiles, agriculture, real estate, transportation, and oil and gas, with specific companies highlighted for investment [4][28] - The report emphasizes the importance of recognizing true recovery trends within these sectors as capital flows become more selective [4][33] Group 2: Growth Sector - The growth sector has seen significant interest in commercial aerospace, energy storage, and electronic materials, with expectations for continued performance throughout the year [4][33] - Specific companies to watch include Minshida in commercial aerospace, Kunlun Technology and Deer Chemical in energy storage, and Jinhua New Materials in electronic materials [4][30] - The report suggests that investors should focus on companies with substantial progress and align investments with key timing nodes [4][33] Group 3: Capital Expenditure and Cash Flow - The capital expenditure growth rate in the chemical industry has significantly slowed, with a notable decline in construction projects [12][27] - The net cash flow situation remains under pressure, although there are signs of recovery in operational cash flow [12][27] - The report indicates that the industry is experiencing a tightening of capital expenditures, which may impact future growth prospects [12][27] Group 4: Policy and Market Dynamics - The "anti-involution" policies are being reinforced, leading to an orderly exit of outdated production capacity and promoting high-quality, low-carbon transformation in the chemical sector [16][17] - The cancellation of export tax rebates for certain chemical products is expected to drive the industry towards higher quality and lower carbon emissions [16][17] - The report highlights that European chemical production capacity is declining due to high energy costs, creating opportunities for Chinese chemical products in the global market [18][17]

中裕软管科技股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 √特定对象调研 证券代码：920694 证券简称：中裕科技 公告编号：2026-004 □业绩说明会 □媒体采访 □现场参观 二、 投资者关系活动情况 活动时间：2026 年 3 月 5 日- 2026 年 3 月 6 日 活动地点：上海浦东丽晶酒店、上海中国人寿金融中心、深圳福田四季酒店 参会单位及人员：申万宏源研究、东吴证券、开源证券、东方证券、中山证 券、国泰海通证券、中泰证券、珺洲基金、淳厚基金、长城基金、同泰基金、恒 力基金、石锋资产、平安理财、共青城汇美盈创投资管理有限公司、湖南聚力财 富私募基金管理有限公司（排名不分先后） 上市公司接待人员：公司董事、副总经理、财务负责人、董事会秘书陈军； 公司投资者关系总监周艳 三、 投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 问题 1：原材料价格上涨是否会影响公司的产品生产成本？ □新闻发布会 ...

证券代码：920694 证券简称：中裕科技 公告编号：2026-003 中裕软管科技股份有限公司 投资者关系活动记录表 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。 □现场参观 □新闻发布会 □分析师会议 □路演活动 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 √其他 （券商策略会） 二、 投资者关系活动情况 活动时间：2026 年 3 月 4 日 活动地点：上海金茂君悦大酒店 参会单位及人员：开源证券、东北证券、长江证券、联储证券、浙商证券、 嘉实基金、新华基金、颐歌资产、尚欣资本（排名不分先后） 上市公司接待人员：公司董事长黄裕中先生；公司董事、副总经理、财务负 责人、董事会秘书陈军；公司投资者关系总监周艳 三、 投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 问题 1：根据公司 2025 年业绩快报，公司 2025 年营业收入增长，2025 年 扣除非经营性损益的净利润下降的原因是什么？ 回复：公司 2025 年营业收入同比增长的主要原因 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company reported a revenue of 709 million yuan for 2025, representing a year-on-year growth of 18.34%. However, the net profit attributable to the parent company decreased by 15.31% to 88.78 million yuan due to increased shipping costs and changes in overseas company expenses [3][4] - The company has signed a significant procurement contract for its steel-lined wear-resistant pipes, valued at nearly 50 million yuan, indicating strong market recognition for its new products. This contract is expected to positively impact future performance and contribute to new profit growth [5] - The company’s main operations remain stable, with growth in sales from the US and Middle Eastern markets. The demand for high-pressure large-flow delivery hoses has also increased, contributing to overall revenue growth [4] Financial Summary - For 2025, the company expects revenues of 709 million yuan, with a projected net profit of 89 million yuan. The earnings per share (EPS) are estimated at 0.67 yuan, with corresponding price-to-earnings (P/E) ratios of 30.9, 18.8, and 16.1 for 2025, 2026, and 2027 respectively [7][10] - The company’s gross margin is projected to be 47.4% in 2025, with a net margin of 12.6%. Return on equity (ROE) is expected to be 10.1% [7][10]

证券代码：920694 证券简称：中裕科技 公告编号：2026-002 中裕软管科技股份有限公司 2025 年年度业绩快报公告 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业收入为 709,194,955.85 元，较去年同期增长 18.34%。归属于上市公司股东的净利润为 88,780,655.99 元，较上年同期下降 15.31%。归属于上市公司股东的扣除非经常性损益的净利润为 85,700,362.33 元，较上年同期下降 9.32%。 报告期末，公司总资产为 1,246,754,488.88 元，较报告期初增长 1.67%；归 属于上市公司股东的所有者权益为 885,703,748.86 元，较报告期初增长 7.65%； 归属于上市公司股东的每股净资产为 6.71 元，较报告期初下降 16.54%。 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。 特别提示：本公告所载 2025 年 年度主要财务数据为初步核算数据，未经会 计师事务 ...

Group 1 - The domestic production of wet electronic chemicals is accelerating, with semiconductor cleaning agents leading the breakthrough [3][14][26] - Wet electronic chemicals, also known as ultra-pure reagents, are critical materials used in the wet processing of microelectronics and optoelectronics, with high purity and cleanliness requirements [14][19] - The market size of wet electronic chemicals in China reached 22.5 billion yuan in 2023, a year-on-year increase of 27.12%, and is expected to grow to 29.275 billion yuan by 2025 [3][31] Group 2 - Jin Hua New Materials has successfully developed electronic-grade hydroxylamine aqueous solution products, which are comparable in quality to BASF's products and have been validated by several chip manufacturers [4][32] - Wuxi Jinghai's amino acid products are suitable for microelectronic cleaning, particularly in environmentally friendly and precision cleaning scenarios, with plans to expand their application in the microelectronics field [4][36] Group 3 - The North Exchange chemical new materials sector saw an increase of 1.03% this week, with textile manufacturing and battery materials leading the gains [5][42][46] - The chemical products price trends indicate fluctuations in various categories, with notable changes in MDI and TDI prices [49][50] Group 4 - Zhongyu Technology signed a procurement contract for steel-lined wear-resistant pipes worth approximately 48.81 million yuan, marking market recognition of its products [6][77] - The company has established a long-term strategic plan to enhance its operational performance without creating dependency on any single client [6][77]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company has recently secured a new order for wear-resistant pipes worth approximately 48.81 million yuan, indicating market recognition of its products and services [5] - The new product, steel-lined modified polyurethane wear-resistant pipes, is expected to enhance the company's operational performance and contribute positively to its long-term development [5] - The company maintains its profit forecasts for 2025-2027, projecting net profits of 122 million yuan, 147 million yuan, and 171 million yuan respectively, with corresponding EPS of 0.93 yuan, 1.11 yuan, and 1.30 yuan [5] - The current stock price corresponds to a P/E ratio of 23.7, 19.8, and 17.0 for the years 2025-2027 [5] Financial Summary - The company reported a revenue of 668 million yuan in 2023, with a projected increase to 909 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10% [11] - The gross margin is expected to remain stable around 47.8% to 48.8% over the forecast period [11] - The net profit margin is projected to improve from 19.0% in 2023 to 18.8% in 2027 [11] - Return on equity (ROE) is expected to increase from 17.0% in 2023 to 14.4% in 2027 [11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has signed a significant order worth 48.81 million yuan for steel-lined wear-resistant pipes, which is expected to enhance revenue and profit growth in 2026 [7] - The new product, steel-lined modified polyurethane wear-resistant pipes, has entered a growth phase, with applications in various mining and dredging scenarios [7] - The company is expanding its market presence in overseas regions such as the Middle East, South America, and Australia, with a focus on high-end markets [7] - The financial forecasts indicate a steady growth in revenue and net profit from 2025 to 2027, with corresponding P/E ratios decreasing over the years [7] Financial Forecasts - Total revenue is projected to be 599.27 million yuan in 2024, increasing to 910.32 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 19.56% [1] - Net profit attributable to the parent company is expected to decline to 104.83 million yuan in 2024, then recover to 165.31 million yuan by 2027, with a CAGR of 18.79% [1] - The latest diluted EPS is forecasted to rise from 0.79 yuan in 2024 to 1.25 yuan in 2027 [1] - The company’s P/E ratio is projected to decrease from 26.65 in 2024 to 16.90 in 2027, indicating an improving valuation over time [1]

证券代码：920694 证券简称：中裕科技 公告编号：2026-001 中裕软管科技股份有限公司签订重要合同的公告 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、 合同签署概况 （一） 基本情况 三、 合同主要内容 （一）合同标的：管路系统。 （二）合同价格：人民币 48,807,820.50 元（大写：肆仟捌佰捌拾万零柒仟 捌佰贰拾元伍角整）。 （三）合同生效：合同自双方法定代表人或授权代表签字并加盖合同专用 章或公章之日起生效。 （四）合同条款中已对合同标的、数量、质量、价格、付款方式、供货期 及验收、售后服务等方面进行了约定。 四、 合同履行对上市公司的影响 中裕软管科技股份有限公司（以下简称"公司"）的控股子公司江苏中裕能 源装备有限公司近日与客户 A（因涉及商业秘密，客户名称以"客户 A"代替） 签订了《管路系统采购合同》， 合同总价款人民币 48,807,820.50 元（大写：肆 仟捌佰捌拾万零柒仟捌佰贰拾元伍角整）。 （二） 审批情况 上述合同为公司日常经营合同，根据《公司章程》， ...

中裕软管科技股份有限公司 证券代码：920694 证券简称：中裕科技 公告编号：2025-129 关于募集资金专项账户完成销户的公告 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。 三、本次募集资金专项账户注销情况 公司于 2025 年 12 月 9 日召开了第三届董事会第二十五次会议，于 2025 年 12 月 25 日召开了 2025 年第四次临时股东会，分别审议通过了《关于募投项目 结项并将节余募集资金永久补充流动资金的议案》，为提高募集资金使用效率， 公司将募投项目结项后的节余募集资金永久补充流动资金。 截至本公告披露之日，公司在中国农业银行股份有限公司泰州姜堰支行（银 行账号：10208001040229369）、交通银行股份有限公司泰州姜堰支行（银行账号： 701066010013000054475）、招商银行股份有限公司泰州姜堰支行（银行账号： 523901199310858）、控股子公司江苏中裕能源装备有限公司在交通银行股份有限 公司泰州姜堰支行（银行账号：701066010013000 ...