Core Viewpoint - Dongyue Silicones has demonstrated resilience in a complex market environment, achieving significant financial improvements in its 2024 annual report, including a substantial increase in cash flow and a return to profitability [1][2]. Revenue Performance - The company reported a revenue of 5,150,649,541.32 CNY, a 7.27% increase from the previous year's 4,801,467,896.50 CNY [1]. - Revenue from the main product, 107 glue, reached 2,798,464,454.52 CNY, accounting for 54.33% of total revenue, with an 8.26% year-on-year growth [1]. - Revenue from silicone oil was 717,360,993.20 CNY, representing 13.93% of total revenue, with a 10.48% increase [1]. - However, revenue from intermediates decreased by 28.88% to 129,721,182.68 CNY, indicating a need for product structure optimization [1]. Profitability - The net profit attributable to shareholders was 56,761,572.66 CNY, a turnaround from a loss of 271,124,703.38 CNY the previous year, marking a 120.94% increase [1][2]. - The net profit after deducting non-recurring items was 74,357,022.17 CNY, up 127.29% from a loss of 272,512,997.15 CNY [1]. Earnings Per Share - Basic earnings per share were 0.05 CNY, compared to -0.23 CNY the previous year, reflecting a 121.74% increase [2]. - The diluted earnings per share, excluding non-recurring items, were 0.06 CNY, also showing significant growth from -0.23 CNY [2]. Expense Management - R&D expenses decreased by 29.71% to 164,155,244.71 CNY, which may impact future product innovation [2]. - Sales expenses remained stable at 19,484,385.84 CNY, showing a slight decrease of 1.26% [2]. - Management expenses decreased by 15.24% to 45,297,447.98 CNY, indicating improved internal management efficiency [2]. Cash Flow - The net cash flow from operating activities was 216,372,032.05 CNY, a significant increase of 260.73% from -134,615,492.20 CNY the previous year, reflecting enhanced cash generation capabilities [3]. - The net cash flow from investing activities improved to -14,279,505.91 CNY, a 94.02% reduction in outflow compared to -238,653,257.24 CNY [4]. - The net cash flow from financing activities was -120,000,000.00 CNY, indicating adjustments in profit distribution and financing strategies [5]. Management Compensation - The total compensation for directors and senior management was 3.4509 million CNY, with notable changes in individual compensation levels compared to previous periods [7].

1. Report Industry Investment Rating - Industrial silicon: Oscillation; Polysilicon: Oscillation [5] 2. Core Viewpoints of the Report - The fundamentals of industrial silicon are difficult to change, and the rush to install photovoltaic systems is receding. The supply reduction of industrial silicon has been implemented, but the demand remains sluggish. For polysilicon, the core issue is the high inventory, and the spot price may face pressure again with the resumption of production on the supply side and the weakening of demand [2][3] 3. Summary According to Relevant Catalogs 3.1 Industrial Silicon/Polysilicon Industry Chain Prices - This week, the Si2505 contract of industrial silicon decreased by 365 yuan/ton to 9455 yuan/ton. The SMM spot price of East China oxygenated 553 decreased by 100 yuan/ton to 10100 yuan/ton, and the price of Xinjiang 99 decreased by 100 yuan/ton to 9350 yuan/ton. The PS2506 contract of polysilicon decreased by 1815 yuan/ton to 41835 yuan/ton. The average transaction price of N-type re-feeding material remained unchanged at 41700 yuan/ton [10] 3.2 Industrial Silicon Fundamentals Remain Unchanged, Photovoltaic Rush to Install Recedes - **Industrial Silicon**: The futures price of industrial silicon fluctuated downward this week. Xinjiang reduced production by 2 industrial silicon furnaces, with a weekly output of 72400 tons, a decrease of 0.34%. The social inventory of SMM industrial silicon increased by 0.4 million tons, and the sample factory inventory increased by 0.65 million tons. After the production reduction of large factories in Xinjiang, other large factories did not continue to reduce production. The industrial silicon in the southwest region is slowly resuming work, and some new production capacities are planned to be put into operation this month. The powder list price of polysilicon factories this week is between 10400 - 10500 yuan/ton. Organic silicon continued to reduce production, and the price of aluminum alloy decreased due to US tariffs, maintaining only rigid demand for industrial silicon. Exports may decline in the short term due to relevant policies [12] - **Organic Silicon**: The price of organic silicon dropped significantly this week. Many enterprises maintained reduced production, with an overall operating rate of about 63.3%, a decrease of 3.28 percentage points. The weekly output was 41900 tons, a decrease of 3.23%, and the inventory was 53700 tons, an increase of 6.97%. After the price increase, the downstream's acceptance of high prices was limited, and the procurement intensity weakened. Although monomer factories continued to operate at reduced capacity, there was no shortage of supply, and the factory inventory increased instead of decreasing [12][13] - **Polysilicon**: The futures price of polysilicon fluctuated downward this week. The price of silicon materials remained stable temporarily due to fewer signed orders, but the manufacturers' recent quotations have started to decline. The planned production of polysilicon in April is expected to be about 1 million tons, and it is expected to increase to about 1.1 million tons in May. It is estimated that polysilicon can continue to reduce inventory by 10000 tons in May. However, the core problem of polysilicon is still the high inventory, with the industry - wide inventory possibly around 4.5 million tons. From April to May, silicon wafer manufacturers mainly aim to digest their existing inventory, with low procurement enthusiasm. With the resumption of production on the supply side and the weakening of demand, the spot price may face pressure again. As of April 11, the number of registered warehouse receipts was only 10 lots [3][13] - **Silicon Wafers**: The price of silicon wafers started to decline this week. Affected by the earthquake, the price of silicon wafers was raised, but the terminal demand declined earlier than expected, resulting in low acceptance of the new price. The mainstream transaction prices of M10, G12R, and G12 models may gradually fall to 1.25, 1.50, and 1.55 yuan/watt. The planned production of silicon wafers in April was adjusted down to 60 - 62GW, and the silicon wafer sector continued to reduce inventory. As of April 60 (presumably a typo, might be April 6), the inventory of silicon wafer factories was 20.9GW, an increase of 1.4GW. In May, considering that the silicon wafer sector has been reducing inventory for 8 consecutive months and the current inventory has dropped to a half - month level, the planned production of silicon wafers in May is also expected to be above 60GW. After the rush - to - install period, the market demand may weaken rapidly, and the price of silicon wafers may continue to decline [14] - **Battery Cells**: The price of battery cells remained basically stable this week. The price of M10 and G12 model battery cells remained at 0.31 yuan/watt, and the price of G12R model battery cells dropped slightly to 0.33 yuan/watt. The decline in component prices led to low acceptance of high - priced battery cells. The planned production of domestic battery cells in April was 61 - 63GW, continuing the inventory reduction trend. As of April 7, the inventory of Chinese photovoltaic battery export factories was 2.58GW, an increase of 1.3GW. Looking forward, after the end of the rush - to - install period, the price of battery cells may decline with the weakening of demand from late April [14] - **Components**: The price of components dropped slightly this week. As the rush - to - install tide gradually receded, the price of distributed components started to decline, falling to the level of 0.75 - 0.76 yuan/watt, and high - price transactions shrank rapidly. The price of centralized components was basically stable. On April 9, China Power Construction terminated the 5.1GW photovoltaic component centralized procurement project for 2025. It is expected that the project will be re - tendered, but the procurement price and price level may be lower than before. The planned production of components in April was 66 - 68GW. Considering the delivery of the remaining orders of distributed components and the placement of centralized component orders, the planned production of components in May is expected to be 60 - 62GW. After the rush - to - install period, the price of components is expected to continue to decline [15] 3.3 Investment Recommendations - **Industrial Silicon**: The production reduction of large factories in Xinjiang may lead to inventory reduction, but without policy support, the upward driving force of industrial silicon is weak. The upper limit of the disk price depends on the hedging point. The lower limit mainly considers two points: 1) cost and production reduction; 2) selling the new standard 421 as 99 - grade silicon. Considering that the spot price may continue to fall towards the cost line of large factories and the premium of 800 yuan/ton for the new contract, in a worse - case scenario, the disk price may fall to about 9000 yuan/ton. Therefore, the disk price may fluctuate between 9000 - 10500 yuan/ton. For unilateral trading, it is recommended to pay attention to short - selling opportunities after the disk price rebounds. For arbitrage, it is recommended to pay attention to the reverse arbitrage opportunity of Si2511 - Si2512 [4][17] - **Polysilicon**: After the rush - to - install period, with the resumption of production on the supply side and the weakening of demand, the spot price may face pressure again. However, in April, polysilicon started warehouse receipt registration, and the disk will also trade the contradiction of warehouse receipts. Considering that only five enterprises meet the delivery brand requirements and the production of deliverable products from March to May is limited, silicon material factories will be more cautious about hedging, and a too - low disk price may lead to a shortage of warehouse receipts. Therefore, for unilateral trading, it is recommended to pay attention to both the opportunity to go long on PS2506 at low prices and the opportunity to go short on PS2511 at high prices. For arbitrage, the long - short position of PS2506 - PS2511 can continue to be held [4][17] 3.4 Hot News - China Power Construction terminated the 5.1GW photovoltaic component centralized procurement project for 2025 due to factors such as the adjustment of new energy electricity price policies [15][18] - On April 9, the 100000 - ton hydropower silicon energy - saving and environmental - protection project of Yunnan Energy Investment Group Yongchang Silicon Industry was put into operation, with an expected annual industrial output value of over 1.5 billion yuan, tax payments of over 120 million yuan, and the creation of more than 300 jobs [18] - The 1.6 million - ton organic silicon project of Qiya Group started construction on April 1, 2025, and is expected to be completed and put into operation by the end of 2026. It is an important plan for Qiya Group to improve the full silicon - based industrial chain [18]

据介绍，电子级MM是润禾材料继高品质六甲基二硅氧烷成功生产后，在原有基础上不断创新，优化生 产工艺，推出的新产品，其主含量高达99.999%，由于其环境友好且不破坏臭氧层，可以用作电子、国 防和航空工业精密设备的清洗剂替代品。 4月7日，据润禾材料官微的消息，通过持续技术攻关，公司生产制造水平稳步提高，现已具备超高纯 MM材料制造能力，成为国内超高纯MM制造商之一。 据业内人士，电子级MM的主要应用场景是半导体清洗方向，比如在半导体制造中的表面疏水涂层(光 刻预处理)、湿法清洗中的污染物去除、超临界流体干燥或IPA(异丙醇)蒸汽干燥等清洗步骤中扮演了重 要角色。目前，电子级MM竞品较少，具有较高的附加值，国内电子级MM的价格大概10万/吨，海外的 价格更高一些。 据悉，六甲基二硅氧烷，俗称MM，作为线状挥发性甲基硅氧烷(VMSs)的代表，在美国属于VOC法规 的免检产品，对环境友好，可用作溶剂，在电子、国防和航空工业等领域发挥重要作用。 润禾材料（300727）高性能材料再下一城，其用作电子、国防和航空工业精密设备的清洗剂替代品的电 子级MM(六甲基二硅氧烷)迎来突破。 MM是润禾材料子公司九江润禾产销量最大 ...

报告中称，25Q1化工景气底部，企业端延续量增价减，春季行情涨价逻辑对板块的估值修复力度较为 有限。2025.2国内制造业PMI位于荣枯线上方。化工需求侧国内房地产新建商品房销售显著回暖，核心 城市率先回稳;新能源车销量维持高增长，以旧换新政策有望加速需求释放;社零增速平稳，促消费政策 持续发力。供给侧欧盟化工生产乏力已对下游制造业造成影响，国内维持稳健增长，但化工总体仍位于 产能扩张阶段，供过于求对价格的短期压制因素仍在。 量增价减表现为企业增收不增利，化工大宗价差短期仍在历史底部，利润向上游转移，对应资源型企业 ROE相对高位。从估值修复程度看，虽然年后化工在钛白粉、有机硅、氟化工、农化、香精香料等板块 均有涨价逻辑演绎，但看子板块整体的PB分位，修复的力度仍然有限。机构持仓方面，4Q24主动基金 降低化工板块配置，偏资源侧炼油化工板块为主要加仓方向。从交易的时间窗口期看，当前化工子板块 位于底部也有两年时间跨度了，离反转或已不远。 方正证券发布研报称，制冷剂进入需求旺季，涨价确定性强。制冷剂已经进入需求旺季，制冷剂企业生 产负荷逐步提升，行业产量和库存同比提升，旺盛的下游需求带动制冷剂价格上行，二季度价 ...

Core Viewpoint - Runhe Materials (300727.SZ) reported a revenue of 1.328 billion yuan for 2024, marking a year-on-year increase of 16.96%, and a net profit of 96.2364 million yuan, up 17.06% year-on-year, indicating strong financial performance and commitment to shareholder returns through dividends [1] Financial Performance - The company plans to distribute a cash dividend of 3 yuan per 10 shares (including tax) and issue 3 additional shares, with a total cash dividend amounting to 40.4552 million yuan, representing approximately 42% of net profit [1] - Revenue from silicone deep processing products reached 820 million yuan, accounting for 61.79% of total revenue, while textile dyeing auxiliaries generated 506 million yuan, making up 38.11% [1] - Domestic revenue constituted 71.13% of total income, with overseas revenue growing by 35.31% to 383 million yuan, reflecting successful internationalization strategies [1] Industry Outlook - The organic silicon industry is expected to benefit from national strategies such as "Made in China 2025" and "14th Five-Year Plan for Industrial Green Development," with increasing penetration in emerging sectors like new energy and digital economy [2] - The company has a current design capacity of 98,000 tons for organic silicon deep processing products, operating at a capacity utilization rate of 100.32%, with ongoing projects expected to alleviate capacity constraints by 2025 [2] Market Strategy - The company employs a dual sales model of "distribution + direct sales," with distribution revenue accounting for 46.82%, up 20.33% year-on-year, and overseas market revenue rising to 28.87% [3] - The company has diversified its customer base, with the top five customers accounting for only 8.55% of sales, reducing dependency on any single client [3] Research and Development - The company has established a "one body, two wings" R&D system, with 107 R&D personnel and 75 patents, focusing on high-performance and green product development [4] - R&D investment for 2024 is projected at 58.9078 million yuan, exceeding the industry average, and the company has received recognition for its innovative technologies [4] Future Directions - The company aims to enhance production capacity and industry chain collaboration, focusing on high-value products and vertical integration to improve raw material self-sufficiency [5] - Plans for smart manufacturing transformation are underway, leveraging automation and digital management to reduce energy consumption in response to carbon neutrality policies [5] - The company intends to deepen its global presence, particularly in mature markets and emerging regions, to capitalize on structural growth opportunities in the organic silicon sector [5][6]

Investment Rating - The report maintains an "Overweight" rating for the organic silicon industry [3] Core Viewpoints - The rapid expansion phase of production capacity in the organic silicon industry is nearing its end, and the supply-demand balance is expected to improve [3] - The demand for organic silicon materials is anticipated to maintain a growth rate of over 10% due to emerging sectors such as new energy vehicles, photovoltaics, and electronics [60] - The industry is characterized by high concentration, with the top three companies holding a market share of 45.93% and the top six companies holding approximately 69.19% [34] Summary by Sections 1. Wide Application of Organic Silicon Products - Organic silicon is widely used in various fields including aerospace, electronics, construction, transportation, chemicals, textiles, food, light industry, and medical applications [14] - The market share of organic silicon deep-processing products in China includes RTV (37.0%), HTV (29.4%), silicone oil (28.3%), LSR (3.6%), and silicone resin (1.8%) [18] 2. Supply Side: End of Rapid Capacity Expansion - As of 2024, China's organic silicon intermediate capacity is 3.44 million tons, with a compound annual growth rate of 17.82% from 2019 to 2024 [25] - The industry is currently experiencing losses due to previous overcapacity, and new capacity additions are expected to be limited, with only 100,000 tons planned for 2025 [34] 3. Demand Side: Strong Growth in Emerging Applications - The apparent consumption of organic silicon intermediates in China is projected to grow from 1.0615 million tons in 2019 to 1.8164 million tons in 2024, with a compound annual growth rate of 11.34% [39] - The demand for organic silicon in the new energy vehicle sector is expected to grow at a compound annual growth rate of 16.40% from 2024 to 2030 [45] 4. Key Companies - Hoshine Silicon Industry (合盛硅业) focuses on the research, production, and sales of silicon-based new materials, with an organic silicon monomer production capacity of 1.73 million tons as of June 2024 [63]

Core Viewpoint - The peak of silicone production has passed, leading to joint production cuts by companies, resulting in a rise in product prices from the bottom [2] Group 1: Production and Capacity - Domestic silicone DMC capacity increased from 1.515 million tons/year in 2019 to 3.44 million tons/year by 2024, with limited new capacity expected in the future [2] - The only remaining new capacity is a 100,000 tons/year project by Inner Mongolia Xingfa Technology, expected to be operational by June 2025 [2] - As of February 19, 2025, 1.82 million tons of silicone monomer capacity is under maintenance, indicating a significant reduction in domestic supply [2] Group 2: Price and Profitability - Silicone prices have shown a significant upward trend in 2025, with the market average price reaching 14,500 yuan/ton by March 20, 2025, an increase of 11.5% since the beginning of the year [2] - The gross profit for silicone reached 371.88 yuan/ton as of March 21, 2025, marking the first positive gross profit since the beginning of the year [2] Group 3: Demand and Market Outlook - The apparent consumption of silicone DMC in China increased from 1.21 million tons in 2020 to 1.82 million tons in 2024, with a CAGR of approximately 10.7% [4] - Key application areas for silicone DMC include construction and electronics, accounting for 25% and 23% of consumption, respectively [4] - Exports of silicone DMC have grown rapidly, with a CAGR of 22.5% from 2020 to 2024, while imports have declined, indicating advancements in domestic production capabilities [4] - The demand for silicone materials is expected to rise significantly due to the growth in photovoltaic and new energy vehicle sectors, which will also increase the demand for high-end silicone materials [4]

Investment Rating - The report maintains an "Overweight" rating for the organic silicon industry [5]. Core Viewpoints - The peak production period for organic silicon has passed, and companies are collaborating to reduce output, leading to a potential price recovery from the bottom [1]. - Domestic organic silicon DMC capacity increased from 1.515 million tons/year in 2019 to 3.44 million tons/year by 2024, with limited new capacity expected in the future [1]. - As of March 19, 2025, the average market price for organic silicon was 14,500 CNY/ton, reflecting an 11.5% increase since the beginning of the year, although profit margins remain negative [1]. - The demand for organic silicon is steadily growing, with a CAGR of approximately 10.7% from 2020 to 2024, driven primarily by the construction and electronics sectors [3]. - The report suggests that the limited new supply and increasing demand will likely stabilize and improve the pricing and profitability of organic silicon products [1][3]. Summary by Sections Section 1: Industry Overview - The organic silicon industry is experiencing a supply reduction due to increased maintenance and repairs among producers, with 182,000 tons of capacity under maintenance as of February 19, 2025 [2]. - The inventory levels of organic silicon DMC are stable, with a slight increase since September 2024, but still within the median range of the past three years [2]. Section 2: Demand and Applications - The apparent consumption of organic silicon DMC in China rose from 1.21 million tons in 2020 to 1.82 million tons in 2024, with significant growth in exports at a CAGR of 22.5% during the same period [3]. - Key application areas for organic silicon include construction and electronics, which account for 25% and 23% of consumption, respectively [3]. - The report highlights the potential for growth in high-end construction sealants and materials for photovoltaic and electric vehicle sectors, driven by policy support and technological advancements [3]. Section 3: Investment Recommendations - The report recommends focusing on companies in the organic silicon production sector such as Hoshine Silicon Industry, Xingfa Group, and New安股份, as well as application companies like Ruifeng New Materials and Silica宝科技 [3].

证券代码：600409 证券简称：三友化工 公告编号：临 2025-005 号 公司参会人员：证券事务代表王国平女士及证券部、经济运行中心有关人员。 二、会议交流的主要内容 唐山三友化工股份有限公司（以下简称"公司"）于 2025 年 2 月 21 日接待了 投资者咨询交流，有关情况如下： 一、交流会基本情况 时间：2025 年 2 月 21 日 14:00-15:00，15:30-16:30 交流方式：现场及电话会议 参会机构名称：招商证券股份有限公司、江苏睿诚投资股份有限公司、浙商 证券股份有限公司、国泰基金管理有限公司。 唐山三友化工股份有限公司 投资者交流会会议纪要 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。 1.公司主导产品市场情况 纯碱：目前国内纯碱行业产能约 4080 万吨，较 2024 年底基本持平。当前纯 碱企业经营承压明显，纯碱价格僵持盘整，行业库存 180 万吨左右，行业整体开 工率 89%左右。预计今年二季度随着行业检修逐步开始，行业开工有所降低，高 库存局面或将得到一定程度缓解，不排除行业检修供给 ...

文/西风 12月8日晚上，深交所公布对浙江科峰有机硅股份有限公司创业板IPO终止审核的决定，直接原因是公司及保荐机构国金证券撤回申报。公司IPO于 2022年6月30日 获得受理，经历两轮问询后于2023年6月21日过会。公司本次IPO拟募资3.9亿元。 公司注册地浙江嘉兴，前身浙江科峰化工有限公司成立于2002年10月，2021年11月整体变更为股份公司，目前注册资本6000万元。公司控股股东为海宁科峰投资 有限公司，实际控制人为1966年出生的李云峰先生。李云峰直接及间接控制发行人 93.89%的股份，现任公司董事长兼总经理。 一、自称国内领先的嵌段硅油企业之一 公司是一家以有机硅应用材料为主业，专业从事纺织印染助剂、纳米液体分散染料及其他有机硅产品的研发、生产、销售的高新技术企业、国家级专精特新"小巨 人"企业，主要产品包括嵌段硅油、氨基硅油等后整理助剂、前处理助剂、染色印花助剂、纳米液体分散染料和六甲基二硅氧烷等。公司产品品类齐全，业务链完 整，现已成为国内领先的嵌段硅油企业之一。 公司研发的"全能型亲水氨基硅油"、"棉用嵌段聚醚亲水氨基硅油"、"染色同浴吸湿排汗剂 KF-1474"、"棉布特用亲水嵌 ...