电子行业 2024 年报及 2025 一季报综述： Q1 业绩同环比增长，AI 和自主可控驱动 [Table_ReportDate] 2025 年 5 月 6 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） [Table_StockAndRank] 电子 投资评级 看好 ➢ 光学光电子：一季度面板价格提升，盈利能力改善显著。2024 年光学 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_S [➢Table_Summary AIummar 是本轮电子行业上行周期的主驱动力，贸易摩擦下自主可控重要性 y] ] 凸显。截至 2025 年 4 月 30 日，根据申万行业分类（2021）标准， 478 家电子行业上市公司均已披露 2024 年年报，除中芯国际和华虹公 司外 476 家上市公司均已披露 2025 年一季报。整体来看，2024 年电 子行业实现营业收入 34801.2 亿元，同比增长 17.4%，实现归母净利 润 1379.1 亿元，同比增长 35.8%。1Q25 电子行业实现营收 8411.6 亿 元，同比增长 1 ...

Core Insights - Avient Corporation reported first quarter sales of $826.6 million, a slight decrease from $829.0 million in the same quarter last year [1][8] - The company experienced a GAAP loss per share of $0.22 compared to earnings of $0.54 in the prior year quarter, primarily due to special items related to an impairment from ceasing the development of a cloud-based ERP system [2][8] - Adjusted EPS remained stable at $0.76, reflecting a 4% growth when excluding the unfavorable impact of foreign exchange [3][8] Financial Performance - First quarter adjusted EBITDA margins expanded by 20 basis points to 17.5%, despite a challenging macroeconomic environment [4] - Organic sales growth was achieved for the fourth consecutive quarter, with notable increases in Asia (9%) and Latin America (17%), while the U.S. and Canada saw a decline of 3% [5][8] - The company maintained its full-year adjusted EBITDA guidance range of $540 to $570 million and adjusted EPS guidance of $2.70 to $2.94 [5][8] Strategic Outlook - The company anticipates continued volatility in demand, particularly in consumer and transportation markets, but sees growth opportunities in packaging and high-profit sectors like defense and healthcare [5][6] - Avient's operational performance aligns with expectations, and the company plans to reduce debt by $100 to $200 million by year-end, supported by a strong cash position [5][6] Special Items and Adjustments - The first quarter results included special items totaling $75.7 million after tax, significantly impacting net income [22][23] - The impairment related to the cloud-based ERP system accounted for a substantial portion of the special items, amounting to $86.3 million [22][23] Segment Performance - Sales from the Color, Additives and Inks segment were $519.7 million, while the Specialty Engineered Materials segment reported $308.4 million [31] - The gross margin for the Color, Additives and Inks segment was $173.1 million, compared to $97.8 million for Specialty Engineered Materials [31]

1 May 2025 | 10:37PM HKT China Export Tracker Number 2: What corporates are telling us (week of Apr 28, 2025) The China Export Tracker is a research product series put together by the GS China team, focusing on the changing dynamics of China exports to the US, amid the intensified uncertainty around export activity due to the US-China tariff escalation. In this tracker, we present our proprietary work across 48 corporates, with products representing nearly 70% of China export value by product group to the U ...

Core Points - Kevin Willis, the senior vice president and chief financial officer of Ashland Inc., will leave the company to pursue another opportunity, with his last day being May 16, 2025 [1][13] - William C. Whitaker has been appointed as the interim chief financial officer until the board completes its review process [3][14] - Samuel A. Richardson has been appointed as vice president, controller, and principal accounting officer [5] Summary by Sections Executive Changes - Kevin Willis has been with Ashland since 1987, serving in various management roles, and his departure is not due to any disagreements regarding financial statements or internal controls [2][13] - William C. Whitaker, who has been with Ashland since 2015 and currently serves as vice president of finance and director of investor relations, will take on the interim CFO role [4][14] - Samuel A. Richardson has been the controller since January 2020 and has held senior accounting roles since 2008 [5] Company Overview - Ashland Inc. is a global additives and specialty ingredients company focused on environmental, social, and governance (ESG) initiatives, serving various markets including construction, energy, and pharmaceuticals [6]

Diluted earnings per share (“EPS”) of $1.69 and Adjusted EPS of $1.90BOSTON, May 05, 2025 (GLOBE NEWSWIRE) -- Cabot Corporation (NYSE: CBT) today announced results for its second quarter of fiscal year 2025. Key Highlights Diluted EPS of $1.69 and Adjusted EPS of $1.90 which represents a 7% increase in Adjusted EPS compared to the same quarter in the prior year Reinforcement Materials segment EBIT of $131 million; up 1% sequentially; down 12% compared to the same quarter in the prior year Performance Chemi ...

BOSTON, May 05, 2025 (GLOBE NEWSWIRE) -- On Monday, May 5, 2025, the Board of Directors of Cabot Corporation (NYSE: CBT) declared a quarterly dividend of $0.45 per share, an increase of 5% compared to the current quarterly dividend of $0.43 per share, on all outstanding shares of the Corporation’s common stock. The dividend is payable on June 13, 2025, to stockholders of record at the close of business on May 30, 2025. "Today's announcement reflects the Board’s confidence in our consistent earnings performa ...

Financial Data and Key Metrics Changes - For Q1 2025, the company reported EBITDA of $288 million on net sales of $2.8 billion, with a net loss of $40 million or $0.31 per share, a decrease of $214 million in net income year-over-year [6][13] - The year-over-year decline in net income was primarily due to higher North American feedstock and energy costs of approximately $100 million, planned turnarounds, and unplanned outages impacting EBITDA by approximately $80 million [13][19] - The company’s cash and investments as of March 31, 2025, were $2.5 billion, with total debt at $4.6 billion [19] Business Segment Data and Key Metrics Changes - The Housing and Infrastructure Products (HIP) segment produced EBITDA of $203 million on $1 billion of sales, with a 20% EBITDA margin, reflecting a $61 million decrease year-over-year due to a 2% decline in sales volumes and a 3% decline in average sales prices [17][18] - The Performance and Essential Materials (PEM) segment's EBITDA was $73 million, down from $253 million in Q1 2024, primarily due to a 59% increase in natural gas costs and a 42% increase in ethane costs, with a 2% decrease in sales volumes [19][19] - The company is raising its cost reduction target for 2025 by $25 million to a new range of $150 million to $175 million, building on $40 million of cost reductions achieved in Q1 [9][21] Market Data and Key Metrics Changes - Global demand remains below historical levels, with recent disruptions from tariffs weighing on global growth [8] - The company expects 2025 revenue and EBITDA margin in the HIP segment to be towards the low end of the previously communicated range of $4.4 billion to $4.6 billion, with EBITDA margin between 20% to 22% [20][21] - The construction season is expected to strengthen in Q2 and Q3, with housing starts forecasted to be in the 1.3 million range [67][85] Company Strategy and Development Direction - The company is focused on rightsizing operations for current economic realities, optimizing manufacturing footprint, and improving cost structure and operational reliability [9][10] - The company is taking proactive steps to enhance margins and create value for shareholders, including reducing capital spending forecast for 2025 by 10% to $900 million [10][21] - The company emphasizes its integrated business model, diversity of businesses, and strong investment-grade balance sheet as key strengths to navigate the uncertain macroeconomic environment [26][27] Management's Comments on Operating Environment and Future Outlook - Management noted that the direct impact from recent tariff announcements is largely manageable, with most products being USMCA compliant [24][25] - The company anticipates continued volatility in commodity prices and currency rates, which may impact the PEM segment in the second quarter and full year of 2025 [25] - Management expressed cautious optimism regarding the construction market, expecting positive sales growth for HIP in 2025 despite current challenges [20][21] Other Important Information - The company completed significant operational milestones, including the successful turnaround of the Petra 1 ethylene plant and new VCM tie-ins at the Geismar plant, which are expected to enhance reliability [10][11] - The company returned $68 million to shareholders in the form of dividends during the quarter and repurchased $30 million of common stock [20] Q&A Session Summary Question: Can you remind us the typical timeline for price realization in the HIP segment? - Management indicated that the HIP market is more stable in pricing dynamics compared to the PIM segment, allowing for more price stability despite input cost changes [31] Question: What do you anticipate retaliatory tariffs in China will do to PE operating rates and domestic prices? - Management noted that the mix of polyethylene produced is largely focused on domestic applications, limiting exposure to Asian market dynamics [32] Question: How did the PVC industry perform in the first quarter? - Management reported that the industry saw a build in inventory in anticipation of the construction season, with operating rates in the low to mid 80s [35] Question: Can you provide insights on the mix shift impact within HIP? - Management explained that the pull forward of pipe and fittings business in Q4 2024 led to a negative mix effect in Q1 2025, but they expect to regain share in higher value-added products [48][106] Question: What is the outlook for HIP EBITDA in Q2? - Management expects HIP EBITDA to improve in Q2 due to seasonal strength in construction and positive pricing trends in PVC [67][70] Question: How much of the $80 million outage costs were planned versus unplanned? - Management indicated that about two-thirds of the $80 million outage costs were related to planned turnarounds [75] Question: What is the company's stance on M&A opportunities? - Management stated that acquisition opportunities remain important, and they are continuously assessing the market for potential growth opportunities [80][82]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported EBITDA of $288 million on net sales of $2.8 billion, with a net loss of $40 million or $0.31 per share, reflecting a decrease in net income of $214 million year-over-year [7][13][14] - The year-over-year decline in net income was primarily due to higher North American feedstock and energy costs of approximately $100 million, planned turnarounds, and unplanned outages impacting EBITDA by approximately $80 million [13][14] - The company’s cash and investments as of March 31, 2025, were $2.5 billion, with total debt at $4.6 billion [19] Business Line Data and Key Metrics Changes - The Housing and Infrastructure Products (HIP) segment produced EBITDA of $203 million on $1 billion of sales, with a 20% EBITDA margin, reflecting a $61 million decrease year-over-year due to a 2% decline in sales volumes and a 3% decline in average sales prices [17][18] - The Performance and Essential Materials (PEM) segment's EBITDA was $73 million, down from $253 million in Q1 2024, primarily due to a 59% increase in natural gas costs and a 42% increase in ethane costs, alongside a 2% decline in sales volumes [19][19] Market Data and Key Metrics Changes - The company noted that global demand remains below historical levels, with recent disruptions from tariffs impacting global growth [8] - The PVC industry saw operating rates in the low to mid 80s, with a build in inventory in anticipation of the construction season [35][36] Company Strategy and Development Direction - The company is focused on rightsizing operations for current economic realities, optimizing manufacturing footprint, and raising cost reduction targets for 2025 to $150 million to $175 million [9][10] - Capital spending forecast for 2025 has been reduced by 10% to $900 million to support cash generation [10][22] - The company aims to enhance margins, optimize its footprint, and improve cost structure and operational reliability as it navigates the current business cycle [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed that while the macroeconomic environment is uncertain, proactive steps are being taken to mitigate impacts from trade tensions and commodity price volatility [24][25] - The company expects positive sales growth for the HIP segment in 2025, despite anticipating revenue and EBITDA margins to be towards the low end of previous guidance ranges [21][22] Other Important Information - The company completed significant operational milestones, including the successful turnaround of the Petra 1 ethylene plant and new VCM tie-ins at the Geismar plant, which are expected to enhance operational reliability [10][11] - The effective tax rate for 2025 is expected to be approximately 23%, with cash interest expense around $160 million [22] Q&A Session All Questions and Answers Question: Can you remind us the typical timeline for price realization in the HIP segment? - Management indicated that the HIP market is more stable in pricing dynamics compared to the PIM segment, allowing for more price stability despite input cost changes [31] Question: How did the PVC industry perform in the first quarter? - The industry saw a build in inventory in anticipation of the construction season, with operating rates in the 80s range [35][36] Question: What is the outlook for the HIP segment's EBITDA in Q2? - Management expects a seasonal ramp-up in construction activities, which should positively impact HIP's EBITDA in the second quarter [67] Question: How much of the $80 million outage costs were planned versus unplanned? - Approximately two-thirds of the $80 million outage costs were related to planned turnarounds [74] Question: What is the company's stance on M&A opportunities? - The company remains open to acquisition opportunities and is actively assessing potential value in the current market [80][82]

Wall Street analysts forecast that Corteva, Inc. (CTVA) will report quarterly earnings of $0.87 per share in its upcoming release, pointing to a year-over-year decline of 2.3%. It is anticipated that revenues will amount to $4.51 billion, exhibiting an increase of 0.4% compared to the year-ago quarter.The current level reflects an upward revision of 1.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised th ...

Core Viewpoint - DuPont de Nemours, Inc. reported a loss from continuing operations of $548 million or $1.33 per share for Q1 2025, contrasting with a profit of $183 million or 41 cents per share in the same quarter last year. However, adjusted earnings were $1.03 per share, exceeding the Zacks Consensus Estimate of 95 cents. Net sales reached $3,066 million, up 4.6% year over year, surpassing the Zacks Consensus Estimate of $3,040 million [1][2]. Segment Highlights - The ElectronicsCo segment achieved net sales of $1,118 million, reflecting a year-over-year increase of 13.6%. Organic sales rose by 14%, driven by a 16% increase in volume, despite a 2% decline in price [2]. - The IndustrialsCo segment recorded net sales of $1,948 million, remaining flat year over year. This was due to 2% organic growth being offset by a 1% currency headwind and a 1% adverse portfolio impact [3]. Financials - At the end of the quarter, DuPont had cash and cash equivalents of $1,762 million, a decrease of approximately 4.8% sequentially. Long-term debt stood at $5,325 million, unchanged sequentially. The company generated operating cash flow from continuing operations of $382 million during Q1 [4]. Outlook - For Q2 2025, DuPont projects net sales of approximately $3.2 billion, operating EBITDA of around $815 million, and adjusted earnings per share of about $1.05. This outlook indicates a seasonal sequential increase in sales, although the rise is more subdued than previously anticipated due to timing shifts in the Semiconductor Technologies business [5][6]. Price Performance - Over the past year, DuPont's shares have declined by 15.1%, compared to a 25.4% decline in the industry [7]. Zacks Rank & Key Picks - DuPont currently holds a Zacks Rank 3 (Hold). Other better-ranked stocks in the basic materials sector include Hawkins, Inc. (Zacks Rank 1), SSR Mining Inc. (Zacks Rank 2), and Intrepid Potash, Inc. (Zacks Rank 2) [8].