2025 年 06 月 15 日 行业研究 评级：推荐(维持) 点关注 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/06/13 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 1.0% | 0.3% | 8.8% | | 沪深 300 | -0.8% | -1.2% | 9.6% | 相关报告 《基础化工行业周报：丁二烯、涤纶长丝价格上涨， 磷矿石价值有望重估（推荐）*基础化工*李永磊， 董伯骏》——2025-05-18 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 《铬盐行业点评之五：金属铬价格持续上涨，铬盐 产业链受益（推荐）*基础化工*李永磊，董伯骏， 陈云》——2025-04-22 [Table_Title] 以色列伊朗冲突对化工行业的影响，铬盐值得重 《基础化工行业周报：金属铬、原油、双酚 A 价格 上涨，重视芭田股份磷矿产能扩张（推荐）*基础 化工*李永 ...

2025 年 05 月 25 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 证券分析师： 杨丽蓉 S0350524090008 dongbj@ghzq.com.cn yanglr@ghzq.com.cn | 行业相对表现 | | | 2025/05/23 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 2.2% | 0.1% | 0.6% | | 沪深 300 | 2.5% | -2.4% | 6.6% | 相关报告 《基础化工行业动态研究：孟山都存破产可能，国 内草甘膦和草铵膦企业有望受益（推荐）*基础化 工*李永磊，董伯骏，杨丽蓉》——2025-05-22 《基础化工行业周报：金属铬、聚合 MDI、烯草酮 价格上涨，重视铬盐大周期（推荐）*基础化工*李 永磊，董伯骏，杨丽蓉》——2025-04-28 《基础化工行业周报：六氟丙烯、尿素涨价，重视 芭田股份磷矿产能扩张（推荐）*基础化工*李永磊， 董 ...

| | 份 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 301520 | 万邦医 | 5.19 | 12.34 | 40.20 | 40.77 | 1.41 | | | 药 | | | | | | | 000555 | 神州信 | 1.92 | 3.58 | 10.98 | 11.13 | 1.39 | | | 息 | | | | | | | 301355 | 南王科 | 2.17 | 3.96 | 11.17 | 11.32 | 1.37 | | | 技 | | | | | | | 300158 | 振东制 | 1.65 | 4.57 | 4.24 | 4.30 | 1.35 | | | 药 | | | | | | | 300293 | 蓝英装 | 1.65 | 2.34 | 21.24 | 21.51 | 1.29 | | | 备 | | | | | | | 301333 | 诺思格 | 4.76 | 9.51 | 48.04 | 48.65 | 1.27 | | 688338 | 赛科希 | 1.42 | 0.56 | 23.96 ...

| | 2025 | 年 月 05 | 行业研究 评级：推荐(维持) | | 18 | 日 | | --- | --- | --- | --- | --- | --- | --- | | 研究所： | | | [Table_Title] | | | | | 证券分析师： | | 李永磊 | 丁二烯、涤纶长丝价格上涨， | S0350521080004 | | | | | | liyl03@ghzq.com.cn | | | | | | 证券分析师： | | 董伯骏 S0350521080009 dongbj@ghzq.com.cn | 磷矿石价值有望重估 | | | | | 联系人 ： | | 于畅 S0350124080008 yuc02@ghzq.com.cn | ——基础化工行业周报 | | | | 最近一年走势 | 行业相对表现 | | | 2025/05/16 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 6.7% | 2.6% | -0.0% | | 沪深 300 | 3.1% | -1.3% | 6.8% | 相关报告 《 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002381 证券简称：双箭股份 公告编号：2025-021 债券代码：127054 债券简称：双箭转债 浙江双箭橡胶股份有限公司 2024年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 浙江双箭橡胶股份有限公司（以下简称"公司"）2024年年度权益分派方案已获2025年4月25日召开的 2024年年度股东大会审议通过，2024年年度股东大会决议公告已于2025年4月26日披露在《证券时报》 《上海证券报》和巨潮资讯网(www.cninfo.com.cn)上。现将权益分派事宜公告如下： 一、股东大会审议通过权益分配方案等情况 1、公司2024年年度权益分派方案的具体内容为：以未来实施分配方案时股权登记日的总股本为基数， 按每10股派发现金股利人民币2.00元（含税），剩余未分配利润结转至下一年度；不送红股，不以公积 金转增股本。 2、如在利润分配方案公告后至实施前，出现可转债转股、股份回购、股权激励行权等使公司总股本发 生变动的，公司按照分配比例不变的原则，相应调整实际分配总金 ...

| 证券代码：002381 | 证券简称：双箭股份 | 公告编号：2025-021 | | --- | --- | --- | | 债券代码：127054 | 债券简称：双箭转债 | | 浙江双箭橡胶股份有限公司 2024 年年度权益分派实施公告 一、股东大会审议通过权益分配方案等情况 1、公司2024年年度权益分派方案的具体内容为：以未来实施分配方案时股 权登记日的总股本为基数，按每10股派发现金股利人民币2.00元（含税），剩余 未分配利润结转至下一年度；不送红股，不以公积金转增股本。 2、如在利润分配方案公告后至实施前，出现可转债转股、股份回购、股权 激励行权等使公司总股本发生变动的，公司按照分配比例不变的原则，相应调整 实际分配总金额。 3、本次实施的分配方案与公司2024年年度股东大会审议通过的分配方案及 其调整原则是一致的。 4、本次实施分配方案距离公司股东大会通过该方案的时间未超过两个月。 二、权益分派方案 本公司2024年年度权益分派方案为：以公司未来实施分配方案时股权登记日 的总股本为基数，向全体股东每10股派2.000000元人民币现金（含税；扣税后， 境外机构（含QFII、RQFII）以 ...

特别提示： 1、本次调整前"双箭转债"转股价格为：7.26元/股 2、本次调整后"双箭转债"转股价格为：7.06元/股 3、本次转股价格调整生效日期：2025年5月16日 一、关于"双箭转债"转股价格调整的相关规定 | 证券代码：002381 | 证券简称：双箭股份 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：127054 | 债券简称：双箭转债 | | 浙江双箭橡胶股份有限公司 关于可转换公司债券转股价格调整的公告 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。 二、前期"双箭转债"转股价格调整情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准浙江双 箭橡胶股份有限公司公开发行可转换公司债券的批复》（证监许可〔2021〕3594 号）核准，浙江双箭橡胶股份有限公司（以下简称"公司"）于2022年2月11日 公开发行了513.64万张可转换公司债券（债券代码：127054，债券简称"双箭转 债"），根据《浙江双箭橡胶股份有限公司公开发行可转换公司债券募集说明书》 及中国证监会关于可转换公司债券发行的 ...

研究报告 Research Report 6 May 2025 双箭股份 Zhejiang Double Arrow Rubber (002381 CH) 扣非后净利润同比下降 37.70%，在建项目进展顺利 Recurring Net Profit -37.70% YOY, Projects under Construction are Progressing Well [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb6.39 目标价 Rmb7.84 HTI ESG 4.0-4.0-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb2.06bn / US$0.28bn 日交易额 (3 个月均值) US$6.72mn 发行股票数目 322.03mn 自由流通股 (%) - 1 年股价最高最低值 Rmb8.05-Rmb5.95 注：现价 Rmb6.39 为 2025 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][10]. Core Views - The company's recurring net profit declined by 37.70% year-on-year in FY2024, with operating income of RMB 2.713 billion, up 4.64% year-on-year [6][10]. - The decline in profit is attributed to increased rubber prices and significant depreciation and amortization from newly launched projects [6][10]. - The company plans to distribute a cash dividend of approximately RMB 82.32 million, accounting for 53.60% of the net profit attributable to the parent company [7][10]. - The company is actively expanding its international market presence, with overseas revenue reaching RMB 539 million, a year-on-year increase of 19.81% [8][10]. - Ongoing projects are progressing well, with future conveyor belt production capacity expected to reach 150 million square meters [9][10]. - Profit forecasts have been adjusted downward, with expected net profits of RMB 231 million, RMB 336 million, and RMB 410 million for 2025-2027, respectively [10]. Financial Summary - For FY2024, the company reported a revenue of RMB 2.713 billion and a net profit of RMB 154 million [6][10]. - The projected revenue for 2025 is RMB 3.218 billion, with a corresponding net profit of RMB 231 million [5][10]. - The company’s gross profit margin is expected to improve from 17.6% in 2024 to 19.6% by 2027 [5][10]. - The company’s return on equity (ROE) is projected to increase from 7.1% in 2024 to 14.6% by 2027 [5][10].

Financial Performance - The company's revenue for Q1 2025 was ¥613,964,909.67, representing a 12.84% increase compared to ¥544,121,680.01 in the same period last year[4] - Net profit attributable to shareholders decreased by 47.91% to ¥25,807,780.87 from ¥49,545,155.71 year-on-year[4] - Basic earnings per share dropped by 50.00% to ¥0.06 from ¥0.12 in the same period last year[4] - The company reported a total comprehensive income of ¥24,453,687.01, down 50.1% from ¥49,051,675.58 in the previous period[21] Cash Flow and Operating Activities - The net cash flow from operating activities was negative at -¥82,766,461.29, a significant decline of 2,961.69% compared to -¥2,703,289.99 in the previous year[4] - The company generated ¥530,476,121.32 in cash inflows from operating activities, slightly down from ¥536,945,304.31 in the previous period[22] - Cash and cash equivalents at the end of the period totaled ¥312,368,993.78, down from ¥625,412,655.35 at the end of the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,794,689,508.14, a slight decrease of 0.05% from ¥3,796,474,341.56 at the end of the previous year[4] - The total liabilities of the company were CNY 1,584,579,707.63, down from CNY 1,610,818,228.06, showing a decrease of approximately 1.6%[18] - The company's equity increased to CNY 2,210,109,800.51, up from CNY 2,185,656,113.50, reflecting a growth of about 1.1%[18] Investment and Income - Investment income decreased by 311.09% year-on-year, attributed to reduced gains from forward foreign exchange settlements and investments in Anhui Huaye Special Materials Co., Ltd.[8] - The company reported a 701.77% increase in fair value gains compared to the same period last year, primarily due to exchange rate fluctuations affecting the value of unfulfilled forward foreign exchange contracts[9] Costs and Expenses - Total operating costs increased to ¥581,739,120.90, up 16.9% from ¥497,024,622.28 in the previous period[20] - Research and development expenses increased to ¥19,303,703.51, up 23.8% from ¥15,587,685.83 in the previous period[20] - The company experienced a 39.65% increase in taxes and surcharges, mainly due to higher property taxes[8] Shareholder Information - The company has a total of 20.92% shares held by its largest shareholder, Shen Gengliang, with a total of 86,110,293 shares[14] - The company’s total equity attributable to shareholders increased by 1.19% to ¥2,199,695,908.80 from ¥2,173,816,825.93 at the end of the previous year[4] Market Strategy - The company is actively exploring market expansion opportunities and new product development strategies to enhance its competitive position[16] Other Information - The first quarter report is unaudited[24] - The new accounting standards will be implemented starting in 2025[24]