万润股份所属申万行业为：电子-电子化学品Ⅱ-电子化学品Ⅲ。所属概念板块包括：光刻胶、国资改 革、中盘、养老金概念、分拆概念等。 9月16日，万润股份盘中下跌2.07%，截至10:33，报13.24元/股，成交1.14亿元，换手率0.93%，总市值 122.20亿元。 资金流向方面，主力资金净流出1273.21万元，特大单买入0.00元，占比0.00%，卖出272.32万元，占比 2.40%；大单买入1685.02万元，占比14.83%，卖出2685.91万元，占比23.64%。 万润股份今年以来股价涨11.26%，近5个交易日跌0.38%，近20日涨1.85%，近60日涨17.58%。 资料显示，中节能万润股份有限公司位于山东省烟台市经济技术开发区五指山路11号，成立日期1995年 7月5日，上市日期2011年12月20日，公司主营业务涉及从事电子信息材料产业、环保材料产业和大健康 产业三个领域产品的研发、生产和销售。主营业务收入构成为：功能性材料类78.58%，生命科学与医 药类20.09%，其他(补充)1.33%。 截至6月30日，万润股份股东户数4.86万，较上期减少6.13%；人均流通股18710股， ...

Core Viewpoint - The article highlights the growing importance and demand for PSPI (photo-sensitive polyimide) materials in the semiconductor and OLED display industries, with significant investments and advancements being made by both domestic and international companies to enhance production capacity and meet market needs [2][3][4]. Group 1: Company Developments - Jilin Aolai De Optical Materials Co., Ltd. plans to raise up to 299.8 million yuan, with approximately 239.8 million yuan allocated for the construction of a PSPI materials production base, aiming for an annual capacity of 1,000 tons after three years [2]. - Asahi Kasei, a Japanese giant, plans to invest 16 billion yen (approximately 1 billion euros) to double its PIMEL™ PSPI production capacity by 2030 to meet the surging demand from advanced technologies [2]. - Domestic companies such as Wanrun Co., Ltd. and Aolai De have successfully validated their PSPI materials with leading panel manufacturers, indicating a shift towards local production and reduced reliance on imports [4][5]. Group 2: Market Trends and Innovations - PSPI is increasingly recognized as a critical material in high-end manufacturing sectors, including semiconductor packaging and flexible displays, with major suppliers being Asahi Kasei, Toray, and JSR [3]. - Recent innovations include Toray's STF-2000 PSPI, which allows for high-resolution patterning on films up to 200 micrometers thick, targeting new MEMS device applications [3]. - Companies like Ba Yi Space and Dinglong Co., Ltd. are advancing their PSPI products, with Ba Yi Space entering trial production and Dinglong Co., Ltd. achieving significant client certifications for their PSPI offerings [5][6]. Group 3: Investment and Future Outlook - Ba Yi Space is expected to generate orders in the second half of the year as it completes its PSPI production line, while Dinglong Co., Ltd. is focusing on expanding its patent database and product offerings in the semiconductor materials sector [5][6]. - Aisen Co., Ltd. has secured its first wafer factory order for its positive PSPI, with plans to achieve a production capacity of 2,000 tons, potentially generating over 3 billion yuan in revenue [8]. - The domestic PSPI industry is accelerating commercialization, with multiple companies reporting progress from production to client validation, indicating a robust growth trajectory in the sector [4][5].

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 ...

9月10日晚，万润股份（证券代码：002643）发布关于控股子公司九目化学（证券代码：874382）向不 特定合格投资者公开发行股票并在北交所上市辅导验收完成的提示性公告。证监会网上办事服务平台显 示，九目化学IPO辅导状态变更为"辅导工作完成"，这意味着九目化学IPO进程再进一步。 此前，万润股份表示，九目化学完成分拆上市后，公司仍为九目化学的控股股东，不会对公司其他业务 板块的持续经营构成实质性不利影响。 财报显示，2025年上半年九目化学实现营业总收入为3.8亿元，净利润为9325.46万，2024年，公司实现 营业收入9.62亿元，同比上升9.57%；净利润2.54亿元，同比增长20.94%。其中，公司最大客户贡献 47.37%收入。 2024年1月27日，九目化学与中信证券签署了辅导协议，2024年2月1日，九目化学完成备案，正式进入 辅导期。 公开资料显示，烟台九目化学股份有限公司成立于2005年，注册资金1.875亿元，现为中节能万润股份 有限公司的控股子公司。主要从事OLED前端材料的研发、生产和销售，主要产品包括OLED升华前材 料、OLED中间体等功能性材料。九目化学在全球OLED升华前材 ...

Company Overview - Wanrun Co., Ltd. is located in Yantai Economic and Technological Development Zone, Shandong Province, established on July 5, 1995, and listed on December 20, 2011 [1] - The company operates in three main business areas: electronic information materials, environmental protection materials, and health industry, with revenue composition being 78.58% from functional materials, 20.09% from life sciences and pharmaceuticals, and 1.33% from other sources [1] Stock Performance - As of September 12, Wanrun's stock price increased by 2.09% to 13.66 CNY per share, with a trading volume of 2.23 billion CNY and a turnover rate of 1.82%, resulting in a total market capitalization of 12.608 billion CNY [1] - Year-to-date, the stock price has risen by 14.79%, with a 3.33% increase over the last five trading days, 4.83% over the last 20 days, and 25.09% over the last 60 days [1] Financial Performance - For the first half of 2025, Wanrun reported a revenue of 1.870 billion CNY, a year-on-year decrease of 4.42%, while the net profit attributable to shareholders was 218 million CNY, reflecting a year-on-year increase of 1.35% [2] - Since its A-share listing, the company has distributed a total of 2.005 billion CNY in dividends, with 646 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 48,600, a reduction of 6.13%, while the average circulating shares per person increased by 6.53% to 18,710 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the ninth largest, holding 8.576 million shares, an increase of 2.0926 million shares compared to the previous period [3]

证券研究报告——晨会聚焦 2025 年 9 月 12 日 | 9 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 601816.SH | 京沪高铁 | | 601233.SH | 桐昆股份 | | 002409.SZ | 雅克科技 | | 300750.SZ | 宁德时代 | | 600276.SH | 恒瑞医药 | | 688085.SH | 三友医疗 | | 600861.SH | 北京人力 | | 300395.SZ | 菲利华 | | 603986.SH | 兆易创新 | | 002938.SZ | 鹏鼎控股 | 中银晨会聚焦-20250912 ■重点关注 【固定收益】PPI 显筑底迹象、食品价格再成拖累*张鹏 肖成哲。我们维持 关于 PPI 渐进改善、长债利率缓慢回升情景的判断。 【电子】苹果 2025 秋季新品发布会点评*苏凌瑶 周世辉。2025 年 9 月 10 日，苹果举办了 2025 秋季新品发布会，共计发布 8 款新产品，其中 iPhone 17 Air 具备 5.6mm 的超薄机身，实现苹果外观的重大创新；iPhone 17 标准版较 前代定价具有更高 ...

中银证券研报指出，万润股份上半年归母净利润2.18亿元，同比增长1.35%；其中，第二季度归母净利 润1.38亿元，同比增长18.25%，环比增长73.13%。看好公司多种新材料布局，维持"买入"评级。 2025H1医药业务同比改善，子公司三月科技、MP实现扭亏。分业务看，上半年功能性材料收入14.69亿 元，同比下滑9.55%，毛利率为38.68%，同比下降1.99pct。其中，沸石业务受部分地区需求下降影响， 4F46公司积极开发非车用分子筛领域需求，上半年与中国石化催化剂有限公司签署《项目合作意向 书》，未来有望在石油化工催化领域的模板剂与沸石分子筛等产品领域开展业务合作。电子信息材料方 面，公司持续推进生产基地建设。此外，公司积极布局热塑性聚酰亚胺材料，截至2025年中报，PEI、 TPI、PI-5218均已实现销售，PEEK产品已有中试产品产出，PA46正处于实验室开发及验证阶段。随着 各板块新产能及新产品的逐步投入，公司有望获得长期成长。 ...

万润股份（002643.SZ）9月11日在投资者互动平台表示，在电子与显示领域聚酰亚胺单体材料方面，公 司已有产品实现批量供应；在显示领域聚酰亚胺成品材料方面，公司控股子公司三月科技自主知识产权 的TFT用聚酰亚胺成品材料（取向剂）和OLED用光敏聚酰亚胺（PSPI）成品材料已经在下游面板厂实 现供应；除显示领域聚酰亚胺成品材料外，公司积极布局热塑性聚酰亚胺材料领域，包括PEI、TPI、 PI-5218，上述产品均已实现销售。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司的聚酰亚胺量产了吗？ ...

格隆汇9月11日丨万润股份(002643.SZ)在互动平台表示，在电子与显示领域聚酰亚胺单体材料方面，公 司已有产品实现批量供应；在显示领域聚酰亚胺成品材料方面，公司控股子公司三月科技自主知识产权 的TFT用聚酰亚胺成品材料（取向剂）和OLED用光敏聚酰亚胺（PSPI）成品材料已经在下游面板厂实 现供应；除显示领域聚酰亚胺成品材料外，公司积极布局热塑性聚酰亚胺材料领域，包括PEI、TPI、 PI-5218，上述产品均已实现销售。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 13.29 and an industry rating of "Outperform" [1]. Core Views - The company's pharmaceutical business has shown improvement, with a year-on-year revenue decrease of 4.42% to RMB 1.87 billion in the first half of 2025, but a net profit increase of 1.35% to RMB 218 million. The second quarter saw a revenue of RMB 1.01 billion, a slight year-on-year decrease of 0.95%, but a quarter-on-quarter increase of 17.12% [3][7]. - The report highlights the company's diverse new material layouts and the successful recovery of its pharmaceutical business, leading to an upward revision of profit forecasts [4][7]. Financial Summary - For the first half of 2025, the company reported total revenue of RMB 1.87 billion, with a net profit of RMB 218 million, reflecting a 1.35% increase year-on-year. The second quarter's net profit was RMB 138 million, up 18.25% year-on-year [8][9]. - The company expects EPS for 2025-2027 to be RMB 0.44, RMB 0.54, and RMB 0.63, with corresponding P/E ratios of 30.4x, 24.7x, and 21.2x respectively [4][6]. - The company is actively expanding its production capacity in various new materials, including semiconductor manufacturing materials and thermoplastic polyimide materials, which are expected to contribute to long-term growth [7][8].