格隆汇2月9日丨久日新材(688199.SH)在投资者互动平台表示，目前公司暂无将普兰纳米并入上市公司 的计划。 ...

格隆汇2月9日丨久日新材(688199.SH)在投资者互动平台表示，目前公司用于储存芯片的光刻胶产品处 于开发客户阶段。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司参股的企业普兰纳米，固态电池项目量产了 吗？有没有并入上市公司的计划？ 久日新材（688199.SH）2月9日在投资者互动平台表示，公司的参股公司普兰纳米在固态电池相关方面 的研发在持续，暂未形成量产。目前公司暂无将普兰纳米并入上市公司的计划。 （记者 王晓波） ...

久日新材（688199.SH）2月9日在投资者互动平台表示，公司的光引发剂可用于光纤涂料中，光纤涂料 是光引发剂的下游重要应用领域之一。国内外主流光纤涂料企业均为公司客户。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：公司光引发剂能用在光纤上吗？给哪些企业供货？ ...

（记者 王晓波） 久日新材（688199.SH）2月9日在投资者互动平台表示，目前公司的电解液添加剂项目已经过多批次运 行验证，根据验证结果，后处理和干燥设备正在调整中。 每经AI快讯，有投资者在投资者互动平台提问：公司的电解液添加剂DTD项目在试生产阶段情况如 何？出货了吗？ ...

Group 1 - The core viewpoint of the news is that Jiu Ri New Materials experienced a decline in stock price and trading volume, with significant changes in financing and stockholder dynamics [1][2]. Group 2 - On February 2, Jiu Ri New Materials' stock fell by 3.30%, with a trading volume of 184 million yuan. The financing buy-in amount was 18.24 million yuan, while the financing repayment was 20.22 million yuan, resulting in a net financing buy of -1.98 million yuan [1]. - As of February 2, the total financing and securities lending balance for Jiu Ri New Materials was 202 million yuan, with the financing balance accounting for 4.81% of the circulating market value, indicating a high level compared to the past year [1]. - The company had a securities lending repayment of 0 shares and sold 1,600 shares on February 2, with a selling amount of 41,700 yuan. The securities lending balance was 5.21 million yuan, also indicating a high level compared to the past year [1]. Group 3 - As of September 30, the number of shareholders for Jiu Ri New Materials was 12,400, an increase of 14.01% from the previous period. The average circulating shares per person decreased by 12.29% to 12,952 shares [2]. - For the period from January to September 2025, Jiu Ri New Materials reported operating revenue of 1.097 billion yuan, a year-on-year decrease of 2.39%. However, the net profit attributable to the parent company was 2.72 million yuan, showing a significant year-on-year growth of 111.27% [2]. Group 4 - Since its A-share listing, Jiu Ri New Materials has distributed a total of 203 million yuan in dividends, with no dividends paid in the last three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, Guotai Junan Eagle Growth Flexible Allocation Mixed Fund was the sixth largest shareholder with 1.2183 million shares, marking it as a new shareholder. Other funds such as Penghua Quality Governance Mixed Fund and Nuonan Pioneer Mixed Fund have exited the top ten list [3].

Market Overview - The secondary market prices of publicly listed REITs in China showed a fluctuating upward trend in January 2026, with the CSI REITs closing at 809.56 and the CSI REITs total return index at 1052.42, yielding returns of 3.98% and 4.22% respectively [1] - Compared to other major asset classes, the return rates ranked as follows: Gold > Crude Oil > Convertible Bonds > A-shares > REITs > US Stocks > Pure Bonds [1] Industry Research - SpaceX plans to deploy one million computing satellites, expanding the commercial space demand [2] - The ability to manufacture and launch reusable rockets is fundamental for large-scale constellation construction [2] - Laser communication networks are key for achieving large-scale inter-satellite communication [2] - Recommended companies in the rocket sector include Superjet, Highhua Technology, and Zhongheng Design; in the satellite sector, focus on Shaanxi Huada, Shanghai Port, Shanghai Huanxun, Zhenlei Technology, Changguang Huaxin, Aerospace Electronics, Jiayuan Technology, and Shanghai Huguang [2] Company Research - Baihehua (603823.SH) plans to invest in a 1000-ton PEEK project, enhancing its position in the new materials sector [3] - The forecast for Baihehua's net profit for 2025-2027 is adjusted to 173 million (down 22%), 223 million (down 22%), and 270 million yuan, with corresponding EPS of 0.42, 0.54, and 0.65 yuan [3] - Zhongxin Fluorine Materials (002915.SZ) expects to achieve a net profit of 16-20 million yuan in 2025, benefiting from the recovery in pesticide demand and reduced losses from Fujian Gaobao [4] - The projected net profits for Zhongxin Fluorine Materials for 2025-2027 are 18 million, 75 million, and 110 million yuan [4] - Jiu Ri New Materials (688199.SH) anticipates a net profit of 21-31.5 million yuan in 2025, driven by the price recovery of photoinitiators [6] - The projected net profits for Jiu Ri New Materials for 2025-2027 are 31 million, 78 million, and 136 million yuan [6] - Great Wall Motors (601633.SH, 2333.HK) reported a profit forecast for 2025, with net profits adjusted to 9.9 billion, 12.4 billion, and 15.7 billion yuan for 2025-2027 [7] - Apple (AAPL.O) reported record revenue growth in FY1Q26, driven by strong demand for the iPhone 17 series and the continued penetration of AI features [8] - The company maintained a high gross margin despite rising storage costs, showcasing its pricing power and supply chain management capabilities [8] - Aoyou (1717.HK) expects a revenue growth of 1.1% in 2025, with net profits adjusted to 236 million, 262 million, and 280 million yuan for 2025-2027 [9]

Group 1 - The company forecasts a net profit attributable to shareholders of 21-31.5 million yuan for 2025, indicating a turnaround from losses in the previous year [4] - The company expects a net profit after deducting non-recurring gains and losses to be 14.4-21.6 million yuan for 2025, also showing a recovery from losses [4] - The price recovery of photoinitiators and improved industry dynamics are expected to enhance the company's performance throughout 2025 [5] Group 2 - The average sales prices of key photoinitiator products such as TPO, 907, and 184 are projected to increase by 14.7%, 18.1%, and 21.2% respectively in 2025 [5] - The company's quarterly net profit is expected to improve sequentially, with Q4 2025 net profit projected to be between 18.28-28.28 million yuan, reflecting a quarter-on-quarter growth of 55%-140% [5] - The company is involved in the establishment of the Tianjin Ruiwu Equity Investment Fund, which has seen significant profit increases from its investment in Hengkun New Materials, contributing to the company's investment income [5] Group 3 - New photoinitiator projects are entering trial production, strengthening the company's leading position in the industry [6] - The company’s subsidiary Hongyuan Tiancheng has commenced trial production of a project with an annual capacity of 350 tons of hydroxyketone series photoinitiators [6] - Another subsidiary, Hongrun Chemical, has started trial production of an 8000 tons/year photoinitiator H4 ketone project, while Shandong Jiuri Chemical's project for 18,340 tons/year of photopolymer materials and photoresist intermediates has also entered trial production [6]

Core Viewpoint - The company forecasts a turnaround in profitability for 2025, expecting a net profit attributable to shareholders of 21-31.5 million yuan, and a net profit of 14.4-21.6 million yuan after deducting non-recurring items, both showing a year-on-year improvement [1] Group 1: Financial Performance - The recovery in prices of photoinitiators is expected to lead to improved quarterly performance in 2025, with significant price increases for key products: TPO, 907, and 184, rising by 14.7%, 18.1%, and 21.2% respectively [2] - The company's net profit for Q4 2025 is projected to be between 18.28-28.28 million yuan, indicating a quarter-on-quarter growth of 55%-140% [2] - The company anticipates a total of approximately 22.07 million yuan in asset losses and credit impairment losses for 2025, including 15.77 million yuan in inventory write-downs [2] Group 2: Industry Position and Projects - New photoinitiator projects are entering trial production, reinforcing the company's leading position in the industry, including a 350-ton hydroxyketone photoinitiator project and an 8,000-ton H4 ketone project [3] - The trial production of these projects will enhance the company's product variety and self-sufficiency in key upstream intermediates, solidifying its leadership in the photoinitiator sector [3] Group 3: Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 31 million yuan, 78 million yuan, and 136 million yuan for the respective years, an increase from previous estimates [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 21-31.5 million yuan in 2025, marking a turnaround from losses in previous years [1] - The recovery in the prices of photoinitiators and improved performance quarter by quarter are highlighted, with significant price increases for key products such as TPO, 907, and 184, which rose by 14.7%, 18.1%, and 21.2% respectively [2] - The company is enhancing its industry leadership through the trial production of new photoinitiator projects, which will improve product variety and self-sufficiency in upstream intermediates [3] - The profit forecast for 2025-2027 has been revised upwards, with expected net profits of 31 million, 78 million, and 136 million yuan respectively [3] Summary by Sections Financial Performance - The company anticipates a revenue of 1.513 billion yuan in 2025, with a slight growth of 1.64% year-on-year [4] - The gross profit margin is projected to improve to 15.1% in 2025, up from 8.8% in 2023 [10] - The earnings per share (EPS) is expected to turn positive at 0.19 yuan in 2025, compared to a loss of 0.86 yuan in 2023 [8] Profitability and Valuation - The report indicates a significant improvement in profitability, with a return on equity (ROE) expected to reach 1.2% in 2025, compared to -3.7% in 2023 [10] - The price-to-earnings (P/E) ratio is projected to be 140 in 2025, decreasing to 32 by 2027, indicating a potential for valuation improvement as earnings grow [11] Market Position and Growth - The company is solidifying its market position with new projects entering trial production, which will enhance its capacity and product offerings in the photoinitiator sector [3] - The establishment of the Tianjin Ruiwu Equity Investment Fund is expected to contribute positively to the company's investment income [2]