新瀚新材分析师会议-20251021

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - In the first three quarters of 2025, the company achieved an operating income of 330 million yuan, a year - on - year increase of 7.99%, and a net profit of 51.53 million yuan, a year - on - year increase of 23.32%. The company is optimistic about the development of the PEEK industry chain, and the production and market expansion of cosmetic raw material HAP are progressing normally. The company's product毛利率 has rebounded due to increased capacity utilization and decreased raw material prices [25][27][30] 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Xinhan New Materials, belonging to the chemical raw material industry. The reception time was on October 21, 2025, and the listed company's reception staff included the board secretary Li Xiangfei, the financial director Wang Zhongyan, and the securities affairs representative Ge Mingmin [16] 3.2 Detailed Research Institutions - The research institutions include fund management companies such as Baoying Fund, Chuangjin Hexin Fund, and Xinda Australia Asia Fund; investment companies like Dingtian Investment and Ruiyi Investment; securities companies such as Shenwan Hongyuan and CITIC Construction Investment Securities; other institutions including Marco Polo China Assets and Hongyun Private Equity Fund; and banks such as Ping An Bank [17][18] 3.3 Research Institution Proportion - No information provided in the given content 3.4 Main Content Data - 2025 Q1 - Q3 Brief Analysis: The company achieved an operating income of 330 million yuan, a year - on - year increase of 7.99%, and a net profit of 51.53 million yuan, a year - on - year increase of 23.32%. The comprehensive gross profit margin and sales net profit margin of products gradually improved. The sales of the main products included 40% of DFBP, 18% of photoinitiators, 22% of cosmetic raw materials, and about 20% of medical and agricultural intermediates [25] - Question and Answer Session: - DFBP: The product price is adjusted periodically according to raw material prices and other factors and is currently at a low level. The production mainly comes from new capacity, with high capacity utilization and gradually repaired gross profit margin [26] - PEEK: It has excellent comprehensive performance, and new attempts in high - end manufacturing fields have added new growth momentum. The company is optimistic about the development of the PEEK industry chain [27][28] - Cosmetic Raw Material HAP: The production and market expansion are progressing normally, and the sales volume growth is due to the development of new customers and increased penetration. The product price is adjusted periodically [28] - Three - Workshop of the Fund - Raising Project: The equipment is being installed and is expected to be completed by December 2025 [29] - Reasons for Gross Profit Margin Rebound in Q1 - Q3: The continuous and stable increase in capacity utilization reduces the fixed cost per unit product, and the raw material price has decreased [30]