前十大流通股东累计持有： 11167.64万股，累计占流通股比： 61.39%，较上期变化： -92.64万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况 | | --- | --- | --- | --- | | | | (%) | (万股) | | 项洪伟 | 9627.71 | 52.92 | 不变 | | 招商证券资管-李燕昆-招商资管创新价值202103号单一 | | | | | 资产管理计划 | 584.98 | 3.22 | 不变 | | 无锡洪汇新材（002802）料科技股份有限公司-第一期员 | | | | | 工持股计划 | 287.31 | 1.58 | 不变 | | 辜德雄 | 129.00 | 0.71 | 新进 | | 吴晓阳 | 113.50 | 0.62 | -1.50 | | 黄叶华 | 105.18 | 0.58 | 18.79 | | 孙建军 | 96.25 | 0.53 | 不变 | | 深圳泽源私募证券基金管理有限公司-泽源利旺田17号私 | | | | | 募证券投资基金 | 88.31 | 0.49 | 9.77 | | 潘东丽 | 69.9 ...

一、主要会计数据和财务指标 10派2.6元(含税) | 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） | 0.7700 | 0.8100 | -4.94 | 1.3300 | | 每股净资产（元） | 0 | 13.61 | -100 | 12.84 | | 每股公积金(元) | 8.26 | 8.22 | 0.49 | 8.14 | | 每股未分配利润(元) | 4.42 | 3.94 | 12.18 | 3.26 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.72 | 5.26 | 8.75 | 6.76 | | 净利润(亿元) | 1.03 | 1.09 | -5.5 | 1.78 | | 净资产收益率(%) | 5.58 | 6.17 | -9.56 | 10.93 | 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： 911.62万股，累计占流通股比： 21.1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved revenue and profit growth in 2024, with a revenue of 5.687 billion yuan, up 7.7% year-on-year, and a net profit attributable to shareholders of 426 million yuan, up 17.6% year-on-year [6][8] - The company is expanding its global marketing strategy and has successfully increased its market presence, particularly in the high-margin polymer materials sector [8][12] - The company has completed the construction and production of its second phase of capacity in its lubricant additive subsidiary, which has improved overall capacity utilization [8][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 56.87 billion yuan, a year-on-year increase of 7.7%, and a net profit of 4.26 billion yuan, reflecting a 17.6% increase [6][8] - The fourth quarter of 2024 saw revenue of 1.422 billion yuan, which was stable year-on-year but down 1.6% quarter-on-quarter, while net profit rose by 41.3% year-on-year to 112 million yuan [7][11] Product Segmentation - The polymer materials segment achieved a sales volume of 123,600 tons, a 6.4% increase year-on-year, with a slight price decrease of 0.6% to 37,200 yuan per ton [8] - Revenue from light stabilizers reached 2.086 billion yuan, up 11.3% year-on-year, while antioxidant revenue was 1.730 billion yuan, up 8.0% year-on-year [8][17] Future Outlook - The company is expected to achieve revenues of 6.750 billion yuan, 7.841 billion yuan, and 8.415 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 510 million yuan, 595 million yuan, and 657 million yuan [13][15] - The projected PE ratios for 2025, 2026, and 2027 are 13, 11, and 10 times respectively, indicating a favorable valuation outlook [13][15]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company's short-term performance is under pressure due to factors such as inventory adjustments and price changes, but there is optimism for long-term growth driven by new product launches [1][8] - The company is a leading global player in cosmetic raw materials, and while 2024's performance is affected by the downstream inventory cycle, the increasing penetration of new sunscreen agents is a long-term industry trend [8] - The company has sufficient capacity reserves and is actively expanding production, particularly in Malaysia, which will enhance its risk resistance and international presence [8] Financial Summary - Total revenue for 2024 is projected at 22.76 billion yuan, a decrease of 5.16% year-on-year, with a net profit of 5.62 billion yuan, down 23.33% [8] - The gross margin for 2024 is expected to be 44.40%, while the net profit margin is projected at 24.65% [8] - The company's earnings per share (EPS) for 2024 is estimated at 1.66 yuan, with a price-to-earnings (P/E) ratio of 12.61 [1][9]

Core Viewpoint - Yabon's Q1 2025 report indicates a recovery in profitability despite ongoing net losses, highlighting improvements in revenue and cost management [1][2][7] Financial Overview - Total revenue for Q1 2025 reached 316 million yuan, a year-on-year increase of 43.52% [2] - The net profit attributable to shareholders was -12.76 million yuan, but this represents a 72.01% improvement year-on-year [2] - The non-recurring net profit was also negative at -14.29 million yuan, showing a 64.76% year-on-year increase [2] Profitability - The gross margin improved to 20.81%, reflecting a year-on-year increase of 25.74% [3] - The net margin was -4.94%, which is a 75.47% improvement compared to the previous year [3] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 47.33 million yuan, accounting for 14.99% of revenue, a decrease of 44.69% year-on-year [4] Cash Flow and Asset Status - Operating cash flow per share was -0.04 yuan, a significant decrease of 675.75% year-on-year [5] - Monetary funds totaled 257 million yuan, down 25.80% from the previous year [5] - Accounts receivable increased to 527 million yuan, a year-on-year rise of 3.09% [5] Debt Situation - Interest-bearing liabilities stood at 1.159 billion yuan, a slight decrease of 0.16% year-on-year [6] - The interest-bearing asset-liability ratio was 29.37%, with interest-bearing liabilities being 13.59 times the average operating cash flow over the past three years, indicating some pressure in debt management [6] Summary - Overall, Yabon has shown signs of profitability recovery in Q1 2025, but attention is needed on cash flow and debt management to ensure long-term stability [7]

Core Viewpoint - The financial performance of Jiangsu Ruitai New Material Co., Ltd. (Ruitai New Material) in 2024 shows significant declines in key metrics, indicating challenges faced by the company in a competitive market environment [1][9]. Financial Performance - The company reported a revenue of 2,101,954,593.52 yuan in 2024, a decrease of 43.47% from 3,718,330,054.47 yuan in 2023 [2]. - The net profit attributable to shareholders was 84,600,941.21 yuan, down 81.86% from 466,422,427.89 yuan in the previous year [3]. - The net cash flow from operating activities fell by 96.09%, from 568,791,506.33 yuan in 2023 to 22,216,462.35 yuan in 2024 [7]. Revenue Breakdown - The electronic chemicals segment generated revenue of 1,989,251,005.32 yuan, a decline of 44.80%, accounting for 94.64% of total revenue [2]. - The organic silicon materials segment reported revenue of 99,358,018.36 yuan, down 7.31%, representing 4.73% of total revenue [2]. Cost and Expense Analysis - Sales expenses decreased by 9.33% to 27,262,102.86 yuan, while management expenses increased by 4.61% to 122,827,872.65 yuan [4]. - Financial expenses rose by 55.46% to -39,367,029.75 yuan, primarily due to increased interest expenses from higher borrowing [4]. Research and Development - Ruitai New Material invested 72,219,505.10 yuan in R&D, accounting for 3.44% of total revenue, despite a decrease from the previous year [5]. - The number of R&D personnel increased by 4.94% to 170, with a focus on enhancing technical innovation capabilities [5]. Cash Flow and Investment Activities - The net cash flow from investment activities was -2,751,450,220.35 yuan, a significant decline compared to 360,128,310.09 yuan in 2023 [7]. - The net cash flow from financing activities decreased by 68.05% to 369,700,405.41 yuan, reflecting a reduction in new bank loans [7]. Market Challenges - The company faces intensified competition in the lithium-ion battery materials sector, with production capacity outpacing demand growth, leading to declining product prices [2][3]. - Multiple risk factors, including market competition, technological changes, and raw material price fluctuations, pose challenges to the company's future development [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 4.47 billion RMB in 2024, representing a year-over-year increase of 20%, but the net profit attributable to shareholders decreased by 45% to 180 million RMB [1] - The company plans to distribute a cash dividend of 0.1 RMB per share for 2024, with a payout ratio of 49% [1] - The company’s Q4 2024 net profit was lower than expected due to price pressure on certain products and increased management expenses [1] - In Q1 2025, the company reported a net profit of 90 million RMB, an increase of 81% year-over-year, although it was below the forecast of 100 million RMB [1][3] - The report highlights the successful expansion of the company's electronic materials and optical film products, with significant sales growth in both segments [2][3] Summary by Sections Financial Performance - In 2024, the company’s revenue was 4.47 billion RMB, with a net profit of 180 million RMB, and a non-recurring net profit of 120 million RMB [1] - The Q4 2024 net profit was -60 million RMB, a significant decline of 368% year-over-year [1] - For Q1 2025, the company’s net profit was 90 million RMB, showing a quarter-over-quarter increase of 267% [1][3] Product Performance - The electronic materials segment saw a sales volume increase of 51% year-over-year to 59,000 tons, despite a 14% decrease in average price to 18,000 RMB per ton [2] - The optical film segment optimized its product structure, achieving a sales volume increase of 11% year-over-year to 98,000 tons, with a 6% increase in average price to 12,000 RMB per ton [2] - The new energy materials segment added 1,500 tons/year of production capacity for ultra-thin electronic polypropylene film, with a sales volume increase of 11% year-over-year [2] Profit Forecast and Valuation - The report adjusts the net profit forecast for 2025 and 2026 to 470 million RMB and 570 million RMB, respectively, reflecting a decrease of 13% and 12% [4] - The estimated earnings per share (EPS) for 2025 is projected at 0.52 RMB, with a target price set at 10.92 RMB based on a 21x PE valuation for 2025 [4][8]

数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 成都展翔投资有限公司 | 676.41 | 8.85 | 不变 | | 严建林 | 560.18 | 7.33 | 不变 | | 栗工 | 384.14 | 5.03 | 不变 | | 许皓 | 152.79 | 2.00 | -2.94 | | 许金林 | 120.37 | 1.57 | 35.32 | | 西藏星瑞企业管理服务有限公司 | 110.00 | 1.44 | 不变 | | 拉萨鑫宏雅科技有限公司 | 54.60 | 0.71 | 不变 | | 周丽萍 | 52.69 | 0.69 | 不变 | | 韩靓 | 49.00 | 0.64 | -47.41 | | 邹丽 | 47.57 | 0.62 | 不变 | 一、主要会计数据和财务指标 三、分红送配方案情况 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | -- ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The company, a leading player in the polyurethane sector, continues to experience growth in production and sales, although profitability has declined, impacting overall performance [5][8]. - In 2024, the company achieved total revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while net profit attributable to shareholders fell by 22.49% to 13.03 billion yuan [4][5]. Summary by Sections Market Performance - The company's stock price is currently at 54.45 yuan, with a market capitalization of 171 billion yuan and a 52-week price range of 54.08 to 93.75 yuan [1]. Revenue and Profitability - The company is the largest global supplier of MDI and TDI, with current capacities of 3.8 million tons/year and 1.11 million tons/year, respectively. Future expansions will increase these capacities to 4.5 million tons/year and 1.44 million tons/year [5]. - In 2024, the production and sales of polyurethane products increased by 16.22% and 15.40%, respectively, contributing to a revenue growth of 13% in this segment [5]. - The petrochemical segment also saw production and sales growth of 14.37% and 15.69%, with a revenue increase of 5% [5]. - The fine chemicals and new materials segment experienced a production increase of 26.87% and sales growth of 27.65%, leading to a revenue rise of 19% [5]. Cost and Cash Flow - The overall expense ratio has increased due to rising employee costs and depreciation, with sales, management, finance, and R&D expense ratios rising by 0.12, 0.26, 0.19, and 0.17 percentage points, respectively [6]. - The net cash flow from operating activities for 2024 was 30.05 billion yuan, an increase of 32.56% year-on-year, primarily driven by increased product sales [6]. Future Outlook - Despite short-term performance pressures, the company's unique position in the domestic polyurethane market is expected to remain strong, with new capacity set to further solidify its leading status [8]. - Forecasted net profits for 2025, 2026, and 2027 are 15.27 billion yuan, 18.11 billion yuan, and 19.50 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.2, 9.4, and 8.8 times [8][10].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved revenue of 8.178 billion yuan in 2024, a year-on-year increase of 6.10%, and a net profit attributable to shareholders of 533 million yuan, up 28.62% year-on-year [1][4]. - The fertilizer and ammonium production segments both saw increases in volume and profitability, contributing to overall performance growth [2][4]. - The company is actively expanding its upstream resource layout, particularly in lithium and phosphate mining, which is expected to enhance its production capacity significantly by 2028 [3][4]. Summary by Sections Financial Performance - In 2024, the fertilizer business generated revenue of 3.861 billion yuan, a slight increase of 0.3%, with a gross margin improvement of 2.3 percentage points. The ammonium business saw revenue of 2.058 billion yuan, a 14.7% increase, with a gross margin improvement of 6.3 percentage points [2]. - The company reported a total sales volume of 1.65 million tons for fertilizers, up 23.8% year-on-year, and an ammonium sales volume of 386,000 tons, up 9.6% year-on-year [2]. Cost Management - The company successfully reduced management, research and development, and financial expenses by 3.5%, 24.4%, and 40.1% respectively, while sales expenses increased by 7.7%. Overall, the selling and administrative expense ratio decreased by 1.2 percentage points to 6.7% [2]. Resource Expansion - The company is set to achieve an annual phosphate production capacity of 4.1 million tons following the completion of several mining projects. Additionally, it has acquired a 51% stake in a lithium mining company, enhancing its resource base [3]. - The company has initiated production at its lithium iron phosphate project, with further expansions underway [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward due to lower-than-expected sales prices for some products, with projected net profits of 657 million yuan, 817 million yuan, and 964 million yuan respectively [4][5]. - The company’s overall industry chain is expected to optimize further as it continues to expand its resource layout [4].