证券研究报告 | 公司点评 | 化学纤维 业绩稳中有增，涤丝龙头完善一体化产业链 ——新凤鸣 2024 年报及 2025 一季报点评 ❑ 4 月 25 日，公司发布 2024 年报：2024 年，公司实现营业收入 670.91 亿元，同比 +9.15%；实现归母净利润 11.00 亿元，同比+1.32%；加权平均净资产收益率为 6.46%，同比减少 0.22 个百分点。销售毛利率 5.63，同比减少 0.21 个百分点；销 售净利率 1.64%，同比减少 0.13 个百分点。 其中，2024Q4 实现营收 178.94 亿元，同比+3.62%，环比-0.17%；实现归母净利 润 3.55 亿元，同比+77.92%，环比+151.84%；平均净资产收益率为 2.08%，同比 增加 0.89 个百分点，环比增加 1.25 个百分点。销售毛利率 5.68%，同比增加 1.16 个百分点，环比增加 0.76 个百分点；销售净利率 1.98%，同比增加 0.82 个 百分点，环比增加 1.19 个百分点。 ❑ 同时，4 月 29 日，公司发布 2025 年一季报：2025Q1 实现营收 145.57 亿元，同 比+0. ...

证券研究报告 | 公司点评 | 化学纤维 ❑ 同时，4 月 29 日，公司发布 2025 年一季报：2025Q1 实现营收 145.57 亿元，同 比+0.73%，环比-18.65%；实现归母净利润 3.06 亿元，同比+11.35%，环比- 13.66%；平均净资产收益率为 1.76%，同比增加 0.13 个百分点，环比减少 0.32 个百分点。销售毛利率 6.51%，同比增加 0.61 个百分点，环比增加 0.83 个百分 点；销售净利率 2.11%，同比增加 0.21 个百分点，环比增加 0.13 个百分点。 点评 业绩稳中有增，涤丝龙头完善一体化产业链 ——新凤鸣 2024 年报及 2025 一季报点评 事件 ❑ 4 月 25 日，公司发布 2024 年报：2024 年，公司实现营业收入 670.91 亿元，同比 +9.15%；实现归母净利润 11.00 亿元，同比+1.32%；加权平均净资产收益率为 6.46%，同比减少 0.22 个百分点。销售毛利率 5.63，同比减少 0.21 个百分点；销 售净利率 1.64%，同比减少 0.13 个百分点。 其中，2024Q4 实现营收 178.94 亿元， ...

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越南生产基地具备相比国内低廉1/3以上的能源、人工成本优势、相对更低的税费负担，以及更符合美 国、西欧等国优化供应链需求的区位优势。根据最新关税政策，泰国、越南、印尼等地出口至美国货物 暂停征收关税90天，"对等关税"调整至10%，公司越南生产基地仍旧保持低税率区位优势。 展望未来，康隆达表示将继续坚持实施"锂盐新材料+手部防护"双轮驱动与"国内+越南"双基地的发展战 略，并通过"内生发展+外延并购"手段，推动公司新品研发及业务开拓。（厉平） 在超高分子量聚乙烯纤维业务领域，康隆达是国内最早实现产业化的企业之一。目前，公司现已具备2 条干法生产线和3条湿法生产线，并在"预溶胀解缠纺丝母料的技术开发""0.7-3.9D 单丝可控多规格纤维 的开发及产业化技术""绳缆用高强-高耐磨-抗蠕变纤维的开发及产业化技术"等方面都实现了量产及突 破。 4月29日晚，康隆达（603665）（603665.SH）发布了2025年一季度报告，公司一季度实现营业收入3.80 亿元，同比增长42.18%；实现归母净利润1.14亿元、扣非净利润2984.76万元，实现扭亏为盈并大幅增 长。 太平洋证券最新研报指出，超高分子量聚乙烯具备 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported Q1 performance that exceeded expectations, with a revenue of 6.314 billion yuan, down 5.15% year-on-year, and a net profit attributable to shareholders of 504 million yuan, down 26.21% year-on-year but up 145.60% quarter-on-quarter [6] - The company is a dual leader in the industries of adipic acid and spandex, maintaining cost advantages and demonstrating resilience in performance during the industry downturn [6][7] - The company is pursuing vertical mergers and acquisitions to strengthen its polyurethane industry position, with a projected net profit of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [6][8] Financial Summary - In Q1 2025, the average price of adipic acid was 8,106 yuan/ton, down 2.14% quarter-on-quarter, with an average price difference of 2,200 yuan/ton, down 5.06% quarter-on-quarter and down 32.41% year-on-year [7] - The average price of spandex 40D was 23,876 yuan/ton, down 1.01% quarter-on-quarter, with a price difference of 11,083 yuan/ton, down 3.25% quarter-on-quarter and down 12.82% year-on-year [7] - The company plans to acquire 100% equity of Huafeng Synthetic Resin and Huafeng Thermoplastic for a total transaction price of 6 billion yuan, with expected net profits from these assets projected to be 9.67 billion yuan and 6.04 billion yuan respectively from 2025 to 2027 [8] Financial Projections - The company’s revenue projections for 2025-2027 are 27.645 billion, 29.799 billion, and 30.468 billion yuan respectively, with corresponding net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan [10] - The projected EPS for 2025-2027 is 0.50, 0.63, and 0.77 yuan, with P/E ratios of 13.5, 10.7, and 8.7 respectively [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a Q1 2025 revenue of 145.57 billion yuan, a year-on-year increase of 0.73%, but a quarter-on-quarter decrease of 18.65%. The net profit attributable to the parent company was 1.00 billion yuan, reflecting a year-on-year increase of 11.35% and a quarter-on-quarter decrease of 13.66% [5][6] - The analysts maintain the profit forecast for 2025-2027, expecting net profits of 1.609 billion, 2.049 billion, and 2.552 billion yuan respectively, with corresponding EPS of 1.06, 1.34, and 1.67 yuan. The current stock price corresponds to P/E ratios of 10.4, 8.2, and 6.6 times for the respective years [5][6] - The company is expected to benefit from steady demand growth and an optimized supply structure, leading to a recovery in long filament profitability [5][6] Financial Summary - For 2025, the company is projected to achieve a revenue of 67.97 billion yuan, with a year-on-year growth of 1.3%. The net profit is expected to be 1.609 billion yuan, representing a year-on-year increase of 46.2% [7][9] - The gross margin is expected to improve from 6.8% in 2025 to 8.0% by 2027, while the net margin is projected to rise from 2.4% to 3.4% over the same period [7][9] - The company's return on equity (ROE) is forecasted to increase from 8.5% in 2025 to 11.0% in 2027 [7][9]

证券简称：宝丽迪 证券代码：300905 苏州宝丽迪材料科技股份有限公司 投资者关系活动记录表 编号： 2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ☑业绩说明会 | | 投资者活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | | 苏州宝丽迪材料科技股份有限公司： 董事长 徐毅明先生 | | 参与单位名称及 | 副总经理、财务总监、董事会秘书 袁晓锋先生 | | 人员姓名 | 独立董事 关晋平女士 | | | 证券事务代表 尤心远先生 | | | 东吴证券股份有限公司：陈辛慈女士 | | 时间 | 2025 年 4 月 29 日 15：00--17:00 | | | 董事长 徐毅明先生 | | | 副总经理、财务总监、董事会秘书 袁晓锋先生 | | 接待人员姓名 | 独立董事 关晋平女士 | | | 证券事务代表 尤心远先生 | | | 苏州宝丽迪材料科技股份有限公司（以下简称"公司"）于 | | | 2025 年 4 月 29 日 15：00--17:00 通过"同花顺路演平台"召开 | | | 了公司 ...

Core Viewpoint - The company, Xingyuan Material, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international capital operations and support its global business development [1] Group 1: H-Share Issuance - Xingyuan Material has announced its intention to issue H-shares and apply for listing on the main board of the Hong Kong Stock Exchange [1] - The board of directors approved the proposal for the public issuance of H-shares during a meeting held on April 28, 2025 [1] - The company is currently in discussions with relevant intermediaries regarding the issuance and listing process, with specific details yet to be finalized [1] Group 2: Regulatory Approvals - The issuance and listing of H-shares require approval from the company's shareholders, the China Securities Regulatory Commission, the Hong Kong Stock Exchange, and other regulatory bodies [2] - There is significant uncertainty regarding whether the issuance will pass the necessary reviews and approvals [2] Group 3: Previous Fundraising Activities - Xingyuan Material was listed on the Shenzhen Stock Exchange's ChiNext board on December 1, 2016, with an initial public offering of 30 million shares at a price of 21.65 yuan per share, raising a total of 649.5 million yuan [2] - The company has conducted multiple fundraising activities, including issuing convertible bonds and non-public offerings, with total funds raised amounting to approximately 6.489 billion yuan across five fundraising events [7]

Core Viewpoint - The establishment of Liaoning Hongmengyan Innovative Composite Materials Co., Ltd. indicates a growing focus on high-performance fibers and composite materials in the manufacturing sector in China [1][2]. Company Summary - Liaoning Hongmengyan Innovative Composite Materials Co., Ltd. has been established with a registered capital of 5 million RMB [1]. - The legal representative of the company is Wang Junkun [1]. - The company is wholly owned by Jinding Communication Equipment (Xingcheng) Co., Ltd. [2]. - The company operates in the manufacturing industry, specifically in the chemical fiber manufacturing sector [2]. Business Scope - The business scope includes the manufacturing and sales of high-performance fibers and composite materials, synthetic fibers, photovoltaic equipment and components, mechanical parts, security equipment, and new building materials [2]. - The company is also involved in technology services, research and development of new materials, and import-export activities [2].

万凯新材表示，灵心巧手是一家以"灵巧手+云端智脑"为核心的人形机器人具身智能平台。公司本次投 资主要是基于看好人形机器人赛道所作的前瞻性布局，后续公司计划依托区域优势和上市公司影响力， 充分发挥资源整合作用，深入参与并助力灵心巧手在杭州或周边落地新产能，为其赋能当地有协同性的 优质社会资源，助力其在机器人产业聚集地深耕发展。同时，拟与灵心巧手共同研发和探索公司聚酯新 材料产品在人形机器人领域应用的可能性，与公司主业形成一定的产业协同。 一季报显示，万凯新材长期股权投资约7533万元，同比增长近200%，主要系增加对灵心巧手的投资。 今年4月21日，投资者在深交所互动平台上提问公司是否参投灵心巧手，公司回复近期作为领投人之一 参与了灵心巧手(北京)科技有限公司的PRE-A轮融资，投后股权占比8.2%，并拥有一名董事席位。目前 公司占比较小，后续产业合作亦仅作为计划，具有不确定性，对公司2025年经营业绩不会构成重大影 响。 公告显示，万凯新材料股份有限公司是国内领先的聚酯材料研发、生产、销售企业，致力于为社会提供 健康、安全、环保、优质的聚酯材料，已建成年产300万吨瓶级切片的产能。公司产能规模居全球前 列，是 ...