（文章来源：每日经济新闻） 国信证券8月22日发布研报称，给予鲁西化工（000830.SZ，最新价：12.76元）优于大市评级。评级理 由主要包括：1）核心业务化工新材料营收同比增长，毛利率下滑；2）基础化工板块营收与毛利率均同 比提升；3）化肥板块营收同比增长，盈利能力略降。风险提示：下游需求不及预期；原材料价格上 涨；行业竞争加剧风险等。 ...

Core Viewpoint - Suhao Hongye's stock price increased by 0.56% on August 5, with a trading volume of 70.49 million yuan and a market capitalization of 2.635 billion yuan [1] Group 1: Company Overview - Suhao Hongye is the second-largest shareholder of Hongye Futures, holding 16.31% of its shares, which is listed on the Hong Kong Stock Exchange [2] - The company’s subsidiary, Jiangsu Aitao Cultural Industry Co., Ltd., holds a 28% stake in Jiangsu Cultural Property Exchange Co., Ltd. [2] - Suhao Hongye's main business revenue composition includes: Energy and Chemicals 59.20%, Light Industry Crafts 21.52%, Electromechanical Products 9.28%, Others 7.37%, Cultural Engineering 2.64% [6] Group 2: Financial Performance - For the first quarter of 2025, Suhao Hongye achieved a revenue of 1.998 billion yuan, representing a year-on-year growth of 19.42%, and a net profit attributable to shareholders of 3.374 million yuan, up 11.08% year-on-year [6] - The company has distributed a total of 503 million yuan in dividends since its A-share listing, with 74.03 million yuan distributed over the past three years [7] Group 3: Market Activity - The main capital inflow for the stock today was -3.2989 million yuan, accounting for 0.05% of the total, with no significant trend in capital movement observed [3][4] - The average trading cost of the stock is 10.95 yuan, with recent reductions in holdings slowing down; the current stock price is near a resistance level of 10.69 yuan [5]

Group 1 - The article emphasizes the investment value of lithium batteries and fertilizers, highlighting that the company is a leader in both sectors in China [1] - The company has a high import dependency of 67% for its main products, indicating potential risks and opportunities in sourcing [1] - The company plans to acquire overseas mineral assets, which could enhance its supply chain and reduce import reliance [1] Group 2 - The gross profit margin for fertilizer products remains above 50%, showcasing strong profitability in this segment [1] - Over the past four years, the production capacity and sales of lithium battery materials have grown at an annual rate exceeding 30%, indicating robust market demand [1] - The company is expected to benefit from the stabilization and recovery of prices for both lithium battery materials and fertilizers [1]

Core Viewpoint - The company Suhao Hongye experienced a decline in stock price and has a market capitalization of 2.739 billion yuan, with significant trading activity noted on July 17 [1] Group 1: Company Overview - Suhao Hongye is located in Nanjing, Jiangsu Province, and was established on June 30, 1994, with its stock listed on September 1, 1997 [6] - The company's main business includes trade (import and export, domestic trade) and cultural activities (cultural engineering, art management, cultural venue operations, and cultural creative product development and sales) [6] - The revenue composition of the company is as follows: Energy and Chemicals 59.20%, Light Industry Crafts 21.52%, Mechanical and Electrical Products 9.28%, Others 7.37%, Cultural Engineering 2.64% [6] - As of March 31, the number of shareholders increased by 129.33% to 46,200, with an average of 5,339 circulating shares per person, a decrease of 56.39% [6] Group 2: Financial Performance - For the first quarter of 2025, the company achieved a revenue of 1.998 billion yuan, representing a year-on-year growth of 19.42%, and a net profit attributable to shareholders of 3.374 million yuan, up 11.08% year-on-year [6] - The company has distributed a total of 503 million yuan in dividends since its A-share listing, with 7.403 million yuan distributed in the last three years [7] Group 3: Investment and Subsidiaries - The company is the second-largest shareholder of Hongye Futures, holding 16.31% of its shares, which is listed on the Hong Kong Stock Exchange [2] - The company’s subsidiary, Jiangsu Aitao Cultural Industry Co., Ltd., holds a 28% stake in Jiangsu Cultural Property Exchange Co., Ltd. [2] - The company invested 12 million yuan for a 24% stake in Jiangsu Hongrui Technology Investment Co., Ltd., the first venture capital firm in Jiangsu Province focused on the biomedical field [2] Group 4: Market Activity - On July 17, the stock price of Suhao Hongye fell by 2.37%, with a trading volume of 210 million yuan and a turnover rate of 7.62% [1] - The main capital flow showed a net outflow of 27.6198 million yuan, with the industry ranking 13 out of 13, indicating unclear trends in main capital [3][4]

Core Viewpoint - The A-share market showed positive momentum with the ChiNext index rising by 1.74%, driven by strong performances in sectors such as brain engineering and defense industry [1] Market Performance - The three major indices opened lower but experienced upward movement, with the Shanghai Composite Index increasing by 0.38%, the Shenzhen Component Index rising by 1.03%, and the ChiNext Index gaining 1.74% [1] - The total trading volume in the market exceeded 800 billion yuan, with approximately 3,800 stocks advancing [1] Sector Highlights - The brain engineering concept saw significant gains, with Aipeng Medical hitting a 20% limit up [1] - The copper cable high-speed connection concept also surged, with Woer Nuclear Materials reaching the limit up [1] - The defense and military industry continued to strengthen, with AVIC Chengfei rising nearly 12% [1] - Other sectors that performed well included insurance, AI applications, heat pump concepts, photovoltaic concepts, and ST stocks [1] Declining Sectors - The PEEK materials concept experienced a sharp decline, with Zhongxin Fluorine Materials hitting the limit down [1] - Other sectors that faced declines included seed industry and fertilizer concepts [1]

①化工新材料：核心增长引擎 公司化工新材料产品包括 聚碳酸酯（PC）、尼龙 6、己内酰胺、多元醇（正丁醇、辛醇、新戊二醇等）、有机硅材料和氟材料（六氟丙烯、聚全氟乙 丙烯、聚四氟乙烯、二氟甲烷等） 。报告期内， 己内酰胺·尼龙 6 一期工程 开车成功满负荷运行， 40万吨有机硅项目 顺利打通全流程， 24万吨乙烯 下游一体化项目 、 15 万吨丙酸等项目 有序推进， 30万吨双氧水装置 恢复生产。 报告期内， 化工新材料板块营收203.66亿元，同比增长26.83%，占总营收68.43% ，毛利率16%（同比+1个百分点） ②基础化工：价格承压，营收下滑 【DT新材料】 获悉，4月26日， 鲁西化工 发布公告，2025年第一季度，公司实现营业收入为72.90亿元，同比上升7.96%；归母净利润为4.13亿元， 同比下降27.30%；扣非归母净利润为3.84亿元，同比下降33.81%。 | | 本报告期 | 上年同期 | 本报告期比上年同 | | --- | --- | --- | --- | | | | | 期增减(%) | | 营业收入(元) | 7,289,926,095.44 | 6,752,410,7 ...