基础化工 | 证券研究报告 — 行业周报 2025 年 9 月 15 日 强于大市 化工行业周报 20250914 国际油价小幅上涨，尿素、三氯蔗糖价格下跌 投资建议 截至 9 月 14 日，SW 基础化工市盈率（TTM 剔除负值）为 25.62 倍，处在历史（2002 年至今） 99.50 %分位数；市净率为 2.24 倍，处在历史 80.12%分位数。SW 石油石化市盈率（TTM 剔除负 值）为 11.84 倍，处在历史（2002 年至今）84.48%分位数；市净率为 1.17 倍，处在历史 53.35% 分位数。今年以来，行业受关税相关政策、原油价格大幅波动等因素影响较大，九月份建议关注： 1、"反内卷"对相关子行业供给端影响；2、自主可控日益关键背景下的电子材料公司；3、低 估值行业龙头公司；4、分红派息政策稳健的能源企业等。中长期推荐投资主线：1、原油价格有 望延续中高位，油气开采板块高景气度持续，能源央企提质增效深入推进，分红派息政策稳健。 油气上游资本开支增加，油服行业景气度修复，技术进步带动竞争力提升，海外发展未来可期； 2、下游行业快速发展，新材料领域公司发展空间广阔。一是电子材料。半导体材 ...

2025 年 09 月 14 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 dongbj@ghzq.com.cn 证券分析师： 杨丽蓉 S0350524090008 yanglr@ghzq.com.cn [Table_Title] 反内卷有望重估化工行业，丙烯酸及酯、聚合 MDI 价格上涨 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/09/12 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 6.2% | 17.4% | 51.0% | | 沪深 300 | 9.1% | 16.2% | 42.5% | 相关报告 《基础化工行业周报：碳酸锂、光引发剂价格上涨， 反内卷有望带动化工景气反转（推荐）*基础化工* 李永磊，董伯骏，杨丽蓉》——2025-08-17 《基础化工行业周报：钾肥、草甘膦、有机硅价格 上涨，关注中报业绩预增投资机会（推荐）*基础 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 2025 年 09 月 14 日 美联储降息与金九银十共振，印度 GFL R32 泄露或助我国出口，我国 发起对美模拟芯片反倾销调查 看好 ——《化工周报 25/09/08-25/09/12》 证 券 研 究 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请 ...

江苏雅克科技股份有限公司 2025年第一次临时股东大会决议公告 证券代码：002409 证券简称：雅克科技 公告编号：2025-027 1、公司于2025年8月28日在《证券时报》及指定信息披露网站巨潮资讯网上 刊登了《江苏雅克科技股份有限公司关于召开2025年第一次临时股东大会的通 知》。 2、本次股东大会无否决或修改提案的情况，无新提案提交表决的情况，也 无涉及变更前次股东大会决议的情况。 特别提示：本公司及全体董事、监事、高级管理人员保证公告内容真实、准 确和完整，不存在虚假记载、误导性陈述或者重大遗漏。 特别提示： 3、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开情况 1、会议召开时间： 现场会议时间：2025年9月12日（星期五）下午13:30。 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年9月12日 上午9:15-9:25，9:30－11:30，下午13:00－15:00；通过深圳证券交易所互联网 投票系统投票的具体时间为：2025年9月12日上午9:15至下午15:00期间的任意时 间。 2、会议方式：本次股东大会采取现场投票和网络投票相结合 ...

中国 上海 山西北路 99 号苏河湾中心 25-28 层 邮编：200085 电话: (8621) 5234-1668 传真: (8621) 5243-3320 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于江苏雅克科技股份有限公司 本所律师根据对事实的了解和对法律的理解发表法律意见。 本所律师同意将本法律意见书作为公司 2025 年第一次临时股东大会的必备 法律文件予以存档，并依法对本所出具的法律意见承担责任。 为出具本法律意见书，本所律师已经对与出具本法律意见书有关的所有文件 材料及证言进行审查判断，并据此出具法律意见如下： 一、本次临时股东大会的召集、召开程序 2025 年第一次临时股东大会的法律意见书 致：江苏雅克科技股份有限公司 江苏雅克科技股份有限公司（以下简称"公司"）2025 年第一次临时股东 大会现场会议于 2025 年 9 月 12 日（星期五）下午 13:30 在江苏省宜兴市经济技 术开发区荆溪北路 88 号公司会议室召开。国浩律师（上海）事务所（以下简称 "本所"）接受公司的委托，指派米豪律师、冯璐律 ...

Company Overview - Jiangsu Yake Technology Co., Ltd. is located in Yixing Economic Development Zone, Wuxi, Jiangsu Province, and was established on October 29, 1997. The company went public on May 25, 2010. Its main business involves the research, production, and sales of electronic materials, LNG insulation boards, and flame retardants [1]. Business Segmentation - The revenue composition of the company is as follows: - Semiconductor chemical materials, photoresists, and supporting reagents account for 49.23% - LNG insulation composite materials contribute 27.13% - LNG engineering installation makes up 7.91% - Electronic specialty gases represent 4.56% - LDS equipment is 3.17% - Flame retardants account for 3.15% - Spherical silica micro powder is 2.99% - Other businesses contribute 1.88% [1]. Stock Performance - On September 12, Yake Technology's stock rose by 5.01%, reaching a price of 61.58 CNY per share, with a trading volume of 925 million CNY and a turnover rate of 4.84%. The total market capitalization is 29.308 billion CNY [1]. Fund Holdings - In terms of fund holdings, one fund under Invesco Great Wall has a significant position in Yake Technology. The Invesco Great Wall CSI 500 Industry Neutral Low Volatility Index A (003318) held 151,300 shares in the second quarter, representing 1% of the fund's net value, making it the fifth-largest holding. The estimated floating profit from this position is approximately 444,800 CNY [2]. Fund Performance - The Invesco Great Wall CSI 500 Industry Neutral Low Volatility Index A (003318) was established on March 3, 2017, with a current scale of 824 million CNY. Year-to-date, it has achieved a return of 11.42%, ranking 3,564 out of 4,222 in its category. Over the past year, the return is 39.07%, ranking 2,849 out of 3,800, and since inception, the return is 61.76% [2]. Fund Management - The fund manager of the Invesco Great Wall CSI 500 Industry Neutral Low Volatility Index A (003318) is Zeng Li, who has been in the position for 6 years and 337 days. The total asset size of the fund is 4.158 billion CNY, with the best return during his tenure being 74.31% and the worst being -16.62% [3].

格隆汇9月12日｜中银证券研报指出，雅克科技上半年实现归母净利润5.23亿元，同比+0.63%。其中 25Q2实现归母净利润2.63亿元，同比-4.06%，环比+0.86%。江苏先科逐渐放量，成都硅微粉产线投 产。公司是国内显示光刻胶行业内领先供应商，拥有红绿蓝彩色光刻胶、TFT-PR光刻胶和OC/PS封装 透明光刻胶等品类，并陆续开发出彩色光刻胶关键原材料色浆和树脂等，正积极推进验证测试，客户包 括京东方、LG显示、华星光电、惠科和深天马等，此外公司研发的印刷OLED彩色打印墨水已开始在主 流显示厂商小规模产线上验证测试。公司特高压、半导体等领域含氟电子特气需求持续增长，成都硅微 粉产线投产。公司持续深耕电子材料和LNG保温绝热板材，看好公司电子材料业务持续开拓，维持"买 入"评级。 ...

基础化工 | 证券研究报告 — 行业周报 2025 年 9 月 12 日 强于大市 化工行业周报 20250907 国际油价、 TDI 价格下跌，醋酸价格上涨 九月份建议关注：1、"反内卷"对相关子行业供给端影响；2、自主可控日益关键背景下的电 子材料公司；3、低估值行业龙头公司；4、分红派息政策稳健的能源企业等。 行业动态 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：范琦岩 投资建议 截至 9 月 7 日，SW 基础化工市盈率（TTM 剔除负值）为 25.10 倍，处在历史（2002 年至今）74.71 % 分位数；市净率为 2.19 倍，处在历史 51.87%分位数。SW 石油石化市盈率（TTM 剔除负值）为 11.93 倍，处在历史（2002 年至今）28.18%分位数；市净率为 1.18 倍，处在历史 24.04%分位数。 今年以来，行业受关税相关政策、原油价格大幅波动等因素影响较大，九月份建议关注：1、"反 内卷" ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The report highlights the company's robust revenue growth in the first half of 2025, driven by the expansion of its electronic materials business, and maintains a "Buy" rating [2][6] Financial Performance - In the first half of 2025, the company achieved revenue of RMB 4.293 billion, a year-on-year increase of 31.82%, and a net profit attributable to shareholders of RMB 522.79 million, a slight increase of 0.63% year-on-year [9][10] - The second quarter of 2025 saw revenue of RMB 2.175 billion, up 32.76% year-on-year, while the net profit attributable to shareholders decreased by 4.06% to RMB 262.52 million [11] Revenue Breakdown - The electronic materials segment generated revenue of RMB 2.573 billion in the first half of 2025, reflecting a year-on-year growth of 15.37% [9] - The LNG insulation board segment reported revenue of RMB 1.165 billion, a significant increase of 62.34% year-on-year [9] Profitability Metrics - The company's gross margin for the first half of 2025 was 31.82%, down 2.34 percentage points year-on-year, while the net margin was 13.29%, down 3.00 percentage points year-on-year [9] - The company expects net profits for 2025-2027 to be RMB 11.83 billion, RMB 15.36 billion, and RMB 19.40 billion respectively, with corresponding earnings per share of RMB 2.49, RMB 3.23, and RMB 4.08 [6][14] Market Position - The company is positioned as a leading supplier in the domestic display photoresist industry, with ongoing development of key raw materials for color photoresists [9] - The report notes the establishment of dual R&D departments in China and South Korea to enhance the development of advanced semiconductor materials [9] Future Outlook - The company is optimistic about the continued expansion of its electronic materials business and maintains its "Buy" rating based on strong growth prospects [2][6]

Core Viewpoint - The domestic photoresist industry is experiencing a critical period of accelerated development, with leading companies showing impressive performance in revenue, profit, and technological advancements [4][5][6]. Group 1: Company Performance - Nanda Optoelectronics achieved a revenue of 1,228.87 million yuan in the first half of 2025, a year-on-year increase of 9.48%, and a net profit of 207.81 million yuan, up 16.30% [5][6]. - Tongcheng New Materials reported a revenue of 165.47 million yuan, a growth of 4.97%, with its semiconductor photoresist business growing over 50% for two consecutive years [6][8]. - Jingrui Electric Materials saw a revenue of 767.94 million yuan, a 10.68% increase, and a net profit of 69.75 million yuan, a significant increase of 1,501.66% [9][10]. - Shanghai Xinyang achieved a revenue of 896.65 million yuan, a growth of 35.67%, and a net profit of 133.31 million yuan, up 126.31% [11][12]. - Yongda Photosensitive reported a revenue of 506.30 million yuan, a 14.10% increase, but a net profit decline of 4.31% [13][14]. - Yake Technology's revenue reached approximately 4.29 billion yuan, a growth of 31.82%, with a net profit of 52.28 million yuan, up 0.63% [15][16]. - Dinglong Co., Ltd. reported a revenue of 1.73 billion yuan, a 14.00% increase, and a net profit of 311.04 million yuan, up 42.78% [17][18]. - Feikai Materials achieved a revenue of 146.23 million yuan, a 3.80% increase, and a net profit of 21.68 million yuan, up 80.45% [19][20]. - Bayi Shikong's revenue was 41.54 million yuan, a 10.63% increase, but net profit decreased by 37.90% [21][22]. - Ruilian New Materials reported a revenue of approximately 80.62 million yuan, a growth of 16%, and a net profit of about 16.61 million yuan, up 74% [23][24]. - Guangxin Materials achieved a revenue of 23.35 million yuan, a decrease of 10.38%, with a net profit decline of 51.38% [25][26]. - Huamao Technology reported a revenue of 1.11 billion yuan, a growth of 14.42%, and a net profit of 136.58 million yuan, up 3.21% [27][28]. - Jiuri New Materials saw a revenue of 71.35 million yuan, a decrease of 7.11%, with a net loss of 9.06 million yuan [29][30]. Group 2: Industry Trends - The photoresist industry is witnessing significant technological advancements, with many companies achieving breakthroughs in product development and production capacity [4][6][19]. - The domestic market is increasingly competitive, with companies focusing on R&D and expanding their product lines to meet the growing demand in semiconductor manufacturing [6][17][19]. - Companies are investing heavily in R&D, with some allocating over 13% of their revenue to develop advanced materials for integrated circuits and other applications [11][27].