6 证券研究报告 点评报告 2025 年 10 月 20 日 晨会纪要 第一创业证券研究所 核[心Ta观bl点e_：Summary] 分析师：刘笑瑜 证书编号： S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 事件： 10 月 17 日（星期五）财政部公布 1-9 月财政收支数据。 可见，今年前 9 个月，虽然财政收入增速持续回升，但仍显著低于财政支出增速 2.6 个百分点，在更加积极财政政策的背景下，中央收入增速虽然低于地方 3 个百分点， 但中央支出增速显著高于地方 4.9 个百分点。 从税收收入看，2025 年 1-9 月全国税收收入同比增速为 0.7%，较 1-8 月回升 0.7 个百 分点。其中，证券印花税收入增速最高，为 103.4%，较 1-8 月大幅回升 21.7 个百分 点；其次是个人所得税收入增速为 9.7%排名第二，较 1-8 月回升 0.8 个百分点；国内 增值税增速排名第三为 3.6%，较 1-8 月回升 0.4 个百分点；排名第四的消费税同比增 速均为 2.2%，较 1-8 月回升 0.2 个百分点；企业所得税为 0.8% ...

Core Viewpoint - The company successfully completed a private placement of A-shares, raising a total of 1 billion yuan to enhance its competitive edge in the new energy materials sector [1][3]. Group 1: Company Overview - Shida Shenghua is a leading enterprise in the lithium battery electrolyte solvent field in China, focusing on carbonate series solvents, electrolyte additives, and other fine chemical materials [3]. - The company has established a comprehensive networked industrial chain centered on lithium battery materials, including carbonate solvents, solutes, additives, and silicon-based anodes [3]. Group 2: Fundraising Purpose - The raised funds will be allocated to projects including a 220,000 tons/year lithium battery materials production and R&D integration project, a 100,000 tons/year liquid lithium salt project, and a 11,000 tons/year additive project, as well as to supplement working capital [3]. - These projects aim to enhance the company's core business, accelerate the release of key production capacity, and strengthen its comprehensive competitiveness and risk resistance in the new energy materials field [3]. Group 3: Underwriting and Support - Shenwan Hongyuan Securities acted as the sponsor and joint lead underwriter for the issuance, emphasizing professional service and value creation [5]. - The underwriting firm effectively managed the project execution process, optimizing issuance strategies and ensuring smooth completion of the issuance despite high regulatory communication and cautious investor sentiment [5].