证券代码：300839 证券简称：博汇股份 债券代码：123156 债券简称：博汇转债 宁波博汇化工科技股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活动 类别 特定对象调研 □分析师会议 媒体采访 ☑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） 参与单位名称及 人员姓名 线上参加公司 2024 年度网上业绩说明会的全体投资者 时间 2025 年 05 月 07 日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人 员姓名 董事长 金碧华 董事、总经理 王律 董事、副总经理、董事会秘书 张雪莲 董事、财务总监 项美娇 独立董事 刘红灿 投资者关系活动 主要内容介绍 1. 请问董事长，本次引进原鑫曦望将为公司的发展带来什么变化 答:您好，本次引进原鑫曦望有利于发挥国资平台在产业培育、产业 升级方面的作用，使公司发展更加稳健，进而促进公司快速完成产业转 型，助力公司长远发展。 2.请问董秘，史楠与席明贤与阿里云、钉钉和鑫蜂维的关系，他们的 加入将为公司创造哪些价值和新希望？ 答:您好， ...

Core Viewpoint - The article discusses the environmental impact assessment approval for the "Wanhua Chemical Green Power Industrial Park Phase I 100,000 tons lithium iron phosphate project" in Yantai, Shandong Province, highlighting its significance in the battery materials sector and Wanhua Chemical's broader business operations [1]. Group 1 - The project is located in the Wanhua Green Power Industrial Park and is managed by Wanhua Chemical (Haiyang) Battery Materials Technology Co., Ltd [1]. - The main construction involves a new 100,000 tons per annum (t/a) battery-grade lithium iron phosphate facility, consisting of four production lines each with a capacity of 25,000 t/a [1]. - The project will include auxiliary and environmental protection facilities, with key equipment such as mixing tanks, grinding machines, and automatic vacuum packaging machines [1]. Group 2 - Wanhua Chemical is a global chemical new materials company with operations spanning five major industrial clusters: polyurethane, petrochemicals, fine chemicals, emerging materials, and future industries [1]. - In 2024, Wanhua Chemical achieved a revenue of 182.069 billion yuan and a net profit of 13.033 billion yuan [1].

Company Overview - Haokun (Shandong) New Materials Co., Ltd. has been established with a registered capital of 3 million yuan [1] - The legal representative of the company is Song Zhenglian [1] - The company is co-owned by Shandong Haihua, Song Zhenglian, and Dayuan Health Management (Shandong) Group Co., Ltd. [1] Business Scope - The company’s business scope includes new material technology promotion services, technical services, development, consulting, and transfer [1] - It is involved in the production and sales of various chemical products, including specialized chemical products, synthetic materials, coatings, and refractory materials [1] - The company also focuses on the research and development of bio-based materials and high-performance fibers and composite materials [1] - Additional activities include the sale of non-metallic minerals and products, as well as import and export of goods and technology [1]

Group 1: Business Performance and Market Conditions - In 2024, the chemical new materials business faced significant losses due to a slowdown in ethylene demand and high production costs, particularly from the naphtha cracking route [3] - The industrial water treatment business is projected to grow by 53.16% in 2024, driven by the advancement of the Qinghai salt lake resource project and other ongoing projects [5] - The company aims to improve profit margins in the chemical new materials sector by focusing on cost reduction and enhancing product quality [3] Group 2: Strategic Initiatives and Innovations - The company is accelerating investment and renovation projects, with the first phase of the Jieyang C4 and C5 project nearing completion, transitioning to production preparation [3] - The hazardous waste treatment business is developing advanced technologies for high-concentration organic wastewater, achieving high removal rates for pollutants [6] - The company is optimizing its carbon five hydrogenation and separation processes to enhance product yield and quality [6] Group 3: Future Development and Market Trends - The company plans to leverage its dual focus on chemical new materials and environmental protection to create synergies and reduce operational risks [5] - The industrial water treatment sector will benefit from stricter environmental regulations and increased government support for ecological initiatives [5] - The renewable energy business is exploring new applications for lithium resource extraction technologies, aiming for high-quality development [7]

Investment Rating - The report assigns a "Buy" investment rating for the company [9] Core Views - The company maintains a leading position in modified plastics, with significant growth in sales and revenue across various sectors, including new materials and healthcare [2][8] - The company has achieved record sales in modified plastics, with a total sales volume of 2.66 million tons, representing a year-on-year increase of 23.71% [2] - The company is actively expanding into emerging fields such as humanoid robots and low-altitude economy, enhancing collaborations with major global enterprises [2][8] Financial Performance - In 2024, the company reported total revenue of 60.514 billion yuan, a year-on-year increase of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% [1] - The company achieved a quarterly revenue of 20.050 billion yuan in Q4 2024, reflecting a year-on-year growth of 46.88% [1] - For Q1 2025, the company reported revenue of 15.666 billion yuan, a year-on-year increase of 49.06%, and a net profit of 0.247 billion yuan, up 138.20% [1] Research and Development - The company invested 2.490 billion yuan in R&D in 2024, a year-on-year increase of 26.20%, focusing on new technologies and product optimization [3] - The company is enhancing its product structure to improve market competitiveness and product value [3] Market Position and Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 1.415 billion yuan, 1.856 billion yuan, and 2.287 billion yuan for 2025, 2026, and 2027 respectively [9] - The current stock price corresponds to a price-to-earnings ratio (PE) of 20.7 for 2025, 15.8 for 2026, and 12.8 for 2027, indicating a favorable valuation [9]

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [8]. Core Insights - The company, Kingfa Technology, has solidified its leading position in the modified plastics industry, achieving record sales in 2024 with modified plastic sales reaching 2.66 million tons, a year-on-year increase of 23.71% [2]. - The company is actively expanding into emerging fields such as humanoid robots and low-altitude economy, enhancing collaborations with major global players in automotive, home appliances, and consumer electronics [2]. - The company has significantly increased its R&D investment, reaching 2.49 billion yuan in 2024, a 26.20% increase year-on-year, which supports new technology and product development [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 60.514 billion yuan, a year-on-year growth of 26.23%, and a net profit attributable to shareholders of 825 million yuan, up 160.36% [1]. - The Q4 2024 revenue was 20.050 billion yuan, reflecting a 46.88% year-on-year increase, while the Q1 2025 revenue was 15.666 billion yuan, a 49.06% year-on-year growth [1]. Market Position - Kingfa Technology is recognized as one of the most comprehensive companies in the global chemical new materials industry, with the largest scale and variety of modified plastics [2]. - The modified plastics segment contributed 32.075 billion yuan in revenue, with a gross margin of 22.07% [2]. R&D and Innovation - The company is committed to enhancing its product structure through increased R&D efforts, which is expected to improve product value and market competitiveness [3]. - The company is also focusing on developing high-value products in the medical health sector, achieving a revenue of 563 million yuan, a 46.36% increase year-on-year [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.415 billion, 1.856 billion, and 2.287 billion yuan respectively, with corresponding PE ratios of 20.7, 15.8, and 12.8 [8].

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Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for investment opportunities in the sector [7]. Core Insights - The market for robotic tendons is expected to grow significantly, with projections indicating that by 2045, the humanoid robot market in China could reach a scale of 10 trillion yuan [1]. - The adoption of tendon transmission in robotic hands is gaining traction due to its advantages over traditional mechanisms, such as reduced weight and increased flexibility, which are crucial for compact designs [10]. - The report emphasizes the importance of ultra-high molecular weight polyethylene (UHMWPE) as a key material for robotic tendons, highlighting its superior strength-to-weight ratio and cost-effectiveness compared to traditional materials [3][36]. Summary by Sections 1. Robotic Tendons: A Promising Transmission Method - Robotic hands utilize various transmission methods, with tendon transmission being particularly advantageous for its flexibility and lightweight design, which enhances the dexterity of robotic hands [10]. - The tendon mechanism mimics human muscle structure, allowing for more efficient movement and control in confined spaces [10]. 2. Market Potential for Robotic Tendons - The report estimates that with a shipment of 10 million humanoid robots, the market for tendons could reach 35.2 billion yuan, based on a single unit value of approximately 3,520 yuan for a 22-degree of freedom robotic hand [2][31]. - The increasing penetration of tendon technology in various robotic applications is expected to further expand market opportunities [32]. 3. Material Opportunities: Focus on UHMWPE - UHMWPE fibers are recognized for their high strength and low density, making them ideal for use in robotic tendons [3][39]. - The report notes that the domestic production capacity for UHMWPE fibers is expected to reach 66,000 tons by 2024, with significant growth potential in the market [40]. - The competitive landscape shows that while international companies currently dominate high-end UHMWPE production, domestic firms are rapidly advancing in technology and capacity [39]. 4. Key Companies - **Tongyi Zhong**: Leading in UHMWPE fiber production with a capacity of 7,960 tons, the company is positioned to benefit from the growing demand for high-performance materials in robotics [4][42]. - **Nanshan Zhishang**: With a capacity of 3,600 tons, the company is actively developing tendon products for various robotic applications [45]. - **Henghui Anfang**: Expected to increase its UHMWPE fiber capacity by 4,800 tons in 2025, the company is focusing on materials for robotic tendons and other applications [46].

Investment Rating - The report maintains a positive outlook on the industry, suggesting an "Increase" rating for the sector [8]. Core Insights - The market for robotic tendons is expected to grow significantly, with projections indicating a market size of 10 trillion yuan by 2045 as humanoid robots advance to Level 5 capabilities [1][27]. - The adoption of tendon transmission systems in robotic hands is increasing due to their advantages in flexibility, lightweight design, and efficiency compared to traditional mechanisms [10][18]. - The report emphasizes the importance of ultra-high molecular weight polyethylene (UHMWPE) as a key material for robotic tendons, highlighting its superior strength-to-weight ratio and cost-effectiveness [3][39]. Summary by Sections 1. Robotic Tendons: Accelerating Penetration and Focus on UHMWPE - Robotic tendons enhance dexterity and lightweight design, with a significant market potential as humanoid robots evolve [1]. - The tendon transmission mechanism mimics human muscle structure, improving speed and precision in robotic applications [10][18]. 2. Market Potential for Robotic Tendons - The introduction of Tesla's Optimus GEN-3 robot, featuring a tendon-based hand with 22 degrees of freedom, indicates a market size of 35.2 billion yuan for tendon systems based on projected sales of 10 million units [2][31]. - The report anticipates further applications of tendons beyond robotic hands, including joints and other structural components [32]. 3. Material Opportunities: Focus on UHMWPE - UHMWPE fibers are recognized for their high strength and low density, making them ideal for robotic tendons [3][39]. - The report notes that domestic manufacturers are rapidly advancing in UHMWPE production, potentially disrupting the current market dominated by foreign companies [40][41]. 4. Key Companies - **Tongyi Zhong**: Leading in UHMWPE fiber production with a capacity of 7,960 tons, focusing on high-strength materials [4][42]. - **Nanshan Zhishang**: Producing 3,600 tons of UHMWPE fibers, with applications in robotic tendons [45]. - **Henghui Security**: Expected to increase its UHMWPE capacity by 4,800 tons, targeting the robotic tendon market [46].

Group 1 - The core viewpoint of the news is that Watte Co., Ltd. is actively expanding its business in various high-growth sectors, including high-frequency communications, computing servers, new energy vehicles, low-altitude economy, and semiconductors, with significant revenue and profit growth projected for 2024 and 2025 [1] - Watte Co., Ltd. aims to achieve a revenue of 1.897 billion yuan in 2024, representing a year-on-year growth of 23.45%, and a net profit of 36.5965 million yuan, reflecting a substantial increase of 520.69% [1] - In the first quarter of 2025, the company reported a year-on-year revenue growth of 8.46% and a 24.76% increase in non-recurring net profit [1] - The company has made progress in various fields, including automotive and new energy, high-frequency communications, low-altitude flying vehicles, robotics, and semiconductor materials [1] - The PEEK resin synthesis project has passed inspection and is currently in the process of obtaining a production license [1] - Watte Co., Ltd. has achieved domestic supply chain localization for raw materials, with export business primarily targeting Asia and Europe, while the impact of U.S. tariff policies is minimal [1] Group 2 - Xizang Yuanlesheng Asset Management Co., Ltd. is a parallel company of Beijing Yuanlesheng Asset Management Co., Ltd., sharing the same shareholder structure, company framework, and personnel composition [2] - Yuanlesheng Asset Management focuses on standardized risk management and aims to maximize market benefits while providing transparent supervision [2] - The company manages assets totaling 7 billion yuan and has been recognized as a leading player in the domestic private equity fund sector, achieving significant long-term performance and stable returns [2] - Yuanlesheng's first public fund, "Yuanlesheng Stock Selection," has achieved over 500% cumulative returns since its establishment in July 2008, demonstrating resilience through various market conditions [2] - The company has received multiple awards in the private equity industry, including the "Golden Bull" award for three consecutive years from 2011 to 2013 [2]