10月28日晚，宁波华翔（002048）(002048.SZ)发布三季度报告。前三季度，公司实现营收192.24亿元， 同比增长5.88%；扣非归母净利润10.71亿元，同比增长63.89%。 在主业稳健复苏的基础上，宁波华翔以前瞻性的战略眼光，果断切入人形机器人和高性能新材料两大新 兴赛道，打造未来增长的双引擎。 在人形机器人领域，公司定位清晰，进展迅速。公司于2025年6月成立了"华翔启源"系列公司，并迅速 组建了由业内资深专家领衔的核心团队。更重要的是，子公司华翔启源承接智元机器人远征系列机器人 模组及本体的总成代工，已正式开始按计划交付，公司预期2025年下半年交付量将达到1000台。这标志 着公司已将汽车领域积累的大规模生产、精密制造和供应链管理能力成功复用至机器人赛道，抢占了产 业发展的有利身位。 在新材料领域，公司的布局同样迅速而精准。2025年8月，公司公告与关联方共同投资设立合资公司 ——宁波峰梅匹意克新材料有限公司，公司持股30%，正式进军聚醚醚酮(PEEK)材料的研发与应用。 PEEK作为一种高性能特种工程塑料，在轻量化、耐高温、耐磨损等方面性能卓越，是机器人和高端汽 车领域的关键材料。 ...

Overview - Metallocene polyethylene (mPE) is recognized for its narrow molecular weight distribution, regular molecular structure, high mechanical strength, excellent optical properties, and good processing stability, earning it the nickname "soft gold" in the polyolefin sector [1][16] - The demand for high-performance materials, particularly in packaging, agricultural films, and pipes, has been increasing in China due to economic growth and rising living standards. The apparent consumption of mPE in China is projected to reach approximately 3 million tons in 2024, with imports hitting 2.72 million tons, resulting in a high import dependency of 90.67% [1][16] Industry Background - The production of mPE is supported by national policies aimed at developing new materials, with the "Production of Metallocene Polyethylene and Other Special Polyolefins" listed as a key development area in the "Industrial Structure Adjustment Directory (2024)" [8] - Continuous advancements in production technology and catalyst development have allowed domestic companies to narrow the gap with international standards [8] Industry Chain - The upstream of the mPE industry includes suppliers of raw materials like ethylene and propylene, as well as suppliers of catalysts, antioxidants, stabilizers, and production equipment. The midstream involves the production and processing of mPE, while the downstream encompasses various application markets, including food packaging films, stretch films, and pipes [12] Consumption Structure - Food packaging films represent the largest consumption market for mPE in China, accounting for 29.4% of total consumption, followed by stretch films and greenhouse films at approximately 19% and 18.6%, respectively [14] Competitive Landscape - The mPE production technology is complex, and China has historically relied heavily on imports. Major suppliers include ExxonMobil (40% market share), Dow Chemical (30%), and Mitsui Chemicals (13%) [18] - Domestic producers include Sinopec, PetroChina, and Shenyang Chemical, with a projected total production of about 350,000 tons in 2024. Sinopec is expected to account for 30% and PetroChina for 65% of this production [20] - There are currently seven mPE projects under construction in China, with a combined designed capacity exceeding 3.7 million tons, which is expected to alter the domestic supply landscape and reduce import dependency [20] Development Trends - The number of mPE projects under construction indicates a future increase in production capacity, which will help reduce import reliance and enhance domestic competitiveness. The industry is also moving towards green production and recycling, with a focus on energy conservation and sustainable product design [22]

Group 1: Industry Overview - The surface active agent industry in China has developed into a large-scale and diverse sector, focusing on functional and green development trends [2] - The country has made significant advancements in key technologies and production processes for bulk surface active agent products [2] - There are few listed companies producing alkyl glycosides and polyether amines, indicating a niche market for high-performance new materials [2] Group 2: Subsidiary Information - Jiangsu Dajiang New Materials Chemical Co., Ltd. was established with a registered capital of 150 million RMB, with the company holding a 50.1% stake [3] - The subsidiary focuses on polyurethane catalysts and epoxy resin curing agents [3] Group 3: Impact of Trade Relations - The company has strengthened its export efforts, with a diverse product range primarily targeting Southeast Asia and the EU, while the impact of the US-China trade war is relatively minor due to low export volume to the US [4] Group 4: Production Capacity and Utilization - Current production capacity for polyether amines is 31,000 tons/year, with a utilization of 28,500 tons/year [4] - The utilization rate for polyether amines in 2024 is projected to be around 46%, while alkyl glycosides have reached a 100% utilization rate [4] Group 5: Research and Development Projects - Key ongoing R&D projects include the development of high-efficiency clean fire extinguishing agents, new decolorization processes for alkyl glycosides, and methods for continuous preparation of silicone oil [5] - Future R&D projects will focus on lignin-based polyols and biodegradable pressure-sensitive adhesives for express delivery tape [5] Group 6: Profit Growth Projections - Expected profit growth channels for 2025 include expanding the application fields of small-batch polyether amines and increasing production capacity utilization [5] - The completion of a 35,000 tons/year alkyl glycoside expansion project is anticipated to contribute to revenue growth [5] - Overall revenue is expected to improve if the chemical industry recovers this year [5]