证券时报·数据宝统计显示，以发行日期为基准统计，截至5月7日，今年以来科创板累计有5家公司发行 新股，累计募资金额达34.65亿元，单家公司平均募集资金6.93亿元。分区间来看，募资金额超10亿元的 有1家，募资金额5亿元至10亿元的有3家，募资金额在5亿元以下的有1家。 兴福电子为今年以来募资金额最多的科创板公司，首发募集资金达11.68亿元，募资主要投向使用暂时 闲置募集资金进行现金管理及以协定存款方式存放募集资金余额，4万吨/年超高纯电子化学品项目（上 海），2万吨/年电子级氨水联产1万吨/年电子级氨气项目等；其次是海博思创，募资金额为8.61亿元， 募资主要用于使用部分暂时闲置募集资金进行现金管理，储能系统集成设备生产项目，储能系统研发及 产业化项目等。募资金额较多的还有思看科技、汉邦科技、胜科纳米等，分别募资5.69亿元、5.01亿 元、3.66亿元。 （文章来源：证券时报网） 市盈率方面，已发行的科创板公司发行市盈率在6.14倍至42.64倍，平均值27.72倍，中位数26.35倍，发 行市盈率最高的是胜科纳米，发行市盈率达42.64倍，相对于行业均值，有1家公司发行市盈率高于行业 均值，占比20 ...

天承科技 20250506 摘要 • 天成科技 2025 年一季度营收超 1 亿元，同比增长 27%，归母净利润约 1,900 万元，同比增长超 6%，主要受益于 AI 相关产品和汽车电子板块的 增长，预计三、四季度业绩将显著提升。 • 公司在 PCB 领域，尤其是在高可靠性要求的沉铜技术和水平填孔技术方面 处于全球领先地位，与方正电路板、胜宏科技、景旺等客户紧密合作，并 在 AI 算力相关电路板领域占据重要位置。 • IC 载板领域，经过 2024 年测试认证，2025 年一季度已有多家客户开始 导入天成产品，包括 BT 载板、CSP 以及 FPCB，预计这些业务将在三、四 季度取得显著进展并反映到业绩上。 • 公司总部正从珠海迁往浦东，预计 6 月底前完成，并成立合资子公司，计 划将研发中心迁至浦东，以配合半导体事业部项目落地，符合公司在半导 体湿电子化学品领域的发展战略。 • 2024 年纯铜产品销售量同比增长 30%，电镀系列产品增长超 50%，全年 增速达 53%。2025 年一季度，两款主力产品继续保持类似销量增幅，电 镀系列产品毛利率在 75%-80%之间。 Q&A 请介绍一下天成科技在 202 ...

Ingevity (NGVT) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Company Participants John Nypaver - VP of Investor Relations & TreasurerDavid Li - President and CEOMary Hall - Executive VP & CFOJon Tanwanteng - Managing DirectorDan Rizzo - Senior Vice PresidentAbigail Eberts - Equity Research Associate Conference Call Participants John McNulty - MD - Chemicals Analyst Operator Good morning or good afternoon all, and welcome to the Ingevity First Quarter twenty twenty five Earnings Call and Webcast. My name i ...

Financial Data and Key Metrics Changes - First quarter sales were $284 million, down 17% year-over-year due to repositioning actions in Performance Chemicals and weak industrial demand [10] - Adjusted gross profit increased by 10% to $129 million, with gross margin improving over 1,000 basis points [10] - Adjusted EBITDA rose by $17 million, with margins improving from 21.9% to 32.1%, marking the fourth consecutive quarter of year-over-year margin improvement [11][12] - Free cash flow improved by $44 million year-over-year to $15 million, reflecting benefits from repositioning actions [12] Business Line Data and Key Metrics Changes - Performance Materials saw higher sales due to favorable regional and product mix, with EBITDA margins remaining near 54% [13][15] - Advanced Polymer Technologies (APT) experienced lower overall sales, but EBITDA increased by $3 million, with margins rising to 29.6% [19] - Performance Chemicals sales decreased by 35% primarily due to repositioning actions, but segment EBITDA showed year-over-year improvement of $10 million [21][22] Market Data and Key Metrics Changes - North American auto production is expected to decline by approximately 10% year-over-year, impacting guidance for the Performance Materials segment [8][15] - Volume growth was observed in China due to government incentives driving higher vehicle sales, while North American volumes were down year-over-year [13][14] Company Strategy and Development Direction - The company is focused on disciplined execution of its strategy to optimize the portfolio and drive business performance, aiming to create significant value for shareholders [8][24] - The strategic review of Industrial Specialties and the North Charleston refinery is progressing well, with expectations to communicate a path forward before the end of the year [22] Management's Comments on Operating Environment and Future Outlook - Management is actively monitoring developments related to tariffs and macro demand conditions, believing the direct impact on the business will be minimal [7][24] - Despite headwinds, the company is confident in its ability to deliver strong profitability in 2025 and beyond [8][24] Other Important Information - The company has introduced a new President for APT, who brings over 25 years of experience in transforming business profitability [20] - The average age of automobiles in the U.S. is at an all-time high, suggesting a future need for replacements [15] Q&A Session Summary Question: Pricing in Performance Materials business - Management indicated that they have a strong position and are seeing encouraging performance, with pricing being a lever they can pull if needed [29][30][32] Question: Update on strategic review of Industrial Specialties - The process is progressing well with a broad degree of interest, and management is being deliberate in their approach [34][36] Question: Strategic and operational priorities in a volatile environment - The focus remains on disciplined execution, optimizing business performance, and reducing leverage [40][41] Question: Cash flow forecast amidst potential auto production decline - Management is confident in free cash flow generation even in a declining sales environment due to effective working capital management [43][44] Question: Impact of EV slowdown on forecasts - While EVs are slowing down, management remains optimistic about the adoption of new technologies and their investment in Nexeon [47][48][50] Question: Filtration market capacity for potential volume shifts - The filtration market is sizable and can absorb underutilized capacity, although it is a lower margin market compared to auto [53][54] Question: Long-term leverage goals - The long-term target for leverage remains between 2 to 2.5 times [58]

Summary of Ascent Industries (ACNT) FY Conference Call - May 05, 2025 Company Overview - Ascent Industries is a 75-year-old industrial manufacturing company with two operating segments: Specialty Chemicals and Stainless Steel Tubular Assets [6][8] - The management team, including Brian and Ryan, has a history of successfully turning around companies, previously achieving a turnaround from a loss of $8 million to an adjusted EBITDA of $35 million at Clearon [4][5] Financial Performance - In 2024, Ascent Industries achieved a turnaround of approximately $20 million in adjusted EBITDA, with significant improvements in gross profit and working capital [9][10] - The company sold one of its stainless steel tubular holdings for $45 million, which is a 10% premium on book value [12][13] - Ascent currently has $55 million in cash on hand and aims to build a scalable, high-quality business [16][34] Strategic Focus - The company is in the final stages of a turnaround and portfolio optimization, with a focus on organic growth and the final divestiture of its remaining stainless steel asset [8][31] - Ascent aims to shift its product mix from 75% custom manufacturing and 25% branded products to a target of 65% branded products over time [20][46] - The total addressable market (TAM) for Ascent's branded products is approximately $9.2 billion, covering various sectors including oil and gas, personal care, and coatings [37][38] Market Dynamics - Ascent's competitive landscape is intense in custom manufacturing, but the company can compete effectively in the branded products space by targeting small to mid-tier customers [48][50] - The company is actively working on reshoring supply chains for critical ingredients, which is seen as a potential tailwind for future growth [45] Margin Improvement - The gross margin was improved from sub-10% to low teens, with a target of achieving gross margins of no less than 30% in the long term [24][26] - The company plans to maintain SG&A expenses at no higher than 15% and target adjusted EBITDA of around 15% [26] Capital Allocation and Growth Strategy - Ascent is considering share repurchases as an option but is focused on maintaining flexibility for organic and inorganic growth opportunities [55][60] - The company is selective in pursuing M&A opportunities, emphasizing the importance of not acquiring assets that could exacerbate existing underutilization issues [61][63] - The remaining tubular asset is expected to generate $4-6 million in adjusted EBITDA annually, with plans to divest it ideally within the year [64][66] Conclusion - Ascent Industries is positioned for growth with a strong balance sheet and a clear focus on enhancing its specialty chemicals business while optimizing its portfolio [34][35] - The management team is optimistic about the future, citing a disciplined approach to growth and a commitment to improving operational efficiency [70][72]

证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 4 日 [Table_Title] Albemarle 2025Q1 锂盐销量环比减少 5000 吨至 4.4 万吨，锂盐业务调整后 EBITDA 环比增加 38.8%至 1.86 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q1 财务业绩情况 2025Q1 的净销售额为 10.77 亿美元，较去年同期的 13.61 亿美元下降 20.87%，主要原因是储能产品价格下降，但特种 产品销量增加（增长 11%）部分抵消了这一影响。环比下降 12.58%。 2025Q1 毛利润为 1.56 亿美元，同比增长 301.4%，环比增 长 13.04%。 2025Q1 营业利润为 1976 万美元，去年同期为-1.80 亿美 元，上一季度为 440 万美元。 2025Q1 净利润为 4930 万美元，去年同期为 1665 万美 元，上一季度为 8511 万美元。 2025Q1 归属于 Albemarle 的净利润为 4135 万美元，同比 增长 3890 万美元， 2025Q ...

电子/电子化学品Ⅱ 鼎龙股份（300054.SZ） 收入净利双双高增，平台化布局成长可期 2025 年 05 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 29.80 | | 一年最高最低(元) | 32.40/18.31 | | 总市值(亿元) | 279.61 | | 流通市值(亿元) | 217.00 | | 总股本(亿股) | 9.38 | | 流通股本(亿股) | 7.28 | | 近 3 个月换手率(%) | 161.91 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-05 2024-09 2025-01 鼎龙股份 沪深300 相关研究报告 《2024Q3 业绩持续高增长，新材料平 台公司成型—公司信息更新报告》 -2024.10.9 《2024H1 业绩同比高增，半导体材料 平台公司成型—公司信息更新报告》 -2024.8.20 《抛光液加速验证与放量，业绩新增 长极逐步成型—公司信息更新报告》 -2024.7.9 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongf ...

Core Insights - The company reported a total revenue of 271 million yuan for Q1 2025, marking a year-on-year increase of 15.79% and ranking 23rd among peers [1] - The net profit attributable to shareholders was -1.18 million yuan, a decrease of 115.61% compared to the same period last year, ranking 33rd among peers [1] - The net cash inflow from operating activities was 2.53 million yuan, down 81.37% year-on-year, ranking 29th among peers [1] Financial Ratios - The latest debt-to-asset ratio is 21.90%, a decrease of 0.57 percentage points from the previous quarter but an increase of 0.75 percentage points year-on-year, ranking 13th among peers [3] - The latest gross profit margin is 8.08%, down 6.18 percentage points from the previous quarter and down 6.53 percentage points year-on-year, ranking 32nd among peers [3] - The latest return on equity (ROE) is -0.04%, a decrease of 0.29 percentage points year-on-year, ranking 33rd among peers [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.00 yuan, a decrease of 120.00% year-on-year, ranking 33rd among peers [3] - The total asset turnover ratio is 0.07 times, an increase of 14.75% year-on-year, ranking 29th among peers [3] - The inventory turnover ratio is 1.08 times, an increase of 2.81% year-on-year, ranking 18th among peers [3] Shareholder Structure - The number of shareholders is 34,200, with the top ten shareholders holding 1.069 billion shares, accounting for 72.36% of the total share capital [3] - The largest shareholders include Zhejiang Juhua Co., Ltd. and the National Integrated Circuit Industry Investment Fund, each holding 26.40% [3]

Core Viewpoint - The Ministry of Emergency Management has released a mandatory national standard for hazardous chemical enterprises to enhance safety production standardization and risk management, effective from November 1, 2025 [1] Group 1 - The newly established standard is titled "General Specification for Safety Production Standardization of Hazardous Chemical Enterprises" (GB45673-2025) [1] - The implementation of this standard aims to strengthen safety risk control and improve the overall safety management level within the hazardous chemicals industry [1]

Financial Data and Key Metrics Changes - The company reported a 3% growth in organic sales and a 12% increase in EPS, indicating strong performance despite soft end markets [4][5] - Operating income margin increased by 190 basis points, moving towards the goal of a 20% margin by 2027 [5][10] Business Line Data and Key Metrics Changes - Life Sciences segment grew organic sales in the mid-single digits and achieved over 30% organic operating income growth, with biopharma sales increasing by double digits [10][11] - Pest Elimination business is rapidly deploying digital solutions, with expectations for operating income margins to return closer to 20% in the second quarter [11][12] - Global Hi-Tech Water sales growth accelerated to nearly 30%, driven by innovations in water circularity for microelectronics [12][13] - Ecolab Digital reported a 12% sales growth, reaching $80 million in the first quarter, with expectations for continued acceleration [14] Market Data and Key Metrics Changes - Demand trends softened in heavy industrial markets, but the company outperformed these trends due to critical technologies and services [6][7] - The company anticipates organic sales growth in the second quarter to be similar to or slightly better than the first quarter [10] Company Strategy and Development Direction - The company is focused on generating new business and leveraging existing pipelines to outgrow markets [7][10] - Investments are being made in growth engines such as Life Sciences, Pest Intelligence, Global Hi-Tech, and Ecolab Digital, all showing strong long-term growth potential [10][15] - The company is implementing a 5% rate surcharge in the U.S. to mitigate the impact of tariffs and increased local supplier costs [9][24] Management's Comments on Operating Environment and Future Outlook - Management noted that the global operating environment is becoming more complex, with softer demand and rapid changes in trade policies [5][6] - Despite challenges, the company maintains its earnings expectations for the year and is confident in its ability to navigate the environment [5][15] Other Important Information - The company has over $1 billion in cash and a net debt to adjusted EBITDA ratio of 1.8, positioning it well for growth opportunities [15] - The company is leveraging a local for local model, with over 90% of sales produced close to customers, enhancing its competitive advantage [8] Q&A Session Summary Question: Impact of trade war on domestically sourced materials - Management expressed confidence in their local sourcing strategy, which mitigates tariff impacts, but acknowledged some cost increases due to onshoring [20][22][24] Question: Update on demand environment - Management noted a dip in demand but indicated stabilization at lower levels, with a focus on generating new business [28][30] Question: Trends in Institutional and Specialty segment - The Institutional Division is growing at 5%, with expectations for continued margin improvement [35][36] Question: Growth of Ecolab One initiative - Management reported strong progress in focused accounts under the One Ecolab initiative, aiming to increase market penetration [39][41] Question: Success of previous surcharge - Management confirmed that the previous energy surcharge was successful and expressed confidence in the current surcharge's effectiveness [46][48] Question: Pest elimination growth expectations - Management anticipates growth in the Pest Elimination segment to return to high single digits by the second half of the year [66][68] Question: Trends in Life Sciences segment - Management noted improvements in the Life Sciences segment, with expectations for accelerated growth [104][106] Question: SG&A management - Management indicated effective control of SG&A expenses, with expectations for continued leverage [112][113] Question: Capital deployment strategy - Management confirmed no changes to capital allocation priorities, maintaining a focus on dividends and business investments [114][116]