公司近一年市场表现 | 年 月 市场数据：2025 8 | 日 25 | | | --- | --- | --- | | 收盘价（元）： | | 64.10 | | 年内最高/最低（元）： | | 68.17/35.00 | | 流通A股/总股本（亿）： | | 2.07/2.96 | | 流通 A 股市值（亿）： | | 133.00 | | 总市值（亿）： | | 189.69 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 1.27 | | 摊薄每股收益(元)： | | | 1.27 | | 每股净资产(元)： | | | 11.76 | | 净资产收益率(%)： | | | 10.67 | 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 其他化学制品Ⅲ 瑞丰新材（300910.SZ） 买入-B(维持) 盈利稳定增长，添加剂需求向好 2025 年 8 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][17]. Core Insights - The company reported significant growth in Q2, with a year-on-year revenue increase of 17.80% and a quarter-on-quarter increase of 15.37%. The net profit for Q2 also saw a year-on-year rise of 20.77% and a quarter-on-quarter increase of 25.39% [7]. - The company is a leader in the long-chain dicarboxylic acid industry, with a strong focus on bio-based materials. It has established a production capacity of 115,000 tons for bio-based long-chain dicarboxylic acids and is expanding its product offerings [7]. - The company has increased its R&D investment, with a 23.1% year-on-year rise in R&D expenses, reflecting its commitment to developing a leading bio-based materials industry chain [7]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 35.47 billion yuan, representing a year-on-year growth of 19.9%. The net profit is expected to reach 6.83 billion yuan, with a growth rate of 39.7% [2][8]. - The earnings per share (EPS) for 2025 is estimated at 0.95 yuan, with a price-to-earnings (P/E) ratio of 53.2 times [2][8]. - The company’s total assets are projected to grow to 25.35 billion yuan by 2025, with a debt-to-equity ratio of 6.7% [8]. Market Position and Strategy - The company is actively promoting its bio-based composite materials across various sectors, including textiles and engineering materials, and is developing new applications in renewable energy and automotive components [7]. - The establishment of new subsidiaries indicates the company's strategy to create an integrated bio-based materials industry chain, enhancing its market competitiveness [7].

Investment Rating - The report maintains a "Buy-B" rating for the company [5] Core Views - The company achieved steady revenue growth in the first half of 2025, with total revenue of 471 million yuan, up 13.77% year-on-year, and a net profit of 147 million yuan, up 15.33% year-on-year [1][2] - The company is actively seizing market opportunities, accelerating product innovation, and expanding its application downstream, which has led to increased market share and steady performance growth [2] - The modified plastics industry has significant growth potential, and the nucleating agent sector is at a critical stage of domestic substitution, with the company positioned to lead in high-performance nucleating agents [3][4] Financial Performance - In the first half of 2025, the nucleating agent segment generated 297 million yuan in revenue, while synthetic talc, NDO composite additives, and antioxidants contributed 63 million yuan, 31 million yuan, and 38 million yuan, respectively [2] - The company's overseas revenue reached 120 million yuan, indicating strong international market performance [2] - The gross margin for the first half of 2025 was 45.79%, an increase of 0.7 percentage points year-on-year, while the expense ratio was 10.46%, up 1.63 percentage points year-on-year [2] Industry Outlook - From 2019 to 2023, China's modified plastics production increased from 19.55 million tons to 29.75 million tons, with a compound annual growth rate of 11.07%, indicating a robust growth trajectory for the industry [3] - The high-end modified plastics market in China still relies heavily on imports, and the industry is currently at a pivotal point for domestic substitution [3] Investment Projections - The projected net profits for 2025, 2026, and 2027 are 277 million yuan, 336 million yuan, and 380 million yuan, respectively, with corresponding price-to-earnings ratios of 23.2, 19.2, and 17 times [5][9]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][6]. Core Insights - The company is transitioning to high-margin markets, leading to significant profit recovery. In Q1 2025, the company achieved a revenue of 503 million yuan, with a year-on-year growth of 4.8% and a quarter-on-quarter decline of 9.98%. The net profit attributable to shareholders was 36 million yuan, reflecting a year-on-year increase of 13.62% and a quarter-on-quarter increase of 218.29% [2][4]. - The gross profit margin for Q1 2025 was 16.74%, up by 1.09 percentage points year-on-year and 5.52 percentage points quarter-on-quarter, attributed to a shift towards high-margin orders and a decrease in shipping and raw material costs [4][6]. - The company is expected to benefit from the exit of competitors, particularly in the hot melt adhesive market, which is dominated by major foreign enterprises. The planned closure of nearly one-third of factories by a competitor will accelerate the company's global expansion [5][6]. Financial Performance and Projections - The company forecasts net profits of 150 million yuan, 185 million yuan, and 219 million yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings (PE) ratios of 17, 14, and 12 times [6][11]. - Revenue projections for the years 2023 to 2027 are as follows: 1,628 million yuan in 2023, 2,006 million yuan in 2024, 2,369 million yuan in 2025, 2,774 million yuan in 2026, and 3,246 million yuan in 2027, with year-on-year growth rates of 20.5%, 23.3%, 18.1%, 17.1%, and 17.0%, respectively [9][11].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7] Core Views - The company reported significant revenue growth in Q1 2025, achieving total revenue of 253 million yuan, representing a year-on-year increase of 126.9% and a quarter-on-quarter increase of 14.1% [3][4] - The increase in revenue is attributed to higher sales volume and the impact of acquisitions, particularly the subsidiary Chaomeisi, which generated revenue of 68 million yuan and a net profit of 2.27 million yuan in Q1 2025 [4][5] - The company plans to invest 150 million yuan in Chaomeisi to enhance its competitive strength and profitability, aiming for a substantial improvement in its profit margin, which currently stands at 1.1% compared to the industry average of 23.5% [5][7] Financial Performance and Projections - For the fiscal years 2025 to 2027, the company is projected to achieve net profits of 200 million yuan, 240 million yuan, and 290 million yuan, respectively, with corresponding P/E ratios of 28, 23, and 19 times [7][9] - The company’s revenue is expected to grow significantly, with projections of 996 million yuan in 2025, 1.196 billion yuan in 2026, and 1.407 billion yuan in 2027, reflecting year-on-year growth rates of 53.3%, 20.1%, and 17.7% respectively [9][13] - The gross profit margin is forecasted to stabilize around 36.4% to 37.2% over the next few years, indicating a consistent profitability outlook [9][14] Market Data - As of May 12, 2025, the company's closing price was 24.99 yuan, with a year-to-date high of 26.60 yuan and a low of 9.57 yuan [10]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][4] Core Views - The company has shown significant revenue growth in Q1 2025, achieving total revenue of 253 million yuan, with year-on-year growth of 126.9% and quarter-on-quarter growth of 14.1% [2][3] - The increase in revenue is attributed to higher sales volume and the acquisition of subsidiaries [3] - The company plans to invest 150 million yuan in its subsidiary, Chaomeisi, to enhance its competitive strength and profitability, aiming for high-quality development [3] - Chaomeisi reported revenue of 68 million yuan and a net profit of 2.27 million yuan in Q1 2025, indicating potential for significant improvement compared to industry peers [3] Financial Projections - The company is projected to achieve net profits of 200 million yuan, 240 million yuan, and 290 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 28, 23, and 19 [4][6] - Revenue forecasts for the years 2025 to 2027 are 996 million yuan, 1.196 billion yuan, and 1.407 billion yuan, reflecting year-on-year growth rates of 53.3%, 20.1%, and 17.7% [6][10] - The gross profit margin is expected to stabilize around 36.4% to 37.2% over the forecast period [6][11] Market Data - As of May 12, 2025, the company's closing price was 24.99 yuan, with a year-to-date high of 26.60 yuan and a low of 9.57 yuan [7] - The total market capitalization is approximately 5.614 billion yuan, with 224 million circulating shares [7]