证券日报网讯 1月7日，广信材料在互动平台回答投资者提问时表示，据了解，截至目前在PCB光刻 胶、显示光刻胶、集成电路光刻胶等传统光刻胶主流供应商仍以日韩企业为主，其中国产化率最高的 PCB光刻胶依旧有一半以上市场份额仍被日资企业占领，存在很大替代空间。经过多年的发展，公司在 光刻胶板块以PCB光刻胶为基本盘稳健增长、适时拓展光伏胶等泛半导体领域，目前已成为PCB光刻胶 领域内资头部企业、光伏胶等泛半导体领域领跑企业。随着公司龙南基地已经逐步试生产及公司产能资 产进一步优化，经营水平、研发水平、市场开拓的不断提升，将进一步支撑公司在相关领域的业务增 长。 （文章来源：证券日报） ...

格隆汇1月6日｜长江证券研报指出，兴发集团新能源材料重点围绕"磷"打造，包含LFP电池正极材料磷 酸铁、磷酸铁锂、高压实磷酸铁锂正极原料磷酸二氢锂电、固态电池材料五硫化二磷，以及"硅"材料有 机硅、光伏胶等。此外，公司磷化剂、有机硅皮革等多个新材料产品同样处于放量阶段，有望贡献业绩 增量。周期品有弹性，新能源、新材料多点开花，看好公司投资机会公司主要大宗品磷肥、草甘膦、有 机硅景气处于底部，有望受益反内卷、行业供需改善，存在向上弹性；成长板块新能源材料、高端新材 料亮点颇多，有望持续贡献业绩增量，预计2025-2027年公司归属净利润为17.4、24.4、30.3亿元，维 持"买入"评级。 ...

[Table_scodeMsg1] 公司研究丨深度报告丨兴发集团（600141.SH） [Table_Title] 创新助力，新能源新材料放光彩 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司作为综合性化工龙头公司，依托所在地宜昌的富饶磷矿资源，打造了完备的磷化工产业链， 但公司又不囿于此，坚定践行国家战略，加强资源转化和科技创新，打造产业链一体化，发力 高附加值产品，谋求长期高质量发展。我们在公司深度报告《乘磷而兴，着力高端，多线齐飞》 中阐述了公司的多元板块布局、产业链协同优势等；而本篇深度更多着重公司在新能源材料、 高附加值新材料方面的布局。 分析师及联系人 [Table_Author] 马太 王明 李禹默 SAC：S0490516100002 SAC：S0490521030001 SAC：S0490525060002 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 兴发集团（60 ...

12月17日晚间，回天新材(300041)发布公告，基于锂电池行业快速增长的市场需求，为紧抓国产替代机 遇，进一步提升在锂电负极胶粘剂领域的市场份额与核心竞争力，公司控股子公司安庆华兰拟以自筹资 金约9768万元投资新建锂电负极用丁苯乳液粘合剂项目，增加锂电负极用丁苯乳液粘合剂（SBR）产能 约50000吨/年。 公告显示，该项目地址位于安徽省安庆高新技术产业开发区华兰科技有限公司现有厂区预留空地内。建 设内容包括新建生产车间、仓库及配套公辅设施，新增50000吨/年锂电负极胶丁苯胶乳生产线。建设周 期约24个月。投资估算固定资产投资约9768万元，资金来源为安庆华兰自筹资金。 对于投资该项目的目的，回天新材表示，全球能源结构加速转型带动锂电池产业持续高速发展，负极粘 结剂作为关键辅材，市场需求旺盛。丁苯胶乳因其优异的性能成为主流负极粘结剂，目前国产化率低， 进口替代空间广阔。公司已具备多系列SBR产品研发与生产能力，技术指标达到国际水平，并已进入多 家头部电池企业供应链，现有产能约8000吨/年。基于未来市场趋势及产能需求预测，公司决策建设该 项目，以保障未来对客户需求响应与市场拓展，进一步提升公司锂电负极 ...

Group 1 - In Q3 2025, a notable change occurred in the shareholder list of a domestic photoresist company, with Goldman Sachs, JPMorgan Chase, UBS, and Morgan Stanley collectively purchasing nearly 5 million shares despite the company's stock price plummeting from 30 yuan to 4.4 yuan, marking a 1700% drop in net profit in the mid-2025 report [1][3] - The foreign investment strategy reflects a significant bet on domestic substitution, as these institutions entered the top ten shareholders for the first time, with acquisition costs concentrated in the 6-7 yuan range, resulting in over 30% floating profit by early December [3][9] - The company has a total market value of 4.8 billion yuan, with its photoresist business accounting for 62% of revenue and a gross margin of 32%, despite an overall decline in performance [3] Group 2 - Photoresist is a critical consumable in semiconductor manufacturing, with the global market dominated by Japanese and American companies, which hold 87% of the market share, particularly in high-end sectors where domestic production is less than 1% for ArF photoresists and completely reliant on imports for EUV photoresists [5] - The Chinese semiconductor photoresist market is projected to reach 5.63 billion yuan in 2024, reflecting a 42.25% year-on-year growth, driven by increased demand from wafer fabs like SMIC and Huahong Group adopting domestic materials [5] - Domestic photoresist companies are advancing in production capabilities, with firms like Nanda Optoelectronics and Tongcheng New Materials achieving mass production of ArF/KrF photoresists, while others focus on specific segments like PCB photoresists [7] Group 3 - Foreign investors are betting on photoresist companies based on three clear logics: high certainty of domestic substitution due to Japanese export controls, low historical valuation with a price-to-book ratio of 1.2 compared to the industry average of 3.54, and the potential for significant performance improvement in small-cap stocks upon technological breakthroughs [9] - Similar cases have emerged where companies with traditional chemical businesses, like Xilong Science, have seen foreign investment despite poor performance, indicating a trend of foreign capital seeking opportunities in the photoresist sector [9]

Core Viewpoint - The company has established itself as a leading domestic player in the PCB photoresist market and is expanding into the photovoltaic adhesive and broader semiconductor sectors, indicating significant growth potential in the domestic semiconductor materials market [1] Group 1: Market Position and Competition - The current market for traditional photoresists, including PCB, display, and integrated circuit photoresists, is predominantly controlled by Japanese and Korean companies, with over 50% of the PCB photoresist market still held by Japanese firms, highlighting a substantial opportunity for domestic alternatives [1] - The company has achieved steady growth in the PCB photoresist segment and is strategically expanding into photovoltaic adhesives and other semiconductor-related fields [1] Group 2: Production and Development - The company’s Longnan base has begun trial production, and ongoing optimization of production capacity and assets is expected to enhance operational efficiency and market development [1] - Continuous improvements in operational and research capabilities are anticipated to further support the company's business growth in relevant sectors [1]

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Insights - The company reported a revenue of 3.285 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.49%, and a net profit attributable to the parent company of 216 million yuan, up 32.38% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.117 billion yuan, a year-on-year increase of 10.02% and a quarter-on-quarter increase of 1.80%, with a net profit of 73 million yuan, reflecting a significant year-on-year increase of 179.06% [1][2] - The company's gross margin improved to 23.69% in Q3, up 6.97 percentage points year-on-year, and the net margin reached 6.67%, an increase of 3.99 percentage points year-on-year [2] Summary by Sections Revenue and Profitability - The company’s main adhesive products, including electronic adhesives, automotive adhesives, photovoltaic adhesives, and packaging adhesives, all showed steady growth in sales [2] - The improvement in profitability is attributed to the rising gross margins of lithium battery, packaging, and photovoltaic adhesives, with the lithium battery segment benefiting from increased production and cost reduction [2][3] Market Position and Future Prospects - The company is a leader in the photovoltaic adhesive market, with a strong market share, and is expected to stabilize its profitability due to effective cost management and new product breakthroughs [3] - The company’s electronic and automotive segments saw revenue growth exceeding 20% and 30% year-on-year, respectively, driven by new project outputs and ongoing business expansion [3] Financial Forecast - The projected net profits for the company from 2025 to 2027 are 241 million, 306 million, and 402 million yuan, with year-on-year growth rates of 137.05%, 26.74%, and 31.32% respectively [4] - The current price-to-earnings (P/E) ratios are projected to be 28.41, 22.41, and 17.07 for the years 2025, 2026, and 2027 [4]

Core Viewpoint - Guangxin Materials held a performance briefing on November 4, 2025, discussing its business operations, core business progress, and future strategic plans with investors [1] Business Progress - The company has developed environmentally friendly graphene water-based coatings and solvent-free high-solid coatings for the marine anti-corrosion market, which have passed NORSOK M-501 standard testing and some customer site tests. These products are applicable to high-end marine equipment such as offshore oil and gas platforms and wave energy generation equipment. The company expects to achieve bulk sales in strategic core markets between Q4 2025 and Q2 2026 [2] Capacity and Performance - The Longnan base achieved over 150 million in revenue in the first three quarters of 2025. The company reported a net loss of 4.77 million in Q3 2025, primarily due to lower-than-expected revenue from photovoltaic BC battery insulation glue, fixed asset depreciation from the Longnan base, and impairment losses from the sale of a subsidiary. However, excluding credit and asset impairments, the company showed slight operational profitability [3] Strategic Focus - The company has been divesting loss-making assets such as Shenzhen Lejian and Hunan Sunshine to optimize its structure and reduce operational costs. The sale of a subsidiary for 9.8 million is part of this strategy. The company emphasizes that these transactions will not significantly impact production operations. The photolithography and related materials segment is benefiting from PCB market growth driven by AI and robotics, with a focus on providing cost-effective solutions. The company has completed a refinancing process for specific stock issuance in 2024 and currently has no other refinancing plans [4]

Group 1: Company Performance Overview - In Q3 2025, the company achieved revenue of 1.117 billion, a year-on-year increase of 10%, and a net profit of 73.4 million, up 179% year-on-year, indicating a significant acceleration in profit growth compared to revenue [2][3] - For the first nine months of 2025, the company reported total revenue of 3.285 billion, a growth of 8.49%, and a net profit of 216 million, up 32.38%, with a non-recurring net profit of 182 million, increasing by 60.37% [3] Group 2: Business Segment Performance - The adhesive products, including electronic adhesives, automotive adhesives, photovoltaic adhesives, and packaging adhesives, all showed steady growth, with automotive adhesives achieving over 30% growth in sales and revenue [4][5] - The lithium battery segment, particularly the negative electrode adhesives, saw significant market expansion, contributing to the overall performance improvement [3][4] Group 3: Margin and Cost Management - The company's gross margin improved by over 6 percentage points in Q3, driven by the lithium battery and packaging segments, with ongoing efforts to optimize business structure and manage raw material procurement [4][10] - The company anticipates continued improvement in gross margin and profit levels through strategic management of costs and product mix [4][10] Group 4: Future Outlook and Capacity Expansion - The company has a current production capacity of approximately 15,000 tons/year for lithium battery negative electrode adhesives, with an additional 36,000 tons/year under construction, expected to be operational by next year [7] - The electronic adhesive segment is projected to maintain a high capacity utilization rate of around 75% for 2025, with no immediate plans for capacity expansion [9] Group 5: Market Trends and Strategic Initiatives - The company is actively engaging in R&D for solid-state battery applications and has established a strong position in the photovoltaic adhesive market, with a 10% increase in sales year-on-year [8][10] - The management is focused on optimizing expenses and improving operational efficiency, expecting smoother cost management in Q4 compared to previous years [10]

Core Insights - Hubei Huitian New Materials Co., Ltd. reported a strong performance in Q3 2025, with revenue of approximately 1.117 billion yuan, a year-on-year increase of 10.02%, and a net profit attributable to shareholders of approximately 73.41 million yuan, a significant increase of 179.06% [1] - For the first three quarters, the company achieved a cumulative revenue of 3.285 billion yuan, up 8.49% year-on-year, and a net profit of 216 million yuan, reflecting a 32.38% increase [1] - The net profit excluding non-recurring gains reached 182 million yuan, a year-on-year growth of 60.37%, indicating improved profitability quality in core operations [1] Financial Performance - The company's investment income and fair value changes saw substantial growth, attributed to financial management gains and rising fair value of financial assets [2] - Despite a significant increase in income tax expenses due to profit growth, the net profit continued to grow rapidly [2] - Key financial assets such as trading financial assets, receivables financing, and long-term equity investments showed notable increases, reflecting proactive financial management and investment strategies [2] Business Strategy and Market Position - The company focuses on "steady growth and structural adjustment" through technological innovation, targeting four core business areas: electronic adhesives, automotive adhesives, photovoltaic adhesives, and packaging adhesives [1] - The company has made significant strides in expanding its product offerings, particularly in high-end products like lithium battery negative electrode adhesives and high thermal conductivity adhesives, enhancing overall operational quality [2] - Future plans include advancing digital transformation, strengthening cost control, and improving operational efficiency to maintain a leading position in the adhesive industry [2]