Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report suggests focusing on import substitution, pure domestic demand, and high dividend opportunities in the chemical industry [6][20]. - The international oil price is expected to stabilize between $65 and $70 per barrel in 2025, influenced by geopolitical factors and trade agreements [6][21]. - The chemical industry is currently experiencing a mixed performance, with some sectors like lubricants showing better-than-expected results, while others remain weak due to overcapacity and weak demand [20][21]. Summary by Sections Chemical Industry Investment Suggestions - Key products with significant price increases include butanone (up 13.55%), urea (up 13.16%), and TDI (up 6.73%) [17]. - Products with notable price declines include methanol (down 9.84%), PS (down 9.62%), and pure MDI (down 8.89%) [17][20]. - The report emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand [20][21]. Market Performance - The basic chemical sector has shown a performance of 20.4% over the past 12 months, outperforming the Shanghai Composite Index [2]. - The report highlights the volatility in international oil prices, with Brent crude at $68.30 per barrel and WTI at $66.50 per barrel as of July 4 [6][21]. Company Focus and Earnings Forecast - Specific companies recommended for investment include Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others, with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [10]. - The report suggests that companies like China National Petroleum and China National Offshore Oil Corporation are attractive due to their high dividend yields [6][20].

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-031 新乡市瑞丰新材料股份有限公司 关于持股5%以上股东减持结果的公告 持股5%以上股东中国石化集团资本有限公司保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）于2025年5月9日在巨 潮资讯网披露了《关于持股5%以上股东减持股份预披露公告》（公告编号：202 5-026）（以下简称"本次减持计划"）。 2025年5月14日，公司2021年限制性股票激励计划首次授予部分第三个归属 期及预留授予部分第二个归属期归属股份4,145,343股已上市，导致公司总股本增 加至295,935,278股，中石化资本持股比例由13.37%被动稀释至13.18%，计划减 持股数由不超过2,917,899股相应扩大至不超过2,959,352股，减持股份占公司总股 本的比例不变。 综合上述持股比例变动因素，自2025年5月14日至2025年6月5日，中石化资 本合计持股比例由13.37%下降至13.00%，持股比例 ...

全品类规模效应+原料自给，盈利能力高。公司已具备完整的主流单剂自主生产能力，产品线覆盖清净 剂、分散剂、ZDDP、高温抗氧剂等多个系列，涵盖完整的主流添加剂单剂品种。且公司具备十二烷基 酚、3.5-甲酯等重要原材料生产能力，整体盈利能力较高，24 年公司毛利率为35.9%，同比+0.82pct。 国内与海外业务并举，开启新增长极。公司积极开拓海外市场，在新加坡、迪拜、比利时等地设立海外 仓储基地。24 年公司国外收入达22.26 亿元，同比增长8.2%，占比70.5%。公司在建项目"年产15 万吨 润滑油添加剂系列项目"二期、"年产46 万吨润滑油添加剂系列项目"预计将于2025 年底建成达产，未来 三年公司产能将迈向70 万吨以上，规模与成本优势进一步放大。 风险提示：产能投放进度不及预期、市场推广不及预期、贸易政策变化等。 【主要逻辑】技术驱动转型，API 认证持续突破。近年来公司研发投入持续上升。 截至24 年公司已获得授权国内发明专利47 项、国外发明专利2 项、实用新型专利4 项。公司目前已自主 掌握CF-4 级、CH-4 级、CI-4 级、CK-4 级柴油机油复合剂配方工艺，SL 级、SM 级、S ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-030 新乡市瑞丰新材料股份有限公司 关于持股5%以上股东权益变动触及1%整数倍的公告 持股5%以上股东中国石化集团资本有限公司保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）于2025年5月9日在巨 潮资讯网披露了《关于持股5%以上股东减持股份预披露公告》（公告编号：202 5-026）（以下简称"本次减持计划"）。 持有新乡市瑞丰新材料股份有限公司（以下简称"公司"、"瑞丰新材"）股份 39,000,200股（占公司总股本比例13.37%，占剔除回购专用账户股份数量后公司 股份总数的13.63%）的股东中国石化集团资本有限公司（以下简称"中石化资本"） 计划以集中竞价交易方式拟减持公司股份不超过2,917,899股，减持比例不超过公 司总股本的1%（如遇派息、送股、转增股本、配股等除权除息事项，上述拟减 持股份数量将相应进行调整）。 通过集中竞价交易方式进行减持的，将于本减持计划公告之日起1 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][10]. Core Viewpoints - The company is a leading domestic player in the lubricant additive industry, with a strong focus on fine chemical materials, including lubricant additives and carbonless paper color developers. It has developed into a global leader in lubricant additives, with a production capacity of 315,000 tons for single additives and 100,000 tons for carbonless paper color developers by the end of 2024 [1][16]. - The global lubricant additive market is characterized by an oligopolistic structure, with a market size of approximately 15.99 billion USD in 2023, projected to reach 18.21 billion USD by 2030, reflecting a CAGR of 1.9%. The domestic market is also expected to see steady growth due to the increasing number of motor vehicles and industrialization [2][60]. - The company is transitioning from single additives to composite additives, aiming for over 60% of revenue from composite additives and over 70% from overseas markets by 2024, thereby capturing a larger share of the global market [3][35]. Summary by Sections Company Overview - The company has been deeply involved in fine chemical materials since its establishment in 1996, becoming a major supplier of carbonless paper color developers and lubricant additives. It has a strong technical and product advantage, leading to significant growth in both domestic and international markets [1][16][27]. Market Analysis - The global lubricant additive market is maturing, with a total consumption of 5.43 million tons in 2023. The domestic market's apparent consumption reached 970,800 tons, with a CAGR of 2.2% from 2015 to 2023. The domestic self-sufficiency rate for lubricant additives has significantly improved, with imports declining by approximately 38% from their peak in 2021 [2][71][72]. Product Development and Strategy - The company has obtained 47 domestic and 2 foreign invention patents, showcasing its strong R&D capabilities. It is actively pursuing high-end certifications and transitioning to composite additives, which are expected to account for a significant portion of its revenue in the coming years [3][44][45]. - The company’s revenue from lubricant additives is projected to reach 3.073 billion CNY in 2024, with a year-on-year growth of 13%, while revenue from carbonless paper color developers has declined [30][32]. Financial Performance - The company has shown consistent revenue growth, with a compound annual growth rate (CAGR) of 45.73% from 2016 to 2022. The net profit attributable to the parent company increased from 34 million CNY in 2016 to 588 million CNY in 2022, reflecting a CAGR of 60.82% [30][31]. - The company’s operating cash flow has also improved significantly, increasing from 39 million CNY in 2016 to 436 million CNY in 2024, indicating strong cash generation capabilities [50][52]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 886 million CNY, 1.057 billion CNY, and 1.25 billion CNY for 2025, 2026, and 2027, respectively, corresponding to price-earnings ratios of 19X, 16X, and 14X [3][10].

Core Viewpoint - The company has announced a profit distribution plan for the year 2024, proposing a cash dividend of 12 RMB per 10 shares to all shareholders, based on a reduced share count after accounting for repurchased shares [1][2][3] Group 1: Profit Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting, with a base of 290,356,665 shares for the cash dividend distribution after deducting 5,578,613 repurchased shares [2][3] - The total cash dividend to be distributed amounts to 348,427,998 RMB (including tax) [1][2] - The cash dividend per share is calculated as 348,427,998 RMB divided by 295,935,278 shares, resulting in approximately 11.77 RMB per 10 shares [1][5] Group 2: Shareholder Eligibility and Taxation - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of May 21, 2025 [3][4] - Different tax rates will apply for dividends received by Hong Kong market investors and domestic investors, with the company not withholding individual income tax at the time of distribution [3][4] Group 3: Adjustments and Legal Responsibilities - The company will adjust the total cash dividend distribution if there are changes in total share capital due to stock options, new shares, or share repurchases before the distribution date [2][3] - The company assumes all legal responsibilities for any issues arising from insufficient cash dividends due to a decrease in shareholders' account shares during the distribution application period [4][5]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-028 一、股东大会通过权益分派方案的情况 1．公司于2025年4月18日召开的2024年年度股东大会审议通过了《关于<公 司2024年度利润分配预案>的议案》，同意公司以2024年度权益分派股权登记日 新乡市瑞丰新材料股份有限公司 2024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。 特别提示： 1、新乡市瑞丰新材料股份有限公司（以下简称"公司"或"本公司"）2024年 年度股东大会审议通过的2024年度利润分配预案为：以2024年度权益分派股权登 记日股份数量扣减公司回购专户持有的股份数量5,578,613股后为基数，向全体股 东每10股派发现金股利12元（含税），不送红股，不以资本公积转增股本。 截至本公告日，公司总股本为295,935,278股，剔除公司回购专用证券账户中 已回购股份5,578,613股后的股本290,356,665为基数，向全体股东以每10股派发现 金股利人民币12元（含税），合计派发现金股利348,427,998.00元（含税）。 2、本次权益分 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-029 新乡市瑞丰新材料股份有限公司 关于公司董事、副总经理辞职的公告 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。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）董事会于近日收到公 司董事、副总经理陈立功先生递交的书面辞职报告。陈立功先生因个人原因辞去 公司董事、副总经理职务。陈立功先生担任公司董事、副总经理的原定任期至第 四届董事会届满之日（2027年7月4日）为止。根据《公司法》《深圳证券交易所 上市公司自律监管指引第2号——创业板上市公司规范运作》《公司章程》等相 关规定，陈立功先生的辞职申请自送达董事会之日起生效。陈立功先生辞职后不 担任公司其他职务。 陈立功先生的工作已进行妥善交接，其辞去第四届董事会董事职务不会导致 公司董事会人数低于法定最低人数，不影响公司董事会的正常运行，不会对公司 日常生产经营活动产生不利影响。 截至本公告披露日，陈立功先生持有公司股份570,724股，占公司总股本的 0.19%。陈立功先生不存在应当履行而未履行的承诺事项。辞职后，陈立功先生 仍将继续遵守《 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-027 新乡市瑞丰新材料股份有限公司 关于2021年限制性股票激励计划首次授予部分第三个归属期及 预留授予部分第二个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 归属股票来源：公司向激励对象定向发行的本公司人民币A股普通股股 票 新乡市瑞丰新材料股份有限公司（以下简称"公司"）于2025年4月21日召开 第四届董事会第八次会议、第四届监事会第七次会议审议通过了《关于2021年限 制性股票激励计划首次授予部分第三个归属期及预留授予部分第二个归属期归 属条件成就的议案》。近日，公司办理了2021年限制性股票激励计划（以下简称 "本次激励计划"或"本激励计划"）首次授予部分第三个归属期及预留授予部分第 二个归属期归属股份的登记工作，现将相关事项公告如下： 一、公司2021年限制性股票激励计划已履行的审批程序和信息披露情况 （一）本次激励计划简述 重要内容提示： 本次归属的限制性股票上市流通日：2025年5月14日 本次符合归属条件的激励对象共156人，其中首次授予部分激 ...

Group 1 - The core point of the announcement is that Sinopec Capital, a shareholder holding more than 5% of the shares, plans to reduce its stake in Ruifeng New Materials (300910) through centralized bidding, with a maximum reduction of 2.9179 million shares, accounting for no more than 1% of the company's total share capital [1] Group 2 - The reduction period is set from June 3, 2025, to September 2, 2025 [1]