龙星科技集团股份有限公司 公开发行可转换公司债券 www.lhratings.com 联合〔2025〕3205 号 联合资信评估股份有限公司通过对龙星科技集团股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持龙星 科技集团股份有限公司主体长期信用等级为 AA-，维持"龙星转债" 信用等级为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年五月二十九日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受龙星科技集团股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、 公正的 ...

Core Viewpoint - The company, Shandong Link Science and Technology Co., Ltd., plans to issue shares through a simplified procedure to raise up to RMB 300 million, which will be primarily used for the second phase of its project to produce 100,000 tons of nano carbon materials for high-voltage cable shielding [2][24]. Group 1: Issuance Details - The total amount to be raised from the stock issuance is RMB 30 million, which complies with regulations limiting such fundraising to no more than 20% of the company's net assets as of the end of the previous year [2][24]. - The issuance price is set at RMB 21.17 per share, which is at least 80% of the average trading price over the 20 trading days prior to the pricing date [4][21]. - The number of shares to be issued is 14,170,996, not exceeding 30% of the total shares before the issuance [4][22]. Group 2: Project Purpose and Background - The project aims to produce high-voltage cable shielding materials, which are crucial for both land and submarine cable applications, addressing the current reliance on imported materials [9][12]. - The company has achieved significant technological advancements, breaking foreign monopolies in the production of conductive carbon black for high-voltage cables [9][10]. - The project aligns with national strategies to enhance manufacturing capabilities and promote the development of strategic emerging industries [10][12]. Group 3: Market Context - The global market for submarine cables is expected to grow significantly, driven by the expansion of offshore wind power and marine engineering projects [12][15]. - The demand for high-voltage submarine cables is increasing due to the ongoing energy transition and the need for efficient energy transmission [12][15]. - The company is positioned to capitalize on this growth by enhancing its product offerings and expanding its market share in the cable industry [17][18].

Group 1 - Carbon black is a black particulate material produced from the combustion of hydrocarbons, widely used in chemical, rubber, and plastic industries [2] - The article explores the global carbon black industry leaders and the position and impact of white carbon black worldwide [2] Group 2 - Evonik Industries AG is a leading global chemical company with a significant presence in the carbon black market, known for its high-quality white carbon black products like "Aerosil" [3] - Cabot Corporation is the largest carbon black manufacturer globally and holds a dominant position in the white carbon black sector, with products recognized for their special properties [3] Group 3 - China Carbon, a subsidiary of Japan Carbon, is the largest carbon black producer in Asia, boasting world-class production technology and a strong market share in white carbon black [4] - Birla Carbon is a major player in the carbon black industry in emerging markets, known for reliable white carbon black products at competitive prices [4] Group 4 - Delta Technology GmbH is an important player in the Russian carbon black production sector, achieving notable success in the white carbon black field through innovation and product development [5]

Core Insights - N219 carbon black is a critical raw material widely used in industries such as rubber, plastics, inks, and coatings, making pricing strategy essential for production companies [2] - The increasing global demand for N219 carbon black has led to rising prices, while environmental concerns regarding pollution from production processes pose challenges for the industry [2] - A sustainable pricing strategy that balances market demand and environmental responsibility is necessary for N219 carbon black producers [2][4] Pricing Strategy Considerations - Production costs are a primary factor in pricing strategy, as the production of carbon black requires significant energy and raw material investments, which directly affect final product pricing [3] - Market demand and competitive landscape must be analyzed to understand consumer preferences and price sensitivity for different qualities and specifications of carbon black [3] - Regulatory environment and social responsibility are increasingly important, as companies face stricter environmental protection requirements and must invest in sustainable practices [3] Proposed Sustainable Pricing Strategy - Companies should focus on technological innovation and process optimization to enhance production efficiency and reduce costs [4] - Investment in environmental protection technologies is crucial to minimize pollution and improve product sustainability, which can enhance corporate image and competitive advantage [4] - A flexible pricing policy is recommended to cater to different market segments, offering high-value products for premium markets and affordable options for mass markets [4] - Active participation in industry organizations and social responsibility initiatives is encouraged to promote sustainable development within the carbon black industry [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [12]. Core Insights - The company is advancing in the production of superconductive carbon black, with products currently being tested across various downstream industries, suggesting a broadening of application directions [1][2]. - Amidst the backdrop of US-China trade tensions, the domestic substitution process for superconductive carbon black is expected to accelerate, as the country remains heavily reliant on imports for specialty carbon blacks [2]. - The competitive landscape is improving, with a forecasted recovery in the carbon black industry due to stable downstream demand and the potential exit of low-end producers, enhancing market concentration [3]. Summary by Sections Company Overview - The company has a production capacity of 30,000 tons per year for superconductive carbon black and has launched 4-6 product variants, with several more in development [2]. Market Dynamics - China is the largest carbon black producer, with an estimated production of 5.608 million tons in 2024, but still faces a high import dependency for specialty carbon blacks [2]. - The carbon black industry in China has a low concentration level, with the top five companies holding only 41% of the market share, indicating significant room for consolidation [3]. Financial Projections - The company is projected to achieve net profits of 205 million, 260 million, and 303 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 43.71X, 34.38X, and 29.54X [3][4]. - Revenue is expected to grow from 10.132 billion yuan in 2024 to 10.955 billion yuan in 2027, reflecting a compound annual growth rate [4]. Stock Performance - The company's stock closed at 12.16 yuan, with a 12-month price range between 5.25 and 12.89 yuan, and a total market capitalization of approximately 8.942 billion yuan [5].

Core Viewpoint - The company has developed various models of superconductive carbon black products that can be used in fast-charging and solid-state battery applications [1] Group 1 - The superconductive carbon black products are currently in the testing phase, with the 6010 product still undergoing sample testing [1]

Core Viewpoint - The introduction of the IRB8 standard reference carbon black is a significant innovation for China's carbon black industry, aimed at enhancing product quality and meeting the growing market demand [3][4]. Group 1: Industry Development - The carbon black industry plays a crucial role in various sectors such as rubber, plastics, and inks, necessitating continuous improvement in product quality and standards to meet diverse application needs [3]. - The IRB8 standard reference carbon black is produced using international testing methods and advanced techniques, ensuring consistency in physical and chemical properties with actual production [3]. - The launch of the IRB8 standard represents a major breakthrough in quality control for the carbon black industry, enabling companies to accurately assess and compare their products [3]. Group 2: Market Competition - The introduction of the IRB8 standard reference carbon black promotes high-quality development in China's carbon black industry, helping companies identify shortcomings and innovate to enhance product quality and brand competitiveness [4]. - As the demand for carbon black continues to grow, the competition among companies intensifies, making the adoption of the IRB8 standard essential for maintaining market relevance [4]. Group 3: Environmental Impact - The promotion of the IRB8 standard reference carbon black supports the green development of the carbon black industry by reducing carbon emissions and chemical waste during production [4]. - The implementation of the IRB8 standard can lead to technological advancements that minimize environmental pollution and facilitate the industry's transition to greener practices [4]. Group 4: Collaborative Efforts - To achieve widespread application of the IRB8 standard in China's carbon black industry, collaboration among government, enterprises, and research institutions is essential [4]. - The government should enhance regulatory oversight and provide support for quality control, while companies need to improve internal management and employee skills [4]. - Research institutions should work closely with enterprises to drive research and innovation, ensuring the continuous optimization of the IRB8 standard reference carbon black [4].

炭黑是一种重要的化工原料，被广泛应用于轮胎、涂料、塑料等多个领域。过去几年间，巴西的炭黑供应一直依赖进口，这严重阻碍了巴西相关产业的健康 发展，也导致能源资源的浪费。因此，新建三万吨炭黑项目具有重要战略意义，有望填补巴西炭黑供应的空白，推动巴西能源行业的自给自足。 近日，巴西能源部宣布将新建一座庞大的炭黑项目，投产规模预计将达到三万吨。这一项目的建设不仅将促进巴西炭黑行业的发展，还将为能源转型和环境 保护作出重要贡献。 三万吨炭黑项目的建设将对巴西能源行业带来重大影响。该项目的建设将创造大量就业机会，为当地居民提供稳定的工作机会，有助于缓解该地区的就业压 力。一旦投产，新建工厂将成为巴西炭黑行业的重要支柱，促进相关产业链的蓬勃发展。自给自足的炭黑供应有助于降低巴西炭黑产品的进口依赖，减少进 口成本，提升巴西在国际贸易中的竞争力。 巴西三万吨炭黑项目的兴建是巴西能源转型的重要一步。通过填补巴西炭黑供应的空白，推动巴西能源行业的自给自足，该项目将为巴西能源行业带来新的 机遇和挑战。同时，注重环境保护的设计理念和清洁生产技术的应用，将为巴西能源行业的可持续发展奠定坚实基础。期待未来三万吨炭黑项目的顺利建 成，为巴西 ...

Core Insights - The global carbon black market is undergoing significant changes, particularly regarding the pricing strategy for N550 carbon black, which is a crucial filler used in rubber, plastics, and coatings [2] - The rising demand for N550 carbon black, especially in emerging markets like China, is driving price adjustments as manufacturers face increased production costs due to supply chain constraints and raw material price hikes [2] - The price increase of N550 carbon black may exert pressure on rubber and plastic product manufacturers in China, potentially impacting their profit margins and production capabilities [2] Industry Impact - The adjustment in N550 carbon black pricing may encourage rubber and plastic manufacturers to adopt more efficient production methods to mitigate costs, such as reducing carbon black usage or seeking alternatives [3] - This price adjustment could stimulate the growth of domestic carbon black producers in China, leading to increased production capacity and reduced reliance on imports, thereby enhancing the competitiveness of the local industry [3] - The situation highlights the importance of sustainable development within the carbon black industry, as production has negative environmental impacts, necessitating a focus on eco-friendly technologies and practices [3] - Collaboration between government and industry is crucial for establishing policies and regulations that guide the development of the carbon black sector [3]

Price Trends - The price of N650 carbon black has shown relative stability with small fluctuations, primarily due to a balance between production and supply [2] - High production costs and the complexity of the manufacturing process prevent large-scale oversupply, contributing to price stability [2] - The presence of numerous suppliers and intense competition in the market also limits excessive price increases [2] Demand Trends - The demand for N650 carbon black is increasing due to the continuous development of industries such as rubber, plastics, inks, and coatings [2][3] - In the rubber industry, carbon black is an essential additive that enhances the strength, hardness, and wear resistance of rubber products, driven by the growth in automotive, tire, and engineering machinery sectors [2] - The promotion and application of new energy vehicles, alongside growing consumer awareness of environmental protection, have created new growth points for rubber product demand [2] Industry Dynamics - In the plastics industry, carbon black is widely used in polyethylene and polypropylene products to enhance blackness, strength, and weather resistance, contributing to increased demand [3] - The ink and coating industries also rely on carbon black as a key coloring agent and filler, further driving demand [3] - Supply-demand balance is crucial for pricing strategies, with suppliers needing to monitor market demand and adjust production plans accordingly [3] Government Influence - Government macro-control measures can impact carbon black pricing, such as reducing import tariffs and increasing export tax rebates to promote industry development [3] - Strengthening market regulation to combat illegal production and sales is essential for maintaining market order and protecting legitimate enterprises [3]