济南圣泉集团股份有限公司 2025 年员工持股计划（草案） 证券代码： 605589 证券简称： 圣泉集团 济南圣泉集团股份有限公司 2025 年员工持股计划 （草案） 二〇二五年五月 1 济南圣泉集团股份有限公司 2025 年员工持股计划（草案） 声明 本公司及全体董事、监事保证本员工持股计划及其摘要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。 2 济南圣泉集团股份有限公司 2025 年员工持股计划（草案） 风险提示 一、济南圣泉集团股份有限公司（以下简称"圣泉集团"、"公司"或 "本公司"）2025 年员工持股计划（草案）（以下简称"本员工持股计划"） 须经公司股东大会批准后方可实施，本员工持股计划能否获得公司股东大会 批准，存在不确定性。 二、本员工持股计划设立后将由公司自行管理，但能否达到计划规模、 目标存在不确定性。 三、有关本员工持股计划的具体的资金来源、出资金额、预计规模和具 体实施方案等属初步结果，能否完成实施，存在不确定性。 四、若员工认购资金较低，本员工持股计划存在无法成立的风险；若员 工认购份额不足，本员工持股计划存在低于预计规模的风险。 ...

济南圣泉集团股份有限公司 2025 年员工持股计划（草案）摘要 （草案）摘要 二〇二五年五月 1 济南圣泉集团股份有限公司 2025 年员工持股计划（草案）摘要 声明 证券代码： 605589 证券简称： 圣泉集团 济南圣泉集团股份有限公司 2025 年员工持股计划 本公司及全体董事、监事保证本员工持股计划及其摘要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。 2 济南圣泉集团股份有限公司 2025 年员工持股计划（草案）摘要 风险提示 一、济南圣泉集团股份有限公司（以下简称"圣泉集团"、"公司"或 "本公司"）2025 年员工持股计划（草案）（以下简称"本员工持股计划"） 须经公司股东大会批准后方可实施，本员工持股计划能否获得公司股东大会 批准，存在不确定性。 二、本员工持股计划设立后将由公司自行管理，但能否达到计划规模、 目标存在不确定性。 三、有关本员工持股计划的具体的资金来源、出资金额、预计规模和具 体实施方案等属初步结果，能否完成实施，存在不确定性。 四、若员工认购资金较低，本员工持股计划存在无法成立的风险；若员 工认购份额不足，本员工持股计划存在低于 ...

Investment Rating - The investment rating for the basic chemical industry is "Positive (Maintain)" [1] Core Insights - The basic chemical industry achieved a revenue of 23,219.8 billion yuan in 2024, with a year-on-year increase of 3.2%, but a net profit attributable to shareholders of 1,185.6 billion yuan, reflecting a year-on-year decrease of 6.2% [6][35] - In Q1 2025, the industry reported a revenue of 5,602.8 billion yuan, a year-on-year increase of 5.8%, and a net profit of 369.7 billion yuan, which is an increase of 11.8% year-on-year [6][35] - The profitability of the industry showed a sales gross margin of 17.2% in Q1 2025, with a net profit margin of 0.1% [6][35] Summary by Sections Industry Overview - The chemical raw materials and chemical products manufacturing industry saw a revenue of 91,986.4 billion yuan in 2024, with a cumulative year-on-year increase of 4.2%, while total profits decreased by 8.6% [5][26] - Fixed asset investment in the industry increased by 8.6% year-on-year, but the growth rate declined by 4.8 percentage points [5][26] Q1 Performance - In Q1 2025, the basic chemical sector experienced revenue growth, with a year-on-year increase of 5.8% and a net profit increase of 11.8% [6][35] - The sales gross margin for Q1 2025 was 17.2%, reflecting a slight decrease year-on-year but an increase compared to the previous quarter [6][35] Sub-industry Analysis - In 2024, the chlor-alkali and textile chemical products sub-industries showed significant profit growth, with chlor-alkali achieving a net profit growth of 262.8% [40][41] - For Q1 2025, the chlor-alkali sub-industry continued to lead with a net profit growth of 132.2% [41] Key Company Tracking - Major companies in the basic chemical sector, such as Wanhua Chemical and Hualu Hengsheng, reported significant net profit growth in 2024, with many companies experiencing a decrease in capital expenditures [5][6][35]

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Guoguang Co., Shengquan Group, and others as strong investment opportunities [4]. Core Insights - The chemical market is experiencing active trading, with growth stocks presenting favorable allocation opportunities. The report highlights the "Five Tigers" of Minsheng Chemical, which includes Shengquan Group, Guoci Materials, Guoguang Co., Amway Co., and Polymeric Co. [1][4]. - Phosphate fertilizer demand remains stable, with high prices for phosphate rock expected to continue due to increased entry barriers and a delayed supply release from new mines [1]. - The report suggests focusing on large phosphate chemical enterprises with integrated advantages, such as Yuntianhua, Xingfa Group, Chuanheng Co., and Chuanfa Longmang [1]. Summary by Sections Chemical Sector Overview - The basic chemical industry index closed at 3335.36 points, up 2.71% from the previous week, outperforming the CSI 300 index by 2.32% [10]. - Among 462 stocks in the chemical sector, 298 stocks rose (65%), while 148 stocks fell (32%) [16]. Key Chemical Products - The report tracks 380 chemical products, with 59 products seeing price increases and 119 products experiencing declines. Notable price increases were observed in liquid chlorine, sulfuric acid, and MDI [21]. - Liquid chlorine prices surged by 105% to 41 CNY/ton, while sulfuric acid prices rose by 21% to 100 CNY/ton [22]. Subsector Tracking - Polycarbonate (PC) production capacity is expected to grow from 875,000 tons in 2018 to 3,810,000 tons by 2024, with a gradual improvement in supply-demand balance anticipated from 2025 to 2029 [2]. - The organic silicon sector is projected to see a recovery in supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024 [2]. Company Profit Forecasts - Guoguang Co. is forecasted to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 24 [4].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 33.02, representing an 11% upside from the current price [5][8]. Core Insights - The company is experiencing stable growth in traditional resin production and sales, with phenolic resin sales reaching 528,600 tons in 2024, up 8.35% year-on-year [5][8]. - The electronic and battery materials segment is also growing, with sales of advanced materials reaching 69,000 tons in 2024, a 1.06% increase year-on-year [5][8]. - The company has made significant investments in high-end resin R&D and capacity expansion, including the completion of several production lines in 2024 and 2025 [5][8]. Financial Summary - The company's revenue is projected to grow from RMB 9,120 million in 2023 to RMB 15,057 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.2% [4][7]. - Net profit attributable to shareholders is expected to increase from RMB 789 million in 2023 to RMB 1,706 million in 2027, with a notable growth rate of 25.1% in 2027 [4][7]. - The earnings per share (EPS) is forecasted to rise from RMB 0.93 in 2023 to RMB 2.02 in 2027, indicating strong profitability growth [4][7]. Production and Sales Performance - In Q1 2025, the company reported revenue of RMB 2.46 billion, a 15.14% increase year-on-year, with net profit attributable to shareholders at RMB 207 million, up 50.46% year-on-year [5][8]. - The company’s traditional resin products, including phenolic and casting resins, have shown stable sales growth, with respective sales volumes increasing by 8.35% and 10.36% in 2024 [5][8]. Future Outlook - The company plans to expand its production capacity significantly, with projects for new resin lines and porous carbon production set to commence in the next few years [5][8]. - Strategic initiatives are being taken to align with future technological demands, including the development of materials for 6G integrated networks [5][8].

Investment Rating - The report indicates a declining trend in public fund allocation to the chemical industry, with the allocation ratio dropping to 4.1% in Q1 2025, down 1.6 percentage points year-on-year and 0.7 percentage points quarter-on-quarter, reflecting a historical low level [1][11]. Core Insights - The focus of public funds has shifted, with a notable decrease in the concentration of holdings in leading companies within the chemical sector. The top ten heavyweights' market capitalization share fell from 46.2% in Q4 2024 to 41.9% in Q1 2025 [1]. - Attention has been primarily directed towards the civil explosives and fluorochemical sectors in Q1 2025, with significant increases in holdings for companies like Guangdong Hongda and Zhenhua Co., while reductions were seen in companies such as Wanhua Chemical and Xinzhou Bang [2][3]. - The report highlights a strong interest in sectors with price increase potential, such as fluorochemicals, chromium salts, and pesticides, alongside improving supply-demand dynamics in the civil explosives sector [3]. Summary by Sections Public Fund Allocation Trends - The allocation of public funds to the chemical industry has been on a downward trajectory since Q2 2022, with the market capitalization share decreasing to 4.1% in Q1 2025, marking a significant decline from previous years [11][12]. Individual Stock Movements - Key stocks that saw increased holdings include Guangdong Hongda, Zhenhua Co., and Saint Spring Group, while major reductions were noted for Wanhua Chemical and Xinzhou Bang [2][16]. - The top ten companies by market capitalization in the chemical sector accounted for 52.2% of total holdings, a decrease of 3.3 percentage points [11][15]. Sector Performance - The report identifies the top five sectors by fund holdings in Q1 2025 as other chemical products (13.36 billion), polyurethane (5.91 billion), tires (5.18 billion), fluorochemicals and refrigerants (4.96 billion), and other chemical raw materials (3.85 billion) [24]. Investment Recommendations - The report suggests focusing on sectors with price increase potential and strong domestic demand, particularly civil explosives, while also highlighting opportunities in new materials such as AI materials [4].

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 写在前面 （文末有惊喜） 一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 正文 算力升级拉动电子原材料需求增长图解及测算 图表:算力升级拉动电子上游原材料需求增长图解 图表:服务器升级对PPO树脂及对应硅攒粉需求拉动测算 | | | | | 项目 2022E | 2023E | 2024E | | 2025E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 科技浪潮 | | AI快发展 | | AI服务器(万台) 12 | 15 | | 34 | 54 | | | | 算力要求提高 | PPO树脂(吨) | 194 | 248 | | 537 | 861 | | | | | Low Df球硅(吨) | 117 | 149 | | 322 | 516 | | 终端应用 | AI服务器官求增长 | CPU服务器架构升级 | 数据中心网络架构造代 | | | | | | | | | | PCIE5.0 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 29.8 yuan over the next six months [4][5]. Core Insights - The company reported significant growth in Q1 2025, with revenue reaching 2.459 billion yuan, a year-on-year increase of 15.14%, and net profit of 207 million yuan, up 50.46% year-on-year, driven by high demand in AI and advanced materials [1][2]. - The company is benefiting from the rapid development of AI computing power, high-frequency communication, and semiconductor packaging, leading to increased orders and sales volume across various product lines [2][3]. - The company is expanding its high-value product offerings, with new production lines for advanced materials coming online, which meet the requirements for 5G/6G applications and AI server chip packaging [3]. Financial Performance - The company expects revenues of 11.703 billion yuan, 13.271 billion yuan, and 14.996 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.146 billion yuan, 1.405 billion yuan, and 1.666 billion yuan for the same years [4][9]. - The report indicates a steady increase in gross margin, with expectations of 24.5% in 2025 and further improvements in subsequent years [9]. - The company's total market capitalization is approximately 21.136 billion yuan, with a circulating market value of 19.499 billion yuan [5]. Product Performance - Sales volume for advanced electronic materials and battery materials reached 17,600 tons, a year-on-year increase of 11.08%, with sales revenue of 360 million yuan, up 31.30% [2]. - The company has successfully increased production capacity for high-end products, including a 1,000-ton/year PPO resin production line and a 100-ton/year hydrocarbon resin production line [3]. Market Position - The company is positioned as a leading domestic resin manufacturer, continuously breaking through in high-end product development [7]. - The report highlights the company's strategic focus on high-end copper-clad laminate materials, which are essential for advanced electronic applications [3].

先进电子材料持续取得突破。高频高速树脂方面:受益AI 服务器对材料端性能升级,高频高速树脂需求攀 升,公司加速高附加值产品量产,其中1000 吨/年PPO 树脂产线、100吨/年碳氢树脂产线于年内建成投产, 产能逐步释放,并进入头部企业供应链体系。近期,公司计划启动2000 吨/年PPO/OPE 树脂项目、1000 吨/ 年碳氢树脂项目、1000 吨/年双马树脂项目、1000 吨/年PEI 树脂项目扩产工作,满足国产化自主供应需 求。电池材料方面:公司依托生物质精炼和树脂合成领域的技术积累,加速推进电池材料业务的产业化进 程,重点布局硅碳负极与硬碳负极材料的研发生产。在硅碳用多孔碳领域,凭借酚醛树脂基与生物基双技 术路线优势,成功开发出孔结构均一、抗膨胀性能优异的材料。300 吨/年多孔碳生产线年内建成投产并 实现满产满销,1000 吨/年多孔碳生产线于2025 年2 月建成并陆续投产,有效满足消费电子与动力电池领 域对高能量密度电池的需求。 大庆生物质项目复产。公司大庆生物质项目一期于2024 年6 月复产,截止2024 年底基本实现产销平衡,静 待盈利进一步改善。 公司是合成树脂领导者,合成树脂贡献稳健利 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant increase in Q1 2025 performance, achieving revenue of 2.46 billion yuan (up 15.1% year-on-year) and a net profit attributable to shareholders of 210 million yuan (up 50.5% year-on-year) [2][5]. - The growth in advanced electronic materials and battery materials is driven by the rapid development of AI computing power, high-frequency communication, and increased demand for high-energy-density batteries [9]. - The company is a leader in synthetic resin, with stable profit contributions, while electronic chemicals and biomass chemicals show promising growth potential [9]. Summary by Sections Q1 Performance - In Q1 2025, the company achieved a sales volume of 17,600 tons for advanced electronic materials, a year-on-year increase of 11.1%, generating sales revenue of 360 million yuan (up 31.3%) [9]. - Synthetic resin products saw a sales volume of 166,000 tons (up 10.2%) and revenue of 1.28 billion yuan (up 10.3%) [9]. - Biomass products recorded a sales volume of 56,900 tons (up 36.6%) and revenue of 240 million yuan (up 14.1%) [9]. Business Segments - The company’s two main business segments, phenolic resin and casting materials, continue to see stable growth in market share, with phenolic resin sales reaching 529,000 tons (up 8.4%) and casting resin sales at 174,000 tons (up 10.4%) in 2024 [9]. - The company is enhancing its competitive edge through R&D and market expansion despite industry challenges [9]. Advanced Electronic Materials - The demand for high-frequency and high-speed resins is increasing, with the company accelerating the production of high-value-added products [9]. - New production lines for PPO and hydrocarbon resins are expected to meet domestic supply needs [9]. Biomass Project - The Daqing biomass project is set to resume production in June 2024, with expectations of achieving production and sales balance by the end of 2024 [9]. Financial Forecast - The company forecasts net profits of 1.29 billion yuan, 1.62 billion yuan, and 2.05 billion yuan for the years 2025, 2026, and 2027 respectively [9].