证券研究报告 2025 年 06 月 16 日 湘财证券研究所 行业研究 锂电材料行业周报 高镍三元价格持续走弱，负极材料量价同跌 相关研究： 《正极价格延续弱势，负极开工明显下滑》 20250608 《锂源价格新低带动相关材料价格下行》 20250602 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1 -8 -3 绝对收益 -2 -10 7 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：上周锂电材料行业反弹 1.53%，跑赢基准 1.79pct 根据 Wind 数据，上周1锂电材料行业反弹 1.53%，跑赢基准（沪深 300） 1.79pct。行业估值（市盈率 TTM）回升 0.51x 至 31.5x，当前处于 20.8%2 长期历史分位。 ❑ 正极材料：上周三元前驱体价格持续下调，碳酸锂现货价小幅反弹，期 价依旧走低，氢氧化锂价格延 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1][7]. Core Viewpoints - The basic chemical index underperformed the CSI 300 index by 1.05 percentage points, with a decline of 1.23% over the past week [3][13]. - Key sub-industries showing positive performance include rubber additives (16.99%), polyurethane (3.37%), carbon black (3.30%), titanium dioxide (2.38%), and spandex (2.33%) [14]. - The report highlights significant price increases in several chemical products, with sodium rising by 18.03%, coal tar (Tai Steel Coking) by 11.43%, and acrylic acid by 10.79% [20][25]. Summary by Sections Market Trends - The basic chemical index decreased by 1.23%, while the CSI 300 index fell by 0.18%, indicating a relative underperformance of the basic chemical sector [3][13]. - The top-performing sub-industries included rubber additives and polyurethane, while the overall sector ranked 21st among all sectors [14]. Chemical Price Trends - The top five products with the highest weekly price increases were sodium (18.03%), coal tar (Tai Steel Coking) (11.43%), acrylic acid (10.79%), international phosphate rock (10.00%), and coal tar (Yangtze River Delta) (7.84%) [20][25]. - Conversely, the products with the largest price declines included trichloromethane (-6.81%), butadiene (-5.41%), and raw salt (-4.00%) [20][21]. Investment Recommendations - The report suggests focusing on several key sectors: 1. Refrigerants, with companies like Jinshi Resources and Juhua Co. recommended. 2. Chemical fibers, with a focus on Huafeng Chemical and Xin Fengming. 3. Quality stocks such as Wanhua Chemical and Hualu Hengsheng. 4. Tire sector, recommending Sailun Tire and Senqilin. 5. Agricultural chemicals, with a focus on Yara International and Salt Lake Co. 6. Growth stocks like Blue Sky Technology and Shengquan Group [7][42].

油价上涨，液氯、尿素、聚合 MDI 价格 涨幅居前 ——基础化工行业周报（2025.5.2-2025.5.9） [Table_Rating] 增持（维持） [◼Table_Summary] 市场行情走势 过去一周（5.6-5.9），基础化工指数涨跌幅为2.07%，沪深300指数涨 跌幅为2.00%，基础化工板块跑赢沪深300指数0.07个百分点，涨跌幅 居 于所 有板块 第13位。基 础化 工子行 业涨 跌幅 靠前 的有： 粘胶 （6.05%）、胶黏剂及胶带（5.95%）、其他橡胶制品（5.50%）、其 他化学原料（5.12%）、其他化学纤维（5.02%）。 ◼ 化工品价格走势 周涨幅排名前五的产品分别为：液氯（7.45%） 、 国 际 硫 磺 （5.60%） 、 国 际 甲 苯 （3.22%） 、 国 际DAP（3.03%） 、TDI （2.83%）。周跌幅前五的产品分别为：顺酐（-9.07%）、环己酮（- 7.54%）、煤焦油（太钢焦化）（-7.35%）、国产溶解浆（-6.76%）、 国产维生素C（-6.52%）。 ◼ 行业重要动态 原油价格上行。截至5月9日，布伦特原油收盘价63.88美元/桶，WTI原 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance over the next three years [4][6]. Core Views - The company experienced a slight decline in revenue for 2024, with a total of 15.65 billion yuan, down 0.2% year-on-year, and a significant drop in net profit by 78.1% to 380 million yuan [1][4]. - The glass industry is facing challenges due to insufficient demand in the real estate sector, leading to a continuous decline in float glass prices [2][4]. - The photovoltaic glass segment saw a significant increase in revenue by 68.6% to 5.75 billion yuan in 2024, but the profit margin decreased due to falling prices [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.65 billion yuan, with a net profit of 380 million yuan, reflecting a year-on-year decline of 78.1% [1][5]. - The float glass segment sold 107 million heavy boxes, down 6.4% year-on-year, with an average price of 64.3 yuan per heavy box, a decrease of 19.2% [2][4]. - The photovoltaic glass segment achieved a sales volume of 430 million square meters, up 124.0% year-on-year, but the average price fell to 13.2 yuan per square meter, down 24.7% [3][4]. Market Outlook - The float glass prices are expected to remain low until supply and demand are balanced, which may take time due to ongoing production capacity increases [2][4]. - The photovoltaic glass market is showing signs of recovery, but there may be pressure on prices as demand stabilizes and production ramps up [3][4]. Profitability Metrics - The company's gross margin for 2024 was 15.5%, down 9.5 percentage points year-on-year, primarily due to price declines in both float and photovoltaic glass [4][5]. - The net profit margin decreased to 1.7%, reflecting the impact of reduced gross margins and asset impairment losses totaling 257 million yuan [4][5]. Future Projections - The company is projected to recover with net profits of 829 million yuan, 1.1 billion yuan, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, indicating a compound annual growth rate of 41.4% [4][5].