20250516申万期货品种策略日报-聚烯烃（LL&PP） | | lujm@sywgqh.com.cn 021-50583880 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | LL PP | | | | | | | | | 1月 5月 9月 1月 5月 9月 | | | | | | | | | 前日收盘价 | 7217 | 7500 | 7298 | 7094 | 7248 | 7161 | | 期 | 前2日收盘价 | 7259 | 7480 | 7339 | 7136 | 7220 | 7193 | | 货 | 涨跌 | -42 | 20 | -41 | -42 | 28 | -32 | | 市 | 涨跌幅 | -0.58% | 0.27% | -0.56% | -0.59% | 0.39% | -0.44% | | 场 | 成交量 | 41121 | 228 | 460827 | 19015 | 1 | 379584 | | | 持仓量 | 73716 | 1787 | 527579 | 44608 | 3078 ...

基础化工行业：行业整体盈利承压，细分 行业表现分化 2025 年 5 月 15 日 看好/维持 基础化工 行业报告 ——化工行业 2024 及 2025Q1 业绩回顾 | | | 投资摘要： 我们按照中证行业分类，对化工行业分类中的 384 家公司的 2024 年年报及 2025 年 1 季报的整体经营状况进行梳理。 2024 年化工行业增收不增利，业绩依然承压。2024 年化工品价格指数小幅震荡下行，化工行业仍处于低景气阶段。2024 年全球化工市场需求不足，行业竞争持续加剧，化工产品价格和盈利继续面临压力。2024 年，化工行业整体实现营业收入 28649.67 亿元，同比变动+2.96%；归母净利润 1080.70 亿元，同比变动-7.10%。行业销售毛利率（整体法）为 14.57%， 同比变动-0.65 个百分点。 2025 年 1 季度化工行业同比小幅改善。2025 年年初至今，化工品价格指数继续下行。2025 年 1 季度，化工行业整体实现 营业收入 6769.65 亿元，同比变动+1.30%；归母净利润 337.50 亿元，同比变动+5.58%。行业销售毛利率（整体法）为 15.38%， 同比变 ...

证券代码：831278 证券简称：泰德股份 公告编号：2025-023 青岛泰德轴承科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 14 日 活动地点：公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会。 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长：张春山先生；董事、总经理：宋登昌先生； 财务负责人：古龙江先生；董事会秘书：张锡奎先生；保荐代表人：孙芳晶先生。 三、 投资者关系活动主要内容 问题 1：谐波减速器专用薄壁柔性轴承，技术壁垒如何？成本占谐波减速器 总成本比例如何？ 回复：尊敬的投资者您好，感谢您对泰德股份的关注，柔性轴承的技术壁垒 包含以下三个 ...

丽臣实业分析师会议 调研日期：2025年05月15日 调研行业：化学制品 参与调研的机构：财信证券等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 ...

Group 1: Company Strategy and Innovation - The company focuses on technology innovation and aims to strengthen its core technology advantages in sulfur recovery and other fields while exploring new industries [3] - In 2024, the company applied for 27 patents, including 12 invention patents and 15 utility model patents, enhancing its technological development capabilities [3] - The company plans to develop high-end chemicals and new materials, aiming to become a "value enterprise" with resource efficiency and technological differentiation [3] Group 2: Project Developments and Investments - The company is involved in the "Middle China Nuclear Delingha 50MW Solar Thermal Power Station Project," which is the first large-scale commercial solar thermal power project in China [4] - The total investment for the Luyou L Refining Project is 24.5 billion yuan, with construction expected to take 2 years and 7 months [4] - As of March 31, 2025, the company has signed uncompleted project orders amounting to 167,064.56 million yuan [8] Group 3: Financial Performance and Market Position - The company’s market value is influenced by its profitability and future development potential, with a target market value of 7.5 billion yuan for 2025 [4] - The company has distributed a total cash dividend of 1,225.88 million yuan since its listing, reflecting its commitment to shareholder returns [9] - The first quarter of 2025 saw a slight decline in profits due to fluctuations in chemical product prices, with expectations for improvement in the second quarter [7] Group 4: Future Plans and Market Opportunities - The company is exploring opportunities in cellulose derivatives and related projects, with a planned capacity of 15,000 tons for cellulose acetate and its derivatives [7] - The company is cautious about mergers and acquisitions, focusing on strategic alignment and careful decision-making [10] - The company aims to expand its production capacity for high-value-added products while maintaining a low debt ratio and sufficient cash reserves [10]

哈尔滨电气集团佳木斯电机股份有限公司 投资者关系活动记录表 编号：2025-02 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 活动参与人员 单位：哈尔滨电气集团佳木斯电机股份有限公司 人员：参与佳电股份 2025 年投资者网上集体接待日活动 暨业绩说明会的人员 时间 2025 年 5 月 14 日 15:00-16:30 地点 网络："全景•路演天下"（http://rs.p5w.net) 形式 线上 交流内容及具体问答 记录 详见附件。 关于本次活动是否涉 及应披露重大信息的 说明 否 活动过程中所使用的 演示文稿、提供的文 档等附件（如有，可 作为附件） 佳电股份 2025 年投资者网上集体接待日活动暨业绩说明 会问答列表 4.工业设备更新政策红利释放期，公司如何评估 2025 年下游客户采购意愿对 订单增长的影响幅度？ 答：尊敬的投资者您好！ 公司通过细化分析国家及行业政策、客户行为及市场 变量，从而更精准分析政策对公司产生的影响，优化资源配置并降低经营风险。 感谢您对公司的关注。 5.哈电集团今后有 ...

Group 1 - The core business of the company includes the production and sales of biodiesel, environmental materials, and specialty chemical products [1] - The company is recognized as a national high-tech enterprise and has received multiple honors for its technological innovations [1] - As of April 18, 2025, the company has 44,878 shareholders, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - The latest financial report for Q1 2025 shows a revenue of 241 million yuan, a year-on-year decrease of 53.69%, and a net profit loss of approximately 49.9 million yuan, a year-on-year increase of 57.60% [1] - The company's gross profit margin is reported at -6.65% [1] - The current market capitalization of the company is 7.049 billion yuan, with a price-to-earnings ratio (TTM) of -7.95 and a price-to-book ratio of 1.19 [2]

Core Viewpoint - The mechanical industry is experiencing revenue growth in 2024, but profitability has slightly declined, with total revenue reaching 24,389.96 billion yuan, a year-on-year increase of 4.97%, while net profit attributable to shareholders decreased by 12.47% to 1,291.17 billion yuan [2] Revenue and Profitability - In 2024, the mechanical industry's gross margin was 23.50%, down by 0.98 percentage points year-on-year, and the net profit margin was 5.29%, a decrease of 1.05 percentage points, primarily due to falling product prices and insufficient effective demand [2] - The inventory and accounts receivable turnover rates changed by +0.52% and -3.54% respectively, indicating a slight improvement in cash generation capacity, with operating cash flow as a percentage of revenue increasing by 0.41 percentage points [2] Sector Performance - The semiconductor equipment, shipbuilding and offshore engineering, and usage equipment sectors showed high revenue growth in 2024, with year-on-year revenue growth rates of 32.90%, 23.08%, and 18.76% respectively, and net profit growth rates of 13.39%, 74.84%, and 4.17% [3] - For Q1 2025, these sectors are expected to maintain strong performance, with revenue growth rates of 38.60%, 164.08%, and 19.94% respectively, indicating a high level of industry prosperity [3] - The engineering machinery sector showed marginal improvement in Q1 2025, with revenue and profit growth rates of 10.29% and 31.52% respectively, an increase of 6.01 and 21.23 percentage points compared to Q1 2024 [3] Investment Recommendations - Key investment recommendations include companies such as Huace Testing, Bochu Electronics, Yirui Technology, and others, focusing on value and forward-looking opportunities [4] - Long-term investment themes suggest focusing on emerging market growth and export acceleration, particularly in sectors like humanoid robots, AI infrastructure, and coal chemical equipment [5] - Attention is also drawn to supply-side factors, including stock updates and import substitution opportunities in sectors like shipbuilding and nuclear power equipment [6]

Core Viewpoint - The chemical industry is experiencing a low level of prosperity, with expectations for a cyclical recovery in the future. The performance of the petrochemical and basic chemical sectors has shown significant divergence, influenced by factors such as oil price fluctuations and market demand [2][3]. Group 1: Industry Performance - In Q1 2025, the petrochemical sector achieved revenue of 1,015.1 billion yuan, a year-on-year decrease of 7.1%, while the basic chemical sector reported revenue of 607.0 billion yuan, an increase of 6.4% [1][2]. - The net profit attributable to shareholders for the petrochemical sector was 17.0 billion yuan, down 23.5% year-on-year, whereas the basic chemical sector saw a net profit of 37.1 billion yuan, up 4.7% year-on-year [1][2]. - For the full year of 2024, the petrochemical sector is projected to generate revenue of 43,056 billion yuan, a decrease of 3.2%, while the basic chemical sector is expected to reach 24,970 billion yuan, with a slight increase of 0.3% [2]. Group 2: Cost and Demand Dynamics - The average Brent crude oil price in Q2 2025 is projected to be 65.3 USD/barrel, reflecting a decline of 12.9% from Q1 2025 and 23.2% from Q2 2024 [3]. - The petrochemical and basic chemical sectors experienced year-on-year capital expenditure growth rates of -24.5% and -5.3%, respectively, indicating a slowdown in investment [3]. - Despite challenges in international trade, the resilience of China's chemical exports is anticipated, particularly with the potential release of domestic demand driven by ongoing policy support [3]. Group 3: Investment Recommendations - The current price-to-earnings (PE) ratios for the petrochemical and basic chemical sectors are 18.2x and 23.7x, respectively, indicating a premium compared to historical averages [4]. - The basic chemical sector is viewed as undervalued, presenting medium to long-term investment opportunities [4]. - Key investment themes include expanding domestic demand, fostering new production capabilities, and capitalizing on high-performing resource sectors [5].

编号：2025-005 号 投资者关系 活动类别 特定对象调研 分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 道恩股份总经理：田洪池 道恩股份副总经理、董事会秘书：王有庆 道恩股份证券事务专员：陈浩 参与机构： 华安证券、中银证券、默得生健康投资、中邮证券、鲁创私募、大道兴业、多璨投 资 时间 2025 年 5 月 14 日 10:00-11:30 地点 道恩股份会议室 形式 现场交流 证券代码：002838 证券简称：道恩股份 山东道恩高分子材料股份有限公司投资者关系活动记录表 2 1 1、 公司情况介绍 道恩股份于 2002 年成立，是一家专业从事高性能热塑性弹性体、改性塑料、 色母粒及聚酯材料等功能性高分子复合材料的研发、生产、销售与服务的国家级高 新技术企业。致力于高分子新材料的进口替代及消费升级，产品广泛应用于汽车交 通、家电通讯、航空航天、医疗卫生、大消费、新能源等领域。现有改性塑料年产 能 50 万吨、热塑性弹性体年产能 9 万吨、色母粒及功能母料年产能 3 万吨，共聚 酯材料年产能 6 万吨，布局了再循环产业。 公司于 2006 年研发出国内第 ...