"平顶山作为全国重要的尼龙新材料产业基地，集聚了优质企业与创新资源。"在近日于河南省平顶山市 举行的第二届中国尼龙产业发展大会上，中国合成树脂协会理事长何盛宝表示，如今，当地已成为推动 我国工程塑料产业高质量发展的重要增长极。 平顶山，这座以煤闻名的城市，近年来加快了转型步伐。依托丰富的煤、盐资源，平顶山市产业链从煤 化工延伸至尼龙化工，成功实现了从"一块煤"到"一根丝"的跨越，被中国石油和化学工业联合会命名 为"中国尼龙城"。 如今，一家家尼龙相关企业"用脚投票"，选择落地平顶山。"最吸引我们的，是这里完整的产业链。"已 经在平顶山市叶县落户4年的天派针织服饰股份有限公司董事长王晋围说，在平顶山，企业的核心原料 ——高品质尼龙纱线已经实现"隔墙供应"。这在成本、效率和供应链安全上，形成了不可替代的核心竞 争力。 尼龙城能留住企业，靠的不只是"隔墙供应"，完善的配套也成为了企业落地于此的吸引力来源。正在铺 设的工业管廊将实现两个开发区之间蒸汽、氢气等生产要素的互联互通；沙河复航工程将凭借水运"吨 公里0.08元"的成本优势，构建起"公铁水"三位一体的物流体系；源网荷储一体化项目的推进，为企业 绿色发展提供了有 ...

河南神马锦纶科技有限公司尼龙6民用丝一期项目正抓紧生产，职工查看尼龙6丝饼外观质量。 齐磊 摄 中国尼龙城企业加快智能化改造，采用智能自动包装系统打包。 齐磊 摄 中国尼龙城夜景。 资料图片 11月下旬，一场产业盛会在平顶山举行，这座素以煤炭知名的城市，迎来的却是大批服装纺织头部企业。 这场盛会是第二届中国尼龙产业发展大会。尼龙是重要的服装面料，因此众多纺织服装企业参会，包括波司 登、森马、鸿星尔克等知名服装品牌，涵盖绿色纤维、高端纺织、成衣制造等领域的多个优质项目在会上集 中签约。 今年以来，平顶山加快尼龙产业发展，强化创新驱动，积极强链壮群，完善服务保障，中国尼龙城已入驻企 业和项目200多个，尼龙新材料相关产能突破400万吨。 目前，中国尼龙城已入驻企业和项目200多个，尼龙新材料相关产能突破400万吨，尼龙新材料开发区成功创 建为国家级"绿色化工园区"，位列全国"十四五"具有竞争优势化工园区第49位、全国化工园区综合竞争力百 强榜第40位。 大力开展重点产业对接暨招商推介活动，今年实施尼龙新材料产业及相关项目74个，总投资537.22亿元，其 中计划建成30个项目，续建12个项目，新开工32个项目。 ...

Core Perspective - Pingdingshan, a resource-based city historically reliant on coal, is undergoing a significant transformation during the 14th Five-Year Plan, shifting its identity from a "coal city" to an "innovation city" and "materials capital" through the development of new industries and innovation ecosystems [2][4][6]. Group 1: Economic Transformation - The city is focusing on breaking its dependency on coal by fostering innovation and creating a first-class innovation ecosystem, which includes the establishment of the Baigui Lake Science and Innovation City [4][5]. - Pingdingshan is promoting the development of a "three-in-one" collaborative model involving coal chemical, salt chemical, and nylon chemical industries, aiming to create a trillion-level industrial cluster [6]. Group 2: Innovation and Technology - Significant breakthroughs in technology have been achieved, including solid-state electrolyte membranes and sodium-ion battery materials, with the city leading in the number of innovative enterprises in the province [5][6]. - The city is set to produce over 3 million tons of nylon by 2024, positioning itself as a leader in nylon production in Asia [6]. Group 3: Cultural and Tourism Development - Pingdingshan is accelerating the integration of culture and tourism, launching new models and experiences to attract younger demographics and enhance consumer engagement [7]. - The third sector's added value is projected to grow by 22.57% compared to the end of the 13th Five-Year Plan, reflecting the city's efforts to diversify its economy [7].

Group 1 - The company, Shennma Co., Ltd. (SH 600810), announced on October 10 that its 12th Board of Directors held its first meeting, where it approved a proposal to provide a guarantee for its subsidiary, Henan Shennma Nylon Technology Co., Ltd., for a financing amount of 200 million yuan [1] - Following this guarantee, the total amount of external guarantees provided by the company will reach approximately 5.935 billion yuan, which exceeds 50% of the company's most recent audited net assets [1] - For the fiscal year 2024, the company's revenue composition is as follows: Nylon chemicals account for 35.69%, other businesses 32.53%, chemical fiber weaving 28.25%, and PC chemicals 3.53% [1] Group 2 - As of the report, the market capitalization of Shennma Co., Ltd. is 11.8 billion yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company, specifically an "Accumulate" rating [5]. Core Views - The strategic restructuring of the controlling shareholder is expected to achieve deep synergy within the industrial chain, enhancing operational efficiency and reducing homogeneous competition [2][3]. - The merger between China Pingmei Shenma Group and Henan Energy Group is a significant move, as both are major players in the energy sector with substantial assets and resources [2]. - The company is positioned to benefit from preferential policies in tax and capacity allocation due to its status as a key enterprise in Henan Province [3]. Summary by Sections Company Overview - The controlling shareholder, China Pingmei Shenma Group, is formed from two Fortune 500 companies with an asset scale exceeding 280 billion yuan, ranking 168th in the 2024 China Enterprise 500 list [2]. - Henan Energy Group, a major provincial enterprise, has coal reserves of 28.4 billion tons and a chemical product capacity of nearly 10 million tons [2]. Strategic Implications - The restructuring is expected to create a seamless "coal-coke-chemical-new energy" industrial chain, allowing the company to access high-quality coal and coke resources, thereby reducing costs and promoting high-end, green development [3]. - The company is likely to receive regional policy benefits that will support its growth trajectory [3]. Financial Projections - The company is projected to achieve net profits of 45 million yuan, 89 million yuan, and 132 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.04, 0.09, and 0.13 yuan [3]. - Revenue is expected to grow from 12.92 billion yuan in 2023 to 19.68 billion yuan in 2027, reflecting a compound annual growth rate of approximately 12.6% [4]. Valuation Metrics - The report provides a P/E ratio forecast of 248 for 2025, decreasing to 85 by 2027, indicating an improving valuation outlook as earnings grow [4][12]. - The company is identified as a leader in the nylon chemical industry, with ongoing capacity expansion and a focus on high-value downstream sectors [3].

Investment Rating - The report maintains a "Buy" rating for the company, specifically an "Accumulate" rating [5]. Core Views - The strategic restructuring of the controlling shareholder is expected to achieve deep synergy within the industrial chain, enhancing operational efficiency and reducing homogeneous competition [2][3]. - The merger between China Pingmei Shenma Group and Henan Energy Group is a significant move, as both are major players in the energy sector with substantial assets and resources [2]. - The company is positioned to benefit from preferential policies in tax and capacity allocation, which may promote its development [3]. Summary by Sections Company Overview - The controlling shareholder, China Pingmei Shenma Group, is formed from two Fortune 500 companies with an asset scale exceeding 280 billion yuan, ranking 168th in the 2024 China Enterprise 500 list [2]. - Henan Energy Group, a key provincial enterprise, has coal reserves of 28.4 billion tons and a chemical product capacity of nearly 10 million tons [2]. Strategic Restructuring - The restructuring aims to integrate the "coal-coke-chemical-new energy" industrial chain, which could lead to cost reductions and a shift towards high-end, green development in the company's nylon chemical industry [3]. - The merger is seen as a key initiative for the provincial government's state-owned enterprise reform [2]. Financial Forecasts - The company is projected to have net profits of 45 million yuan, 89 million yuan, and 132 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.04 yuan, 0.09 yuan, and 0.13 yuan [3]. - Revenue is expected to grow from 12.92 billion yuan in 2023 to 19.68 billion yuan in 2027, reflecting a compound annual growth rate of approximately 12.6% [4]. Valuation Metrics - The report provides a P/E ratio forecast of 248 for 2025, decreasing to 85 by 2027, indicating an improving valuation outlook as earnings grow [4][12]. - The company is identified as a leader in the domestic nylon chemical industry, with ongoing capacity expansion and a focus on high-value downstream sectors [3].

Core Insights - The article highlights the transformation of Pingdingshan from a coal-dominated economy to a diversified industrial hub, focusing on innovation and high-quality development in various sectors, particularly in nylon and semiconductor industries [2][3][7]. Industry Developments - The Henan Electronic Semiconductor Industrial Park is synthesizing third-generation semiconductor silicon carbide powder with a purity of up to 99.9999998%, positioning itself at the top globally [1]. - Pingdingshan is developing a "Nylon City" with over 200 projects, aiming for a production capacity exceeding 3 million tons by 2024, contributing to 37% of the global nylon 66 industrial silk used in tires [3]. - The city is also focusing on seven major industrial clusters and twelve key industrial chains, including new materials, advanced equipment manufacturing, and energy storage [3]. Innovation and Research - Pingdingshan is enhancing its innovation ecosystem by gathering innovative enterprises, platforms, and talent in the Bai Gui Lake Science and Innovation City, which is expected to lead high-quality development [7]. - Significant breakthroughs in solid-state electrolyte membranes, sodium-ion battery materials, and organic photovoltaic materials have been achieved, with the city’s innovative enterprises leading in research and development [8]. Cultural and Economic Integration - The city is accelerating the integration of culture and tourism, launching new models and experiences to attract younger demographics, thereby revitalizing the local economy [10]. - The third industry’s added value is projected to grow by 22.57% compared to the end of the 13th Five-Year Plan, reflecting the city's shift towards a more vibrant and diverse economic landscape [10].

Group 1 - The core project of the China Pingmei Shenma Group's nylon technology company is the successful launch of a 100,000 tons/year Aisian project, which is part of a total investment of nearly 1 billion yuan for the first and second phases [2] - The Aisian project aims to achieve a production capacity of 300,000 tons/year of adiponitrile, addressing the critical upstream raw material bottleneck for nylon 66 in China [2][3] - The nylon technology company is a key enterprise in the development of the nylon new materials industrial zone, focusing on the production of upstream raw materials such as adipic acid and caprolactam [3] Group 2 - The listed company, Shennong Co., holds a 4.36% stake in the nylon technology company and is a major customer for its products, which will help meet the growing demand for nylon 66 [4] - The successful launch of the Aisian project extends the industrial chain and enables parallel development of nylon 6 and nylon 66, effectively mitigating market risks [4] - The nylon technology company's production of adiponitrile replacement materials is a significant domestic innovation that enhances the competitiveness and market influence of the nylon industry [5]

Group 1 - The strategic cooperation framework agreement was signed between Pingdingshan High-tech Zone and Yaoshan Laboratory, focusing on joint research and development, technology transfer, talent cultivation, and innovation project collaboration [1][2] - This collaboration aims to create a new model of integrated development in "industry-university-research-application," enhancing the synergy between technology innovation and industrial development [1] - Yaoshan Laboratory is concentrating on major technological breakthroughs in key areas such as new materials, aiming to build a comprehensive innovation hub in partnership with Pingdingshan High-tech Zone [1] Group 2 - Pingdingshan High-tech Zone is home to Asia's largest nylon 66 salt production base, forming a significant nylon industry system led by Henan Shenzhou Nylon Chemical [2] - The region is currently in a critical phase of planning its "14th Five-Year" development blueprint, with a pressing need for high-level research platform support [2] - The strategic partnership is expected to stimulate stronger innovation momentum and drive the regional industrial transformation and upgrading [2]