库存 成本利润 30000 40000 50000 60000 70000 80000 90000 100000 110000 01/01 01/24 02/16 03/11 04/03 04/26 05/19 06/11 07/04 07/27 08/19 09/11 10/04 10/27 11/19 12/12 硅铁：60家样本企业：库存：中国（周） 2021 2022 2023 2024 2025 5000 10000 15000 20000 25000 01/01 01/26 02/20 03/17 04/11 05/06 05/31 06/25 07/20 08/14 09/08 10/03 10/28 11/22 12/17 硅铁：60家样本企业：库存：宁夏（周） 2021 2022 2023 2024 2025 0 10000 20000 30000 40000 50000 60000 01/01 01/26 02/20 03/17 04/11 05/06 05/31 06/25 07/20 08/14 09/08 10/03 10/28 11/22 12/17 硅铁：60家样本企业：库存：内 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6][12]. Core Views - The company continues to experience growth in product sales and profitability in the first half of 2025. It has announced an investment in a biomass (rice husk) silica project to create new growth opportunities [2][12]. - The company achieved a revenue of 1.113 billion yuan in the first half of 2025, representing a year-on-year increase of 3.87%. The net profit attributable to the parent company was 276 million yuan, up 5.44% year-on-year [12]. - The company is expanding its production capacity and enhancing its product structure through various projects, including the biomass silica project and others [12]. Financial Summary - Total revenue is projected to grow from 1,810 million yuan in 2023 to 2,972 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.5% [4]. - Net profit attributable to the parent company is expected to increase from 413 million yuan in 2023 to 749 million yuan in 2027, reflecting a CAGR of about 13.6% [4]. - Earnings per share (EPS) is forecasted to rise from 0.99 yuan in 2023 to 1.80 yuan in 2027 [4]. - The company’s return on equity (ROE) is projected to remain stable around 15.4% from 2025 to 2027 [4]. Market Data - The company's target price is set at 25.20 yuan, with a current market capitalization of 8,243 million yuan [6][7]. - The stock has traded within a range of 13.98 to 21.83 yuan over the past 52 weeks [7]. Production and Capacity - The company ranks third globally in silica production capacity, with production bases in Wuxi, Fengyang, and Shaxian in China, as well as a facility in Thailand [12]. - The company is actively working on expanding its production capacity through ongoing projects and improving its international supply chain management [12].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, prices vary by region and type, e.g., Ningxia 72 natural block is 5380 with a daily change of 30 and a weekly change of 100; Tianjin 72 export price is 1025 USD with no daily or weekly change. For silicon manganese, Inner Mongolia 6517 factory - ex price is 5730 with a weekly change of 50 [1]. - Multiple price charts for different types of silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including market prices, contract closing prices, and basis prices [2][6]. Supply - 136 silicon ferroalloy enterprises' production data in China is presented, including monthly and weekly production, and capacity utilization in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025. Silicon manganese production in China is also shown on a weekly basis from 2021 - 2025 [4][6]. Demand - Indicators related to demand such as China's estimated and actual crude steel production, metal magnesium production and prices, silicon ferroalloy and silicon manganese procurement volume and price of Hebei Iron and Steel Group, and silicon manganese demand in China are presented from 2021 - 2025 [4][7]. Inventory - Inventory data of silicon ferroalloy and silicon manganese are provided, including inventory of 60 sample enterprises in different regions, warehouse - receipt quantity, effective forecast, and inventory average available days from 2021 - 2025 [5][7]. Cost and Profit - Cost - related data like electricity prices in different regions, market prices of raw materials such as semi - carbonated manganese ore and manganese blocks, and profit - related data such as production profit of silicon ferroalloy and silicon manganese in different regions from 2021 - 2025 are presented [5][7].

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Relevant Catalogs Price - Various prices of silicon ferroalloys (FeSi) and silicon manganese (SiMn) in different regions from 2021 - 2025 are presented, including market prices, export/import prices, and contract closing prices [1][2][6] - Price differences between different grades and regions are also shown, such as 72%FeSi and 75%FeSi, and price spreads between regions like the north - south spread of SiMn [1][6] Supply - Production data of silicon ferroalloys and silicon manganese are provided, including monthly and weekly production volumes, and capacity utilization rates in different regions [4][6] - The supply - related data cover 136 sample enterprises for silicon ferroalloys and the overall production situation of silicon manganese in China [4][6] Demand - Demand - related data include the demand volume of silicon manganese in China, and the procurement volume and price of FeSi75 - B by HeSteel Group [4][6][7] - Production data of related industries like crude steel, stainless - steel, and metal magnesium are also presented, which are relevant to the demand for ferroalloys [4] Inventory - Inventory data of silicon ferroalloys and silicon manganese are provided, including inventory levels of sample enterprises in different regions, warehouse receipts, and effective forecasts [5][7] - Inventory average available days in different regions and the whole country are also shown [5][7] Cost and Profit - Cost - related data include electricity prices in different regions and the market price of semi - coke in Shaanxi [5] - Profit data cover the production profit of semi - coke, the profit of silicon ferroalloys in different regions, and the profit of silicon manganese in different regions [5][7]

Group 1 - Shandong LianKe Technology Co., Ltd. raised 297 million RMB through a targeted issuance of shares, with participation from various investment institutions including Zhinan Fund, Western Securities, and others [1][2] - The company specializes in the research, production, and sales of silica and carbon black, with silica products including LK, LKHD, and LKSIL series for rubber and non-rubber industries, and carbon black products including N100 to N700 series [2] Group 2 - The targeted issuance on September 15, 2025, follows a previous issuance of 268.7 million RMB on July 6, 2023, indicating ongoing capital raising efforts [2] - The company has a history of financing activities, including an IPO in June 2021 that raised 649 million RMB and other equity financing efforts in December 2018 [2]

Core Viewpoint - The company currently has a carbon black production capacity of 175,000 tons and an additional 50,000 tons under construction, specifically for the second phase of nano carbon materials used in high-pressure cable shielding, while the silica production capacity stands at 230,000 tons. Both main products, carbon black and silica, are operating at full capacity and sales [1] Group 1 - The current carbon black production capacity is 175,000 tons [1] - There is an additional 50,000 tons of carbon black capacity under construction [1] - The silica production capacity is 230,000 tons [1] Group 2 - The company’s main products, carbon black and silica, are fully produced and sold [1]

Group 1 - The company currently has a carbon black production capacity of 175,000 tons and an additional 50,000 tons under construction for high-pressure cable shielding materials [2] - The company also has a white carbon black production capacity of 230,000 tons [2] - The main products, carbon black and silica, are currently operating at full production and sales capacity [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summaries by Relevant Catalogs Price - The report presents the latest prices, daily and weekly changes of various silicon - iron and silicon - manganese products from different regions, including spot prices, futures contract prices, and price differences between different contracts and regions [1][2][6] - It also shows the historical price trends of silicon - iron and silicon - manganese products from 2021 to 2025, such as the market prices of 72%FeSi in different regions, silicon - iron export and import average prices, and silicon - manganese主力合约收盘价 [2][6] Supply - For silicon - iron, it includes the production data of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi, and the export prices of 72%FeSi and 75%FeSi at Tianjin Port [4] - For silicon - manganese, it shows the weekly production in China, the procurement prices and quantities of silicon - manganese 6517 by Hebei Iron and Steel Group, and the prices of various manganese ores at ports [6] Demand - The demand - related data includes the estimated and actual monthly production of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume of FeSi75 - B by Hebei Iron and Steel Group, and the demand for silicon - manganese in China (Steel Union caliber) [4][7] Inventory - For silicon - iron, it shows the inventory data of 60 sample enterprises in China and different regions (weekly), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions [5] - For silicon - manganese, it includes the inventory data of 63 sample enterprises in China (weekly), the number of warehouse receipts, effective forecasts, and the average available days of inventory in China [7] Cost and Profit - The cost - related data includes the electricity prices in different regions for ferroalloys, the market prices of raw materials such as blue charcoal, silica dioxide, and iron oxide scale, and the production costs of silicon - iron in Ningxia and Inner Mongolia [5] - The profit - related data includes the production profit of blue charcoal in China, the profit of silicon - iron in different regions (spot and futures), the export profit of 75 silicon - iron, and the profit of silicon - manganese in different regions (Steel Union caliber) [5][7]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are presented in the given text Summary by Related Catalogs Price - For silicon ferroalloy on September 16, 2025, the latest price of Ningxia 72 natural block was 5280 yuan, with a daily change of 30 yuan and a weekly change of 80 yuan; the latest price of Inner Mongolia 72 was 5300 yuan, with a daily change of 20 yuan and a weekly change of 20 yuan; the latest price of Shaanxi 75 was 5950 yuan, with no daily or weekly change. The export price of Tianjin 72 was 1025 US dollars, with no daily or weekly change, and the export price of Tianjin 75 was 1105 US dollars, with a daily change of 5 US dollars and a weekly change of 25 US dollars [2]. - For silicon - manganese alloy on September 16, 2025, the factory - ex price of Inner Mongolia 6517 was 5680 yuan, with a daily change of 30 yuan and no weekly change; the factory - ex price of Ningxia 6517 was 5600 yuan, with no daily change and a weekly change of 50 yuan; the factory - ex price of Guangxi 6517 was 5680 yuan, with a daily change of 30 yuan and no weekly change [2]. Supply - The production data of 136 silicon ferroalloy production enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, capacity utilization rate in different regions such as Inner Mongolia, Ningxia, and Shaanxi, and the production of silicon - manganese alloy in China is also shown from 2021 - 2025 [4][6]. Demand - The demand data of silicon - manganese alloy in China from 2021 - 2025 are provided, including the demand volume (in ten thousand tons) and the procurement volume and price of Hebei Iron and Steel Group [4][6][7]. Inventory - The inventory data of 60 silicon ferroalloy sample enterprises in China from 2021 - 2025 are presented, including weekly inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi, and the inventory data of silicon - manganese alloy in China from 2021 - 2025 are also shown, including daily and weekly inventory [5][7]. Cost and Profit - The cost - profit data of silicon ferroalloy and silicon - manganese alloy from 2021 - 2025 are provided, including electricity prices in different regions, the market price of semi - coke, production costs, and profits in different regions [5][7].

Group 1 - The event titled "Micromeritics BET Analyzer Carbon Black and Tire Industry Application Seminar and LianKe Technology Silica Carbon Black BET Testing Demonstration Center Inauguration" was held on September 10-11, 2025, in collaboration with Micromeritics/ Malvern Panalytical, Shandong LianKe Technology Co., Ltd., and Qingdao FJ Technology Co., Ltd. [2] - The rapid growth of the Chinese automotive industry presents significant opportunities for the tire industry, with a focus on improving tire quality and lifespan becoming a core issue for related companies [2] - Carbon black, as a key raw material, directly influences the lifespan and performance of tires through its specific surface area and particle size distribution [2] Group 2 - Engineers at the seminar shared technical insights on BET and t-plot theory, characterization techniques for carbon black materials, and analysis of low specific surface materials [2] - The seminar included detailed explanations of data analysis and software operation for the BET analyzer, as well as daily maintenance of the Tristar Plus 3030 [2] - LianKe Technology aims to enhance its R&D innovation capabilities and optimize the performance of its silica and carbon black products, leveraging technology and quality to accelerate market expansion and deepen collaboration and innovation among customers [2]