证券之星消息，9月30日橡胶板块较上一交易日上涨1.53%，彤程新材领涨。当日上证指数报收于 3882.78，上涨0.52%。深证成指报收于13526.51，上涨0.35%。橡胶板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603650 | 彤程新材 | 44.19 | 4.69% | 30.79万 | 13.45 Z | | | 002068 | 黑猫股份 | 11.30 | 4.53% | 49.95万 | | 5.60 Z | | 300121 | 阳谷华泰 | 16.07 | 3.54% | 25.15万 | | 4.04亿 | | 920098 | 科隆新材 | 30.17 | 1.28% | 7609.77 | 2305.54万 | | | 605183 | 确成股份 | 20.40 | 1.19% | 2.56万 | 5223.28万 | | | 300587 | 天铁科技 | 8.82 | 0.68% | 36.72万 | | 3.21亿 ...

Market Overview - On September 29, the rubber sector increased by 1.5% compared to the previous trading day, with Tian Tie Technology leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Tian Tie Technology (300587) closed at 8.76, with a rise of 9.64% and a trading volume of 602,200 shares, amounting to 511 million yuan [1] - Other notable performers include: - Kechuang Xinyuan (300731) at 45.70, up 3.25% [1] - Quecheng Co., Ltd. (605183) at 20.16, up 2.18% [1] - Zhen'an Technology (300767) at 23.84, up 2.01% [1] - Yuanxiang New Materials (301300) at 38.89, up 1.97% [1] Fund Flow Analysis - The rubber sector experienced a net outflow of 99.06 million yuan from institutional investors, while retail investors saw a net inflow of 98.50 million yuan [2] - The main fund flow for Zhen'an Technology (300767) showed a net inflow of 21.63 million yuan from institutional investors, despite a net outflow from retail investors [3] - Other stocks with significant fund flow include: - Longxing Technology (002442) with a net outflow of 3.42 million yuan from institutional investors [3] - Black Cat Co., Ltd. (002068) with a net outflow of 4.69 million yuan from institutional investors [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][12]. Core Views - The company continues to experience growth in product sales and profitability in the first half of 2025. It has announced an investment in a biomass (rice husk) silica project to create new growth opportunities [2][12]. - The company achieved a revenue of 1.113 billion yuan in the first half of 2025, representing a year-on-year increase of 3.87%. The net profit attributable to the parent company was 276 million yuan, up 5.44% year-on-year [12]. - The company is expanding its production capacity and enhancing its product structure through various projects, including the biomass silica project and others [12]. Financial Summary - Total revenue is projected to grow from 1,810 million yuan in 2023 to 2,972 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.5% [4]. - Net profit attributable to the parent company is expected to increase from 413 million yuan in 2023 to 749 million yuan in 2027, reflecting a CAGR of about 13.6% [4]. - Earnings per share (EPS) is forecasted to rise from 0.99 yuan in 2023 to 1.80 yuan in 2027 [4]. - The company’s return on equity (ROE) is projected to remain stable around 15.4% from 2025 to 2027 [4]. Market Data - The company's target price is set at 25.20 yuan, with a current market capitalization of 8,243 million yuan [6][7]. - The stock has traded within a range of 13.98 to 21.83 yuan over the past 52 weeks [7]. Production and Capacity - The company ranks third globally in silica production capacity, with production bases in Wuxi, Fengyang, and Shaxian in China, as well as a facility in Thailand [12]. - The company is actively working on expanding its production capacity through ongoing projects and improving its international supply chain management [12].

Market Overview - The rubber sector experienced a decline of 1.75% on September 26, with Tian Tie Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Zhen An Technology saw a significant increase of 8.95%, closing at 23.37, with a trading volume of 343,000 shares and a transaction value of 800.3 million [1] - Tian Tie Technology reported a sharp decline of 7.95%, closing at 7.99, with a trading volume of 460,700 shares and a transaction value of 381 million [2] - Other notable performers included Ke Long New Materials, which increased by 1.26%, and Shuangjian Co., which rose by 0.76% [1] Capital Flow - The rubber sector experienced a net outflow of 348 million from institutional investors, while retail investors saw a net inflow of 202 million [2] - The data indicates that retail investors are actively participating in the market despite the overall decline in the sector [2] Individual Stock Capital Flow - Hai Da Co. had a net inflow of 11.75 million from institutional investors, while it faced a net outflow of 12.81 million from retail investors [3] - Zhen An Technology had a net inflow of 9.76 million from institutional investors but saw a net outflow of 12.10 million from retail investors [3] - Shuangjian Co. experienced a net inflow of 1.95 million from retail investors, despite a net outflow from institutional investors [3]

Market Overview - On September 18, the rubber sector increased by 0.88%, led by Sanwei Equipment, while the Shanghai Composite Index closed at 3831.66, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66, down 1.06% [1] Key Performers in Rubber Sector - Yiwai Equipment (831834) closed at 26.00, up 30.00% with a trading volume of 141,700 shares and a transaction value of 332 million [1] - Kexin New Source (300731) closed at 49.72, up 9.39% with a trading volume of 228,800 shares and a transaction value of 1.122 billion [1] - Sanwei Co. (603033) closed at 13.22, up 6.27% with a trading volume of 299,200 shares and a transaction value of 392 million [1] - Zhenan Technology (300767) closed at 23.70, up 5.52% with a trading volume of 316,300 shares and a transaction value of 754 million [1] Fund Flow Analysis - The rubber sector saw a net inflow of 39.38 million from main funds, while retail investors experienced a net outflow of 116 million [2] - Speculative funds had a net inflow of 76.45 million [2] Individual Stock Fund Flow - Zhenan Technology (300767) had a main fund net inflow of 68.72 million, with a retail net outflow of 64.88 million [3] - Kexin New Source (300731) had a main fund net inflow of 60.62 million, with a retail net outflow of 21.22 million [3] - Sanwei Co. (603033) had a main fund net inflow of 9.68 million, with a retail net outflow of 11.59 million [3]

证券代码：605183 证券简称：确成股份 公告编号：2025-041 确成硅化学股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 会议召开时间：2025 年 09 月 29 日 （星期一） 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （一） 会议召开时间：2025 年 09 月 29 日 （星期一） 13:00-14:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长兼总经理：阙伟东 董事会秘书兼财务总监：王今 独立董事：章贵桥 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法律责任。 ...

Market Overview - On September 12, the rubber sector declined by 0.61%, with Li Tong Technology leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the rubber sector included: - Yanggu Huatai (300121) with a closing price of 15.74, up 5.85% and a trading volume of 245,100 shares, totaling 372 million yuan [1] - Yuanxiang New Materials (301300) closed at 40.88, up 1.49% with a trading volume of 8,829 shares, totaling 35.86 million yuan [1] - Zhen'an Technology (300767) closed at 22.26, up 1.37% with a trading volume of 142,900 shares, totaling 316 million yuan [1] Fund Flow Analysis - The rubber sector experienced a net outflow of 7.28 million yuan from main funds, while retail funds saw a net inflow of 48.35 million yuan [2] - The overall net outflow from retail investors was 41.07 million yuan [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Yanggu Huatai (300121) had a main fund net inflow of 29.59 million yuan, while retail investors had a net outflow of 24.07 million yuan [3] - Zhen'an Technology (300767) saw a main fund net inflow of 18.52 million yuan, with retail investors experiencing a net outflow of 19.85 million yuan [3] - Longxing Technology (002442) had a main fund net inflow of 4.65 million yuan, while retail investors had a net outflow of 2.56 million yuan [3]

Market Overview - The rubber sector experienced a decline of 0.34% on September 10, with Sanwei Equipment leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the rubber sector included: - Kexin New Source (300731) with a closing price of 45.01, up 4.38% and a trading volume of 136,100 shares, totaling 613 million yuan [1] - Tiantian Technology (300587) closed at 8.96, up 2.28% with a trading volume of 422,500 shares, totaling 376 million yuan [1] - Significant decliners included: - Sanwei Equipment (831834) which closed at 15.79, down 7.93% with a trading volume of 70,100 shares, totaling 113 million yuan [2] - Quancheng Shares (605183) closed at 20.55, down 3.20% with a trading volume of 29,600 shares, totaling 61.52 million yuan [2] Capital Flow - The rubber sector saw a net inflow of 13.648 million yuan from institutional investors, while retail investors contributed a net inflow of 56.306 million yuan [2] - However, speculative funds experienced a net outflow of 69.9536 million yuan [2] Individual Stock Capital Flow - Kexin New Source (300731) had a net inflow of 49.3875 million yuan from institutional investors, while it faced a net outflow of 23.2366 million yuan from speculative funds [3] - Sanwei Shares (603033) recorded a net inflow of 10.5857 million yuan from institutional investors, with a net outflow of 9.2531 million yuan from speculative funds [3] - Other notable stocks included: - Lian Ke Technology (001207) with a net inflow of 9.0254 million yuan from institutional investors [3] - Shuangjian Shares (002381) faced a net outflow of 1.8029 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][18]. Core Views - The company is expected to achieve stable overall profitability in the first half of 2025, supported by the gradual ramp-up of new production capacity [1][9]. - The company’s revenue for the first half of 2025 is reported at 1.113 billion yuan, a year-on-year increase of 3.87%, while the net profit attributable to shareholders is 276 million yuan, up 5.44% year-on-year [1][2]. - The report highlights that the company is leveraging increased production volume to offset price declines due to raw material cost fluctuations, resulting in stable gross margins [2][9]. Financial Summary - Revenue projections for the company are as follows: 2025E at 2.438 billion yuan, 2026E at 2.730 billion yuan, and 2027E at 3.004 billion yuan, with year-on-year growth rates of 10.9%, 12.0%, and 10.0% respectively [1][9]. - Net profit attributable to shareholders is projected to be 578 million yuan in 2025E, 666 million yuan in 2026E, and 776 million yuan in 2027E, with corresponding growth rates of 6.9%, 15.2%, and 16.5% [1][9]. - The report indicates a stable return on equity (ROE) forecasted at 15.3% for 2025E, 15.5% for 2026E, and 15.7% for 2027E [1][9]. Production and Capacity Expansion - The company is expected to gradually release new production capacity, with significant projects nearing completion, including a 70,000-ton water glass project and a 25,000-ton high-dispersion silica project in Thailand [8][9]. - The report notes that the company has already achieved commercial supply of biomass (rice husk) high-dispersion silica, enhancing its production capacity advantage [9]. Market Position and Competitive Advantage - The new projects are anticipated to strengthen the company's competitive position in the market, particularly in the biomass silica segment, while expanding its product offerings [9]. - The company’s stock is currently valued at a price-to-earnings (P/E) ratio of 15.6 for 2024A, decreasing to 10.9 by 2027E, indicating potential for valuation improvement as earnings grow [1][9].

Investment Rating - The report maintains an "Outperform" rating for the company [8]. Core Insights - The company reported a record high revenue and sales volume in Q2, with a slight decrease in net profit year-on-year due to foreign exchange impacts [8]. - The company’s silica sales have shown steady growth, supported by product structure optimization and new capacity releases in Fujian [8]. - The company is expanding its product lines, including high-dispersion silica and biomass silica, which are gaining traction in the market [8]. - The company has plans for a new biomass silica project with an estimated investment of 900 million yuan, aiming to meet long-term customer demand [8]. - The company’s profitability is expected to grow, with projected net profits of approximately 599 million, 660 million, and 721 million yuan for 2025, 2026, and 2027 respectively [8]. Financial Data and Profit Forecast - Total revenue is projected to reach 2,540 million yuan in 2025, with a year-on-year growth rate of 15.6% [2]. - The net profit attributable to the parent company is expected to be 599 million yuan in 2025, reflecting a growth rate of 10.8% [2]. - The gross margin is forecasted to be 34.4% in 2025, slightly improving to 35.0% by 2027 [2]. - The company’s earnings per share (EPS) is projected to be 1.44 yuan in 2025, increasing to 1.73 yuan by 2027 [2]. Market Data - The closing price of the company’s stock was 20.85 yuan as of August 22, 2025, with a market capitalization of 8,599 million yuan [3]. - The company has a price-to-earnings (P/E) ratio of 14 for 2025, which is expected to decrease to 12 by 2027 [2][3].