上 市 公 司 2025 年 10 月 26 日 东材科技 (601208) —— Q3 业绩环比略有下滑，看好高频高速树脂加速放量 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 24 日 | | --- | --- | | 收盘价（元） | 18.71 | | 一年内最高/最低（元） | 24.53/6.70 | | 市净率 | 3.2 | | 股息率%（分红/股价） | 0.53 | | 流通 A 股市值（百万元） | 19,049 | | 上证指数/深证成指 | 3,950.31/13,289.18 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 5.91 | | 资产负债率% | 45.35 | | 总股本/流通 A 股（百万） | 1,018/1,018 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 基础化工 10-24 11-24 12-24 01-24 02-24 03-24 04-24 05-24 ...

Summary of Dongcai Technology Conference Call Company Overview - **Company**: Dongcai Technology - **Date**: Q3 2025 Conference Call Key Points Financial Performance - In Q3 2025, Dongcai Technology achieved revenue of **1.372 billion** CNY, an increase of approximately **75 million** CNY or **6%** from Q2 2025 [3] - The net profit attributable to shareholders was **283 million** CNY, up nearly **50 million** CNY year-on-year [3] - Gross margin decreased by about **1 percentage point** compared to Q2 2025 [3] Business Segments - **Optical Film**: Revenue increased by approximately **37 million** CNY, contributing significantly to overall growth [3] - **Electronic Materials**: Revenue increased by **40 million** CNY, driven by high demand [3] - **Hydrocarbon Resin and OPE**: Revenue contributions were **50 million** CNY and **40 million** CNY respectively, showing significant growth [5] Future Outlook - For Q4 2025, Dongcai Technology expects continued growth in Hydrocarbon Resin and OPE, with a strong possibility of achieving the annual target of **600 million** CNY [6] - The Meishan project is progressing well, with expectations to contribute significantly to performance in the second half of **2026** [6][7] Product Performance - Optical film sales increased by nearly **18,000 tons** year-on-year, with price per ton rising to approximately **11,300 to 11,400** CNY, an increase of about **400** CNY from Q2 2025 [8][9] - Production volumes for key products in Q3 included: - Polarizers: **1,000 tons** - Car films and window films: **19,000 tons** - Touch products: **17,000 tons** - Backlight modules: **18,000 tons** [10] Challenges and Adjustments - The photovoltaic business is facing challenges due to declining market demand and oversupply in the PET film market, with potential impairment risks by year-end [4][15] - Dongcai Technology is adjusting its strategy to expand into non-photovoltaic fields to mitigate these risks [15] R&D and Competitive Position - R&D expenses have increased primarily due to higher costs of advanced resin materials, with a focus on the high-end digital segment [27] - The company emphasizes its early positioning in the high-speed digital sector, maintaining a competitive edge through ongoing R&D investments [21] Other Notable Information - Shandong Aiment's losses have significantly decreased in Q3, with expectations to break even in Q4 [12] - The overall improvement in the Huayang segment and the introduction of new businesses in the decentralized segment are contributing to better performance [12][14] Cash Flow and Management Expenses - Cash flow was reported as slightly weaker due to high accounts receivable and project construction expenses, but improvements are expected post-project peak [24][25] - Management expenses increased due to rising personnel costs and the opening of a new office in Chengdu [31] This summary encapsulates the key insights from the conference call, highlighting Dongcai Technology's financial performance, business segment growth, future outlook, challenges, and strategic adjustments.

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of 3.803 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.18%, and a net profit attributable to shareholders of 283 million yuan, up 19.80% year-on-year. In Q3 alone, revenue reached 1.372 billion yuan, a 22.12% increase year-on-year and a 5.76% increase quarter-on-quarter, with a net profit of 93 million yuan, reflecting a 21.27% year-on-year increase but a 5.92% decrease quarter-on-quarter [1][2] Summary by Sections Sales Growth - The company experienced sales growth across multiple product lines in Q3, with year-on-year changes of +4.4% for electrical insulation, +22.3% for new energy, +18.4% for optical films, and +50.1% for electronic materials. Quarter-on-quarter changes were +19.6%, +6.0%, +7.7%, and +10.3% respectively. Average prices varied, with notable declines in new energy and optical films due to raw material price drops [2] Capacity Expansion - The company is set to benefit from significant growth in AI server demand, which will create substantial opportunities for its upstream supply chain, including copper-clad laminates and high-performance resins. The company currently has a production capacity of nearly 5,000 tons for high-speed resins, with a new 20,000-ton project under construction expected to be operational in 2026, potentially quadrupling its capacity [3] Financial Forecast - The company has adjusted its net profit forecast for 2025 to 400 million yuan, while maintaining projections of 790 million yuan and 1.19 billion yuan for 2026 and 2027 respectively. The current price corresponds to a PE ratio of 48.5 for 2025, 24.7 for 2026, and 16.4 for 2027. The company is recognized as a platform-type new materials company with promising products in high-end optical base films and high-speed resins [4]

收量 | 指数 收盘 涨跌（%） | | --- | | 名称 | | ┣证指数 3922 0.22 2.63 0.16 | | 深证综指 2458 0.22 -0.37 -0.25 | 2025 年 10 月 24 日 全球资产配置方法论靠合国架性报 黄金大跌高的后市演经 | 风格指数 | | 昨日 近１个月 近６个月 | | | --- | --- | --- | --- | | (%) | | | | | 大盘指数 >> | 0.33 | 1.82 - | 22.2 | | 中盘指数 > | 0.05 | -0.33 - | 28.12 | | 小盘指数 | 0.01 0.01 | -1.57 - | 22.32 | | 涨幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | --- | --- | --- | --- | | 焦炭Ⅱ | 5.27 | 18.55 | 37.28 | | 能渡等層 | 3.11 | 15.77 | 74.79 | | 炼化及贸易 | 2.41 | 6.33 | 9.47 | | 影视院线 | 2.4 | -6.14 | 7.58 | | 出版 | 2.24 ...

Investment Rating - The investment rating for the company is "Buy" [9][17] Core Insights - The company reported a year-on-year increase in revenue and net profit for Q3, driven by the growth in high-speed electronic resins, polypropylene films, and optical film materials [5][6] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (tax included) [5] - The forecast for net profit attributable to the parent company for 2025-2027 is 406 million, 513 million, and 615 million yuan, respectively, with corresponding EPS of 0.40, 0.50, and 0.60 yuan per share [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 3.803 billion yuan, a year-on-year increase of 17.2%, and a net profit attributable to the parent company of 283 million yuan, up 19.8% year-on-year [5][6] - Q3 revenue reached 1.372 billion yuan, representing a year-on-year increase of 22.1% and a quarter-on-quarter increase of 5.8% [5] - The gross profit margin and net profit margin for the first three quarters of 2025 were 16.15% and 7.15%, respectively, showing improvements compared to the previous year [6][13] Business Segment Performance - Revenue from electrical insulation materials, new energy materials, optical film materials, electronic materials, and environmental flame retardant materials for the first three quarters of 2025 were 360 million, 998 million, 1.012 billion, 1.102 billion, and 113 million yuan, respectively [6][10] - The sales volume for optical film materials and electronic materials increased significantly, with year-on-year growth of 25.0% and 28.4%, respectively [6][10] Future Outlook - The company is expected to benefit from the orderly release of new production capacities in optical films and high-frequency high-speed resins, along with product structure optimization [5] - The projected P/E ratios for 2025-2027 are 48.2, 38.1, and 31.8 times, indicating a favorable valuation outlook [5][8]

Group 1 - The stock of Dongcai Technology fell by 5.21% to 18.21 CNY per share, with a trading volume of 342 million CNY and a turnover rate of 1.81%, resulting in a total market capitalization of 18.54 billion CNY [1] - Dongcai Technology, established on December 26, 1994, and listed on May 20, 2011, is based in Chengdu, Sichuan Province, and specializes in the research, manufacturing, and sales of new chemical materials [1] - The company's main business revenue composition includes: electronic materials (28.31%), new energy materials (27.27%), optical film materials (26.23%), electrical insulation materials (9.13%), and other materials [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Huaxia Fund holds a significant position in Dongcai Technology, specifically the Huaxia Core Growth Mixed A (012703), which held 1.3998 million shares, accounting for 4.19% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 139,980 CNY [2] - The Huaxia Core Growth Mixed A fund was established on December 3, 2021, with a current scale of 287 million CNY, and has achieved a year-to-date return of 18.48% [2]

2025年10月24日，东材科技(601208.SH)发布2025年三季报。 公司营业总收入为38.03亿元。归母净利润为2.83亿元。经营活动现金净流入为-3.65亿元，较去年同报告期经营活动现金净流入减少3.22亿元。 公司股东户数为5.23万户，前十大股东持股数量为3.55亿股，占总股本比例为34.89%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 高金技术产业集团有限公司 | 17.9 | | 2 | 高金富恒集团有限公司 | 3.15 | | 3 | 能玲瑶 | 2.69 | | 4 | 美隆 | 2.40 | | 5 | 香港中央结算有限公司 | 1.96 | | 6 | 熊海涛 | 1.82 | | 7 | 唐安斌 | 1.50 | | 8 | 鹏华基金-中国人寿保险股份有限公司-分红险-鹏华基金国寿股份成长股票型组合 单一资产管理计划(可供出售) | 1.29 | | ਰੇ | 李艳 | 1.11 | | 10 | 王涛 | 1.02 | 公司最新资产负债率为45.35%。 公司最新毛利率为16.15%，较上季度毛利率减少 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3922 | 0.22 | 2.63 | 0.16 | | 深证综指 | 2458 | 0.22 | -0.37 | -0.25 | 2025 年 10 月 24 日 黄金大跌后的后市演绎——全球资产配置方法论黄金框架性报 | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.33 | 1.82 | 22.2 | | 中盘指数 | 0.05 | -0.33 | 28.12 | | 小盘指数 | 0.01 | -1.57 | 22.32 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 焦炭Ⅱ | 5.27 | 18.55 | 37.28 | | 能源金属 | 3.11 | 15.77 | 74.79 | | 炼化及贸易 | 2.41 | 6.33 ...

Macro Highlights - The main goals for the "14th Five-Year Plan" period include significant achievements in high-quality development, substantial improvement in technological self-reliance, breakthroughs in comprehensive reforms, enhanced social civilization, improved quality of life, major progress in building a beautiful China, and a more solid national security barrier [1] - By 2035, the aim is to significantly elevate China's economic, technological, defense, and comprehensive national strength, with per capita GDP reaching the level of moderately developed countries, leading to a happier and better life for the people and basic realization of socialist modernization [1] Trade Relations - The Ministry of Commerce announced that a Chinese delegation led by Vice Premier He Lifeng will engage in economic and trade consultations with the U.S. in Malaysia from October 24 to 27, focusing on important issues in Sino-U.S. economic relations [1] EU Sanctions Response - The Ministry of Commerce expressed strong dissatisfaction and firm opposition to the EU's decision to sanction Chinese companies, including large oil refineries and traders, during the 19th round of sanctions against Russia, emphasizing the need to protect the legitimate rights and interests of Chinese enterprises [2] State-Owned Enterprises Planning - The State-owned Assets Supervision and Administration Commission held a meeting to discuss the "14th Five-Year Plan" for central enterprises, emphasizing the need to align with the strategic mission assigned by the Party Central Committee and to enhance core functions and competitiveness [3] - The meeting highlighted the importance of optimizing layout and structural adjustments in line with national needs and industry trends, and improving the quality of planning through thorough research and unified thinking [3] Foreign Exchange Management - The Deputy Director of the State Administration of Foreign Exchange encouraged the implementation of innovative and integrated exploratory policies in Shanghai, focusing on the use of AI and big data to enhance foreign exchange services [4] - The aim is to improve the cross-border financial service capabilities of Shanghai while balancing financial openness and security [4] Company News - Huagong Technology reported a 40.92% year-on-year increase in net profit for the first three quarters and is planning to issue H-shares for listing in Hong Kong [8] - Yangjie Technology terminated its acquisition of 100% equity in Better Electronics [8] - Xinda Securities received approval for the issuance of up to 10 billion yuan in technology innovation corporate bonds [8] - Shuangliang Energy plans to raise no more than 1.292 billion yuan for projects related to zero-carbon intelligent manufacturing [8] - New Lai Materials' subsidiary plans to invest 2 billion yuan in semiconductor core component projects [8] - Chuanfa Longmang's subsidiary intends to invest 366 million yuan in a 100,000 tons/year lithium dihydrogen phosphate project [8] - Steel Research High-tech plans to establish a subsidiary and new industrial base in Saudi Arabia [8] - Aote Electronics intends to terminate the smart integration project for intelligent outlets [8] - Shengyi Electronics expects a year-on-year net profit increase of 476% to 519% for the first three quarters [8] - Other companies reported significant year-on-year net profit growth, including Tianeng Heavy Industry (1359.03%), Te Yi Pharmaceutical (985.18%), and Zhuanlei Technology (598.09%) [8][9]

Core Viewpoint - Sichuan Dongcai Technology Group Co., Ltd. reported a strong performance in the first three quarters of 2025, with significant revenue and profit growth driven by new production projects and high demand in downstream markets [2][3]. Revenue Summary - The company's revenue for the first three quarters reached 3.803 billion yuan, a year-on-year increase of 17.18% [2]. - Sales revenue from optical film materials was 1.012 billion yuan, up 20.67% year-on-year; polypropylene film revenue was 299 million yuan, up 11.90%; and electronic materials revenue was 1.102 billion yuan, up 37.19% [2]. Profit Summary - The net profit attributable to shareholders was 283 million yuan, reflecting a year-on-year growth of 19.80% [2]. - The company's gross profit reached 614 million yuan, an increase of 29.66% year-on-year [3]. Production and Sales Data (July to September) - Electrical insulation materials produced 14,926.56 tons with sales of 15,098.85 tons, generating revenue of 137.91 million yuan [3]. - New energy materials produced 14,922.42 tons with sales of 15,269.16 tons, generating revenue of 334.98 million yuan [3]. - Optical film materials produced 32,428.45 tons with sales of 32,798.97 tons, generating revenue of 374.79 million yuan [3]. - Electronic materials produced 20,384.35 tons with sales of 20,772.06 tons, generating revenue of 414.02 million yuan [3]. - Environmental flame-retardant materials produced 5,186.07 tons with sales of 4,345.32 tons, generating revenue of 38.59 million yuan [3]. Project Update - The company announced the termination of the third phase of the "Annual Production of 100 Million Square Meters Functional Film Materials Industrialization Project" due to intensified competition in the optoelectronic industry and slower-than-expected domestic raw material localization [4]. - The first and second phases of the project have been completed, providing an annual production capacity of 60 million square meters of functional film [4].