Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The agricultural chemical industry is entering a period of layout opportunities, driven by the increasing importance of food security amid geopolitical fluctuations. The focus is on enhancing planting efficiency through technological empowerment [8] - The report emphasizes the growth potential of leading companies in the agricultural chemical sector, particularly those focused on technology services, including plant growth regulators, compound fertilizers, and pesticide formulations [3][8] - The report highlights the recovery opportunities in various sub-sectors of the chemical industry, including MDI, PVC, and refining, with specific companies recommended for investment [3][8] Summary by Relevant Sections Agricultural Chemical Sector - The report identifies growth opportunities in the agricultural chemical sector, particularly for companies that provide technology-driven services. Key areas include: 1. Plant growth regulators, which are characterized by low usage, high effectiveness, and cost efficiency, are seen as essential for modern agriculture [8] 2. Compound fertilizers are crucial for providing precise nutrient ratios to crops, with room for growth in China's compound fertilizer application rates compared to developed countries [8] 3. The potential for Chinese pesticide formulation companies to expand internationally, breaking the monopoly of traditional multinational corporations [8] Chemical Industry Recovery - The report notes a positive outlook for the recovery of various chemical sub-sectors, including: - MDI leader Wanhua Chemical (600309, Buy) [3] - PVC industry players such as Zhongtai Chemical (002092, Not Rated) and Xinjiang Tianye (600075, Not Rated) [3] - Refining sector leaders like Sinopec (600028, Buy) and Rongsheng Petrochemical (002493, Buy) [3] - The report anticipates continued price increases for high-energy products, particularly in the PVC sector, due to supply constraints and structural demand shifts [8]

本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：301035 证券简称：润丰股份 公告编号：2026-004 山东潍坊润丰化工股份有限公司 关于部分募集资金专户完成销户的公告 一、募集资金基本情况 经中国证券监督管理委员会于2021年6月23日下发的《关于同意山东潍坊润 丰化工股份有限公司首次公开发行股票注册的批复》（证监许可[2021]2113号） 同意，山东潍坊润丰化工股份有限公司（以下简称"公司"或"润丰股份"）向 社会公开发行人民币普通股股票（A股）69,050,000股，每股发行价格为22.04 元，募集资金总额为人民币152,186.20万元，扣除各项发行费用，实际募集资金 净额为人民币142,880.93万元。大信会计师事务所（特殊普通合伙）对公司上述 资金到位情况进行了审验，并于2021年7月23日出具了大信验字[2021]第3-00030 号《验资报告》。公司已按规定对募集资金进行了专户储存管理，并与保荐机构、 开户银行签订了募集资金监管协议。 二、募集资金专户开立和注销情况 为规范募集资金的存放、使用和管理，提高募集资金使用效率，保 ...

融券方面，润丰股份1月29日融券偿还2800.00股，融券卖出100.00股，按当日收盘价计算，卖出金额 8215.00元；融券余量1.67万股，融券余额137.19万元，超过近一年60%分位水平，处于较高位。 资料显示，山东潍坊润丰化工股份有限公司位于山东省济南市高新区汉峪金融商务中心五区5号楼 3001，成立日期2005年6月23日，上市日期2021年7月28日，公司主营业务涉及农药原药及制剂的研发、 生产和销售。主营业务收入构成为：除草剂72.04%，杀虫剂16.26%，杀菌剂10.33%，其他1.14%，其他 (补充)0.22%。 1月29日，润丰股份涨0.87%，成交额2.03亿元。两融数据显示，当日润丰股份获融资买入额1629.41万 元，融资偿还1701.99万元，融资净买入-72.59万元。截至1月29日，润丰股份融资融券余额合计1.94亿 元。 截至9月30日，润丰股份股东户数6630.00，较上期减少2.90%；人均流通股42284股，较上期增加 2.99%。2025年1月-9月，润丰股份实现营业收入109.11亿元，同比增长11.51%；归母净利润8.90亿元， 同比增长160.49%。 ...

Market Overview - The agricultural chemical sector experienced a decline of 1.56% on January 29, with Nongda Technology leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Guangxin Co., Ltd. (Code: 6655209) with a closing price of 15.50, up 10.01% and a trading volume of 779,400 shares, totaling 1.156 billion yuan [1] - Limin Co., Ltd. (Code: 002734) closed at 20.99, up 6.98% with a trading volume of 835,600 shares, totaling 1.696 billion yuan [1] - Major decliners included: - Nongda Technology (Code: 920159) with a closing price of 46.05, down 12.93% and a trading volume of 81,600 shares, totaling 3.81 billion yuan [2] - Zhongnong United (Code: 003042) closed at 22.87, down 10.00% with a trading volume of 455,700 shares [2] Capital Flow - The agricultural chemical sector saw a net outflow of 1.974 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.463 billion yuan [2] - The capital flow for specific stocks showed: - Limin Co., Ltd. had a net inflow of 1.89 billion yuan from institutional investors, but a net outflow of 819.96 million yuan from retail investors [3] - Guangxin Co., Ltd. experienced a net inflow of 139 million yuan from institutional investors, with a net outflow of 668.65 million yuan from retail investors [3]

Group 1 - On January 27, the target price increases for listed companies were led by Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [1][2] - A total of 29 listed companies received broker recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer each receiving one recommendation [2] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [3][4] Group 3 - Five companies received initial coverage on January 27, including Taihe New Materials with an "Overweight" rating from Dongbei Securities, Keli Ke with an "Outperform" rating from Guoxin Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Overweight" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [5][6]

Group 1 - On January 27, brokerages set target prices for listed companies with notable increases for Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [2][3] - A total of 29 listed companies received brokerage recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer receiving one recommendation each [3] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [4][5] - Five companies received initial coverage on January 27, including Taihe New Materials with an "Accumulate" rating from Northeast Securities, Kelike with an "Outperform" rating from Guosen Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Accumulate" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [6]

Group 1: Cambridge Technology - The report initiates coverage on Cambridge Technology, predicting a target price of 161 CNY and a buy rating, with expected net profits of 261 million, 1.772 billion, and 3.307 billion CNY for 2025-2027, respectively [3] - The company is a global leader in optical connectivity, broadband, and wireless solutions, actively investing in high-end optical modules to capitalize on the rapid development of AI [3][4] - The optical module market is expected to grow significantly, reaching approximately 13 billion USD by 2025 and 16 billion USD by 2026, driven by increased AI investments from North American cloud vendors [4] Group 2: Tianfu Communication - Tianfu Communication has lowered its profit forecast and target price while maintaining a buy rating, with a revised net profit estimate of 2.08 billion CNY for 2025 [5][40] - The company anticipates stable demand growth despite slightly lower-than-expected performance, benefiting from the acceleration of AI industry development and global data center construction [41] Group 3: Kingsoft Cloud - Kingsoft Cloud is in a new growth phase driven by AI, with projected revenues of 9.51 billion, 11.685 billion, and 14.338 billion CNY for 2025-2027, respectively, despite expected net losses [9][33] - The company reported a significant revenue increase of 31.4% year-on-year in Q3 2025, with AI revenue growing approximately 120% [10][34] - Kingsoft Cloud is heavily investing in AI infrastructure, with 80% of its recent fundraising allocated to support AI business expansion [11][35] Group 4: Kevin Education - Kevin Education is positioned to improve profitability through its AI education initiatives, with projected revenues of 420 million, 572 million, and 760 million CNY for 2025-2027 [12][15] - The company has partnered with leading AI firms to enhance its educational technology capabilities, tapping into a significant market potential in AI education [14]

Market Performance - On January 27, the A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.18% to 4139.9 points, the Shenzhen Component Index rising by 0.09% to 14329.91 points, and the ChiNext Index climbing by 0.71% to 3342.6 points [1] - The sectors that performed well included storage chips, automotive chips, and F5G concepts, while sectors such as pork, Helicobacter pylori, and organic silicon experienced declines [1] Fund Manager Changes - On January 27, a total of 19 fund managers experienced changes in their positions, which can significantly impact the future performance of the funds they manage [2] - In the past 30 days (December 28 to January 27), 507 fund managers have left their positions, with 30 fund products announcing departures on January 27 alone [3] - The reasons for these departures included personal reasons, the end of agency roles, and product expirations [3] New Fund Managers - On January 27, 50 fund products announced new fund manager appointments, involving 15 new managers [5] - Notably, Longjiang Wei from Hengsheng Qianhai Fund has a total asset scale of 629 million yuan, with a highest return of 72.22% on the Hengsheng Qianhai High-end Manufacturing Mixed A fund during his tenure [5] Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 46 listed companies, followed by Huaxia Fund and Guotai Fund with 44 and 37 companies respectively [7] - The chemical products industry was the most researched sector, with 193 instances, followed by the automotive parts industry with 170 instances [7] - In the last week (January 20 to January 27), the most researched company was Dajin Heavy Industry, which received attention from 67 fund management companies [9]

公 司 研 究 业绩同比大幅增长，毛利率持续提升 润丰股份(301035) 润丰股份跟踪报告 本报告导读： 公司 2026 年毛利率有望走高，美国工厂的投入运营对于美国业务的成长提供了非常 好的支撑。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 11,485 | 13,296 | 14,598 | 16,195 | 18,175 | | (+/-)% | -20.6% | 15.8% | 9.8% | 10.9% | 12.2% | | 净利润(归母) | 771 | 450 | 1,110 | 1,357 | 1,673 | | (+/-)% | -45.4% | -41.6% | 146.6% | 22.3% | 23.2% | | 每股净收益(元) | 2.75 | 1.60 | 3.95 | 4.83 | 5.96 | | 净资产收益率(%) | 11.8% | 6.8% | 14.6% | 15.3 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Insights - The company is expected to see a significant increase in gross profit margin by 2026, supported by the operation of its U.S. factory, which will contribute positively to its business growth in the U.S. market [2][13]. - The company has outlined four clear growth directions in its strategic planning, which are progressing smoothly and are anticipated to drive revenue growth and margin improvement [13]. - The projected revenue for 2025 is estimated to be between 145.5 billion to 147.5 billion yuan, representing a year-on-year growth of 9.43% to 10.93% [13]. Financial Summary - Total revenue for 2023 is reported at 11,485 million yuan, with projections of 13,296 million yuan for 2024, 14,598 million yuan for 2025, 16,195 million yuan for 2026, and 18,175 million yuan for 2027, reflecting a growth rate of -20.6% in 2023, followed by positive growth in subsequent years [4][14]. - Net profit attributable to the parent company is expected to recover significantly from 771 million yuan in 2023 to 1,110 million yuan in 2025, and further to 1,357 million yuan in 2026, indicating a year-on-year growth of 146.6% in 2025 [4][14]. - The earnings per share (EPS) is projected to increase from 2.75 yuan in 2023 to 3.95 yuan in 2025, and 4.83 yuan in 2026 [4][14]. Market Data - The current stock price is 78.80 yuan, with a target price set at 94.19 yuan, indicating a potential upside [6][13]. - The company has a total market capitalization of 22,125 million yuan and a total share capital of 281 million shares [7][14]. - The stock has shown a 52-week price range of 47.18 to 82.95 yuan, with a significant absolute increase of 68% over the past 12 months [7][11].