上 市 公 司 基础化工 2025 年 08 月 26 日 兴发集团 (600141) ——业绩符合预期，收购桥沟矿业 50%股权再添磷矿增 量，磷肥及草甘膦弹性或助盈利增长 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 28,396 | 14,620 | 29,457 | 30,903 | 31,571 | | 同比增长率（%） | 0.4 | 9.1 | 3.7 | 4.9 | 2.2 | | 归母净利润（百万元） | 1,601 | 727 | 2,107 | 2,668 | 3,176 | | 同比增长率（%） | 14.3 | -9.7 | 31.6 | 26.6 | 19.0 | | 每股收益（元/股） | 1.45 | 0.66 | 1.91 | 2.42 | 2.88 | | 毛利率（%） | 19.5 | 16.4 | 20.3 | 21.3 | 22.8 | | ROE ...

证券研究报告 | 2025年08月22日 鲁西化工（000830.SZ） 优于大市 短期盈利承压，营收稳增显韧性 公司 2025 年上半年营收同比增长，归母净利同比下滑。2025 年上半年公司 实现营收 147.4 亿元（同比+5.0%），归母净利润 7.6 亿元（同比-34.8%）； 其中二季度营收 74.5 亿元（同比+2.2%，环比+2.2%），归母净利润 3.5 亿 元（同比-41.9%，环比-15.1%）；毛利率/净利率为 13.2%/4.7%，期间费用 率 5.8%。利润下滑主要因化工新材料板块受原料价格波动及下游需求疲软影 响，叠加部分产品竞争加剧致盈利空间压缩。 核心业务化工新材料营收同比增长，毛利率下滑。公司化工新材料业务 2025 年上半年营收 97.4 亿元（占比 66.1%，同比+2.4%），毛利率 11.4%（同比 -9.8pct）。多元醇仍为公司利润核心来源，上半年公司销售多元醇/六氟丙 烯 等 氟 材 料 / 己 内 酰 胺 / 聚 碳 酸 酯 的 全 资 子 公 司 净 利 润 分 别 为 2.36/0.63/-1.69/-1.38 亿元。2025 年上半年，聚碳酸酯、尼龙 6 ...

Core Viewpoint - The article emphasizes the importance of chemical new materials as a core engine of strategic emerging industries, highlighting the need for a comprehensive understanding of the complex landscape of these materials to identify key materials and disruptive forces that drive industrial transformation [2][3]. Group 1: Overview of Chemical New Materials - The article introduces a comprehensive "Periodic Table of Chemical New Materials," categorizing them into 15 core categories, aiming to cover all significant materials that are currently in large-scale production, technologically mature, rapidly growing, and have clear industrialization paths [2][3]. - It aims to provide a clear classification framework that adheres to industry consensus and the intrinsic properties of materials, offering precise sub-category divisions and concise definitions [3]. Group 2: High-Performance Polymers and Composites - High-performance polymers are defined as synthetic polymer materials that exceed general plastics in heat resistance, mechanical strength, chemical resistance, dimensional stability, or special functions, often used as matrices or reinforcements in composite materials [5]. - The article lists various types of high-performance polymers, including specialty engineering plastics, high-performance thermosetting resins, and high-performance composites, detailing specific materials within each category [6][7]. Group 3: Functional High Polymer Materials - Functional high polymer materials are defined as polymers that provide special physical, chemical, or biological functions beyond basic mechanical properties [11]. - The article categorizes these materials into several types, including membrane separation materials, conductive polymers, optical materials, biomedical polymers, and stimuli-responsive polymers, detailing specific examples for each category [10][12][13]. Group 4: Organic Silicon and Fluorine Materials - Organic silicon materials are characterized by a main chain of silicon-oxygen bonds and organic groups, offering excellent high and low-temperature resistance, electrical insulation, and hydrophobic properties [14]. - Organic fluorine materials are defined as synthetic polymers containing fluorine atoms, known for their exceptional chemical inertness and temperature resistance [15][16]. Group 5: Specialty Rubber and Polyurethane Materials - Specialty rubber is defined as synthetic rubber with special properties such as oil resistance, high-temperature resistance, and flame retardancy, outperforming general rubber [18]. - Polyurethane materials are described as polymers formed from the reaction of polyisocyanates and polyols, with diverse forms and properties, including foams, elastomers, adhesives, and coatings [20][21]. Group 6: Advanced Electronic and Information Materials - Advanced electronic materials are critical for integrated circuits, display devices, storage devices, and optoelectronic devices, with categories including semiconductor manufacturing materials and packaging materials [29][30]. - The article details specific materials used in semiconductor manufacturing, such as silicon wafers, photoresists, and electronic specialty gases [30]. Group 7: New Energy Materials - New energy materials are essential for the development and utilization of solar, wind, and energy storage technologies, with categories including lithium-ion battery materials, fuel cell materials, and solar cell materials [33][34]. - The article provides a detailed breakdown of materials used in lithium-ion batteries, including cathode and anode materials, electrolytes, and separators [34]. Group 8: Environmental and Sustainable Materials - Environmental materials focus on reducing environmental impact, resource conservation, and recyclability, with categories including bio-based materials and biodegradable materials [37][38]. - The article lists various bio-based monomers and polymers, as well as biodegradable polymers, highlighting their significance in sustainable development [38]. Group 9: Specialty Additives and Coatings - Specialty additives are defined as fine chemicals that significantly improve processing or performance with minimal addition, including modifiers, flame retardants, and lubricants [40][41]. - Specialty coatings are designed to meet specific environmental protection or functional requirements, with categories including anti-corrosion coatings, high-temperature coatings, and functional coatings [43][44].

Group 1 - The stock price of Tianyuan Co., Ltd. is reported at 5.25 yuan, down 0.19 yuan from the previous trading day, with an opening price of 5.42 yuan, a high of 5.43 yuan, and a low of 5.22 yuan, with a trading volume of 320,536 hands and a transaction amount of 170 million yuan [1] - The company operates in the chemical raw materials industry, focusing on chlor-alkali chemicals, titanium dioxide, and lithium iron phosphate, and has extended its business into new chemical materials and new energy battery materials through a "one body, two wings" development strategy, establishing an integrated industrial chain of "chlorine-titanium-phosphorus-iron" [1] - In 2024, the company's lithium iron phosphate production is expected to reach 24,800 tons, generating sales revenue of 543 million yuan [1] Group 2 - The latest announcement indicates that the subsidiary Mabi Wuqiong Mining's 900,000 tons/year phosphate mine project has passed safety facility completion acceptance and is currently in the trial production stage, with a total investment of 179 million yuan and an expected annual net profit of 30.6095 million yuan [1] - The company's controlling shareholder has completed a shareholding increase plan amounting to 154 million yuan, and announced the transfer of 14,326,600 shares of state-owned equity without compensation [1] - In terms of capital flow, there was a net outflow of 27.053 million yuan from main funds on that day, with a cumulative net outflow of 3.8105 million yuan over the past five days [1]

Core Points - The company, Shanghai Jinhua Adhesive New Materials Co., Ltd., disclosed its major operating data for Q2 2025, including production, sales, and revenue figures for its main products [1]. Group 1: Main Products Performance - The production and sales of electronic adhesive materials reached 1,252.97 tons and 1,863.01 tons, respectively, with revenue of 13,706.18 million yuan [1]. - Industrial adhesive materials produced 13,148.53 tons and sold 13,361.76 tons, generating revenue of 25,571.70 million yuan [1]. - Optical adhesive film materials had a production of 273.04 tons and sales of 310.65 tons, with revenue amounting to 3,452.40 million yuan [1]. Group 2: Price Changes - The average price of industrial adhesive materials decreased by 1.04% to 1.91 yuan per square meter [1]. - The average price of chemical new materials dropped by 30.38% to 12.97 yuan per kilogram [1]. - The average price of optical adhesive film materials was reported at 10.26 yuan per square meter, reflecting an increase of 8.71% [1]. Group 3: Raw Material Price Changes - The price of paper base decreased by 4.60% to 13.27 yuan per kilogram, while resin increased by 1.64% to 13.01 yuan per kilogram [1]. - Rubber prices rose by 17.07% to 15.77 yuan per kilogram [1]. - The price of PET film increased by 8.71% to 13.86 yuan per kilogram, while the price of release agent rose by 6.17% to 11.01 yuan per kilogram [1]. Group 4: Other Information - No other significant events affecting the company's production and operations were reported during the reporting period [1].

Economic Performance - Guangdong's GDP reached 68,725.4 billion yuan in the first half of the year, with a year-on-year growth of 4.2%, an increase of 0.1 percentage points from the first quarter [3] - The province's industrial added value grew by 4%, retail sales of consumer goods increased by 3.5%, and foreign trade imports and exports rose by 4% [3] Foreign Trade - Guangdong's foreign trade imports and exports totaled 4.55 trillion yuan in the first half of the year, marking a 4% year-on-year increase, outperforming the national average by 1.1 percentage points [4] - The province accounted for 20.9% of the national foreign trade, contributing 28% to the national foreign trade growth [4] Export Products - Exports of mechanical and electrical products reached 19.6 trillion yuan, growing by 7.2% and representing 67.8% of the province's total exports [5] - High-tech product exports amounted to 505.43 billion yuan, with a growth rate of 13.3%, indicating a significant increase in the "new quality" of export products [5] Industrial Growth - The industrial added value in Guangdong increased by 4% year-on-year, with advanced manufacturing and high-tech manufacturing growing by 5.9% and 6% respectively [6] - The production of high-tech products such as new energy vehicles and industrial robots saw substantial growth, with increases of 14.7% and 34% respectively [6] Investment Trends - Industrial investment in Guangdong accounted for 38.1% of total investment, with significant growth in the automotive and petroleum industries, at 14.6% and 57.9% respectively [7] - The province aims to enhance its industrial structure by focusing on advanced manufacturing and integrating digital and green technologies into traditional industries [7]

Core Viewpoint - China National Chemical is planning an asset restructuring involving the acquisition of 100% equity in Nantong Xingchen Synthetic Materials Co., Ltd. from China BlueStar Group through a share issuance [1][5]. Company Overview - Nantong Xingchen was established in August 2000 with a registered capital of 800 million yuan, originally founded as a chemical plant in 1974. It has a total production capacity exceeding 400,000 tons, with leading positions in several chemical products [2]. - The company holds a significant market position in PBT, PPE, and epoxy resin, ranking first in PPE domestically and second globally, while also being a national champion in the production of polyphenylene ether [2][3]. Market Context - The domestic market for electronic-grade polyphenylene ether is heavily reliant on imports, with over 80% of the supply coming from foreign companies, highlighting a significant opportunity for domestic production [3]. - The chemical industry is currently facing a downturn, with low prices affecting major products, leading to a projected net loss for China National Chemical in the first half of 2025 [9]. Financial Performance - In 2024, China National Chemical reported a revenue of 52.925 billion yuan, a decrease of 2.48% year-on-year, and a net profit attributable to shareholders of -3.716 billion yuan, a decline of 58.63% [8]. - The company anticipates a net loss of between 808 million and 949 million yuan for the first half of 2025 due to ongoing industry challenges [9]. Production Capacity - As of the end of 2024, key product capacities include: - Caustic soda: 360,000 tons/year with a utilization rate of 103.83% - Epoxy resin: 350,000 tons/year with a utilization rate of 98.89% - Nylon 66: 40,000 tons/year with a utilization rate of 105.50% [10]. Strategic Positioning - China BlueStar is a global leader in chemical materials and specialty chemicals, operating 53 factories worldwide and engaging in business across over 200 countries [12].

Core Viewpoint - The successful trial production of the 200,000 tons/year mixed plastic waste resource utilization project by Dongyue Chemical in Guangdong marks a significant advancement in the chemical recycling of waste plastics, establishing a new industrial path for high-value and harmless utilization of waste plastics [1][9]. Industry Development - The establishment of the world's first industrialized waste plastic recycling facility in Guangdong exemplifies the province's efforts to extend the chemical product chain in the petrochemical industry [2][4]. - The petrochemical industry in Guangdong is undergoing a transformation from a focus on refining to driving new chemical materials, with integrated refining and chemical production becoming a core strategy for provinces competing for industrial dominance [3][10]. Market Dynamics - Major petrochemical companies are increasingly investing in Guangdong, enhancing the completeness of the petrochemical industry chain, which is characterized by large-scale projects and significant infrastructure investments [3][5]. - Guangdong aims to exceed a petrochemical industry scale of 2 trillion yuan by 2025, with a focus on creating a leading and world-class green petrochemical industry cluster [6][10]. Technological Innovation - The Dongyue Chemical project utilizes a unique "one-step" process for deep catalytic cracking of mixed waste plastics, achieving a product yield of over 92% without the need for complex sorting of low-value plastics [9][12]. - The project is positioned as a key initiative in the green chemical sector, contributing to sustainable development and the dual carbon strategy [9][13]. Strategic Positioning - Guangdong's petrochemical industry is characterized by a highly concentrated and integrated layout, with a strategic focus on developing a circular economy that connects upstream raw materials with downstream processing [7][13]. - The province's unique geographical advantages and advanced technological equipment position it as a central hub for the global chemical industry transition [10][14]. Future Outlook - The industry is expected to face challenges such as the need for increased self-sufficiency in high-end chemical materials and the pressure to reduce oil output while increasing the production of high-end chemical products [11][14]. - The focus will be on accelerating the transformation of refining and chemical integration, responding to the growing market demand from emerging industries like electric vehicles [11][13].

Core Viewpoint - The chemical new materials sector remains a significant shortcoming in China's chemical industry, posing a bottleneck for the development of strategic emerging industries. The focus is on advancing nine categories of new materials, including high-end polyolefins, engineering plastics, organic fluorosilicon materials, polyurethane materials, high-performance rubber, high-performance fibers, high-performance membrane materials, electronic chemicals, and lithium battery materials [1][2][3][4]. Group 1: High-End Polyolefins - The development of high-end polyolefins should focus on breakthroughs in catalyst and key raw material technologies to reduce production costs and enhance self-sufficiency [1]. - Emphasis on developing specialty polyolefins such as ultra-high molecular weight polyethylene and polybutene-1, aiming for quality stability comparable to imported products [1]. Group 2: Engineering Plastics - Recommendations include the construction of polycarbonate projects using self-developed or introduced technologies, improving the quality of products like polyoxymethylene and expanding the production scale of specialty engineering plastics [1]. - Focus on developing modified plastics for automotive applications to meet lightweight and energy-saving requirements [1]. Group 3: Organic Fluorosilicon Materials - The sector should prioritize high-end product development and structural upgrades, targeting special fluorinated polymers and high-end fluororesins/rubbers [2]. - Accelerate the breakthrough of PFOA replacement technologies and promote product penetration into high-value fields such as new energy and semiconductors [2]. Group 4: Polyurethane Materials - Emphasis on the integration of polyether polyol production and innovation in production technologies, including the application of tubular reactors [2]. - Development of CO2-based polyols and environmentally friendly additives, as well as high-end polyurethane products for medical devices [2]. Group 5: High-Performance Rubber - Recommendations to enhance the quality of traditional rubber types and develop specialty rubbers with unique properties [2]. - Focus on the development of thermoplastic elastomers and composite elastomers to improve cost-effectiveness [2]. Group 6: High-Performance Fibers - The focus should be on developing high-strength and high-modulus carbon fibers and other advanced fibers, with an aim to stabilize production processes [3]. - Investment in large-scale production facilities to reduce costs and achieve mass production of high-performance fiber products [3]. Group 7: High-Performance Membrane Materials - Development of high-performance membranes for water treatment, seawater desalination, and solar cell applications [3]. - Focus on lithium battery separators with special materials to adjust the supply-side structure [3]. Group 8: Electronic Chemicals - Key breakthroughs are needed in new display photoresists and high-purity reagents for semiconductor applications [3]. - Optimization of materials for integrated circuits and packaging materials is essential for advancing the semiconductor industry [3]. Group 9: Lithium Battery Materials - Accelerate the scaling of high-performance electronic chemicals for next-generation power lithium batteries, including high-capacity silicon-based anode materials and new lithium separators [4].

Investment Rating - The report does not explicitly provide an investment rating for the new materials industry Core Insights - The new materials industry is experiencing significant developments, including the expansion of production capacities by companies like Kolon Industries, which plans to increase its optical PVA film production line in Japan to meet the growing demand for larger screen sizes. The new production line is expected to have an annual capacity of 38 million square meters, raising Kolon’s total capacity from 296 million square meters to 334 million square meters by December 2027 [1] - The successful completion of the 100,000 tons/year BDO and 120,000 tons PBAT project by Xinjiang Shuguang Greenhua marks a significant milestone, contributing to the development of an integrated industrial chain in the region [1] - Recent financing activities in the industry include a nearly 500 million yuan B+ round for Porcine Crystal, aimed at enhancing production capabilities for ultra-pure polymer materials, and a million yuan angel round for Shenzhen Sufang New Energy Technology, focusing on the development of lithium-rich manganese-based cathode materials [2] Summary by Sections Industry Development Dynamics - Kolon Industries announced an expansion of its optical PVA film production line in Japan, with a new line set to be operational by December 2027, increasing annual capacity to 38 million square meters [1] - Xinjiang Shuguang Greenhua's BDO and PBAT project has passed construction acceptance, enhancing the local chemical new materials industry [1] Investment and Financing Dynamics - Porcine Crystal completed a nearly 500 million yuan B+ round financing to support the construction and market expansion of its ultra-pure polymer materials production line [2] - Shenzhen Sufang New Energy Technology secured a million yuan angel round financing for the development of lithium-rich manganese-based cathode materials [2] Secondary Market Dynamics - The Wande New Materials Index rose by 5.12% during the week of June 23-27, 2025, while the CSI 300 Index increased by 1.95% [2]