资金流向方面，主力资金净流入53.64万元，特大单买入164.85万元，占比2.99%，卖出121.95万元，占 比2.22%；大单买入1067.40万元，占比19.39%，卖出1056.66万元，占比19.19%。 三维化学今年以来股价涨23.62%，近5个交易日涨0.47%，近20日跌1.27%，近60日涨3.02%。 今年以来三维化学已经1次登上龙虎榜，最近一次登上龙虎榜为4月24日，当日龙虎榜净买入-3125.94万 元；买入总计1.81亿元 ，占总成交额比11.81%；卖出总计2.12亿元 ，占总成交额比13.85%。 资料显示，山东三维化学集团股份有限公司位于山东省淄博市临淄区炼厂中路22号，成立日期1994年11 月18日，上市日期2010年9月8日，公司主营业务涉及工程设计及工程总承包;催化剂的生产及销售。主 营业务收入构成为：醛醇酸酯类47.60%，工程总承包32.77%，残液加工类9.99%，催化剂销售4.80%， 工程设计3.68%，醋酸丁酸纤维素类0.77%，其他0.38%。 11月3日，三维化学盘中上涨2.16%，截至10:58，报8.53元/股，成交5505.59万元，换手率1.0 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 1.941 billion yuan for the first three quarters of 2025, an increase of 14.63% year-on-year. The net profit attributable to shareholders was 153 million yuan, up 5.14% year-on-year [2][6]. - In Q3 2025, the company achieved a revenue of 692 million yuan, a year-on-year increase of 3.61%, but a quarter-on-quarter decrease of 1.28%. The net profit attributable to shareholders was 33 million yuan, down 46.18% year-on-year and down 51.90% quarter-on-quarter [2][6]. - The company has a contract asset of 190 million yuan in Q3 2025, which is a 102.8% increase compared to the beginning of the year, mainly due to the confirmation of income from various engineering projects [13]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.941 billion yuan, with a net profit of 153 million yuan. The Q3 revenue was 692 million yuan, with a net profit of 33 million yuan [2][6]. - The projected net profits for 2025, 2026, and 2027 are 250 million yuan, 370 million yuan, and 500 million yuan, respectively, with corresponding PE ratios of 22.8X, 15.3X, and 11.3X [13]. Market and Industry Analysis - The chemical sector is under pressure, with the average market price of normal propanol around 7070 yuan/ton in Q3 2025, down 1.9% quarter-on-quarter [13]. - The company is advancing coal chemical projects and refining transformation projects, supported by national policies aimed at enhancing efficiency and reducing costs [13]. Product and Technology Development - The company is the largest producer of normal propanol in China and is focusing on optimizing production processes for various aldehydes and alcohols [13]. - The high-end cellulose products are expected to benefit from domestic substitution trends, with a significant production capacity upgrade planned for acetate butyrate cellulose [13].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.941 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.63%. The net profit attributable to shareholders was 153 million yuan, up 5.14% year-on-year [7] - New orders maintained high growth, with a total of 1.02 billion yuan in new contracts signed in the first three quarters, a year-on-year increase of 135.83%. The company has sufficient backlog orders to support stable operations [7] - The company's profitability has declined, with a decrease in operating cash flow compared to the previous year. The gross profit margin for the first three quarters was 17.77%, down 1.98 percentage points year-on-year [7] Financial Performance Summary - Revenue Forecast: - 2023A: 2,657 million yuan - 2024A: 2,554 million yuan - 2025E: 2,762 million yuan - 2026E: 3,228 million yuan - 2027E: 3,764 million yuan - Net Profit Forecast: - 2023A: 282 million yuan - 2024A: 263 million yuan - 2025E: 302 million yuan - 2026E: 394 million yuan - 2027E: 504 million yuan - EPS Forecast: - 2023A: 0.43 yuan - 2024A: 0.40 yuan - 2025E: 0.47 yuan - 2026E: 0.61 yuan - 2027E: 0.78 yuan [6][8] Investment Recommendations - The company is expected to achieve net profits of 302 million yuan, 394 million yuan, and 504 million yuan for the years 2025 to 2027, corresponding to PE ratios of 17.9, 13.8, and 10.7 respectively. The recommendation remains "Accumulate" [7]

Company Overview - Sanwei Chemical (SZ 002469) announced that on October 27, 2025, it will accept an investor research meeting with Dongxing Fund and other investors, with the company’s board secretary Zhang Jun participating in the reception and answering investor questions [1] Financial Performance - For the first half of 2025, Sanwei Chemical's revenue composition is as follows: 58.43% from chemical raw materials and chemical products manufacturing, 36.71% from civil engineering and construction, and 4.86% from other manufacturing [1] - As of the report date, Sanwei Chemical has a market capitalization of 5.4 billion yuan [1] Market Context - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology as the main driver reshaping the market and initiating a "slow bull" new pattern [1]

Company Overview - Shandong Sanwei Chemical Group Co., Ltd. is a technology-driven chemical group engaged in chemical and petrochemical technology and product R&D, engineering services, catalyst production, and basic chemical raw material sales [3][4]. - The company is a leading domestic producer of n-propanol and a significant player in the recovery of butanol and n-pentanol [4]. Financial Performance - In Q3 2025, the company achieved total revenue of RMB 692.19 million, a year-on-year increase of 3.61%, while net profit attributable to shareholders was RMB 33.10 million, a decrease of 46.18% [5]. - For the first three quarters of 2025, total revenue reached RMB 1.94 billion, up 14.63%, with net profit of RMB 153.46 million, an increase of 5.14% [5]. Engineering Business - From January to September 2025, the company signed new engineering consulting and contracting orders totaling approximately RMB 1.02 billion [5]. - As of September 30, 2025, the total amount of signed but uncompleted orders in the engineering business was RMB 1.64 billion, indicating a robust order backlog [5]. Shareholder Returns - The company distributed a cash dividend of RMB 1.00 per 10 shares, totaling RMB 64.89 million, based on a total share capital of 648,862,630 shares as of June 30, 2025 [7]. - Cumulatively, since its listing in 2010, the company has distributed cash dividends amounting to RMB 1.29 billion, reflecting its commitment to shareholder returns [8]. Technological Advantages - The company has developed leading technologies in sulfur recovery and low-emission gas purification, with a total of 245 sulfur recovery units designed and contracted, amounting to a total capacity of 1.32 million tons per year [10]. - It holds proprietary technologies in aldehyde synthesis and catalyst production, positioning it as a leader in the industry [10][11]. Future Development Plans - The company aims to enhance investor returns while ensuring sustainable growth, focusing on optimizing costs, improving quality, and innovating across its operations [8]. - It plans to leverage its cash reserves and low debt ratio to explore expansion opportunities cautiously and scientifically [12].

Group 1 - The overall probability of achieving long-term excess returns in the consumer sector is greater compared to other industries, with consumer stocks serving as a stable "ballast" [1][18][19] - The food and beverage, and home appliance sectors show a trend of excess returns that can be divided into two phases: pricing boom and pricing stability, with ROE growth surpassing the overall market [1][19] - The electrical equipment sector benefits from sustained demand and has a higher historical probability of achieving long-term excess returns compared to other cyclical industries [1][19] Group 2 - Recent industry trends indicate that coal, oil and petrochemicals, electrical equipment, machinery, electronics, pharmaceuticals, textiles, automotive, non-bank finance, public utilities, and retail are on an upward trajectory, while food and beverage, home appliances, banking, real estate, and environmental protection are declining [2][22] - The report predicts that industries such as rail transit equipment, automotive parts, commercial vehicles, and lighting equipment will perform well in the next four weeks [2][22] Group 3 - The convertible bond market saw an increase this week, with the China Securities convertible bond index rising by 1.47% and the weighted average rising by 1.37% [3][28] - The overall market weighted average conversion value increased to 101.05 yuan, with a conversion premium rate of 40.44% [3][28][29] - The report highlights that sectors like defense, electronics, and computers led the market gains, while communications and beauty care lagged [3][28] Group 4 - The report on Dinglong Co. indicates a projected revenue of approximately 945 million yuan for Q3 2025, with a year-on-year growth of about 4.20% [7] - The CMP polishing pad business is expected to continue growing, with a 51% increase in revenue for the first three quarters of 2025 compared to the previous year [7] - The semiconductor display materials segment is also seeing a steady increase in market share, with new products receiving positive feedback [7] Group 5 - Yangjie Technology reported a revenue of 5.348 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 20.89% [8] - The company is focusing on expanding its market presence in automotive electronics and artificial intelligence, which are driving order and shipment growth [8] - The forecast for net profit for 2025-2027 is set at 1.256 billion, 1.485 billion, and 1.728 billion yuan respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company experienced a temporary pressure on performance in Q3 2025, with revenue of 6.92 billion yuan, a year-on-year increase of 3.61%, and a net profit of 0.33 billion yuan, a year-on-year decrease of 46.18%. However, the company is focusing on optimizing its production of cellulose acetate butyrate and aims to quickly bring new capacity for isooctanoic acid (50,000 tons/year) into production, which is expected to contribute to long-term growth [1][4]. - The company has a robust order backlog, with signed but uncompleted orders amounting to approximately 16.41 billion yuan as of Q3 2025, and new engineering orders signed in Q3 totaling 3.73 billion yuan [2][4]. - The company has shown improved cost control, with a period expense ratio of 9.82%, a year-on-year decrease of 1.19 percentage points. The cash flow remains positive, with a net cash flow from operations of 1.19 billion yuan [3][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.941 billion yuan, a year-on-year increase of 14.63%, and a net profit attributable to the parent company of 153 million yuan, a year-on-year increase of 5.14% [1]. - The gross margin for Q3 2025 was 13.85%, down 6.97 percentage points year-on-year, primarily due to declining chemical product prices, such as a 15.58% drop in the average price of octanol [2]. - The company’s projected net profits for 2025-2027 are adjusted to 265 million, 330 million, and 415 million yuan, respectively, with corresponding P/E ratios of 21.47, 17.24, and 13.71 [4][5].

Core Insights - The company reported a revenue of 1.941 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.63% [1] - The net profit attributable to shareholders reached 153 million yuan, with a year-on-year increase of 5.14% [1] - The net profit excluding non-recurring gains and losses was also 153 million yuan, showing a year-on-year growth of 6.86% [1] - The basic earnings per share stood at 0.2365 yuan [1]

三维化学(002469) 信息披露暂缓与豁免管理制度 山东三维化学集团股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为了规范山东三维化学集团股份有限公司（以下简称"公司"）信息披 露暂缓与豁免行为，督促公司及相关信息披露义务人依法合规履行信息披露义务， 保护投资者的合法权益，根据《中华人民共和国证券法》、《上市公司信息披露管 理办法》、《上市公司信息披露暂缓与豁免管理规定》、《深圳证券交易所股票上市 规则》（以下简称"《股票上市规则》"）、《深圳证券交易所上市公司自律监管指 引第 1 号—主板上市公司规范运作》、《深圳证券交易所上市公司自律监管指引第 5 号—信息披露事务管理》及《山东三维化学集团股份有限公司章程》（以下简 称"《公司章程》"）等规定，制订本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"）和深圳 证券交易所（以下简称"深交所"）规定或者要求披露的内容，适用本制度。 本制度所称信息披露义务人，是指公司，公司董事、高级管理人员，股东或 者存托凭证持有人、实际控制人，收购人及其他权益变动 ...

证券代码：002469 证券简称：三维化学 公告编号：2025-034 山东三维化学集团股份有限公司 2025年第三季度土木工程建筑业务经营情况简报 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。 山东三维化学集团股份有限公司（以下简称"公司"）现将2025年第三季度土 木工程建筑业务经营情况公告如下： | | 第三季度 | | 截至报告期末累计已 | | 第三季度 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 新签约订单 | | 签约未完工订单 | | 已中标未签约订单 | | 备注 | | 类型 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | | | | （个） | （万元） | （个） | （万元） | （个） | （万元） | | | 咨询设 | | | | | | | 工 程 咨 | | 计技术 | 23 | 960.24 | 99 | 22,292.82 | | | 询、工程 | | 性服务 | | | | | | | 设计项目 | | 工程总 承包类 ...