格隆汇9月11日｜华鑫证券研报指出，昊华科技2025年上半年实现归母净利润6.45亿元，同比增长 20.85%。其中2025年第二季度实现归母净利润4.60亿元，同比增长25.56%、环比增长148.88%。公司通 过"3+1"业务板块的多元化布局与产业链垂直整合，成功打造了兼具增长确定性与抗周期韧性的业务模 式。同时公司加强客户信用管理，销售回款增加导致；筹资活动产生的现金净流出1.6亿元，主要是报 告期内公司使用配套募集资金偿还项目贷款所致。战略方面，公司明确"上游做特、中游做强、下游做 专"的发展路径，通过三级推进机制落实高端聚氨酯产业链规划，打造新的盈利增长点。公司产能逐步 扩张，新项目有序产业化落地，看好后续业绩兑现。给予"买入"投资评级。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1][10]. Core Insights - The company achieved significant revenue growth, with total revenue of 7.76 billion yuan in the first half of 2025, representing a year-on-year increase of 19.45%. The net profit attributable to shareholders reached 645 million yuan, up 20.85% year-on-year. In Q2 2025 alone, revenue was 4.60 billion yuan, showing a 26.07% year-on-year increase and a 45.82% quarter-on-quarter increase [1][2]. Summary by Sections Performance Highlights - The fluorochemical sector drove performance, benefiting from high industry demand and production quotas, with revenue growth of 24.99% and gross profit growth of 40.73%. The gross margin improved by 2.22 percentage points [2]. - The electronic chemicals segment faced intense competition but still achieved over 17% growth in both revenue and gross profit through a volume-based pricing strategy [2]. - The carbon reduction and engineering services segment emerged as a new growth driver, with revenue soaring by 29.58%, primarily due to price increases in high-value catalysts [2]. Cost Management and Cash Flow - The company saw a decrease in expense ratios across sales, management, finance, and R&D, leading to an overall decline in expense ratios. Financial expenses dropped by 64.71% year-on-year to 12.71 million yuan due to reduced borrowing and increased interest from idle funds [3]. - Operating cash flow significantly increased, with net cash flow from operating activities reaching 260 million yuan, a year-on-year increase of 234.01% [8]. Technological Advancements - The company demonstrated strong capabilities in technology innovation and industrialization, achieving breakthroughs in electronic specialty gases, high-end materials, and low-carbon technologies. Products are entering high-end supply chains in aviation and electronics [9]. - Key projects, such as the 26,000-ton annual high-performance organic fluorine materials project, are being successfully launched, contributing to new profit growth points [9]. Profit Forecast - The company is expected to expand its capacity and see orderly industrialization of new projects, with projected net profits of 1.42 billion yuan, 1.78 billion yuan, and 2.25 billion yuan for 2025, 2026, and 2027 respectively. The current stock price corresponds to P/E ratios of 28.1, 22.4, and 17.7 for the respective years [10][12].

9月9日，昊华科技盘中上涨2.13%，截至09:37，报31.18元/股，成交5916.37万元，换手率0.18%，总市 值402.22亿元。 资金流向方面，主力资金净流出143.42万元，大单买入526.04万元，占比8.89%，卖出669.46万元，占比 11.32%。 昊华科技今年以来股价涨8.93%，近5个交易日涨4.95%，近20日涨11.88%，近60日涨28.98%。 资料显示，昊华化工科技集团股份有限公司位于北京市朝阳区小营路19号财富嘉园A座昊华大厦A座， 成立日期1999年8月5日，上市日期2001年1月11日，公司主营业务涉及基于自主开发技术,为化工工程、 石油化工工程等工程项目建设提供技术开发、技术转让、咨询、工程设计、工程总承包等全过程的综合 服务业务,以及为化工行业提供催化剂等产品的研发与生产销售业务;氟化工、聚氨酯功能材料、电子化 学品、特种涂料以及橡胶制品等精细化工业务。主营业务收入构成为：高端氟材料54.39%，高端制造 化20.31%，工程技术服务12.71%，电子化学品6.58%，其他(补充)3.12%，贸易及其他2.90%。 昊华科技所属申万行业为：基础化工-化学制品- ...

9月8日，昊华科技盘中上涨2.08%，截至10:53，报29.96元/股，成交1.67亿元，换手率0.53%，总市值 386.48亿元。 资金流向方面，主力资金净流入1493.69万元，特大单买入180.65万元，占比1.08%，卖出110.58万元， 占比0.66%；大单买入4784.21万元，占比28.59%，卖出3360.59万元，占比20.09%。 昊华科技所属申万行业为：基础化工-化学制品-氟化工。所属概念板块包括：中盘、养老金概念、节能 环保、融资融券、燃料电池等。 昊华科技今年以来股价涨4.67%，近5个交易日跌2.22%，近20日涨10.23%，近60日涨22.97%。 资料显示，昊华化工科技集团股份有限公司位于北京市朝阳区小营路19号财富嘉园A座昊华大厦A座， 成立日期1999年8月5日，上市日期2001年1月11日，公司主营业务涉及基于自主开发技术,为化工工程、 石油化工工程等工程项目建设提供技术开发、技术转让、咨询、工程设计、工程总承包等全过程的综合 服务业务,以及为化工行业提供催化剂等产品的研发与生产销售业务;氟化工、聚氨酯功能材料、电子化 学品、特种涂料以及橡胶制品等精细化工业务。主 ...

Core Viewpoint - The fluororubber (FPM) market in China is experiencing steady growth, with a market size reaching 720 million yuan in 2024, reflecting a year-on-year increase of 5.88% due to its excellent properties and wide applications in various industries [6][10]. Industry Overview - Fluororubber (FPM) is a synthetic polymer elastomer characterized by the presence of fluorine atoms, which provide unique properties making it suitable for demanding sealing applications [2][3]. - The main types of fluororubber include general-purpose and special-purpose variants, with products such as conventional binary fluororubber, ternary fluororubber, and low-temperature resistant fluororubber [2]. Industry Chain - The upstream of the fluororubber industry chain includes raw materials like fluorite, hydrofluoric acid, and vinylidene fluoride (VDF), while the downstream applications span high-end industrial sectors such as automotive, aerospace, and petrochemicals [4][5]. Market Size - The fluororubber market is expanding due to its superior electrical insulation properties and excellent resistance to organic solvents and fuels, making it highly sought after in automotive, aerospace, and chemical industries [6][10]. Key Enterprises - Major companies in the Chinese fluororubber industry include Haohua Technology, Juhua Co., and Dongyue Group, each with distinct advantages in technology, product quality, and market share [7][8]. - Haohua Technology reported a revenue of 3.157 billion yuan in Q1 2025, marking a 10.96% increase year-on-year, while Juhua Co. achieved a revenue of 5.8 billion yuan, reflecting a 6.05% growth [8][9]. Industry Development Trends 1. **Technological Innovation and Product Upgrading**: The industry is focusing on high-performance and differentiated products to meet the demands of high-end sectors like aerospace and automotive [10][11]. 2. **Market Application Expansion**: The demand for fluororubber is surging in traditional sectors and emerging fields, particularly in new energy vehicles, where it is essential for battery separators and seals [10][11]. 3. **Accelerated Industry Competition**: Increased competition is leading to consolidation and mergers within the industry, allowing leading companies to enhance their market positions and operational efficiencies [11].

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index down 2.83% [4] - The overall market saw a significant increase in trading volume, with A-share transaction amounts reaching 14.92 trillion yuan, a 15.29% increase week-on-week [7] Industry Commentary - The non-bank financial sector reported a substantial increase in brokerage performance, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6][7] - The communication sector is experiencing a surge in demand, particularly driven by Alibaba Cloud's Q2 performance, which exceeded expectations with a revenue increase of 26% to 33.4 billion yuan [8] Company Insights - Huafeng Technology (688629.SH) reported a significant revenue increase of 128.26% year-on-year, reaching 1.105 billion yuan in H1 2025, with a net profit of 151 million yuan, up 940.64% [10] - China General Nuclear Power Corporation (01164.HK) faced a revenue decline of 58% to 1.709 billion HKD in H1 2025, primarily due to accounting standards affecting trade business [12] - Kangchen Pharmaceutical (603590.SH) achieved a revenue of 460 million yuan in H1 2025, reflecting a growth of 13.8% [14] - Longjiang Securities (000783.SZ) reported a significant recovery in investment business, with a notable increase in operating performance [28] Investment Recommendations - The report suggests a "Buy-B" rating for Huafeng Technology, anticipating continued growth in the domestic AI server market and communication modules [10][11] - For China General Nuclear Power, a "Buy-B" rating is maintained, with expectations of recovery in profitability driven by strategic contracts and market demand [13] - Kangchen Pharmaceutical is also rated "Buy-B," with projected revenue growth driven by innovative drug development [14] Future Projections - Huafeng Technology is expected to continue benefiting from the domestic AI server market, with projections indicating a strong performance in the coming years [10][11] - China General Nuclear Power anticipates a rebound in net profit, with estimates of 3.76 billion HKD in 2025, growing significantly in subsequent years [13] - Kangchen Pharmaceutical forecasts revenues of 9.41 billion yuan by 2027, indicating robust growth potential [14]

Group 1 - The core viewpoint of the news is that Haohua Technology has experienced a decline in stock price, with a cumulative drop of 7.54% over three consecutive days, closing at 28.33 yuan per share on September 4 [1] - Haohua Technology, established on August 5, 1999, and listed on January 11, 2001, provides comprehensive services in chemical engineering and petrochemical engineering, including technology development, transfer, consulting, engineering design, and project contracting [1] - The company's main business revenue composition includes high-end fluorine materials (54.39%), high-end manufacturing (20.31%), engineering technical services (12.71%), electronic chemicals (6.58%), and other (3.12%) [1] Group 2 - Silver Hua Fund has a significant holding in Haohua Technology, with the Silver Hua Xinfeng Mixed A Fund (015305) holding 191,500 shares, accounting for 1.64% of the fund's net value, ranking as the ninth largest holding [2] - The Silver Hua Xinfeng Mixed A Fund has experienced a floating loss of approximately 114,900 yuan today and a total floating loss of 442,400 yuan during the three-day decline [2] - The fund was established on April 29, 2022, with a current scale of 245 million yuan, and has achieved a year-to-date return of 13.84% [2]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][9]. Core Insights - The company reported a total revenue of 7.76 billion yuan for the first half of 2025, representing a year-on-year increase of 19.5%. The net profit attributable to shareholders was 640 million yuan, up 20.8% year-on-year, while the net profit excluding non-recurring items reached 620 million yuan, a significant increase of 67.8% [4]. - In Q2 2025, the company achieved a total revenue of 4.6 billion yuan, with a quarter-on-quarter increase of 26.1% and a year-on-year increase of 45.8%. The net profit attributable to shareholders for Q2 was 460 million yuan, reflecting a quarter-on-quarter increase of 25.6% and a year-on-year increase of 148.9% [4]. - The company has seen strong performance in its refrigerant and specialty products segments, with significant growth in sales volume and pricing [6][7]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved total revenue of 7.76 billion yuan, with a net profit of 640 million yuan. The Q2 results showed a total revenue of 4.6 billion yuan and a net profit of 460 million yuan [4]. - The company’s basic and diluted earnings per share for the latest period were both 0.50 yuan, with a net asset return rate of 4.04% [3]. Business Segments - The refrigerant segment saw sales of 56,800 tons in the first half of 2025, with an average selling price of 43,800 yuan per ton, marking a year-on-year increase of 44.82% [6]. - The specialty products segment reported a net profit of 110 million yuan, benefiting from the growth in the commercial aerospace sector [6]. - The electronic gas segment achieved sales of 4,947 tons, with an average selling price of 95,500 yuan per ton, reflecting a year-on-year increase of 9.05% [6]. Future Projections - The company is expected to achieve net profits of 1.46 billion yuan, 2.01 billion yuan, and 2.46 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 26, 19, and 15 times [9].

Group 1 - Public institutions have shown increasing enthusiasm for participating in A-share private placements, with 25 institutions involved in 87 projects, totaling subscriptions of 17.353 billion yuan, a year-on-year increase of 22.3% [1] - The private placement market is viewed as a "fast track" connecting capital markets with the real economy, facilitating the concentration of industrial resources towards advantageous enterprises and accelerating the construction of a modern industrial system [1] - There is a significant disparity in participation among public institutions, with Nord Fund leading with a subscription scale of 6.687 billion yuan across 54 projects, followed closely by Caitong Fund with 6.269 billion yuan across 51 projects, together accounting for nearly 75% of the total industry subscription [1] Group 2 - In terms of industry distribution, public institution funds are skewed towards strategic emerging industries, with the electronics sector leading with a total subscription of 3.040 billion yuan, covering five companies including Chipone and Weiteng Electric [1] - The non-ferrous metals industry ranks second with a subscription amount of 1.849 billion yuan, with companies like Haohua Technology and China Aluminum being favored, focusing on projects related to new energy battery materials and high-end alloy research [1] - Haohua Technology has been the most favored by public institutions this year, with three institutions participating in its private placement, totaling 1.628 billion yuan, aimed at new project construction and capacity expansion [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant increase in performance for Q2, with revenue reaching 46.0 billion yuan, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 45.8%. The net profit attributable to shareholders was 4.6 billion yuan, reflecting a year-on-year increase of 97.0% and a quarter-on-quarter increase of 148.9% [2][6]. - The company's "3+1" business segments showed strong growth, particularly in the fluorochemical sector, which benefited from rising prices of refrigerants. The sales revenue in this segment increased by 25.0%, and gross profit rose by 40.7% [7]. - The electronic chemicals segment achieved a sales revenue growth of 17.5%, with a notable increase in the sales volume of nitrogen trifluoride and sulfur hexafluoride [7]. - The high-end manufacturing chemical materials segment experienced a revenue growth of 7.2%, while the carbon reduction and engineering technology services segment saw a revenue increase of 29.6% [7]. - The company is positioned as a leading technology-driven new materials platform, with expected net profits attributable to shareholders of 17.1 billion yuan, 23.2 billion yuan, and 34.7 billion yuan for the years 2025 to 2027, respectively [11]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 77.6 billion yuan, a year-on-year increase of 19.5%, and a net profit of 6.4 billion yuan, up 20.8% year-on-year. The net profit after deducting non-recurring items was 6.2 billion yuan, reflecting a 67.8% increase year-on-year [2][6]. Business Segments - The fluorochemical segment's revenue growth was driven by the rising prices of refrigerants, with average domestic market prices for R32, R134a, and R125 increasing by 12.8%, 6.8%, and 4.1% respectively from Q1 2025 [7]. - The electronic chemicals segment maintained stable gross margins despite competitive pressures, with a 32% increase in nitrogen trifluoride sales and a 35% increase in sulfur hexafluoride sales [7]. - The carbon reduction segment's revenue growth was supported by price increases in copper and nickel catalysts, with year-on-year increases of 9.9% and 7.6% respectively [7]. Future Outlook - The company is expected to continue its growth trajectory, with strategic projects in high-performance organic fluorine materials and electronic specialty gases progressing well [11].