基础化工/农化制品 | 金益腾（分析师） 徐正凤（分析师） | | | | --- | --- | --- | | jinyiteng@kysec.cn | xuzhengfeng@kysec.cn | | | 证书编号：S0790520020002 | 证书编号：S0790524070005 | | |  Q2 | 业绩环比增长，拟收购桥沟矿业增强磷矿资源保障 | | | 公司发布 | 年中报，实现营收 亿元，同比+9.1%；归母净利润 2025 146.20 | 亿 7.27 | | 元，同比-9.7%；扣非净利润 | 6.65 亿元，同比-11.8%。其中 Q2 实现营收 | 73.91 | | 亿元，同比+13.4%、环比+2.3%；归母净利润 | 亿元，同比-1.7%、环比+34%； 4.16 | | | 扣非净利润 | 4.37 亿元，同比+10.1%、环比+91.1%，业绩符合预期。我们维持盈 | | | 利预测，预计公司 | 年归母净利润分别为 2025-2027 20.62、23.27、26.82 | 亿元， | | EPS 分别 | 1.87、2.11、2.43 元/股，当前股价对应 P ...

皇马科技 603181.SH 公司研究 | 中报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年08月25日） | 15.66 元 | | 目标价格 | 19.40 元 | | 52 周最高价/最低价 | 16.4/7.91 元 | | 总股本/流通 A 股（万股） | 58,870/58,870 | | A 股市值（百万元） | 9,219 | | 国家/地区 | 中国 | | 行业 | 基础化工 | | 报告发布日期 | 2025 年 08 月 25 日 | | 业绩稳健增长，一季度毛利率提升 | 2025-04-20 | | --- | --- | | 业绩大幅增长，竞争优势凸显 | 2024-08-22 | 二季度逆势增长，下半年有望增速回升 核心观点 盈利预测与投资建议 ⚫ 根据公司 2025 年上半年实际情况，与近期市场变化，我们小幅调整了公司产品销量 与价格假设，预测 2025-2027 年每股收益 EPS 为 0.77、0.92 和 1.10 元（原预测 0.83、0.99 和 1.19 元）。按照可比公司 2025 年 21 倍市盈率，考虑到皇马历史投 资回 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the fine chemical sector in China, with a strong focus on innovation and a diversified business model that includes nutritional products, flavors and fragrances, and new materials [8]. - The vitamin product prices are stabilizing, highlighting the company's scale and integrated supply chain advantages [8]. - The company is expanding its methionine production capacity, which is expected to contribute positively to its growth [8]. - The new materials segment is progressing well, with various projects underway that leverage synergies with the nutritional products division [8]. - The flavors and fragrances business is showing sustained profitability, supported by both scale and technological advantages [8]. - The company is expected to see significant profit growth in the coming years, with projected net profits of 6 billion, 6.9 billion, and 7.35 billion yuan for 2025, 2026, and 2027 respectively [8]. Summary by Sections Company Overview - The company has four major production bases located in Zhejiang and Shandong, focusing on various product lines including vitamins, amino acids, and specialty chemicals [22][27]. - The nutritional products segment, particularly vitamins A and E, forms the core of the company's revenue base, while the flavors and fragrances and new materials segments are rapidly developing [29]. Vitamin Segment - The vitamin market is characterized by high concentration, with the top five companies controlling 77% of the vitamin A market and 92% of the vitamin E market [44][63]. - The company has a significant production capacity for vitamin A and E, with 8,000 tons and 60,000 tons respectively, representing 13% and 23% of global capacity [8][59]. Methionine Segment - The global methionine market is dominated by a few players, and the company is expanding its production capacity to take advantage of the improving market conditions [8][3]. New Materials Segment - The company is actively developing new materials, leveraging its existing production capabilities in the nutritional products segment to enhance efficiency and reduce costs [8][4]. Flavors and Fragrances Segment - The company is the largest player in the domestic flavors and fragrances market, benefiting from its integrated supply chain and expanding product offerings [8][4]. Financial Projections - The company forecasts significant growth in net profits from 6 billion yuan in 2025 to 7.35 billion yuan in 2027, with corresponding P/E ratios decreasing from 11.0 to 9.0 [8][1].

Group 1: Production and Technology - Continuous production at Taihe Technology refers to automated, continuous input and output processes, offering advantages such as safety, lower investment, stable product quality, and reduced labor needs [1] - The annual production capacity of self-produced phosphorus trichloride is 240,000 tons, with significant technical advantages leading to lower production costs for downstream phosphorus-containing products [2] - Current projects for PEEK, PEN, and PPS are in the pilot testing stage, with PEEK samples already being sent out [2] Group 2: Research and Development - Taihe Technology has approximately 150 R&D personnel, excluding analysis, design, and engineering staff, with the lithium sulfide project team composed entirely of internally trained professionals [3] - The brain biofeedback device developed by Taihe Technology provides real-time feedback for meditation, enhancing user experience compared to existing products [2] Group 3: Incentive Mechanism - The incentive mechanism for executives includes performance indicators linked to business operations, with year-end bonuses based on the completion of these indicators [3] - Business personnel's compensation consists of a fixed salary plus year-end bonuses, determined by market development performance [3] Group 4: Future Growth Points - Future profit growth is expected to come from water treatment agents, electronic chemicals, new materials, battery materials (including sodium battery components and solid-state electrolyte raw materials), and ongoing and planned projects [4]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance aligns with expectations, with a projected net profit of 3.3 billion to 3.75 billion yuan for the first half of 2025, reflecting a year-on-year increase of 49.7% to 70.1% [4] - The vitamin market is experiencing a downturn, while the profitability of methionine is improving, and new material projects are opening future growth opportunities [6] Financial Data and Profit Forecast - Total revenue is expected to reach 23.936 billion yuan in 2025, with a year-on-year growth rate of 10.8% [5] - The net profit attributable to the parent company is forecasted at 6.51 billion yuan for 2025, representing a year-on-year increase of 10.9% [5] - Earnings per share are projected to be 2.12 yuan for 2025 [5] Company Investment Highlights - The recovery of methionine prices is supported by upcoming maintenance at production facilities, while vitamin prices have declined significantly [6] - The company is advancing its new materials projects, including a 3 billion yuan investment in a 100,000-ton/year adiponitrile project and a 7 billion yuan investment in a 400,000-ton/year project [6] - The company is also expanding its fine chemicals segment, with a planned 3 billion yuan investment in a 60,000-ton glyphosate project [6] Earnings Forecast and Valuation - The report adjusts the profit forecast for 2025 and 2026 to 6.51 billion and 6.965 billion yuan, respectively, while maintaining the 2027 forecast at 8.048 billion yuan [6] - The corresponding price-to-earnings (PE) ratios are projected at 10X for 2025 and 2026, and 8X for 2027 [6]

Core Viewpoint - The article discusses the upcoming IPO of Zhejiang Jinhua New Materials Co., Ltd., highlighting its position in the fine chemical products industry and its growth potential backed by strong market demand and strategic partnerships [2][4][8]. Group 1: Company Overview - Zhejiang Jinhua New Materials Co., Ltd. focuses on the research, production, and sales of ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4]. - The company is a leading player in the domestic silane crosslinking agent and hydroxylamine salt segments, with market shares projected to grow from 28.30% in 2021 to 37.34% in 2024 for silane crosslinking agents [4][6]. Group 2: Financial Performance - The company experienced revenue and profit fluctuations in recent years, with revenues of 1153.26 million yuan in 2021, dropping to 993.97 million yuan in 2022, and then recovering to 1239.48 million yuan in 2024 [6]. - Net profits after excluding non-recurring gains and losses were 244.65 million yuan in 2021, falling to 78.42 million yuan in 2022, and expected to rise to 205.83 million yuan in 2024 [6]. - The gross profit margin showed volatility, with figures of 34.12% in 2021, dropping to 17.72% in 2022, and recovering to 27.94% in 2024 [6]. Group 3: Market Demand and Growth Drivers - The increase in production capacity for silane crosslinking agents and the growing market demand for end products like organic silicone sealants and adhesives in sectors such as construction, photovoltaic, wind power, electronics, and new energy vehicles are key growth drivers [6]. - The company benefits from reduced raw material and energy costs, along with improved production processes, leading to a significant decrease in unit costs and an increase in gross profit margins [6]. Group 4: Strategic Relationships - The company is closely linked to its controlling shareholder, Juhua Group, which holds 82.49% of its shares, and is ultimately controlled by the Zhejiang Provincial State-owned Assets Supervision and Administration Commission [8][10]. - The company has significant business interactions with Juhua Group, with related party procurement amounts reaching 305.50 million yuan in 2021, accounting for 37.26% of total procurement [10].

Core Viewpoint - The modern coal chemical industry in China is transitioning from traditional and basic chemicals to fine chemicals and coal-based new materials, facing challenges such as green low-carbon development, energy security, and international competition, while also seizing opportunities for technological innovation and industry integration [1] Group 1: Industry Challenges and Opportunities - The modern coal chemical system has achieved industrialization with significant scale, including coal-to-oil, coal-to-gas, coal-to-olefins, and coal-to-ethylene glycol, which are crucial for energy security and low-carbon development [2] - Current challenges include a single product structure, short industrial chains, low capacity utilization leading to poor economic efficiency, high energy consumption, and significant carbon emissions that need to be addressed [2][3] - The government has mandated strict control over new coal production capacity and consumption, requiring comprehensive evaluations for new projects exceeding certain production thresholds [2] Group 2: Upgrading and Technological Innovation - Recommendations for upgrading the modern coal chemical projects include energy-saving and carbon-reducing technology improvements, strict water resource management, and promoting digital transformation for efficiency and safety [3] - Development of fine chemicals is emphasized as a key strategy to enhance value, with a focus on extending production to synthetic resins, synthetic fibers, and high-performance specialty fibers [3] Group 3: Strategic Resource Management - Coal-to-oil production technology has reached advanced levels, but new projects are generally not approved due to its strategic reserve nature, necessitating improvements in economic and technical standards [4] - The shift towards non-fossil energy sources is highlighted, with projections indicating that non-fossil energy generation will rise to 80% by 2050, necessitating a transition from coal-based to electric-based energy solutions [4] Group 4: Environmental Considerations - The coal chemical industry must integrate carbon dioxide management and water resource utilization into its development strategy, with significant carbon emissions produced during coal processing [6] - Current carbon management strategies focus on carbon capture, utilization, and storage (CCUS), resource utilization of CO2, and the coupling of green hydrogen with coal chemical processes [6] Group 5: Industry Collaboration and Development - The coal chemical industry should consider collaboration with related industries to enhance the industrial chain, supply chain, and value chain, while effectively controlling new capacity [7] - The focus should be on high-value products from coal coking byproducts, such as specialty aromatics and carbon fibers, to drive the high-end transformation of traditional industries [7][8]

Core Viewpoint - Brother Technology Co., Ltd. is planning to issue A-shares to specific investors to raise funds primarily for expanding its production capacity of iodinated contrast agents, specifically increasing the production capacity of iodinated raw materials from 100 tons to 700 tons, with a total investment of approximately 69 million yuan for the project [1][9]. Group 1: Financial Overview - The company reported revenues of 3.41 billion yuan, 2.82 billion yuan, and a loss in 2023 due to declining prices of chromium salt products, which affected both revenue and gross margin [1][2]. - The gross margin for the main business was 24.83%, 10.40%, and 14.63% over the reporting periods, indicating significant fluctuations influenced by market conditions and raw material prices [4][5]. Group 2: Investment and Project Details - The funds raised will be allocated to construction, equipment purchase, and installation, leading to increased fixed asset depreciation and intangible asset amortization, which will raise operational costs [1][3]. - The project aims to achieve an annual production capacity of 600 tons of iodinated raw materials, with the feasibility of the project assessed based on market demand and competition [1][6]. Group 3: Risks and Challenges - There are risks associated with the inability to absorb the new production capacity if market demand does not meet expectations, potentially leading to excess capacity and increased competition [1][2]. - The company faces uncertainties regarding the economic benefits of previous fundraising projects, particularly if market conditions or regulatory environments change adversely [2][3]. - The company must navigate the complexities of regulatory approvals for its iodinated contrast agents, which could impact market entry and expected returns [5][6]. Group 4: Share Structure and Ownership - As of December 31, 2024, the company's total share capital is 106,370.05 million yuan, with 34.05% held as restricted shares and 65.95% as unrestricted shares [14]. - The top ten shareholders collectively hold 47.58% of the shares, indicating a diverse ownership structure [14].

Group 1: Company Overview - Brother Technology Co., Ltd. has been engaged in the fine chemical industry for over 30 years, expanding its business segments to include vitamins, flavors and fragrances, chromium salts, and pharmaceuticals since its listing in 2011 [1] - The company operates four production bases located in Haining, Yancheng, Jiujiang, and South Africa [1] - The strategic positioning of the company is as a professional health product service provider, focusing on animal nutrition and human health [1] Group 2: Financial Performance - In 2024, the company achieved a turnaround in net profit, primarily due to increased prices and sales volumes of Vitamin B1, along with reduced inventory costs and lower product costs [2] - The first quarter of 2025 saw a year-on-year turnaround with a 152.68% increase, driven by higher sales prices of Vitamin B1 [2] Group 3: Product Applications and Market - The downstream applications of phenol include food, daily chemicals, pesticides, pharmaceuticals, dyes, and polymer materials, with its use in producing flavors and fragrances, antioxidants, and intermediates [3] - The company's phenol products are now officially sold in the PEEK sector, following long-term process optimization and customer validation [4] Group 4: Production Capacity and Utilization - The company currently has a production capacity of 20,000 tons for phenol and para-phenol, with plans to further enhance capacity through the second phase of the phenol project in 2025 [5] - In 2024, the overall capacity utilization rate improved significantly, with the pharmaceutical and food sector achieving 89.66% and the specialty chemicals sector reaching 95.30% [7] Group 5: Sales and Trade Impact - In 2024, overseas sales accounted for 56.11% of total sales, with the majority of exports to the U.S. being vitamin products, which are exempt from additional tariffs [6] Group 6: Future Plans - The company aims to strengthen its competitive advantage through technological innovation, extending the industrial chain, cost reduction, and timely capacity expansion [8] - The refinancing project has passed the Shenzhen Stock Exchange review and is currently in the registration phase with the regulatory authority [9]

Core Viewpoint - Leshan is positioning itself as a significant player in the green chemical industry, aiming to develop a 100 billion yuan green chemical sector by 2030, following its success in the crystalline silicon photovoltaic industry [7][8][12]. Group 1: Industry Development - Leshan has a strong chemical foundation with 35 large-scale chemical enterprises and a total output value of nearly 28 billion yuan [7]. - The city is committed to ecological and low-carbon development, focusing on high-end fine chemical products as a transformation direction [8][12]. - The establishment of a dedicated task force for green chemical industry development marks a strategic move to enhance coordination and planning across various departments [10][11]. Group 2: Green Transformation - As one of the first carbon peak pilot cities in Sichuan, Leshan is implementing strict environmental controls and promoting green manufacturing [12]. - The city has rejected over 40 projects that do not meet new capacity admission standards, focusing on eliminating outdated production capacity [13]. - The green chemical industry is expected to complement the existing crystalline silicon photovoltaic sector, enhancing overall industrial resilience [13]. Group 3: Infrastructure and Investment - The newly recognized Wutong Bridge Chemical Park is the largest provincial chemical park in the region, facilitating the establishment of new projects [14]. - Additional chemical parks are being planned, with significant investments expected to exceed 10 billion yuan [15]. - Recent project signings and ongoing negotiations indicate a robust pipeline of new investments, potentially adding 420 billion yuan in new production value [15]. Group 4: Product and Market Trends - Leshan's herbicide production capacity ranks second globally, with a focus on expanding its chemical product ecosystem [16][18]. - Collaborations with leading international companies are underway to develop new biopesticide products, aiming for a global market scale exceeding 10 billion yuan within five years [18][19]. - The shift towards fine chemicals and new materials is evident, with a focus on green fine chemicals, chemical new materials, and electronic chemicals as key growth areas [19].