Core Viewpoint - Yinchuan City, as the capital of Ningxia Hui Autonomous Region, plays a crucial role in the ecological protection and high-quality development of the Yellow River Basin, focusing on enhancing industrial momentum and creating a competitive urban environment [1][2]. Industrial Development - Yinchuan City is enhancing its industrial capabilities by promoting emerging industries such as digital economy and hydrogen energy, aiming to establish itself as a new silicon valley in China [2]. - The city has seen significant growth in its core competitiveness, with major economic indicators leading among provincial capital cities in the Northwest region [2]. - Companies like Ningxia Zhongxin Crystal Semiconductor Technology Co., which has 106 national patents, are pivotal in the semiconductor materials sector, showcasing the importance of technological innovation [2][3]. Green Development - Yinchuan is committed to green development, with initiatives like planting new greenery and implementing ecological restoration projects [6][8]. - Companies are adopting green practices, such as Ningxia Zhongsheng Building Materials Technology Co., which utilizes waste materials to produce eco-friendly building materials, achieving a daily production capacity of 1,200 cubic meters [6][8]. - The city has successfully reduced emissions of nitrogen oxides and volatile organic compounds significantly, exceeding its reduction targets for the 14th Five-Year Plan [8]. Resource Optimization - The State Council has approved the overall land use plan for Yinchuan, guiding the city in optimizing its limited resources for urban development [9]. - The city is actively revitalizing idle assets and land, with projects that have mobilized over 10.34 billion yuan in social investment [10]. - Yinchuan is focusing on enhancing its urban development quality by addressing issues related to underutilized land and assets [9][10]. Business Environment - Yinchuan has been recognized as one of the top ten cities for business environment in China, with ongoing efforts to optimize conditions for industry and talent attraction [12][14]. - The city has implemented various supportive policies, including financial assistance for new graduates and measures to alleviate the burdens on small and medium enterprises [12][13]. - The local government has introduced numerous policies to boost the private economy and enhance the operational environment for businesses [12][14].

在高端晶圆光刻胶业务领域，2024年公司浸没式ArF及KrF晶圆光刻胶产品首获国内主流晶圆厂客户订 单。目前公司布局20余款高端晶圆光刻胶，已有12款送样客户端验证，其中7款进入加仑样阶段。公司 潜江一期年产30吨KrF/ArF高端晶圆光刻胶产线具备批量化生产及供货能力。 在半导体先进封装材料业务领域，2024年公司首次获得半导体封装PI、临时键合胶产品的采购订单，合 计销售收入544万元。半导体封装PI方面，公司已布局7款产品，并已送样6款，其中1款于2024年上半年 取得首张批量订单；临时键合胶方面，公司完成了在国内某主流集成电路制造客户端的量产导入，于 2024年下半年首获订单，在持续规模出货中。 鼎龙股份表示，近期的关税政策等国际贸易形势变动，可能触发进口多元化和国产替代效应，从而推动 国内泛半导体产业自主化程度进一步提升。这有利于公司在新的贸易形势下加速开拓客户、提升市场份 额，努力提高公司全年业绩。 从财报数据来看，半导体板块业务(含半导体材料业务及集成电路芯片设计和应用业务)已成为驱动公司 业绩增长的重要动力。2024年该板块实现主营业务收入15.2亿元(其中芯片业务收入已剔除内部抵消)， 同比 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.3900 | 0.1000 | -490 | 1.0200 | | 每股净资产（元） | 10.59 | 11.44 | -7.43 | 11.79 | | 每股公积金(元) | 7.91 | 8.22 | -3.77 | 8.24 | | 每股未分配利润(元) | 1.53 | 2.00 | -23.5 | 2.35 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 30.92 | 26.9 | 14.94 | 29.14 | | 净利润(亿元) | -2.66 | 0.66 | -503.03 | 6.88 | | 净资产收益率(%) | -3.44 | 0.82 | -519.51 | 8.91 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 26179.34万股，累计占流通股比： ...

Group 1: Oil and Petrochemical Industry - OPEC+ members are likely to propose accelerating oil production in June, leading to increased supply pressure on crude oil [1][2] - WTI crude oil futures fell by 2.15% and Brent crude oil futures decreased by 1.39% during the specified period [2] - Domestic oil companies are reducing their sensitivity to oil prices through upstream and downstream integration and diversifying their oil and gas sources [1][5] Group 2: Fluorochemical Industry - National subsidies are driving domestic demand growth, with refrigerant prices continuing to rise [3][4] - The production quota for second-generation refrigerants is decreasing, while the increase in third-generation refrigerant quotas is limited, leading to a tight supply situation [4] - The demand for refrigerants is expected to remain strong due to robust growth in the home appliance and automotive sectors, supported by national subsidy policies [3][5] Group 3: Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, particularly the "Big Three" oil companies: China National Petroleum, Sinopec, and CNOOC, due to their strong earnings resilience [1][5] - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resources are recommended for investment [5] - The semiconductor materials sector is also highlighted, with a positive outlook on inventory reduction and improving end-market fundamentals [5]

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Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Insights - OPEC+ members are showing an increased willingness to raise production, leading to heightened supply pressure on crude oil [6]. - The domestic oil companies are reducing their sensitivity to oil price fluctuations through integrated operations and diversifying energy sources [7]. - The fluorochemical sector is benefiting from national subsidies driving domestic demand, with refrigerant prices continuing to rise [7]. Summary by Sections Oil and Petrochemicals - OPEC+ is expected to suggest accelerating oil production in June, increasing supply pressure [6]. - Recent data shows WTI crude futures fell by 2.15% and Brent crude by 1.39% [6]. - Geopolitical discussions between the US and Russia regarding a ceasefire are ongoing, which may impact oil supply dynamics [6]. Fluorochemicals - National subsidies are expected to boost domestic demand, particularly in the air conditioning and automotive sectors [6]. - The production of second-generation refrigerants is set to decrease, while the growth in third-generation refrigerants is limited, leading to a favorable supply-demand balance [7]. Semiconductor Materials - The semiconductor sector is experiencing a positive trend with inventory reduction and improving end-market conditions, suggesting potential for upward movement in the industry index [7].

【DT新材料】 获悉，4月25日， 北京八亿时空 发布公告，终止全资子公司 浙江八亿时空 " 年产 3000 吨六氟磷酸锂项目 "（以下简称"项目"）。 项目预计总投资约 2.80亿元，截至目前，已投入约495.01万元于项目前期开发、工艺设计及人工费用等。公司声明，由于 锂电市场供需结构的转变，电 解液市场进入到价格低迷、市场严重内卷的冷却期 ， 公司决定终止项目，用以保存实力投入到现有落地的项目。 就在前几日，4月24日，八亿时空发布2025 年第一季度报告，公司实现营业收入为2.14亿元，同比上升20.61%；归母净利润为2404.32万元，同比上升 25.25%；扣非归母净利润为2328.33万元，同比上升26.69%。 4月25日，八亿时空发布了 2024年度报告 ，公司实现全年营业收入7.37亿元，同比下降7.77%；实现归母净利润7,660.39万元，同比下降2 8.27%；实现 扣非归母净利润6,209.43万元，同比下降32.29%。 | | | | | 单位:万元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 202 ...

2025 年 04 月 27 日 供需格局优化，复合肥、金属铬、 细分农药迎景气提升，重点关注低 估值高成长标的 看好 ——《化工周报 25/04/21-25/04/25》 证 券 研 究 报 告 证券分析师 行 业 及 产 业 基础化工 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 邵靖宇 A0230524080001 shaojy@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230124070001 lisc@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 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 ...

Group 1: Industry Development and Innovation - The Chinese government emphasizes the importance of integrating innovation chains, industrial chains, financial chains, and talent chains to accelerate the transformation of technological achievements into productive forces [1] - Wuhan is focusing on developing new productive forces by establishing 16 industrial chains, with private enterprises playing a dual role as "chain leaders" and "key supporters" [1] - Companies like Huazhong CNC, Dinglong Holdings, and Chipking Technology are leading the charge in their respective fields, contributing to the formation of a collaborative innovation ecosystem in Wuhan [1] Group 2: Chip Industry - Chipking Technology has successfully mass-produced China's first 7nm automotive-grade intelligent cockpit chip, "Longying No. 1," and is leading the domestic market in this segment [3][4] - The company is also developing the "Xingchen No. 1" chip for advanced driver assistance systems, which is expected to be mass-produced this year and widely adopted by 2026 [3][4] - Chipking Technology is building a self-controlled automotive chip supply chain by collaborating with upstream and downstream partners [2][4] Group 3: Semiconductor Materials - Dinglong Holdings specializes in providing critical materials for semiconductor manufacturing, including CMP polishing pads and photoresists, and has become a key player in the global semiconductor materials supply chain [9][11] - The company has successfully reduced the delivery cycle of its products to 3-4 weeks, supporting the large-scale production of integrated circuits [10][12] - Dinglong Holdings is leading the establishment of the "Wuhan Advanced Functional Materials Industry Innovation Joint Laboratory" to focus on the research and development of advanced functional materials [12] Group 4: Advanced Manufacturing - Huazhong CNC has launched the "Huazhong No. 10" intelligent CNC system, which integrates AI technology to enhance manufacturing efficiency and product quality [19][20] - The company is collaborating with local enterprises to develop high-end CNC systems and is part of a joint laboratory aimed at advancing core technologies in this field [21] - The joint laboratory is expected to become a leading platform for high-end CNC system research and development, promoting the transformation and upgrading of Wuhan's high-end manufacturing industry [21] Group 5: Life Sciences Innovation - Aibotai has upgraded its role to a life sciences innovation hub, supporting 12 high-end life science instrument companies and focusing on technology and product recognition [25][26] - The company has successfully incubated innovative products in the cardiovascular field, with plans for market launch this year [26] - Aibotai aims to leverage Wuhan's strong educational and industrial foundation to become a leading center for life sciences innovation [26]

Core Insights - The company reported strong financial results for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit [1][2][3] - The semiconductor components business is rapidly growing, contributing to a larger share of total revenue, and is expected to benefit from domestic substitution trends [2][3] Financial Performance - In 2024, the company achieved revenue of 3.6 billion, a year-on-year increase of 38.6%; non-recurring net profit was 300 million, up 94.9%; and net profit attributable to shareholders was 400 million, an increase of 56.8% [1] - For Q1 2025, revenue reached 1 billion, a 29.5% increase year-on-year; net profit attributable to shareholders was 160 million, up 163.6%; and non-recurring net profit was 90 million, a 30.4% increase [1] - The company recorded investment income of 68.07 million in Q1 2025 from the partial transfer of equity in an associate, significantly boosting net profit [1] Business Segments - The high-end target material business generated revenue of 2.333 billion in 2024, a 39.5% increase, with the company expanding its global market share in sputtering target materials [1] - The semiconductor components business achieved revenue of 887 million in 2024, a 55.53% increase, and accounted for 24.6% of total revenue, up 2.7 percentage points year-on-year [2] - The company’s components are widely used in key semiconductor processes, and there is significant potential for domestic substitution in the supply chain [2] Future Outlook - The company has raised its profit forecasts and maintains a "buy" rating, expecting revenue for 2025-2027 to be 4.56 billion, 5.75 billion, and 7.35 billion respectively, with year-on-year growth rates of 26.4%, 26.2%, and 27.8% [3] - Net profit for the same period is projected to be 520 million, 670 million, and 920 million, with growth rates of 29.0%, 29.7%, and 37.9% respectively [3]