[Table_Rank] 评级： 买入 | 最新收盘价（元） | 28.39 | | --- | --- | | 一年内最高/最低价（元） | 29.42/16.66 | | 市盈率（当前） | 20.56 | | 市净率（当前） | 1.48 | | 总股本（亿股） | 11.03 | | 总市值（亿元） | 313.21 | | 资料来源：聚源数据 | | 相关研究 [Table_Title] 磷矿景气维持，草甘膦景气回暖，持续增强资源保障 [Table_ReportDate] 兴发集团(600141)公司简评报告 | 2025.09.12 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010-81152683 [Table_Chart] 市场指数走势（最近 1 年） [Table_BaseData] 公司基本数据 核心观点 盈利预测 | [Table_Profit] | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营收（亿元） | 283.96 | ...

9月12日，兴发集团盘中下跌2.02%，截至09:53，报27.71元/股，成交9328.93万元，换手率0.30%，总市 值305.71亿元。 资金流向方面，主力资金净流出253.24万元，特大单买入139.33万元，占比1.49%，卖出495.90万元，占 比5.32%；大单买入2414.42万元，占比25.88%，卖出2311.10万元，占比24.77%。 兴发集团今年以来股价涨33.86%，近5个交易日涨2.78%，近20日涨10.49%，近60日涨37.59%。 资料显示，湖北兴发化工集团股份有限公司位于湖北省宜昌市伍家岗区沿江大道188-9号兴发大厦，成 立日期1994年8月17日，上市日期1999年6月16日，公司主营业务涉及从事磷矿石的开采及销售,磷酸 盐、磷肥、草甘膦、有机硅等化工产品的生产和销售以及贸易业务。主营业务收入构成为：特种化学品 17.88%，农药17.57%，商贸物流17.19%，其他14.22%，肥料13.16%，矿山采选10.60%，有机硅系列 9.37%。 兴发集团所属申万行业为：基础化工-农化制品-磷肥及磷化工。所属概念板块包括：草甘膦、生物农 药、氟化工、磷化工、乡村 ...

转债代码：110089 转债简称：兴发转债 证券代码：600141 证券简称：兴发集团 公告编号：临2025-046 湖北兴发化工集团股份有限公司 关于"兴发转债"2025 年付息公告 （八）转股期限：2023 年3 月28 日至2028 年9 月21 日（自发行结束之 日起满6 个月后第一个交易日起至可转换公司债券到期日止）； （九）转股价格：初始转股价格为 39.54 元/股，最新转股价格为 28.40 元/股。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： 湖北兴发化工集团股份有限公司（以下简称"公司"）于2022 年9 月22 日公开发行的可转换公司债券（以下简称"本期债券"或"兴发转债"）将于 2025 年9 月22 日支付2024 年9 月22 日至2025 年9 月21 日期间的利息。根 据《湖北兴发化工集团股份有限公司公开发行可转换公司债券募集说明书》有 关条款的约定，现将相关事项公告如下： 一、本期债券基本情况 ●兴发转债付息登记日：2025 年9 月19 日 ●兴发转债除息日：202 ...

Core Viewpoint - Hubei Xingfa Chemical Group Co., Ltd. announced the interest payment details for its convertible bonds issued on September 22, 2022, indicating a 1.0% annual coupon rate for the third year [1] Group 1 - The interest payment for the convertible bonds will occur on September 22, 2025, covering the interest period from September 22, 2024, to September 21, 2025 [1] - The face value of each convertible bond is 100 yuan, resulting in an interest payment of 1 yuan per bond (tax included) [1] - The record date for interest payment is September 19, 2025, with the ex-dividend date and payment date both set for September 22, 2025 [1] Group 2 - The interest payment will be made to all registered bondholders as of the record date [1] - Different types of investors will have varying tax obligations on the interest income, and the company will appoint relevant institutions to handle the payment and interest distribution [1]

2025 年 09 月 10 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 观点精粹: 最新报告摘要 海外映射视角下的 AI 应用投资机会--策略 PPT Q2 业绩稳健，收购桥沟矿业 50%股权--兴发集团/农化制品(600141/212208) 公司动态研究 稳步推进混合所有制改革，公司未来增长动能强劲--通用股份/汽车零部件(601500/212802) 公司动态研究 复合肥量利齐升，磷肥出口带来增量--史丹利/农化制品(002588/212208) 公司动态研究 医保和集采政策影响趋于平稳，业绩筑底下半年增速有望改善--新里程/医疗服务(002219/213706) 公司动态 研究 Q2 业绩环比修复，新建项目持续提供发展动能--华鲁恒升/农化制品(600426/212208) 公司动态研究 业绩符合预告指引，关注《奔奔王国》上线表现--ST 华通/游戏Ⅱ(002602/217204) 公司专题研究（无评级） 中药配方颗粒短期承压，血必净注射液稳健增长--红日药业/中药Ⅱ(300026/213702) 公司动态研究 Q2 业绩稳中有增，磷 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [5][20]. Core Views - The company is experiencing a recovery in the glyphosate industry, with stable phosphate rock prices and plans to acquire additional phosphate mines to enhance resource advantages [4][10]. - The company's revenue for the first half of 2025 was 14.62 billion yuan, a year-on-year increase of 9.07%, while net profit attributable to shareholders was 727 million yuan, a year-on-year decrease of 9.72% [1][2]. Financial Performance - The company's projected revenue for 2025 is 30.84 billion yuan, with a year-on-year growth rate of 8.6% [12]. - The net profit attributable to shareholders is expected to reach 1.98 billion yuan in 2025, reflecting a year-on-year growth of 23.6% [12]. - The company's return on equity (ROE) is projected to improve from 6.4% in 2023 to 8.8% in 2025 [12]. Cash Flow and Expenses - The net cash flow from operating activities in the first half of 2025 decreased by 72.33% year-on-year, primarily due to increased employee wages and taxes [3]. - Financial expenses increased by 15.45% year-on-year, while sales expenses decreased by 14.72% [2]. Resource Acquisition and Market Conditions - The company plans to acquire a 50% stake in Qiaogou Mining, which will enhance its phosphate resource reserves [4][9]. - The phosphate rock price remained stable at around 960 yuan/ton for 28% grade phosphate rock, with a tight supply-demand relationship expected to continue in the coming years [4][9]. Glyphosate Market Outlook - The glyphosate market is showing signs of recovery, with prices increasing from 23,100 yuan/ton at the end of April to 25,000 yuan/ton by the end of June 2025 [10]. - The company has a design capacity of 230,000 tons/year for glyphosate raw materials, the largest in China, which positions it well for future demand growth [10]. Specialty Chemicals Segment - The specialty chemicals segment is expected to remain stable, with sales of dimethyl sulfoxide and food additives experiencing price declines but volume growth [11]. - The company anticipates improvements in the specialty chemicals segment in the second half of 2025 due to new product introductions and price recoveries [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady performance in Q2, with a revenue increase of 13.44% year-on-year and a net profit of 4.16 billion yuan, despite a slight decline in net profit margin [4][5] - The acquisition of a 50% stake in Qiaogou Mining will enhance the company's phosphate resource advantages, increasing its mining rights reserves from 3.95 billion tons to 5.80 billion tons [11][12] - The company is expected to achieve revenue growth in the coming years, with projected revenues of 297 billion yuan in 2025, 319 billion yuan in 2026, and 338 billion yuan in 2027 [13][58] Financial Performance - In the first half of 2025, the company achieved an operating income of 146.20 billion yuan, a year-on-year increase of 9.07%, and a net profit attributable to shareholders of 7.27 billion yuan, a year-on-year decrease of 9.72% [5][30] - The gross profit margin for Q2 2025 was 19.87%, showing a year-on-year decrease of 0.61 percentage points, while the net profit margin was 6.14%, down 0.40 percentage points year-on-year [4][5] - The company’s cash flow from operating activities was 1.23 billion yuan, a significant decrease of 72.33% year-on-year, primarily due to increased employee wages and taxes [5] Product Performance - The mining segment generated revenue of 15.50 billion yuan in the first half of 2025, up 19.64% year-on-year, with a gross margin of 78.27% [5] - Special chemicals revenue was 26.15 billion yuan, a slight increase of 0.28% year-on-year, while fertilizers and pesticides generated revenues of 19.24 billion yuan and 25.68 billion yuan, respectively [5] - The average price of phosphate rock remained high at 1,020 yuan/ton in Q2 2025, with a year-on-year increase of 1% [10][11] Market Outlook - The company is expected to benefit from its strong phosphate resource advantages and new material projects, which are anticipated to provide new profit growth points [13][58] - The projected PE ratios for the company are 15, 12, and 10 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation outlook [13][58]

格隆汇9月8日丨兴发集团(600141.SH)在互动平台表示，固态电解质已完成小试工艺开发，正开展溶 剂、铝源等关键工艺参数优化，已明确扩试工艺路线，完成扩试原料采购。 ...

Group 1 - The core viewpoint of the news is that Xingfa Group's stock has shown significant performance with a year-to-date increase of 32.85%, despite a slight decline of 1.01% in the last five trading days [2] - As of September 8, Xingfa Group's stock price was 27.50 CNY per share, with a market capitalization of 30.34 billion CNY [1] - The company has a diverse revenue structure, with special chemicals contributing 17.88%, pesticides 17.57%, and fertilizers 13.16% among others [2] Group 2 - For the first half of 2025, Xingfa Group reported a revenue of 14.62 billion CNY, reflecting a year-on-year growth of 9.07%, while net profit attributable to shareholders decreased by 9.72% to 727 million CNY [2] - The company has distributed a total of 4.814 billion CNY in dividends since its A-share listing, with 2.869 billion CNY distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders included Southern CSI 500 ETF and Hong Kong Central Clearing Limited, with notable changes in their holdings [3]

Group 1 - The core viewpoint of the news is that Xingfa Group's stock has shown significant fluctuations, with a year-to-date increase of 30.19% and a recent decline of 2.81% over the last five trading days [1] - As of August 29, the number of shareholders for Xingfa Group decreased by 7.44% to 49,500, while the average circulating shares per person increased by 8.04% to 22,268 shares [2] - For the first half of 2025, Xingfa Group reported a revenue of 14.62 billion yuan, representing a year-on-year growth of 9.07%, while the net profit attributable to shareholders decreased by 9.72% to 727 million yuan [2] Group 2 - Xingfa Group has distributed a total of 4.814 billion yuan in dividends since its A-share listing, with 2.869 billion yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders of Xingfa Group include Southern CSI 500 ETF, which increased its holdings by 1.6033 million shares to 11.4515 million shares [3] - Hong Kong Central Clearing Limited, another major shareholder, reduced its holdings by 474,620 shares to 10.2202 million shares [3]