氟碳化学品价格上涨，公司业绩显著提升 ——昊华科技（600378.SH）2025 年三季报点评 要点 2025 年 10 月 31 日 公司研究 事件：公司发布 2025 年三季度报告。2025 年前三季度，公司实现营收 123.01 亿元，同比增长 20.50%（追溯调整后数据，下同）；实现归母净利润 12.32 亿 元，同比增长 44.57%；实现扣非后归母净利润 12.14 亿元，同比增长 109.93%。 2025Q3，公司单季度实现营收 45.41 亿元，同比增长 22.33%，环比减少 1.36%； 实现归母净利润 5.87 亿元，同比增长 84.30%，环比增长 27.68%。 点评： 政策推升氟碳化学品价格，公司业绩显著增长。由于配额政策影响，氟碳化学品 市场供需情况持续改善，对应产品价格显著上涨。2025 年前三季度，公司氟碳 化学品实现营收 40.3 亿元，同比增长 43.6%；实现销量 9.1 万吨，同比减少 3.3%； 平均销售价格为 4.4 万元/吨，同比增长 48.6%。其他产品方面，2025 年前三季 度公司含氟锂电材料、含氟气体及特种轮胎销量增长较为显著，同比分别增长 121% ...

氟化工概念盘初走强，永太科技涨停，深圳新星、新宙邦、多氟多、天赐材料、光华科技、滨化股份等 跟涨。 ...

数据显示，截至2025年9月30日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学 (600309)、盐湖股份(000792)、巨化股份(600160)、天赐材料(002709)、藏格矿业(000408)、金发科技 (600143)、华鲁恒升(600426)、宝丰能源(600989)、恒力石化(600346)、云天化(600096)，前十大权重股 合计占比44.49%。 截至2025年10月31日 10:13，中证细分化工产业主题指数(000813)强势上涨1.66%，成分股新宙邦 (300037)上涨10.58%，多氟多(002407)上涨10.00%，恩捷股份(002812)上涨10.00%，天赐材料(002709)， 凯赛生物(688065)等个股跟涨。化工ETF(159870)上涨1.93%，最新价报0.74元。 化工ETF(159870)，场外联接(A：014942；C：014943；I：022792)。 化工ETF紧密跟踪中证细分化工产业主题指数，中证细分产业主题指数系列由细分有色、细分机械等7 条指数组成，分别从相关细分产业中选取规模较大、流动性较好的上市公司证券作为指数样本 ...

展望后市，光大证券指出，基础化工行业电子化学品、钾肥等子板块表现强劲，半导体材料受益于需求 扩张与国产替代双重驱动，光刻胶、湿电子化学品等市场规模持续增长。OLED有机材料受国产面板厂 商份额提升带动，预计2025年市场规模达74亿元。AI算力建设推动高频高速树脂与液冷材料需求，轻 量化材料如PEEK在人形机器人等领域应用潜力显著。 东海证券表示，"十五五"强调科技自立自强，新材料产业迎来国产替代机遇，如光刻胶、高端工程塑料 等细分领域龙头企业有望受益。制冷剂方面，2026年配额方案调整将保障行业健康发展，看好其长景气 周期。国内供给侧改革有望优化结构，关注有机硅、膜材料等供给弹性较大板块，同时我国化工产业链 凭借成本和技术优势，正重塑全球格局。 如何把握化工板块反弹机遇？借道化工ETF（516020）布局效率或更高。公开资料显示，化工ETF （516020）跟踪中证细分化工产业主题指数，全面覆盖化工各个细分领域。其中近5成仓位集中于大市 值龙头股，包括万华化学、盐湖股份等，分享强者恒强投资机遇；其余5成仓位兼顾布局磷肥及磷化 工、氟化工、氮肥等细分领域龙头股，全面把握化工板块投资机会。场外投资者亦可通过化工 ...

证券简称：新宙邦 证券代码：300037 深圳新宙邦科技股份有限公司 投资者关系活动记录表 编号：2025-006 | 投资者关系活 | □ 特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 动类别 | ☑业绩说明会 □新闻发布会 □路演活动 | | | □现场参观 □其他 （请文字说明其他活动内容） | | 参与单位名称 | 参会单位名称详见后文附表 | | 及人员姓名 | | | 时间 | 2025 年 10 月 29 日 15:00-16:00 | | 地点 | 电话会议 | | 上市公司接待 | 董事长：覃九三 | | 人员姓名 | 董事会秘书：贺靖策 | | | 财务总监：黄瑶 | | | 公司 2025 年三季度业绩说明会分为两个环节：第一部分为 2025 年三 | | | 季度业绩情况说明，第二部分为问答环节。 | | | 第一部分：公司 年三季度业绩情况 2025 | | | 公司前三季度营业总收入 66.16 亿元，同比增长 16.75%，归母净利润 | | | 亿元，同比增长 年第三季度公司实现营业收入 亿 7.48 6.64%。2025 23.68 | | 投资 ...

截至9月30日，三美股份股东户数2.26万，较上期增加26.46%；人均流通股27014股，较上期减少 20.92%。2025年1月-9月，三美股份实现营业收入44.29亿元，同比增长45.72%；归母净利润15.91亿元， 同比增长183.66%。 分红方面，三美股份A股上市后累计派现11.22亿元。近三年，累计派现7.55亿元。 资金流向方面，主力资金净流出398.24万元，特大单买入762.23万元，占比2.43%，卖出1179.50万元， 占比3.75%；大单买入7834.80万元，占比24.94%，卖出7815.77万元，占比24.88%。 三美股份今年以来股价涨50.62%，近5个交易日涨1.96%，近20日涨0.02%，近60日涨23.23%。 资料显示，浙江三美化工股份有限公司位于浙江省武义县青年路218号，成立日期2001年5月11日，上市 日期2019年4月2日，公司主营业务涉及氟碳化学品和无机氟产品等氟化工产品的研发、生产和销售。主 营业务收入构成为：氟制冷剂85.55%，氟化氢9.77%，发泡剂3.46%，材料销售0.70%，副产品销售 0.27%，其他0.25%。 三美股份所属申万行 ...

目前六氟磷酸锂的价格走势如何？对于 2026 年的供需和价格有何判断？ 新宙邦 20251029 摘要 电解液市场在第三季度显著增长，尤其储能领域，预计此趋势将延续至 2026 年。上半年电解液价格触底后已回升，四季度及未来价格预计将 继续上涨，主要受六氟磷酸锂价格驱动，投资者应关注相关供应链动态。 宙邦作为电解液大厂，六氟磷酸锂采购价格区间宽泛，受长期合同和市 场定价影响。电解液涨价传导至客户存在时间差，但正逐步缩短，新合 同定价将反映最新六氟磷酸锂价格，关注合同周期对盈利的影响。 石磊公司六氟磷酸锂现有产能 2 万吨/年，年底或明年一季度将达 3.6 万 吨，自供比例预计达 50%-66%。公司仍将从长期伙伴采购以稳定供应 链，投资者应关注产能扩张进度及自供比例提升对成本控制的影响。 半导体领域氟化液产品在 2025 年第三季度出货量稳定增长，氢氟清洗 液增长尤为迅速。公司正建设新工厂，预计 2026 年底设备进入安装调 试阶段，现有机场出货量有望翻番，关注产能扩张对市场份额的影响。 海德福业务 9 月份已实现单月盈利，减亏效果显著。公司重点在新产品 研发和工艺优化，预计未来几年业绩将逐步改善，但全年盈利 ...

Core Insights - The company reported a revenue of 12.32 billion yuan for the first three quarters of 2023, representing a year-on-year growth of 44.57% [1] - The fluorochemical business segment saw a revenue increase of 26.53% and a gross profit increase of 63.34% during the same period, driven by improved supply-demand dynamics and rising prices [1][2] Financial Performance - For the first three quarters, the company achieved total revenue of 123.01 billion yuan, a 20.5% increase year-on-year [1] - In Q3 alone, revenue reached 45.41 billion yuan, marking a 22.33% year-on-year growth, with net profit increasing by 84.3% to 5.87 billion yuan [1] - The average selling price of fluorocarbon chemicals was 44,400 yuan per ton, up 48.59% year-on-year due to quota policies and improved market conditions [2] Business Segments - The fluorochemical segment's strong performance was supported by a favorable competitive landscape and steady downstream demand, leading to higher average prices for refrigerants and other fluorocarbon chemicals [1][2] - The electronic chemicals segment faced intense competition, resulting in a decline in average prices for fluorinated gases, but the company adopted a volume-over-price strategy to maintain market share [2] - The high-end manufacturing chemical materials segment experienced a revenue growth of 8.50% and a gross profit growth of 8.56% [2] Project Development - Key projects are progressing as planned, including the 26,000 tons/year high-performance organic fluorine materials project and the 46,600 tons/year specialized new materials project [3] - The company is expanding its international presence and has approved a plan for subsidiaries to engage in financial derivatives trading, with a maximum contract value of 44 million USD per trading day [3]

Core Viewpoint - Yongtai Technology is a leading domestic fluorochemical enterprise with a strong technical advantage in lithium battery new materials, indicating high investment value [1] Group 1: Business Performance - In Q3 2025, Yongtai Technology reported revenue of 4.028 billion yuan, ranking 5th among 10 companies in the industry [2] - The company's net profit for the same period was 30.32 million yuan, placing it 8th in the industry [2] - The main business composition includes lithium battery and other materials at 871 million yuan (33.38%), trade at 805 million yuan (30.87%), plant protection at 509 million yuan (19.50%), and pharmaceuticals at 418 million yuan (16.04%) [2] Group 2: Financial Ratios - As of Q3 2025, Yongtai Technology's asset-liability ratio was 73.94%, higher than the industry average of 40.15% [3] - The gross profit margin for the same period was 16.84%, below the industry average of 23.64% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.56% to 107,700 [5] - The average number of circulating A-shares held per shareholder decreased by 6.52% to 7,506.6 [5] Group 4: Strategic Developments - On September 9, 2025, the company established a joint venture, Yongtai Xinfeng, with a 67% stake, focusing on the industrialization of medium and long-term lithium battery technology [6] - The company has built a complete supply chain from lithium salt raw materials to electrolytes, with an annual production capacity of approximately 20,000 tons of lithium hexafluorophosphate [6] - Forecasted net profits for 2025-2027 are 210 million yuan, 580 million yuan, and 1.88 billion yuan, respectively, with a dynamic P/E ratio of 28.6 times for 2026 [6]

Core Viewpoint - Wihua New Materials, established in October 2013, focuses on fluorochemical products and is set to be listed on the Shanghai Stock Exchange in August 2024 [1] Group 1: Business Performance - In Q3 2025, Wihua New Materials reported revenue of 660 million yuan, ranking 10th in the industry, significantly lower than the top competitor, Juhua Co., which had 20.394 billion yuan [2] - The main business composition includes the trifluoromethylbenzene series at 347 million yuan (79.35%) and chlorotoluene series at 86.1691 million yuan (19.71%) [2] - The net profit for the same period was 96.334 million yuan, ranking 6th in the industry, again far below Juhua Co.'s 3.623 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Wihua New Materials had a debt-to-asset ratio of 12.31%, which is significantly lower than the industry average of 40.15%, indicating strong solvency [3] - The gross profit margin for the same period was 28.10%, although it decreased from 32.91% year-on-year, it remains above the industry average of 23.64% [3] Group 3: Management and Shareholder Information - The chairman, Wu Jiangwei, received a salary of 1.022 million yuan in 2024, a slight decrease from 1.0236 million yuan in 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 1.68% to 19,900, while the average number of circulating A-shares held per account increased by 1.71% to 9,287.44 [5]