点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 事件： 公司发布2025年半年度报告。25H1公司实现营业收入7.21亿元，同比增加0.36%；实现归母净利润0.71亿元， 同比下降37.22%。其中，25Q2公司实现营业收入3.65亿元，同比增加0.16%，环比增加2.49%；实现归母净利 润0.34亿元，同比下降40.09%，环比下降4.94%。 25H1顺酐酸酐衍生物销量同比增长但毛利率下降，25H1业绩同比下降 25H1公司的顺酐酸酐衍生物实现销量4.62万吨，同比增长9.87%，实现营收5.34亿元，同比增长3.74%，毛利率 为15.97%，同比下降4.48pct；功能材料中间体实现营收1.28亿元，同比下降8.42%，毛利率为33.97%，同比下 降3.76pct。费用 ...

8月25日，沪深两融数据显示，安集科技上周累计获融资净买入额8762.96万元，居两市第154位，上周 融资买入额4.76亿元，偿还额3.89亿元。 安集科技所属概念板块包括：电子化学品、上海板块、百元股、专精特新、富时罗素、沪股通、上证 380、融资融券、股权激励、基金重仓、转债标的、中芯概念、光刻机(胶)、国产芯片、OLED、LED、 新材料。 资金流方面，安集科技近5日主力资金流入1.72亿元，区间涨幅4.67%；近10日主力资金流入1.94亿元， 区间涨幅3.29%。 来源：金融界 天眼查商业履历信息显示，安集微电子科技(上海)股份有限公司，成立于2006年，位于上海市，是一家 以从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本12921.3274万人民币，实缴资本 4206.7938万人民币。公司法定代表人为SHUMIN WANG。 通过天眼查大数据分析，安集微电子科技(上海)股份有限公司共对外投资了13家企业，参与招投标项目 30次，专利信息248条，此外企业还拥有行政许可89个。 ...

——濮阳惠成（300481.SZ）2025 年半年报点评 要点 2025 年 8 月 25 日 公司研究 25H1 业绩同比下降，顺酐酸酐衍生物销量同比增长 事件：公司发布 2025 年半年度报告。25H1 公司实现营业收入 7.21 亿元，同比 增加 0.36%；实现归母净利润 0.71 亿元，同比下降 37.22%。其中，25Q2 公司 实现营业收入 3.65 亿元，同比增加 0.16%，环比增加 2.49%；实现归母净利润 0.34 亿元，同比下降 40.09%，环比下降 4.94%。 25H1 顺酐酸酐衍生物销量同比增长但毛利率下降，25H1 业绩同比下降。25H1 公司的顺酐酸酐衍生物实现销量 4.62 万吨，同比增长 9.87%，实现营收 5.34 亿元，同比增长 3.74%，毛利率为 15.97%，同比下降 4.48pct；功能材料中间 体实现营收 1.28 亿元，同比下降 8.42%，毛利率为 33.97%，同比下降 3.76pct。 费用率方面，25H1 公司销售、管理、研发、财务费用率分别为 0.9%、3.0%、 5.8%、-1.4%，同比分别变动+0.4、+0.3、+0.6、+1.0pc ...

Group 1 - The stock price of Yake Technology closed at 60.01 yuan on August 20, down 0.32% from the previous trading day, with a trading volume of 940 million yuan [1] - The stock experienced a fluctuation of 2.41% on that day, with a turnover rate of 4.96%, and a total market capitalization of 28.56 billion yuan [1] - Yake Technology specializes in the research, production, and sales of electronic chemicals, which are widely used in semiconductor, flat panel display, and photovoltaic industries [1] Group 2 - Yake Technology is a constituent of the Shenzhen Component Index and holds a significant position in the electronic chemicals segment [1] - On August 20, the net outflow of main funds for Yake Technology was 35.12 million yuan, with a cumulative net outflow of 112 million yuan over the past five days [1] - The current price-to-earnings ratio of the company is 27.43 times, and the price-to-book ratio is 3.91 times [1]

Core Viewpoint - Huarong Chemical is focusing on strengthening its technological advantages in the electronic chemicals sector and is making significant progress on the green preparation project for anhydrous aluminum chloride [1] Group 1: Project Development - The anhydrous aluminum chloride green preparation project is expected to complete small-scale testing by the end of 2024 [1] - The project has successfully passed compliance approvals, and the pilot testing is progressing steadily and accelerating towards industrialization [1] Group 2: Product Supply and Market Dynamics - The company has successfully achieved bulk product supply of G5 grade electronic hydrochloric acid to some leading manufacturers in the industry [1] - Due to the inherent cycle of market demand and customer validation, the release of sales increment will take time, and future performance contributions will gradually become apparent [1]

Core Viewpoint - Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. plans to issue shares to specific investors to raise funds for its projects, particularly focusing on the production of electronic photosensitive materials and related products. Group 1: Company Overview - The company was established on May 12, 2006, and listed on August 30, 2016, with a registered capital of 200,395,122 RMB [13]. - The company specializes in the research, development, and production of photosensitive materials, including anti-corrosion inks and UV-curable coatings for printed circuit boards [13]. - The company's headquarters is located in Jiangyin City, Jiangsu Province, China [13]. Group 2: Fundraising Details - The company plans to raise a maximum of 300 million RMB through the issuance of shares, which will not exceed 20% of its net assets as of the end of the previous year [2]. - The funds raised will be allocated to a project with a total investment of 525.38 million RMB, specifically for the annual production of 50,000 tons of electronic photosensitive materials [2][3]. - The issuance price is set at 18.13 RMB per share, based on the average trading price of the company's shares over the 20 trading days prior to the pricing date [2]. Group 3: Financial Performance - In 2024, the company reported a revenue of 518.23 million RMB but incurred a net loss of 32.07 million RMB, primarily due to a decline in sales of photovoltaic glue products [3][4]. - The company recognized significant impairment losses, including 29.91 million RMB for goodwill and 13.44 million RMB for accounts receivable [3]. Group 4: Industry Context - The company operates within the electronic chemical materials sector, which is characterized by market-driven competition and significant government oversight [15]. - Recent policies from various government departments have encouraged the development of electronic chemical products, particularly in the context of energy transition and environmental sustainability [15]. Group 5: Risks and Challenges - The company faces risks related to the potential underperformance of its new projects, including the possibility of negative net profits in the first two years post-launch due to high depreciation costs [4][5]. - There are uncertainties regarding the successful development and market acceptance of new products, particularly in the field of photolithography materials [5][6]. - Environmental regulations may impact production capabilities, especially if the company is required to relocate or reduce output due to compliance issues [8].

Core Viewpoint - The chemical industry is experiencing a structural optimization and upgrade driven by global capacity restructuring and domestic policies, leading to a recovery in demand and a new upward cycle, with significant stock price increases in the basic chemical sector, particularly for companies like United Chemical [1] Group 1: Company Performance - United Chemical achieved a revenue of 53.46 million yuan in 2024, a year-on-year increase of 24.80%, and a net profit of 5.64 million yuan, up 66.81% [2] - In Q1 2025, the company reported a revenue of 13.00 million yuan, a slight increase of 0.52%, and a net profit of 1.65 million yuan, up 17.97% [2] - The company specializes in the R&D, production, and sales of azo organic pigments and water-based inks, with applications in various industries including printing, packaging, and cosmetics [2] Group 2: R&D and Innovation - United Chemical's R&D investment grew by 27.16% in 2024, with R&D expenses accounting for 4.53% of revenue [3] - The company aims to enhance its core technology and innovation through independent R&D, focusing on developing high-performance, environmentally friendly pigment products [3] - The company holds 12 invention patents and 19 utility model patents, participating in the formulation of 48 national and industry standards [2][3] Group 3: Strategic Expansion - United Chemical is expanding into the electronic chemicals sector, leveraging its experience in fine chemical synthesis and surface treatment [4] - In May 2025, the company established a joint venture, Qichen Semiconductor, to develop and produce various semiconductor materials, including photolithography monomers and electronic-grade solvents [4] - The initial production capacity for the photolithography monomer project is designed at 200 tons per year, with plans for future expansion based on market demand [4][5]

Group 1: Performance Overview - The chemical industry has shown signs of recovery compared to the past two years, with improved operational conditions in Q1 2025 and increased market demand for major products year-on-year [2][3] - The first half of the year is still ongoing, and performance results have yet to be finalized [3] Group 2: Product Development and Capacity - The production of propyl acetate is expected to reach around 800 tons in 2024, with anticipated increases in 2025 as the market for lithium battery electrolytes expands [4] - Revenue from electronic chemicals increased by 110% year-on-year in 2024, with further growth expected in 2025 due to ongoing technical upgrades and an expanding customer base [5] Group 3: Market Trends and Competition - The chemical industry is experiencing a gradual recovery in market demand, particularly as the pesticide sector approaches inventory clearance, leading to increased demand for major products [5][6] - Despite the overall increase in demand, the competitive landscape remains intense, with varying supply and demand dynamics across different products [6] Group 4: Future Plans and Financing - The company is focused on advancing its fundraising projects and has not disclosed any plans for refinancing or stock incentive programs at this time [6]

Group 1 - The company Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. plans to issue shares through a simplified procedure to specific investors, pending approval from relevant authorities [1][2][3] - The total investment for the project to produce 50,000 tons of electronic photosensitive materials and supporting materials is approximately 525.38 million yuan, with 95.985 million yuan allocated from this issuance [1][2] - The issuance price is set at 18.13 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days before the pricing benchmark date [1][2] Group 2 - The company reported a revenue of 518.23 million yuan for 2024, with a net loss attributable to shareholders of 32.07 million yuan, primarily due to goodwill impairment and bad debt provisions [2][3] - The company faces risks related to the potential negative impact on profits from the production and sales of new products, particularly in the photovoltaic adhesive sector [2][3] - The company has committed to measures to mitigate the dilution of immediate returns for investors due to the issuance of new shares [2][3] Group 3 - The company operates in the electronic chemical materials sector, specifically under the category of "C3985 Electronic Specialized Materials Manufacturing" [10][11] - The industry is characterized by market-driven competition, with various government departments providing macro guidance and regulatory oversight [11] - Recent policies have encouraged the development of electronic chemical products, with a focus on sustainability and environmental compliance [11]

Core Viewpoint - The company, United Chemical, has announced significant stock price fluctuations and potential risks associated with its new joint venture, Qichen Semiconductor, which is still in the early stages of development and market entry [2][3]. Group 1: Stock Performance - As of May 23, United Chemical's stock price increased by 15.22%, closing at 124.15 yuan, marking a historical high [2]. - Over the past year, the company's stock price has surged by 394.82%, while the CSI 300 index has only risen by 6.60% during the same period [2]. - The stock has shown a significant deviation in price, with a 202.59% deviation over 27 consecutive trading days, indicating severe abnormal trading fluctuations [2]. Group 2: Valuation Comparison - The company's rolling price-to-earnings (P/E) ratio stands at 176.00, which is significantly higher than the industry average P/E ratio of 23.28 for the chemical raw materials and products manufacturing sector [3]. - This discrepancy raises concerns about the stock's valuation relative to its peers, prompting the company to advise investors to be cautious in their trading decisions [3]. Group 3: Joint Venture and Market Strategy - United Chemical has established a joint venture, Qichen Semiconductor, in collaboration with Shanghai Panwo Fine Chemical Co., Ltd. and Beijing Shanggu Lianheng Chemical Technology Co., Ltd., focusing on the development and production of various semiconductor-related chemicals [3][4]. - The company aims to leverage its experience in fine chemical synthesis and surface treatment to enter the electronic chemicals market, which is characterized by high technical barriers and significant profit margins [4]. - The initial production capacity for the project is designed to be 200 tons per year, with plans for increased R&D investment and technical personnel to enhance capabilities [4]. Group 4: Financial Performance - For the year 2024, United Chemical projects a revenue of 53,461.73 million yuan, reflecting a year-on-year growth of 24.8%, and a net profit attributable to shareholders of 5,643.21 million yuan, up 66.81% [4]. - In the first quarter of 2025, the company reported a revenue of 13,006.19 million yuan, a slight increase of 0.52%, but the net profit decreased by 17.97% to 1,654.22 million yuan [4].