Core Viewpoint - ST Lianchuang (300343) has been penalized by the Shandong Securities Regulatory Bureau for illegal information disclosure related to the acquisition of Shanghai Aotou Network Technology Co., Ltd, which involved inflated revenue and profit figures from 2016 to 2018 [1][2]. Group 1: Company Actions and Penalties - The company was ordered to correct its actions, received a warning, and was fined 600,000 yuan [2]. - The former chairman, Li Hongguo, was fined 300,000 yuan and banned from the securities market for five years [2]. - The former vice chairman, Shao Xiuying, received a warning and a fine of 150,000 yuan [2]. Group 2: Financial Misrepresentation - Shanghai Aotou inflated its revenue by 183 million yuan, 356 million yuan, 104 million yuan, and 252 million yuan for the years 2016 to the first quarter of 2018 and the first half of 2018, respectively [1]. - The inflated profit figures for the same periods were 89.44 million yuan, 177 million yuan, 62.16 million yuan, and 128 million yuan [1]. Group 3: Company Operations and Governance - Despite the penalties, the company stated that its production and operations are proceeding normally and that it will enhance internal governance and improve information disclosure quality [2]. - Li Hongguo remains the actual controller of ST Lianchuang, despite no longer serving as chairman, and has faced multiple regulatory warnings in recent years [2][3]. - In the first quarter of this year, the company reported revenue of 161 million yuan, a year-on-year increase of 12.2%, and a net profit of 5.0164 million yuan, marking a turnaround from losses [3].

Group 1: Company Performance and Developments - The company reported a significant improvement in net profit for the first quarter of the year, indicating a positive trend in performance [2] - As of May 10, 2025, the total number of shareholders is 69,483 [2] - The company is actively engaged in cost reduction and efficiency enhancement activities to strengthen its core competitiveness [2] Group 2: Solid-State Battery Project - The company is collaborating with Sun Yat-sen University on a solid electrolyte project, currently in the small-scale testing and process design phase, aiming to commence pilot testing soon [2][4] - Investors inquired about the progress of the solid-state battery research, with the company confirming it is still in the early stages [3][4] Group 3: Market and Product Insights - The company is positioned as a mature player in the fourth-generation refrigerant market, gradually increasing production capacity based on market demand [5] - The pricing strategy for the company's products is influenced by fluctuations in raw material supply prices and agreements with clients [5] - The company has accumulated a total of 12,058,100 shares repurchased, with a total transaction amount of 49,994,613.00 RMB as of April 30, 2025 [6] Group 4: Regulatory and Legal Matters - The company is under scrutiny regarding a contract fraud case, with questions raised about the regulatory oversight by Shandong authorities [3] - The company is expected to disclose further information regarding the administrative penalties imposed by the China Securities Regulatory Commission [6]

Summary of Conference Call on Fluorochemicals Industry Industry Overview - The fluorochemical industry is experiencing significant price increases for second-generation refrigerants (e.g., R22), with notable price growth expected in Q2 and Q3 of 2024, and a slight increase in Q4 despite being a traditional off-season. In Q1 2025, prices are projected to rise by approximately 9% quarter-on-quarter and 10% year-on-year, supported by quota reductions [1][2][3] Key Points on Second-Generation Refrigerants - Production of second-generation refrigerants is expected to decline by 34% year-on-year in Q4 2024 and by 18% year-on-year in Q1 2025. Exports are also projected to decrease by 13% in Q4 2024 and by 38% in Q1 2025. Despite the drop in export volumes, prices continue to rise due to reasonable inventory levels [1][4] - The market for second-generation refrigerants has seen a continuous price increase since 2018, driven by changes in the competitive landscape and strong demand from downstream markets [2][7] Insights on Third-Generation Refrigerants - Third-generation refrigerants (e.g., R32, R125, R134A) are facing tight quotas, leading to strong pricing power. Even in the off-season of Q1 2025, price increases are expected to match those of Q4 2024, indicating strong bargaining power for companies [1][5] - The overall demand for third-generation refrigerants is anticipated to be robust in the first half of 2025, with uncertainty in the second half, but the logic of increased pricing power remains intact [5][6] Air Conditioning Industry Performance - The air conditioning sector is performing well, with home air conditioning sales growing by 19% year-on-year in 2024 and a cumulative growth of approximately 10%. In Q1 2025, cumulative growth reached 15%, supporting the price increase of R32 refrigerants [1][6] - Low and reasonable inventory levels, combined with supply constraints during the Spring Festival, indicate a clear control of supply within the industry, which helps maintain stable supply and profitability [6] Price Trends and Impact on Company Performance - The refrigerant market has shown a clear upward price trend from Q4 2024 to Q1 2025, with R32 export prices aligning with domestic prices, leading to a 32% year-on-year increase in export volumes [2][7] - The overall improvement in demand and pricing power has resulted in enhanced gross and net profit margins for companies, attributed to significant increases in overseas export prices and reduced suppressive effects from low base comparisons [2][8] Future Market Outlook - The refrigerant market is expected to continue its upward trajectory, with Q2 2025 likely showing higher prices than Q1. However, growth rates may moderate in the second half of the year due to base effects [9] - As long as supply-demand dynamics remain stable, the logic for sustained price increases will persist, supporting continued strong performance in company earnings and stock price appreciation [9]

Q1 公司实现销售毛利率24.6%（同比-2.7pct，环比-0.4pct），实现销售净利率11.6%（同比+0.8pct，环 比+0.3pct）。预计收入以及利润率下滑主要是由于电解液放量且电解液景气承压的影响。 有机氟化学品持续高增长，成长可期。受海外个别氟化工企业退出市场的影响，全球电子氟化液市场处 于供应切换窗口，公司氟化液迎来了增长空间。公司有机氟化学品事业部的含氟医药中间体、含氟溶剂 清洗剂、含氟冷却液、氟聚合物改性共聚单体等产品的需求稳定，进而带动了相关产品的业绩增长。公 司按照"生产一代+研发一代+储备一代"的经营策略不断完善产品种类，目前公司一代产品市场份额稳 定，二代产品市场需求旺盛，销售高速增长，三代产品市场推广初见成效。 事件描述 公司发布2025 年一季报，2025Q1 实现收入20.0 亿元，同比变动+32.1%，环比变动-8.1%，归属净利润 2.3 亿元，同比变动+39.3%，环比变动-4.5%，归属扣非净利润2.2 亿元，同比变动+20.8%，环比变 动-9.0%。 事件评论 电解液承压，公司加快海外建设。公司拟以全资孙公司NovolyteTechnologySdn.Bhd. ...

丨证券研究报告丨 马太 邬博华 叶之楠 SAC：S0490516100002 SAC：S0490514040001 SAC：S0490520090003 SFC：BUT911 SFC：BQK482 联合研究丨公司点评丨新宙邦（300037.SZ） [Table_Title] Q1 同比增长明显，有机氟未来可期 报告要点 [Table_Summary] 公司发布 2025 年一季报，2025Q1 实现收入 20.0 亿元，同比变动+32.1%，环比变动-8.1%， 归属净利润 2.3 亿元，同比变动+39.3%，环比变动-4.5%，归属扣非净利润 2.2 亿元，同比变 动+20.8%，环比变动-9.0%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新宙邦（300037.SZ） cjzqdt11111 [Table_Title2] Q1 同比增长明显，有机氟未来可期 公司发布 2025 年一季报，2025Q1 实现收入 20.0 亿元，同比变动+32.1%，环比变动-8.1%， 归属净利润 2.3 亿元，同比变动+ ...

行 业 及 产 业 基础化工 行 业 研 究 / 行 业 深 度 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230124070001 lisc@swsresearch.com 联系人 李绍程 (8621)23297818× lisc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 12 日 在建工程连续两个季度回落，25Q1 补库 带来盈利改善 看好 ——基础化工行业 2024 年报及 2025 年一季报总结 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 ...

化学原料 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 化学原料 沪深300 相关研究报告 《制冷剂报价进一步上涨，需求、政 策助力行情延续—氟化工行业周报》 -2025.4.27 《巨化股份、三美股份、东阳光、永 和股份 2025Q1 业绩亮眼，制冷剂景 气持续向上，主升行情徐徐展开—氟 化工行业周报》-2025.4.13 《Q2 长协价格超预期，制冷剂长期 逻辑进一步强化—氟化工行业周报》 -2025.3.30 《制冷剂行业深度报告三：蓄势双 击，或迎主升》（2024.12.17） 《制冷剂政策点评：制冷剂 2025 年 配额方案征求意见稿下发，看好制冷 剂景气向上趋势延续》（2024.9.16） 《东阳光首次覆盖报告：原有主业或 迎业绩反转，制冷剂开启长景气周 期》（2024.8.27） 《制冷剂行业深度报告二：拐点已 现，行则将至》（2024.2.6） 《制冷剂行业深度报告：十年轮回， 未来已来》（2021.10.20） 《金石资源深度报告（三）：新兴产 业创造新 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [58]. Core Insights - The report highlights that Huayi Group plans to acquire a leading fluorochemical new materials company, aiming to enhance its strategic positioning in the fields of "new energy, new materials, new environmental protection, and new biology" [4][32]. - The Chinese smartphone market saw a 9% year-on-year increase in Q1 2025, reaching 68.7 million units, driven by normalized inventory levels and government subsidy programs [37]. - The Wind New Materials Index rose by 2.83% this week, with notable increases in semiconductor materials and lithium battery indices, reflecting a positive market trend [3][14]. Summary by Sections Overall Market Review - The Wind New Materials Index closed at 3615.83 points, up 2.83% week-on-week. The semiconductor materials index rose by 3.14%, while the lithium battery index increased by 5.34% [3][14]. Key Company Updates - Huayi Group announced its intention to acquire 60% of Shanghai Huayi San Aifu New Materials Co., Ltd. for 4.091 billion yuan, which will enhance its product matrix in fine chemicals and fluorochemical products [4][33]. - The report notes that San Aifu is expected to generate revenues of 5.29 billion yuan and 4.62 billion yuan in 2023 and 2024, respectively, with net profits of 344 million yuan and 253 million yuan [33]. Recent Industry Trends - The report tracks the significant growth in the semiconductor materials sector, emphasizing the acceleration of domestic production and the expansion of wafer fabs [37]. - The closure of the Lavradio plant by SGL Carbon is noted as part of a restructuring due to declining demand and overcapacity in the carbon fiber market [32][34].

Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company reported a revenue of 13.966 billion yuan in 2024, a year-on-year increase of 77.86%, and a net profit attributable to shareholders of 1.054 billion yuan, up 17.11% year-on-year [4][5] - The company has completed the acquisition of Sinochem Blue Sky, enhancing its fluorochemical industry chain and product offerings [6][7] - The high-end fluorine materials segment faced pressure due to declining prices, while the electronic chemicals and carbon reduction business saw improved gross margins [7][8] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 3.759 billion yuan, a year-on-year increase of 138.14%, but a quarter-on-quarter decrease of 44.29% [4] - For Q1 2025, the company reported a revenue of 3.157 billion yuan, a year-on-year increase of 95.73%, but a quarter-on-quarter decrease of 16.02% [5] - The gross margin for Q4 2024 was 19.02%, down 14.04 percentage points year-on-year, while the net margin was 5.70%, down 7.80 percentage points year-on-year [8][10] Segment Analysis - The high-end fluorine materials segment experienced a 20.7% decline in gross profit year-on-year, while the electronic chemicals segment saw a 25.0% increase in gross profit [7] - The carbon reduction business maintained stable growth, with average prices for copper and nickel catalysts increasing by 5.4% and 12.9% year-on-year, respectively [7] Future Outlook - The company expects net profits attributable to shareholders to reach 1.242 billion yuan in 2025, 1.534 billion yuan in 2026, and 1.775 billion yuan in 2027, with corresponding P/E ratios of 26.54X, 21.49X, and 18.57X [11]