民用硝化棉在环保烟花领域应用空间广阔，公司具有技术储备。传统烟花燃烧会产生大量烟雾和残渣， 而以硝化棉制备的烟花，可以减少烟雾和污染物排放，在环保要求趋严的背景下，替代空间广阔。公司 在环保烟花领域已有一定的技术储备，若市场需求爆发，将具备先发优势。 盈利预测与投资评级：预计25-27 年公司实现营业收入分别为26.02、33.33、43.26 亿元，分别同比 +34%、+28%、+30%，实现归母净利润分别为2.59、4.11、5.53 亿元，分别同比+1016%、+59%、 +35%，当前股价对应25-27 年PE 分别为46/29/22X，受益于供给收缩、需求扩张，公司主营产品有望迎 来量价齐升局面，首次覆盖，给予"强烈推荐"评级。 风险提示：硝化棉市场需求下滑；海外扩张风险；市场竞争加剧等。 国内硝化棉市场供给收缩幅度达46%。根据公司公告，2023 年公司硝化棉产能5.5 万吨，对应国内市占 率50%以上，按照50%测算，对应全国硝化棉产能约11 万吨。2023 年以来，行业产能持续收缩，首先 是事故引起的关停，例如2024 年5 月，雪飞化工发生爆炸事故，影响其2 万吨产能；2025 年5 月，衡 ...

Core Insights - The article discusses the rising popularity of fireworks shows in tourism, highlighting their transformation from a supporting role to a central attraction in scenic areas, driven by government policies promoting nighttime economies [2][3]. Industry Trends - Fireworks shows have become a standard feature in popular tourist destinations, such as Shanghai Disneyland and Xi'an's Datang Unnight City, enhancing visitor engagement and driving economic activity [2]. - The fireworks industry is expected to undergo significant changes starting in 2024, focusing on creative visuals, drone integration, and thematic performances, moving beyond traditional displays to immersive experiences [5][6]. Economic Impact - Fireworks shows are seen as crucial for attracting visitors and increasing secondary spending, with customized displays tailored to specific locations, despite higher initial costs [2][3]. - The preparation for large-scale fireworks events can take three to six months, involving extensive planning and coordination among various specialists [3]. Environmental Considerations - The industry faces environmental challenges, with a growing emphasis on eco-friendly fireworks, such as smokeless and cold fireworks, to mitigate air pollution [5][6]. - The future of fireworks shows is anticipated to blend technology and culture, creating a more immersive experience while addressing environmental concerns [6].