2025 年 08 月 26 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 148 期 观点精粹: 最新报告摘要 蔚来全新 ES8、吉利银河 M9 开启预售，中大型智能 SUV 市场迎来重磅新品--行业周报 PCB 刀具持续高端化，加速扩充产能--鼎泰高科/通用设备(301377/216401) 公司点评 经营性利润稳健增长，未来三年分红比例拟提升至 60%以上--国电电力/电力(600795/214101) 公司点评 2025 年 Q2 利润同比回升，研发投入不断加强--安图生物/医疗器械(603658/213705) 公司点评 美债的历史演进与当下困局--宏观深度研究 电视剧业务迎新政利好，主投电影《刺杀小说家 2》定档国庆--华策影视/影视院线(300133/217206) 公司点 评 业绩韧性充分，产品结构持续升级--金徽酒/白酒Ⅱ(603919/213405) 公司点评 2025Q2 归母净利润同比高增，受益高端 PCB 扩产趋势--大族数控/专用设备(301200/216402 ...

上 市 公 司 基础化工 证 券 研 究 报 告 | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 20.85 | | 一年内最高/最低（元） | 22.56/13.25 | | 市净率 | 2.5 | | 股息率%（分红/股价） | 1.44 | | 流通 A 股市值（百万元） | 8,599 | | 上证指数/深证成指 | 3,825.76/12,166.06 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 8.42 | | 资产负债率% | 14.15 | | 总股本/流通 A 股（百万） | 416/412 | | 流通 B 股/H 股（百万） | -/- | 2025 年 08 月 25 日 确成股份 (605183) ——Q2 收入及销量创新高，毛利率受益于结构优化持续提 升，汇兑影响 Q2 盈利同比微降 报告原因：有业绩公布需要点评 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by increased production capacity and favorable market conditions in the tire industry [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 1.11 billion yuan, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 280 million yuan, up 5.4% year-on-year [1]. - For Q2 2025, the company recorded operating revenue of 570 million yuan, with year-on-year and quarter-on-quarter growth of 4.5% and 6.2%, respectively [1]. - The company produced 184,000 tons of silica in H1 2025, a 3.9% increase year-on-year, with sales volume also reaching 184,000 tons, up 4.2% year-on-year [1]. Market Conditions - The decline in raw material prices, specifically soda ash and quartz sand, positively impacted the company's performance, with soda ash prices in East China dropping by 37% year-on-year in Q2 2025 [2]. - Despite a 1.2% year-on-year decrease in the average selling price of silica, the company managed to adjust its product mix, leading to a slight recovery in Q2 2025 prices [2]. Growth Initiatives - The company announced a planned investment of 900 million yuan in a biomass silica project, which is expected to enhance long-term growth potential [2]. - The expansion of production capacity is anticipated to support future growth in demand for high-dispersion silica driven by the increasing adoption of green tires [3]. Profit Forecast and Valuation - The company is projected to achieve operating revenues of 2.46 billion, 2.95 billion, and 3.52 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 590 million, 690 million, and 820 million yuan [3]. - The estimated price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are 15, 13, and 11 times, respectively, maintaining a strong buy recommendation [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605183 证券简称：确成股份 公告编号：2025-039 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个别及连带责任。 确成硅化学股份有限公司（以下简称"公司"）根据中国证券监督管理委员会《上市公司监管指引第2号 ——上市公司募集资金管理和使用的监管要求（2022年修订）》（证监会公告〔2022〕15号）、《上海 证券交易所上市公司自律监管指引第1号——规范运作》以及《上海证券交易所上市公司自律监管指南 第1号——公告格式》的相关规定，本公司就2025年半年度募集资金存放与使用情况作如下专项报告： 一、 募集资金基本情况 根据本公司2020年第三届董事会第九次会议决议和修改后的章程规定，以及中国证券监督管理委员会证 监许可[2020]2296 号文《关于核准确成硅化学股份有限公司首次公开发行股票的批复》，核准公司发行 不超过48,720,375股新股。本公司向社会公开发行人民币普通股（A 股）股票 48,720,375 股，每股面值 1.00元，溢价发行，发行价为每股14 ...

证券代码：605183 证券简称：确成股份 公告编号：2025-040 确成硅化学股份有限公司 2025 年第二季度主要经营数据公告 1、主要产品的价格变动情况 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个别及连带责任。 确成硅化学股份有限公司（以下简称"公司"）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——化工的要求，现将 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 4-6 | 月 | 2025 | 年 | 4-6 月 | 2025 4-6 | 年 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 产量（吨） | | | 销量（吨） | | | 销售金额（万元） | | | | 二氧化硅 | | 91,740.56 | | 94,174.85 | | | 55,838.87 | | | 二、主要产品和原材料价格变动情况 报告期内 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][9]. Core Insights - The company is the sole domestic supplier of special carbon black for high-voltage cables, with its first phase of the "100,000 tons/year high-voltage cable shielding material using nano carbon materials project" entering trial production by the end of June 2024 [1]. - The technical assessment of the new product "conductive carbon black for 110kV and 220kV cable semi-conductive shielding materials" by a committee of industry experts confirmed that its performance meets international advanced standards, breaking foreign technology monopolies [1]. - The company is also advancing its second phase project focused on high-voltage submarine cable shielding materials, aiming for domestic industrialization [2]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are estimated at 30.95 billion, 37.04 billion, and 47.84 billion CNY respectively, with net profits of 3.75 billion, 4.18 billion, and 5.69 billion CNY [3]. - The company’s revenue growth rates are expected to be 36.59% in 2025, 19.68% in 2026, and 29.15% in 2027 [4]. - The earnings per share are projected to increase from 1.85 CNY in 2025 to 2.81 CNY in 2027, with a corresponding decrease in the price-to-earnings ratio from 13.10 to 8.64 [4]. Market Position and Trends - The company is positioned to benefit from the increasing demand for high-dispersion silica in green tires, which can reduce rolling resistance by approximately 30% and improve fuel efficiency by 5-7% [2][46]. - The global market for precipitated silica is projected to grow from approximately 4.5 billion USD in 2024 to 6.5 billion USD by 2028, with China’s demand growth rate expected to exceed the global average [39][41].

Core Viewpoint - Fujian Yuanli Activated Carbon Co., Ltd. plans to acquire 100% equity of Fujian Tongsheng New Materials Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising up to 100 million yuan from its actual controller to facilitate the transaction [1][3] Group 1: Acquisition Details - The acquisition involves 11 shareholders, including Lu Yuanfang and Li Wei, and is characterized as a related party transaction due to the familial relationship between the actual controllers of both companies [3][4] - The final transaction price is yet to be determined as the audit and evaluation of the target assets are still ongoing [1][3] Group 2: Company Profiles - Tongsheng Co. specializes in the research, production, and sales of silica, with applications in various industries such as rubber, batteries, toothpaste, feed additives, and coatings, and is currently listed on the New Third Board [3] - Yuanli Co. primarily produces activated carbon, sodium silicate, and silica, with sodium silicate being a key raw material for Tongsheng's silica production, indicating a supply chain relationship between the two companies [3][4] Group 3: Financial Performance - In 2024, Tongsheng Co. achieved a revenue of 268 million yuan, a year-on-year increase of 23.86%, and a net profit of 50.96 million yuan, up 175.82% from the previous year [3][4] - Yuanli Co. reported a revenue of 1.88 billion yuan in 2024, a decline of 6.6% year-on-year, while its net profit increased by 19.9% to 284 million yuan [6]

Core Viewpoint - Fujian Yuanli Activated Carbon Co., Ltd. plans to acquire 100% equity of Fujian Tongsheng New Materials Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising up to 100 million yuan in supporting funds from its actual controller [1][4]. Group 1: Acquisition Details - The acquisition involves 11 shareholders, including Lu Yuanfang and Li Wei, and is characterized as a related party transaction due to the familial relationship between the actual controllers of both companies [1][4]. - The final transaction price is yet to be determined as the audit and evaluation of the target assets are still ongoing [2]. Group 2: Company Profiles - Tongsheng Co. is a high-tech enterprise focused on the research, production, and sales of silica, with applications in various industries such as rubber and coatings. It is currently listed on the New Third Board [4]. - Yuanli Co. specializes in activated carbon, sodium silicate, and silica, with its sodium silicate being a key raw material for Tongsheng's silica production, indicating a supply chain relationship between the two companies [4][5]. Group 3: Financial Performance - In 2024, Tongsheng Co. achieved a revenue of 268 million yuan, a year-on-year increase of 23.86%, and a net profit of 50.96 million yuan, up 175.82% from the previous year [4]. - Yuanli Co. reported a revenue of 1.88 billion yuan in 2024, a decrease of 6.6% year-on-year, while its net profit rose by 19.9% to 284 million yuan [9]. Group 4: Strategic Implications - The acquisition is expected to enhance the synergy between the two companies, optimize Yuanli's business layout, and provide new growth points in the silica sector while reducing related party transactions and potential competition [5]. - Yuanli Co. previously ventured into the gaming industry but has since refocused on its core chemical business due to regulatory challenges and market conditions [8][9].

Core Viewpoint - Yuanli Co., Ltd. (元力股份) is resuming trading after announcing a plan to acquire 100% of Fujian Tongsheng New Materials Technology Co., Ltd. (同晟股份) through a combination of issuing shares and cash payment, along with raising supporting funds [1][4]. Group 1: Transaction Details - The acquisition involves purchasing shares from 11 shareholders of Tongsheng and raising funds from the actual controller, Lu Yuanjian [1]. - The total amount of funds to be raised will not exceed 100 million yuan, which is capped at 30% of the company's total share capital before the issuance [2]. - The preliminary agreed issuance price for the raised funds is set at 13.18 yuan per share, which is at least 80% of the average trading price over the previous 20 trading days [2]. Group 2: Financial Performance - In Q1 2025, Yuanli's revenue was 433.84 million yuan, a decrease of 7.14% year-on-year, while net profit attributable to shareholders dropped by 39.66% to 46.84 million yuan [4][5]. - For the year 2024, Yuanli reported revenue of 1.88 billion yuan, down 6.57%, but net profit increased by 19.95% to 284.45 million yuan [6][7]. - Tongsheng's revenue for 2024 was 268.61 million yuan, up from 216.86 million yuan in 2023, with net profit rising from 18.48 million yuan to 50.96 million yuan [8][9]. Group 3: Strategic Implications - The acquisition is expected to optimize Yuanli's business layout and enhance collaboration between upstream and downstream operations, potentially leading to new growth points in the silica industry [9]. - The transaction will help reduce frequent related-party transactions and mitigate potential competition, thereby improving the company's operational independence [9].

Core Viewpoint - Yuanli Co., Ltd. plans to acquire 100% equity of Fujian Tongsheng New Materials Technology Co., Ltd. through a combination of share issuance and cash payment, aiming to enhance its strategic layout in the silicon dioxide sector [2][4]. Group 1: Acquisition Details - The acquisition involves purchasing equity from 11 shareholders, including Lu Yuanfang, Li Wei, and Chen Jiamei, with a total cash payment and share issuance [4]. - The share issuance price for the asset purchase is set at 12.58 CNY per share, while the price for raising matching funds is 13.18 CNY per share [5]. - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [6]. Group 2: Company Background - Yuanli Co., Ltd. operates across various sectors, including activated carbon, sodium silicate, and silicon dioxide, with activated carbon being its core business [9]. - Tongsheng Co., Ltd. specializes in the research, production, and sales of silicon dioxide, recognized for its high industry profile and applications in rubber, lead-acid battery separators, toothpaste, feed additives, and coatings [9]. Group 3: Financial Performance - In 2024, Tongsheng Co., Ltd. reported a total revenue of 269 million CNY and a net profit attributable to shareholders of 50.96 million CNY [10]. - The financial performance shows significant growth from 2023, with total revenue increasing from 216.86 million CNY to 268.61 million CNY, and net profit rising from 18.48 million CNY to 50.96 million CNY [11]. - The total assets of Tongsheng Co., Ltd. reached 275 million CNY by the end of 2024 [10]. Group 4: Strategic Implications - The acquisition is expected to optimize Yuanli Co., Ltd.'s business layout and enhance operational independence by reducing frequent related party transactions and avoiding potential competition [12]. - The integration of Tongsheng Co., Ltd. is anticipated to create synergies between the upstream and downstream operations, contributing to sustainable growth in the silicon dioxide sector [12].