证券研究报告| 公司动态点评 2025 年 08 月 27 日 凯赛生物（688065.SH） 1H25 公司业绩同比增长，生物基聚酰胺项目持续推进-凯赛生物 2025 半年报点评 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,114 | 2,958 | 3,537 | 4,704 | 5,704 | | 增长率 yoy（%） | -13.4 | 39.9 | 19.6 | 33.0 | 21.2 | | 归母净利润（百万元） | 367 | 489 | 677 | 817 | 1,012 | | 增长率 yoy（%） | -33.8 | 33.4 | 38.4 | 20.7 | 24.0 | | ROE（%） | 2.8 | 3.1 | 4.6 | 5.3 | 6.2 | | EPS 最新摊薄（元） | 0.51 | 0.68 | 0.94 | 1.13 | 1.40 | | P/E（倍） | 105.7 | 79.3 | 57.3 | 47.5 | ...

Group 1 - Haike Xinyuan is a leading domestic producer of food-grade and industrial-grade propylene glycol and has achieved stable mass production of bio-based 1,3-butanediol, showcasing strong competitiveness in the market [1] - The company has increased its product export volume through overseas warehousing and customer resource strategies, significantly promoting the domestic substitution process of food-grade, pharmaceutical-grade propylene glycol, dipropylene glycol, and 1,3-butanediol [1] - In 2024, Haike Xinyuan's high-end propylene glycol sales increased by 4% year-on-year, with product prices 8% higher than industry peers; dipropylene glycol sales grew by 28%, and butanediol sales surged by 117% [1] Group 2 - The company has made significant advancements in research and development, holding 128 authorized patents, including 57 invention patents and 71 utility model patents, and has participated in the formulation of 12 national and industry standards [2] - Haike Xinyuan is focused on the research and development of green, environmentally friendly, and bio-based new materials, ensuring its technology remains at a high industry level [2] - The company aims to enhance its comprehensive competitiveness by building an agile research and operation system, moving towards becoming a leading enterprise in the new energy materials and consumer chemicals sectors [2] Group 3 - The cosmetics industry in China is witnessing a rapid rise of domestic brands, with overall competitiveness improving, particularly in the context of the fast development of natural green bio-based products [4] - The consumer chemicals sector is showing strong growth momentum as a result of these trends [4]

声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 近日， 金丹科技（300829） 接受特定对象调研时表示，公司 7.5万吨聚乳酸生物降解新材料项目 正在建设中，预计于 2025年8月建设完毕 。 扫码进 生物基新材料群 备注：姓名+公司+职位 据公开信息显示，该项目 总投资约8.82亿元 ，位于河南省周口市郸城县。建成达产后，根据年产7.5万吨丙交酯生产能力，预计年均新增销售收入13.81 亿元，年均净利润1.53亿元，税后财务内部收益率为20.71%。 作为国内乳酸及其衍生品生产的龙头企业， 目前金丹科技已形成年产乳酸及乳酸盐产品18.3万吨的生产能力 ，乳酸及系列产品的产能位居行业领先的地 位。 金丹科技称，该年产7.5万吨聚乳酸生物降解新材料项目的建设，是公司抓住当前生物新材料行业发展机遇，利用公司在乳酸生产方面的成本、技术优 势，延伸产业链、丰富产品线，实现公司乳酸、聚乳酸在新兴应用领域的使用，满足国内外市场对聚乳酸产品不断增长的需求，为未来发展打开新的利润 增长空间。 业绩方面 ， 2025年第 ...

并且， 这种材料具有与传统聚乙烯相同的耐用性和性能，并且可在现有的聚乙烯回收流程中完全回收 利用 。两家公司还表示，其生物基含量可测量、可追溯，并且符合行业标准。 Braskem生物聚合物业务发展总监古斯塔沃・隆巴迪表示："我们很高兴将下一代'I'm green™'生物基 HDPE 产品推向市场。这款产品是布拉斯科'I'm green™'生物基产品系列在非织造布应用领域的重大进 展，体现了我们对创新、可持续发展以及以市场为导向目标的承诺。" 声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文仅作生物基新材料相关领域介绍，本文不构成任何 投资建议！转载请注明来源！ Braskem 和无纺布制造商 Fitesa 宣布，将把 Braskem的 "I'm green™" 生物基高密度聚乙烯 （HDPE） 应用于 无纺布领域。两家公司表示，这种特定等级的生物基 HDPE 是专为无纺布生产工艺 而开发的。 Braskem和 Fitesa指出，这一进展标志着他们在双组分 无纺布市场上的影响力进一步扩大。这种材料专 为纺粘工艺优化， 其生物基原料来自甘蔗生物乙醇 ，据报道具有负碳足迹 。 该材料展现出更 ...

Core Viewpoint - The company is focusing on high-end, intelligent, and low-carbon transformation, emphasizing continuous technological research and development to enhance business capabilities and accelerate the conversion of research results [1]. Group 1: R&D Investment - The company plans to allocate a budget of over 31 million yuan for 12 new R&D projects, including the development of bio-based new materials and various technical processes [1]. - The total profit for 2024 is projected to be over 97 million yuan, raising questions about the return on investment for the R&D expenditure [1]. Group 2: Collaboration and Development - In 2021, the company co-founded Ningbo Huafu New Materials Technology Co., Ltd., investing 8 million yuan for a 26.667% stake, focusing on the R&D, production, and sales of furan-based bio-materials [2]. - The company has successfully completed the pilot test of the 2,5-furandicarboxylic acid (FDCA) pilot plant, marking a significant milestone in the industrialization of furan-based new materials [2]. - The project is entering a new phase with the commencement of the pilot plant installation, which is expected to accelerate the industrialization process of FDCA and its derivatives [2].