侯彦飞 长江证券石化分析师: 各位领导、各位投资者，大家晚上好。那我是长江石化的分析师侯艳飞。那本次的这个我 们系列电话的会议内容的话，是主要讲一下低估值的石化行业龙头，宇新股份。那这是我 们最近刚刚写完的一篇深度，也是为大家详细梳理了一下宇新股份的这样的一个公司的情 况。那我们的题目叫拓宇维新，精耕笃行。其实宇新这家公司的话，过去这些年以来，虽 然是赶上了，这样的个，从 22 年以来赶上了石化行业的下行周期。但是公司一直通过自 己的这样的一个成本端的优化，不断的实现这样的一个利润端的一个相来讲，相对来讲可 能一个底部的一个稳定。 虽然说在这个整个 25 年，盈利略微承压，但是如果我们展望这个 26、27 年左右，我们 觉得整个的盈利会有一个进步改善的空间。那下面的话，我就按照公司的主体的内容，为 大家介绍一下宇新这家公司。那首先的话？这个我们说整个公司的话，它其实是作为国内 的这个碳四产业链的龙头。那我们也知道这个国内的话，也分成这个烯烃链，就碳二碳三 这个可能碳四链大家一般了解的比较少。那实际上，碳四链我们说整个下游的这个细分的 行业还是比较多的，包括像正丁烷正丁烯、异丁烷、异丁烯，以及下游的各个细分的品 ...

宇新股份：快速成长的碳四深加工龙头国内LPG 深加工龙头。公司产品矩阵持续完善，主要产品包括 异辛烷、MTBE、乙酸仲丁酯、顺酐、丁酮、乙酸乙酯等。董事长研发出身，重视创新引领企业发展， 多管理层亦拥有技术背景，持股共享公司发展成果。公司营收稳健增长，受行业景气度影响，短期盈利 承压。 红海沉浮，创新引领，细分开拓局部蓝海 区位筑基，研发赋能，构筑成本护城河 公司凭借优越地理区位与卓越研发实力双重引擎，实现领先盈利水平。原料端靠近上游炼厂，销售端靠 近下游终端消费市场；持续研发投入为生产端带来长足发展优势，全组分利用的同时，打造物料与能源 的多重循环生产系统，高原子利用效率与经济性并行。 投资建议 作为国内LPG 深加工龙头，预计公司2025 年-2027 年归母净利润为-0.39 亿元、4.02 亿元和7.60 亿元， 2026 年级2027 年对应2026 年1 月28 日收盘价PE 为11.4X、6.0X，首次覆盖，给予"买入"评级。 风险提示 1、国际油价大幅波动；2、地缘政治风险；3、国际市场运营带来的风险；4、自然灾害、恶劣天气等自 然因素带来的风险；5、盈利预测假设不成立或不及预期的风险。 经过 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company is positioned as a leading player in the LPG deep processing sector in South China, leveraging its advantageous geographical location and innovative development to achieve rapid growth [3][6]. - The product matrix of the company is continuously improving, with key products including isooctane, MTBE, and butanediol, among others. The management team, with a strong technical background, emphasizes innovation to drive the company's growth [6][20]. - The company is actively expanding its market presence through chain extension, industrial collaboration, and overseas demand expansion, aiming to create new growth engines in a competitive market [3][7]. Summary by Sections Company Overview - The company, established in October 2009 and listed in 2020, focuses on the research and production of organic chemical products using LPG as raw material. Its main production bases are located in the Huizhou Daya Bay petrochemical area [20][23]. Product and Market Position - The company has achieved comprehensive utilization of LPG carbon four components, with a diverse product range categorized into three main types: acetate esters, gasoline additives, and the succinic anhydride industry chain [7][23]. - The company has a significant market share in MTBE, becoming the largest exporter in China, and is expanding its production capacity to meet growing overseas demand [8][10]. Financial Performance - The company expects net profits for 2025-2027 to be -39 million, 402 million, and 760 million yuan, respectively, with corresponding PE ratios of 11.4X and 6.0X for 2026 and 2027 [10]. - In 2024, the company achieved a revenue of 7.701 billion yuan, a year-on-year increase of 16.51%, despite facing profit pressure due to consumption tax impacts on isooctane [43]. Research and Development - The company places a strong emphasis on R&D, with over 15% of its workforce dedicated to innovation. The management team consists of individuals with substantial technical expertise, which supports the company's focus on product upgrades and cost reduction through technological advancements [30][34].

（来源：南湖晚报） 转自：南湖晚报 □市应急管理局 一、基本案情 2025年11月12日，海宁市应急管理局对海宁某纺织厂开展执法检查时，发现该单位在2号楼四楼设有一 间危险化学品中间仓库，仓库内存放有疑似易燃液体，现场设置的可燃气体报警器、洗眼器和人体静电 消除器处于失效状态，不能正常使用。执法人员当即摄像拍照取证，对相关人员调查询问后，出具执法 文书责令海宁某纺织厂限期整改。2025年11月15日，海宁市应急管理局对该企业涉嫌的违法行为予以立 案调查。 二、违法事实 经调查，海宁某纺织厂危险化学品中间仓库储存生产使用的二甲基甲酰胺、乙酸乙酯等化学品2吨，属 于危险化学品，危险类别为易燃液体，同时该仓库内未根据标准设置机械通风设备、防溢流等可靠的安 全措施。上述行为违反了《中华人民共和国安全生产法》第三十九条第二款"生产经营单位生产、经 营、运输、储存、使用危险物品或者处置废弃危险物品，必须执行有关法律、法规和国家标准或者行业 标准，建立专门的安全管理制度，采取可靠的安全措施，接受有关主管部门依法实施的监督管理"的规 定。 小贴士 冬春季节，天干物燥，静电烦恼也随之而来。 脱衣服时"噼里啪啦"的电火花，触碰门 ...

Core Viewpoint - The introduction of the "split transport and centralized inspection" model by Changshu Qianhao Chemical Trading Co., Ltd. marks a significant advancement in the export process for local chemical trading companies, enhancing efficiency and reducing costs [1] Group 1: Export Process Improvement - The new model allows for the export of 1,000 tons of ethyl acetate from six cities to Vietnam, representing the first application of this method in the Suzhou region [1] - Previously, the export process involved multiple customs declarations and inspections, taking nearly 15 days and incurring high storage and transportation costs [1] - The new model reduces the process to within 7 days, improving shipping efficiency by 50% through a unified declaration, inspection, and release process [1] Group 2: Regulatory Framework - The "split transport and centralized inspection" model is part of the General Administration of Customs' initiative to deepen the "streamlining administration and delegating power" reform [1] - Changshu Customs has implemented a strict selection process for pilot enterprises and products, enhancing risk assessment and establishing a regulatory framework that includes strict access, supervision, and risk control mechanisms [1] - This regulatory approach aims to balance safety and efficiency in customs operations, ensuring a secure and convenient clearance process [1]

Core Viewpoint - INEOS Group plans to reduce its workforce at the acetyls plant in Hull, UK, by 20% due to high energy prices and anti-competitive trade practices [1] Group 1: Company Actions - The company is calling for the UK government and the EU to urgently implement anti-dumping duties on imports from China and the US to protect the chemical industry [1] - INEOS stated that the surge in energy costs and anti-competitive trade practices have directly led to the loss of 60 technical positions [1] - The CEO of INEOS Acetyls, David Brooks, emphasized the priority of supporting affected employees and ensuring the long-term viability of the plant [1] Group 2: Product Information - INEOS Acetyls primarily produces acetic acid, acetic anhydride, and ethyl acetate [1]

Core Viewpoint - Dalian Baiao Chemical Co., Ltd. reported a revenue of 749 million yuan for the first half of 2025, marking a year-on-year increase of 28.42%, while net profit decreased by 44.22% to 91.79 million yuan [1] Group 1: Financial Performance - The company achieved a revenue of 749 million yuan, reflecting a growth of 28.42% compared to the previous year [1] - Net profit for the first half of the year was 91.79 million yuan, which represents a decline of 44.22% year-on-year [1] Group 2: Business Segments - Baiao Chemical has established a dual business model focusing on industrial biocides and semiconductor equipment [1] - The chemical business is facing challenges due to external environmental factors, weak market demand, and continuously low prices, leading to sustained pressure on profitability [1] - The semiconductor business is part of a long-term strategic plan aimed at technology accumulation and building a competitive advantage [1] Group 3: Market Trends - Despite the overall pressure on the biocide business, positive changes are emerging, with the average sales price of biocide products increasing by 7.69% quarter-on-quarter [1] - The comprehensive procurement cost of key raw materials, including n-octylamine, methyl acrylate, magnesium nitrate, ethyl acetate, and chlorine, decreased by 21.37% quarter-on-quarter [1] - The gross margin of the industrial biocide business is expected to improve on a quarter-on-quarter basis [1]

证券代码：603360 证券简称：百傲化学 公告编号：2025-060 大连百傲化学股份有限公司 关于 2025 年第二季度主要经营数据的公告 公司 2025 年第二季度正辛胺、丙烯酸甲酯、硝酸镁、乙酸乙酯、氯气等主 要原材料综合采购成本环比下降 21.37%，同比上升 13.59%。 三、其他对公司生产经营具有重大影响的事项 本季度内公司未发生对生产经营具有重大影响的其他事项。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露第十 三号——化工》等规定的要求，大连百傲化学股份有限公司（以下简称"公司"） 将 2025 年第二季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025 | 年第二季度 | 2025 年第二季度 | | 2025 年第二季度 | | --- | --- | --- | --- | --- | --- | | | | 产量（吨） | 销量（吨） | | 销售收入（万元） | | 工业杀菌剂 | | ...

Core Viewpoint - Company is expanding its production capacity for ketone and ethanol, indicating growth potential in its operations [1] Group 1: Company Operations - Company currently operates a facility with an annual production capacity of 100,000 tons of ketone and 65,000 tons of ethanol [1] - Company is in the process of constructing a project to expand its ketone and ethyl acetate production capacity, which will increase ketone production capacity to 150,000 tons per year upon completion [1] - The expansion project is currently in the stages of approval and equipment procurement [1]

Core Viewpoint - The company is expanding its production capacity for ketone and ethanol due to rising prices and market demand following Shell's closure of its ketone production [1] Group 1: Company Information - The company currently operates a production facility with an annual capacity of 100,000 tons of ketone and 65,000 tons of ethanol [1] - An expansion project for ketone and ethyl acetate production is underway, which will increase the ketone capacity to 150,000 tons per year [1] - The expansion project is currently in the approval and equipment procurement stages [1] Group 2: Market Context - The price of ketone has surged from 6,400 yuan per ton in June to 8,400 yuan per ton, marking an increase of over 30% [1]