| | | | | 【国泰海通建材】市场一致预期估值表 (鲍雁辛团队) 20250723 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 证券代码 | 证券名称 | 总市值(亿元) | | 归母净利(亿元) | PE | | PB | | | | | | 2025E | 2026E | 2025E | 2026E | (MRQ) | | | 600585.SH | 海螺水泥 | 1381 | 90.0 | 100.0 | 15.3 | 13.8 | 0.76 | | | 600801.SH | 华新水泥 | 319 | 25.0 | 30.0 | 12.7 | 10.6 | 1.08 | | | 000672.SZ | 上峰水泥 | 100 | 8.0 | વે છ | 12.6 | 10.6 | 1.11 | | | | 塔牌集团 | 104 | 7.5 | | 13.9 | 13.0 | 0.86 | | | 002233.SZ | | | | 8.0 | | | | | | 000877.SZ | 天山股份 | ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600585 | 海螺水泥 | 10.00 | 6.77 | -56405.34 | | 600425 | 青松建化 | 8.43 | 22.23 | -27276.23 | | 002596 | 海南瑞泽 | 5.12 | 25.94 | -23571.91 | | 002080 | 中材科技 | 0.11 | 4.81 | -13540.84 | | 002457 | 青龙管业 | 3.68 | 29.98 | -11999.45 | | 002398 | 垒知集团 | 1.72 | 25.12 | -7606.71 | | 301526 | 国际复材 | -2.38 | 10.43 | -7143.47 | | 600668 | 尖峰集团 | -1.43 | 16.73 | -7134.87 | | 601992 | 金隅集团 | 4.05 | 4.24 | -6848.24 | | 002671 | 龙泉股份 | 1.14 | 19.07 | ...

| 债券代码：127035 | 债券简称：濮耐转债 | | | --- | --- | --- | | 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-043 | 濮阳濮耐高温材料（集团）股份有限公司 关于濮耐转债可能满足赎回条件的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、股票代码：002225 股票简称：濮耐股份 2、债券代码：127035 债券简称：濮耐转债 3、转股价格：人民币 4.20 元/股 4、转股时间：2021 年 12 月 01 日至 2026 年 5 月 25 日 5、自 2025 年 7 月 8 日至 2025 年 7 月 21 日，濮阳濮耐高温材料（集团）股份有限公司 （以下简称"公司"）股票已有 10 个交易日的收盘价不低于"濮耐转债"当期转股价格的 130%（因公司在此区间实施了权益分派，故 2025 年 7 月 8 日至 2025 年 7 月 10 日转股价格 为 4.25 元/股，转股价格的 130%即 5.53 元/股；2025 年 7 月 11 日至 2025 年 7 ...

证券研究报告 | 行业周报 gszqdatemark 2025 07 20 年 月 日 雅鲁藏布江下游水电工程正式开工，关注西藏自治区基建 2025 年 7 月 14 日至 7 月 18 日建筑材料板块（SW）下跌 0.75%，其中 水泥（SW）下跌 1.48%，玻璃制造（SW）下跌 1.76%，玻纤制造（SW） 上涨 3.23%，装修建材（SW）下跌 1.67%，本周建材板块相对沪深 300 超额收益-1.76%。本期建筑材料板块（SW）资金净流入额为-10.92 亿元。 【周数据总结和观点】 雅鲁藏布江下游水电工程开工仪式 7 月 19 日上午在西藏自治区林芝市举 行，中共中央政治局常委、国务院总理李强出席开工仪式，并宣布工程正 式开工，雅鲁藏布江下游水电工程位于西藏自治区林芝市。工程主要采取 截弯取直、隧洞引水的开发方式，建设 5 座梯级电站，总投资约 1.2 万亿 元，有望拉动西藏自治区基建，关注苏博特。根据 wind 统计，2025 年 6 月地方政府债总发行量 11753.22 亿元，发行金额环比 2025 年 5 月增长 50.8%，同比 2024 年 6 月增长 75.0%。截至目前，2025 ...

Core Viewpoint - The company is experiencing a significant decline in net profit for the first half of 2025, attributed to various factors including demand fluctuations and credit impairment [4][5]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders for H1 2025 between 66.6 million to 79.9 million yuan, representing a year-on-year decline of 49.99% to 40% [4]. - The adjusted net profit is expected to be between 51.3 million to 64.6 million yuan, reflecting a year-on-year decrease of 47.53% to 33.92% [4]. - The median net profit for Q2 is projected at 18.38 million yuan, down 72.9% year-on-year [5]. Group 2: Operational Developments - The company's subsidiary, Xiangchen Magnesium Industry, has recently launched a new project with an annual production capacity of 60,000 tons of high-efficiency precipitant, increasing the total capacity to 110,000 tons per year [4][6]. - The project involved an investment of approximately 35 million yuan and includes the construction of a rotary kiln and supporting systems [6][7]. Group 3: Market Conditions - The demand for active magnesium oxide has been disrupted, leading to lower shipment volumes than expected [5]. - The domestic refractory materials sector continues to face pressure due to weak demand from steel customers and declining overall contract prices, resulting in reduced gross margins [5]. - Credit impairment has been influenced by significant country-specific differences in customer conditions, with some overseas clients facing bankruptcy, leading to a 100% impairment recognition on certain receivables [5].

Summary of Puyang Refractories Co., Ltd. Conference Call Company Overview - **Company**: Puyang Refractories Co., Ltd. (濮耐股份) - **Industry**: Refractories and Magnesium Oxide Products Key Points Industry and Business Outlook - The active magnesium oxide business has significant prospects, primarily used in wet nickel and cobalt extraction, with a profit estimate of nearly 3,000 RMB per ton [2][3] - The company plans to reach a processing capacity of 300,000 tons by the end of 2026, with rapid growth expected in 2026 and 2027, which will have a major impact on financial performance [2][3] Financial Performance - In 2024, the overall revenue was 5.2 billion RMB, a decline of 5% year-on-year, with net profit at 140 million RMB, down 46% [4][13] - Revenue decline attributed to weak demand from steel customers and severe price reductions; profit decline also affected by lower gross margins and foreign exchange losses [4][13] Market Dynamics - Recent stock price fluctuations were influenced by multiple factors, including validation issues from the previous year, potential competitor entry, and adjustments in downstream customer production lines leading to lower-than-expected shipments [2][6] - The company expects larger orders to be released in the second half of the year, with significant impacts anticipated in the fourth quarter [6] Competitive Advantages - Puyang maintains a competitive edge through a pricing strategy that aligns closely with domestic competitors' cost lines, effectively suppressing competition while ensuring steady market share growth [4][21][22] Future Growth Drivers - Key future highlights include: - Price options for large magnesium mines in Xinjiang - Potential profits from a 50,000-ton capacity U.S. factory, with net profits estimated at 500-1,000 USD per ton, totaling 300-350 million RMB [2][8] - The Serbian factory is expected to gradually ramp up production starting in 2025, providing revenue and profit support [2][8] Traditional Business Outlook - The traditional refractory materials business is highly correlated with the steel industry's performance, currently facing pressure but expected to see a profit turning point in Q4 2025 or Q1 2026 due to a rebound in demand and overseas market expansion [2][9] Product Applications - Active magnesium oxide is primarily used in wet nickel and cobalt extraction, with high purity and microcrystalline structure suitable for this application [5][15][16] - The company has secured significant orders from major clients like Luoyang Molybdenum and Greeenmei, which will further drive the growth of the active magnesium oxide business [5][19] Risks and Challenges - Puyang faces risks from raw material price fluctuations, particularly the impact of rising aluminum prices on profits [27] - The company also contends with large accounts receivable, long payment terms from steel customers, and increased market competition [27] International Expansion - Puyang has successfully developed its overseas business, with 2024 overseas revenue reaching 1.46 billion RMB, accounting for 28% of total revenue, and a gross margin of 28.7%, higher than the domestic margin [4][26] Market Supply and Demand - The global magnesium oxide market is primarily dominated by two companies, with Puyang positioned as a key supplier due to its competitive pricing and product quality [23][20] Conclusion - Puyang Refractories Co., Ltd. is strategically positioned for growth in the active magnesium oxide market while navigating challenges in its traditional refractory materials business. The company's focus on international expansion and competitive pricing strategies will be crucial for its future success.

Core Viewpoint - The article highlights significant developments in China's financial and economic landscape, including regulatory measures, monetary policy updates, trade statistics, and corporate earnings forecasts. Group 1: Regulatory and Policy Developments - The Central Committee of the Communist Party of China emphasizes strengthening financial trial work to combat market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering, while also improving rules for emerging financial disputes [2] - The People's Bank of China (PBOC) has implemented a series of structural monetary policy tools to support technology innovation and consumption, with a total loan contract amount for technology innovation reaching 1.74 trillion yuan by the end of May [3] - The PBOC plans to conduct a 14 billion yuan reverse repurchase operation to maintain liquidity in the banking system [4] Group 2: Economic Indicators - As of June 2025, the broad money supply (M2) in China reached 330.29 trillion yuan, growing by 8.3% year-on-year, while the narrow money supply (M1) was 113.95 trillion yuan, up by 4.6% [2] - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2] - China's goods trade in the first half of 2025 totaled 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [4] Group 3: Corporate Earnings and Developments - China National Salt Industry Corporation reported a 5.76% decrease in revenue for the first half of 2025, with net profit down 88.04% to 52.72 million yuan [8] - Jinpu Titanium Industry plans to exit the titanium dioxide industry through significant asset swaps [9] - Qianfang Technology expects a net profit increase of 1125.99% to 1534.65% for the first half of 2025 [10] - Huahong Technology anticipates a net profit increase of 3047.48% to 3721.94% for the same period [11] - Aerospace Science and Technology Corporation projects a net profit increase of 1628.83% to 2315.27% for the first half of 2025 [19]

特别提示： 1、公司的控股子公司翔晨镁业年产6万吨高效沉淀剂项目于近期投产。该项目是公司依 托翔晨镁业自有高品位菱镁矿资源进行的产业链延伸项目，该项目设计产能年产6万吨，项 目总投资约3,500万元。 2、该项目投产后，从投产到全面达产尚需一定过程，过程中可能会受天气、能源、政 府管控、市场需求等因素的影响，导致产能释放不及预期；该项目未来将面临宏观经济变化、 激烈的市场竞争和产品价格波动带来的风险。如果市场需求下降、产品价格下跌，可能对公 司的经济效益产生不利影响。敬请广大投资者谨慎决策，注意投资风险。 一、项目概述 证券代码：002225 证券简称：濮耐股份 公告编号：2025-042 濮阳濮耐高温材料（集团）股份有限公司 关于控股子公司高效沉淀剂项目投产的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）的控股子公司 西藏昌都市翔晨镁业有限公司（以下简称"翔晨镁业"）年产 6 万吨高效沉淀剂 项目于近期投产。该项目是公司依托翔晨镁业自有高品位菱镁矿资源进行的产业 链延伸项目，项目地址位于西藏昌都 ...

证券代码：002225 证券简称：濮耐股份 公告编号：2025-041 濮阳濮耐高温材料（集团）股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、预计的本期业绩情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 6 月 30 日 2、预计业绩： 扭亏为盈 同向上升 √同向下降 | 项目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：6,660 | 万元–7,990 | 万元 | 盈利：13,317.21 元 | 万 | | | 比上年同期下降：49.99% -40.00% | | | | | | 扣除非经常性损 益后的净利润 | 盈利：5,130 | 万元–6,460 | 万元 | 盈利：9,776.64 元 | 万 | | | 比上年同期下降：47.53% -33.92% | | | | | | 基本每股收益 | 盈利：0.07 | 元/股–0.08 | 元/股 | 盈利：0.13 ...

濮耐股份 20250709 摘要 格林美采用活性氧化镁替代液碱，显著提升沉淀和过滤效率，降低 MHP 含水率，减轻环保压力，并提高金属回收率，尤其在钴回收方面效果显 著，综合效益驱动客户主动切换技术。 格林美新建生产线将全面采用活性氧化镁技术，如与戴日河谷合资的 6 万吨生产线，预计 2026 年底或 2027 年初投产。现有 16 万吨产能也可 能扩至 18 万吨，以充分利用技术优势。 公司活性氧化镁产品在非洲市场表现良好，大型客户使用后金属回收率 和氧化镁单耗指标优化，能耗控制得当，计划增加订单，并进行工艺调 整以满足欧盟钴粉销售标准。 受运费和国内低品位产品低价竞争影响，国内市场价格偏低。公司产品 提股效果优于复配产品，单耗较低，具备竞争优势，且市场需求大，能 维持当前 40%-50%利润率。 公司计划扩大产能，2025 年投产 6 万吨新线，总产能达 11 万吨，技改 后下半年达 17-18 万吨。2026 年启动 12 万吨新系统，总产能预计达 30 万吨，以应对新增客户需求。 Q&A 格林美在湿法提镍工艺中使用活性氧化镁替代片碱或液碱的进展如何？ 格林美在湿法提镍工艺中使用活性氧化镁替代片碱或液碱 ...