证券代码：603683 证券简称：晶华新材 公告编号：2025-029 上海晶华胶粘新材料股份有限公司 2025年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将上海晶华胶粘新材料股份有限公司（以 下简称"公司"）2025 年第一季度主要经营数据披露如下（均不含税）： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 年 2025 | 1-3 | 月产 | 年 2025 1-3 | 月销量 | 年 2025 | 月销售金 1-3 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 量（万平方米） | | | （万平方米） | | | 额（万元） | | 电子胶粘材料 | | | 1,080.35 | | 1,713.71 | | 12,766.89 | | 工业胶粘材料 | | 12,807.84 | | | 11,158.3 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is expected to achieve a historic breakthrough in high-end products in 2025, potentially marking a year of renewed growth. It is recognized as a national high-tech enterprise and a "little giant" enterprise by the Ministry of Industry and Information Technology, with main business segments including zirconium, magnesium, and advanced ceramics [5][20]. - In 2024, the company reported revenues and net profits of 1.054 billion and 76 million yuan respectively, showing a year-on-year decline of 2.41% and 4.38% due to intense industry competition and demand shocks in traditional sectors. However, growth in high-end applications like sponge zircon and advanced friction materials has mitigated some impacts [5][27]. - The company aims to achieve net profits of 1.5 billion, 2.2 billion, and 3.0 billion yuan from 2025 to 2027, supported by the ramp-up of its nuclear-grade zircon project and the delivery of solid-state battery materials [5][10]. Company Overview - The latest closing price of the company's stock is 23.28 yuan, with a total market capitalization of 9.9 billion yuan. The company has a total share capital of 424 million shares, with a debt-to-asset ratio of 33.1% and a price-to-earnings ratio of 129.33 [4]. - The company has a significant shareholder, Japan's Eisho Trading Co., Ltd., which holds a substantial stake [4]. Financial Projections - The company is projected to benefit from increased orders for nuclear-grade sponge zircon in 2025, with net profits expected to grow significantly in the following years. The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.34, 0.58, and 0.75 yuan respectively, with corresponding price-to-earnings ratios of 71.81, 42.04, and 32.69 [10][12]. - Revenue is expected to reach 1.172 billion, 1.571 billion, and 1.873 billion yuan from 2025 to 2027, reflecting growth rates of 11.21%, 34.08%, and 19.20% respectively [12]. Business Segments - The company has established a comprehensive product matrix in the zirconium sector, including sponge zircon, zirconium oxychloride, and zirconium-based amorphous alloys, with ongoing efforts to expand into high-end applications [20][34]. - The nuclear-grade sponge zircon project is anticipated to start production in 2025, with a projected capacity of 1,300 tons, contributing to the company's growth trajectory [7][10]. - The solid-state battery sector is also a focus, with expectations for small-scale production by 2027 and large-scale commercialization by 2030, leveraging zircon-based materials for electrolyte applications [8][10].

Group 1: Market Performance - The three major indices experienced adjustments, with the Shanghai Composite Index down 0.2%, Shenzhen Component Index down 0.62%, and ChiNext down 0.65% [2] - Over 1,100 stocks rose in the two markets, with a total trading volume of approximately 1.06 trillion yuan [2] Group 2: Key Sectors and Stocks - PEEK materials saw significant gains, with New Han New Materials (301076.SZ) rising over 12% and Zhongxin Fluorine Materials (002915.SZ) up over 5% [2] - The gaming sector performed strongly, with Sheng Tian Network (300494.SZ) increasing over 9% and other companies like Youzu Network (002174.SZ) and Perfect World (002624.SZ) also rising [2] - Nuclear power concept stocks performed well, with Huayin Power (600744.SH) and Tianwo Technology (002564.SZ) both rising 10% [3] Group 3: Regulatory Developments - The National Press and Publication Administration approved 118 domestic online games in April 2025, with a total of 510 game licenses issued so far this year [2][3] - The approval of 10 new nuclear power units marks the first domestic nuclear power project approval in 2025, with an estimated total investment of around 200 billion yuan [3] Group 4: Sector Weakness - Real estate, beverage manufacturing, and white goods sectors faced significant declines, with companies like Shilianhang (002285.SZ) dropping nearly 10% [4] - The automotive and battery supply chain also weakened, with major players like BYD (002594.SZ) and CATL (300750.SZ) experiencing declines [4]

每经记者 刘明涛 每经编辑 赵云 4月28日，A股窄幅整理，银行股再度上涨，大消费、地产表现不振。截至上午收盘，上证指数跌0.03% 报3294.02点，深证成指跌0.43%，创业板指跌0.55%，北证50跌0.22%，科创50涨0.23%，中证A500跌 0.09%。A股半日成交7286.82亿元。 北京亦庄人形机器人半马顺利举行，产业落地应用有望加速，或将推动轻量化材料PEEK实现高速发 展。PEEK材料性能优异，能在保障人形机器人轻量化需求的同时，兼顾足够的强度和刚性以满足机器 人的负载和灵活性需求，有望依托人形机器人产业增长实现集中催化。 这里，通过整合天风、安信、国信等10余家券商最新研报信息，为粉丝朋友带来4家公司简介，仅供参 考。 资金面，央行公告称，4月28日以固定利率、数量招标方式开展了2790亿元7天期逆回购操作，操作利率 1.50%，投标量2790亿元，中标量2790亿元。Wind数据显示，当日1760亿元逆回购到期，据此计算，单 日净投放1030亿元。 消息面，国家发改委表示，扩大投资方面，将工业软件等更新升级纳入"两新"政策支持范围，加快消费 基础设施、社会领域投资，制定实施充电设施 ...

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Insights - The demand for lightweight materials is expected to significantly increase due to the rise of high-tech industries such as semiconductors, new energy vehicles, and commercial aircraft during the 14th Five-Year Plan period [21][22] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, indicating substantial growth potential [2][26] - The humanoid robot market is anticipated to grow from approximately 1.017 billion USD in 2024 to 15 billion USD by 2030, with a compound annual growth rate (CAGR) exceeding 56% [2][30] Summary by Sections Lightweight Materials Development - Lightweight material companies are experiencing rapid growth and continuous breakthroughs, driven by the demand from high-tech industries [21] - In 2024, Zhongyan Co. achieved ISO16949 certification in the automotive sector and received Class III medical device registration for its PEEK materials in the medical field [22] - Jinfa Technology's modified plastics sales reached 2.5515 million tons in 2024, a year-on-year increase of 20.78% [23] Low-altitude Economy - The low-altitude economy is recognized as a strategic emerging industry, with significant government support and policy initiatives [25][27] - By 2024, 449 general airports and 32 flight service stations have been established, with over 440 drone routes operational [26] - Various provinces have introduced action plans to promote the development of the low-altitude economy, indicating a strong commitment to this sector [28][29] Humanoid Robots - The humanoid robot market is expected to see substantial growth, with global sales projected to increase from 11,900 units in 2024 to 605,700 units by 2030 [2][30] - Companies like Tesla are making significant advancements in humanoid robot development, with plans for mass production by 2030 [33] - The humanoid robot sector is supported by numerous local government policies aimed at fostering innovation and industry growth [32] Investment Recommendations - The report suggests focusing on upstream oil and gas sectors, undervalued chemical leaders, and new materials related to semiconductors, OLEDs, wind power, lithium batteries, and photovoltaic materials [4]

Market Overview - The market experienced a mixed performance with the Shanghai Composite Index showing strength while the ChiNext Index led the decline [1] - The total trading volume in the Shanghai and Shenzhen markets reached 715.8 billion, a decrease of 3.17 billion compared to the previous trading day [1] - Over 3,900 stocks in the market declined, indicating a broad-based sell-off [1] Sector Performance - The banking sector remained strong, with Industrial and Commercial Bank of China hitting a new historical high [1] - PEEK material concept stocks surged, with Xinhan New Materials rising over 10% [1] - Computing power concept stocks rebounded, with Dawi Technology hitting the daily limit [1] - Real estate stocks collectively adjusted, with companies like Yucheng Development hitting the daily limit down [1] Index Performance - The Shanghai Composite Index fell by 0.03% to 3,294.02 [2] - The Shenzhen Component Index decreased by 0.43% to 9,874.41 [2] - The ChiNext Index dropped by 0.55% to 1,936.40 [2] Trading Metrics - The limit-up rate was recorded at 64.00%, with 32 stocks hitting the limit and 18 stocks touching the limit down [6] - The opening rate was 49%, with a profit rate of 42% [6]

Group 1 - The report highlights the release of Guangzhou's "Mergers and Acquisitions Ten Articles," aiming to promote industrial development through mergers and acquisitions, targeting at least 60 deals by 2027 [3][35][38] - In the recent period, eight companies disclosed significant restructuring events, maintaining the same level as the previous period, with an equal number of companies involved in changes of actual controllers [3][12] - The restructuring index fell by 5.68%, underperforming compared to the Shanghai Composite Index (-3.37%) and the CSI 300 (-4.21%), while slightly outperforming the CSI 1000 (-6.48%) [3][25][29] Group 2 - The report analyzes key merger cases, including the acquisition of New潮传媒 by 分众传媒, valued at 8.3 billion yuan, which aims to integrate high-end urban resources with community resources in lower-tier cities [4][12] - The acquisition of 映日科技 by 呈和科技, valued at 1.8 billion yuan, focuses on technological synergy in the high-performance sputtering target materials sector, enhancing competitiveness in the display industry [4][12] - 湖南发展 plans to acquire four hydropower companies, increasing its installed capacity to 778,000 kilowatts, aligning with national carbon neutrality goals and enhancing operational synergy [5][12] Group 3 - The report identifies investment opportunities based on the "12218" industrial map, including strategic industry clusters such as 广汽集团 and 冠昊生物, and modern service industries like 广电计量 and 山水比德 [6][12][35] - The report emphasizes the encouragement of mergers and acquisitions in the biopharmaceutical and sports sectors, with various government departments advocating for financial support for these initiatives [35][36][38] - The report outlines the strategic focus on integrating upstream and downstream assets in key industries, aiming for significant mergers and acquisitions to enhance technological capabilities and market competitiveness [38]

①化工新材料：核心增长引擎 公司化工新材料产品包括 聚碳酸酯（PC）、尼龙 6、己内酰胺、多元醇（正丁醇、辛醇、新戊二醇等）、有机硅材料和氟材料（六氟丙烯、聚全氟乙 丙烯、聚四氟乙烯、二氟甲烷等） 。报告期内， 己内酰胺·尼龙 6 一期工程 开车成功满负荷运行， 40万吨有机硅项目 顺利打通全流程， 24万吨乙烯 下游一体化项目 、 15 万吨丙酸等项目 有序推进， 30万吨双氧水装置 恢复生产。 报告期内， 化工新材料板块营收203.66亿元，同比增长26.83%，占总营收68.43% ，毛利率16%（同比+1个百分点） ②基础化工：价格承压，营收下滑 【DT新材料】 获悉，4月26日， 鲁西化工 发布公告，2025年第一季度，公司实现营业收入为72.90亿元，同比上升7.96%；归母净利润为4.13亿元， 同比下降27.30%；扣非归母净利润为3.84亿元，同比下降33.81%。 | | 本报告期 | 上年同期 | 本报告期比上年同 | | --- | --- | --- | --- | | | | | 期增减(%) | | 营业收入(元) | 7,289,926,095.44 | 6,752,410,7 ...

4月27日晚间，国恩股份（002768）发布的2024年年报显示，报告期内，公司实现营收192.20亿元，同 比增长10.21%；归属于上市公司股东的净利润6.76亿元，同比增长45.18%，盈利能力位居化工新材料行 业前列。同时，截至2024年12月31日，公司总资产为183.51亿元，比期初增长21.91%，归属于上市公司 股东的净资产为49.71亿元，比期初增长11.06%。 同日晚间，公司公告将正式启动赴香港联合交易所上市的筹备工作。 高质量发展态势稳固前瞻性布局新兴赛道 加速全球化布局打造国际化化工新材料产业平台 国恩股份表示，此次启动赴港上市计划，旨在借助香港作为国际金融中心和大消费前沿阵地的双重优 势，实现"A+H"深港两地资本融通，有效拓宽海外市场开发与国际资源整合路径，加速构建国内国际双 循新发展格局，推动产业全球化布局向更高维度升级，全面提升品牌国际影响力。 业内人士表示，国恩股份此次进行跨境资本布局，彰显了其以产业生态布局及自主创新技术深化参与全 球产业链合作的决心。未来，公司更将依托香港国际化枢纽作用，全力推进高端化工新材料领域的技术 创新及产业链延伸，分阶段打造"研发多维化-产业生态 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The prices of bio-jet fuel and refrigerants are stable with slight increases, while bromine and vitamin prices are declining [5][12] - The low-altitude economy and robotics industry are moving towards commercialization, which may increase the demand for new materials and lightweight materials [5][12] - The semiconductor materials market is experiencing growth, with China's market growing faster than the global market [17][20] Summary by Sections 1. Sub-industry Tracking - Bio-jet fuel price is $1789 per ton, up 1.25% from last week; biodiesel price is 8267 RMB per ton, stable with a 10.23% increase since the beginning of the year [3][10] - Refrigerant prices are stable, with R32 at 48500 RMB per ton (up 1.04%) and R134a at 47000 RMB per ton (up 1.08%); bromine price has dropped to 22000 RMB per ton (down 38.32%) [4][10] - Vitamin A price is 68 RMB per kg (down 9.33%), and Vitamin E price is 108 RMB per kg (down 6.09%) [4][10] 2. Key Company Announcements and Industry News - Companies to watch in the refrigerant sector include Juhua Co. and Sanmei Co. due to enhanced profitability [5] - The report highlights the importance of companies with existing bio-jet fuel production capacity and airworthiness certification [5] - The report suggests monitoring companies in the carbon fiber industry and those involved in the low-altitude economy and robotics [5][12] 3. Electronic Chemicals - The electronic chemicals industry is characterized by a wide variety of products and high technical barriers, with a focus on wet electronic chemicals, photoresists, and electronic gases [12][13] - The semiconductor materials market is projected to grow, with China's market expected to expand at a CAGR of 10% from 2017 to 2023 [17][20] 4. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials for emerging industries, including low-altitude economy and robotics [32][36] - The demand for PEEK materials is expected to rise due to their suitability for humanoid robots, with consumption growing significantly from 80 tons in 2012 to 1980 tons in 2021 [37][38] 5. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current prices for multi-walled carbon nanotube powder at 64000 RMB per ton [40][42] - Sodium-ion battery materials are gaining attention due to their cost advantages and potential applications in large-scale energy storage [42][43] 6. Renewable and Modified Plastics - The report notes the increasing application of renewable plastics and the growing demand for special engineering plastics in various industries [57][58] 7. Coatings, Inks, and Pigments - The demand for new functional coating materials is increasing due to the growth in the automotive and consumer electronics sectors [65][66]