基础化工 超配（维持） 基础化工行业双周报（2025/11/28-2025/12/11） 磷肥座谈会建议通过"组合拳"稳定市场预期 2025 年 12 月 12 日 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn 行业指数走势 资料来源：iFinD，东莞证券研究所 相关报告 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 行 业 研 究 证 券 研 究 报 告 ◼ 行情回顾：截至12月11日，近两周申万基础化工指数下跌0.7%，跑输沪 深300指数1.5个百分点，在31个申万行业中排第18名；年初至今，申万 基础化工指数上涨25.1%，跑赢沪深300指数9.4个百分点，在31个申万 行业中排第7名。 ◼ 分板块来看，近两周申万基础化工指数的子板块涨少跌多，其中2个子 板块上涨，非金属材料板块上涨2.1%、塑料板块上涨1.0%；5个子板块下 跌，化学原料板块下跌2.6%、化学纤维板 ...

Core Viewpoint - Zhejiang Sanmei Chemical Co., Ltd. expects significant growth in net profit for the first half of 2025, projecting an increase of 146.97% to 171.67% compared to the same period last year [1][2]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders ranging from 947.619 million to 1,042.381 million yuan for the first half of 2025, an increase of 563.9224 million to 658.6844 million yuan year-on-year [1][2]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 939.019 million and 1,033.781 million yuan, reflecting a year-on-year increase of 151.01% to 176.34% [1][2]. Group 2: Previous Year’s Performance - In the first half of 2024, the company reported a total profit of 482.9905 million yuan and a net profit attributable to shareholders of 383.6966 million yuan [2]. - The basic earnings per share for the first half of 2024 were 0.63 yuan [2]. Group 3: Reasons for Profit Increase - The increase in profit is attributed to the ongoing production quota management of hydrofluorocarbons (HFCs), an optimized competitive landscape, and growing downstream demand, leading to a steady rise in market prices for the company's fluorinated refrigerants [2]. - The company expects non-recurring gains and losses for the first half of 2025 to amount to 8.6 million yuan, which includes government subsidies, investment income, and asset disposal gains, with a decrease of 999,800 yuan compared to the previous year [2].