证券日报网1月23日讯，金石资源（603505）在接受调研者提问时表示，浙江诺亚氟化工有限公司成立 于2015年，系国家高新技术企业、国家级专精特新重点"小巨人"企业、浙江省科技"小巨人"企业。公司 拥有两大生产基地，总占地超20万平方米，分别在浙江上虞和湖北潜江，含氟电子化学品年总产能近 20000吨。公司目前主营三大系列的产品，分别是氟化冷却液、中高端电子清洗剂、全氟己酮灭火剂， 应用领域涵盖了数据中心、半导体、面板、汽车、精密电子、储能、新能源消防等新兴及热门领域。 ...

Core Viewpoint - Jinshi Resources (603505.SH) plans to strategically extend into the downstream fluorochemical sector by acquiring a 15.7147% stake in Zhejiang Noah Fluorochemical Co., Ltd. for 257 million yuan, positioning itself as the second-largest shareholder in the company [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of 257 million yuan for the stake in Noah Fluorochemical, which has a registered and paid-in capital of 13.106 million yuan [1]. - After the acquisition, Jinshi Resources will hold a 15.7147% stake, closely trailing the largest shareholder by only 0.1415 percentage points [2]. Group 2: Financial Performance - Noah Fluorochemical reported revenues of 541 million yuan and a net profit of 46.258 million yuan for 2024, with revenues reaching 510 million yuan and a net profit of 64.131 million yuan from January to October 2025, surpassing the entire 2024 profit [2]. - Jinshi Resources has experienced significant revenue growth, with total revenue of 2.752 billion yuan in 2024, a 45.17% increase year-on-year, but net profit decreased by 26.33% [4]. Group 3: Strategic Rationale - The acquisition aligns with Jinshi Resources' strategy to leverage its upstream fluorite resources and expand into high-growth fine fluorochemical markets, enhancing its vertical integration [3]. - Noah Fluorochemical specializes in high-tech electronic chemicals, with products that have gained traction in significant projects, including applications in national supercomputing centers and major internet companies [3].

Core Viewpoint - The article discusses the strategic investment by Jinshi Resources in Zhejiang Noah Fluorochemical Co., marking a significant step in the company's transition from mining to high-value downstream chemical production [1][2]. Group 1: Investment Details - Jinshi Resources plans to invest 257 million yuan to acquire a 15.7147% stake in Noah Fluorochemical, positioning itself as the second-largest shareholder [1][2]. - The shareholding gap between Jinshi Resources and the largest shareholder is only 0.1415 percentage points, suggesting potential future governance maneuvers [2]. - The transaction is based on a valuation of Noah Fluorochemical at 1.635 billion yuan, reflecting the company's growth potential [3]. Group 2: Strategic Implications - This investment represents a strategic move for Jinshi Resources to extend its value chain from upstream fluorite mining to downstream fine chemical production [4][5]. - Jinshi Resources aims to leverage its upstream resource advantages to support Noah Fluorochemical's production of high-value fluorinated products, enhancing synergy between the two companies [5]. - The investment aligns with Jinshi Resources' broader strategy to penetrate the high-end fluorine materials market through vertical integration [6]. Group 3: Financial Performance of Noah Fluorochemical - Noah Fluorochemical is experiencing rapid growth, with projected revenues of 541 million yuan and net profits of 46.258 million yuan for 2024, and 510 million yuan in revenue with net profits reaching 64.131 million yuan in the first ten months of 2025 [2]. - The company specializes in the research, manufacturing, and sales of fluorinated electronic chemicals, with established production capacity of 5,000 tons of fluorinated liquids [2].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company plans to acquire a 15.71% stake in Zhejiang Noah Fluorochemical, becoming its second-largest shareholder, to expand into the high-end fine fluorochemical sector [6]. - The acquisition is aimed at leveraging the company's upstream resources in fluorite and hydrogen fluoride to enhance its position in the downstream fine chemical market, particularly in immersion cooling solutions for data centers [6]. - The report forecasts significant growth in the company's revenue and net profit over the next few years, with expected revenues of 3.746 billion yuan in 2025 and 5.003 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 36.1% [5][8]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 2,752 million yuan - 2025: 3,746 million yuan - 2026: 4,591 million yuan - 2027: 5,003 million yuan - Net profit forecasts are: - 2025: 338 million yuan - 2026: 568 million yuan - 2027: 763 million yuan - The report indicates a projected EPS of 0.40 yuan for 2025, increasing to 0.91 yuan by 2027 [5][8].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company plans to acquire a 15.71% stake in Zhejiang Noah Fluorochemical for 257 million yuan, becoming its second-largest shareholder, which will help expand into the high-end fine fluorochemical sector [7] - The acquisition is strategically aimed at leveraging the company's upstream resources in fluorite and hydrogen fluoride to enhance its position in the downstream fine fluorochemical market [7] - The server liquid cooling market is expected to grow rapidly, with projections indicating that the market size in China will increase from approximately 16 billion yuan to over 100 billion yuan from 2024 to 2030 [7] - The company anticipates significant growth in its fluorite production and profitability from its ongoing projects, including the Baogang Jinshi project and the Mongolian fluorite resource project [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 2,752 million yuan in 2024 to 5,003 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 36.1% [6] - The net profit attributable to the parent company is expected to increase from 257 million yuan in 2024 to 763 million yuan in 2027, reflecting a significant growth trajectory [6] - The earnings per share (EPS) is forecasted to rise from 0.28 yuan in 2025 to 0.91 yuan in 2027, indicating strong profitability potential [6]

Group 1 - The company Jinshi Resources plans to acquire a 15.7147% stake in Zhejiang Nuoya Fluorochemical Co., Ltd. from six shareholders for a total consideration of approximately 256.94 million yuan, making it the second-largest shareholder in Nuoya Fluorochemical, with a shareholding ratio only 0.1415% lower than the largest shareholder [2] - Nuoya Fluorochemical is a high-tech enterprise focused on the research, manufacturing, and sales of fluorinated electronic chemicals, with key products including fluorinated cooling liquids and high-end electronic cleaning agents [2] - The acquisition aligns with Jinshi Resources' strategy of leveraging its upstream fluorite mining and fluorochemical products to expand into the fine fluorochemical sector, enhancing its vertical integration and resource-technology dual-drive strategy [2] Group 2 - The six transferring parties include Shangyu Longcang, Zhou Xiaorui, Wu Yong, Zhang Yuanzhong, Qi Gangfeng, and Lei Tao, with respective share transfer ratios and transaction amounts detailed, ensuring clear ownership without any encumbrances [3] - Financial data indicates that Nuoya Fluorochemical achieved revenues of 540.90 million yuan and a net profit of 46.26 million yuan in 2024, with a significant revenue of 510.07 million yuan and a net profit of 64.13 million yuan reported for the first ten months of 2025, reflecting a 38.64% increase compared to the full year of 2024 [4] - Post-transaction, Jinshi Resources will nominate one director to participate in major decision-making at Nuoya Fluorochemical, aiming to enhance the company's technical capabilities and market share while retaining the right for future acquisitions to achieve strategic synergy and sustained profitability [4]

Core Viewpoint - Jinshi Resources plans to acquire a 15.7147% stake in Noah Fluorine Chemical for a cash consideration of 257 million yuan, aiming to leverage its upstream fluorite mining and fluorochemical products to expand into the high-growth fine fluorochemical sector [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing shares from six shareholders of Noah Fluorine Chemical, with the company set to become the second-largest shareholder, holding a stake just 0.1415% less than the largest shareholder [2]. - The transaction does not constitute a related party transaction or a major asset restructuring [2][3]. - Noah Fluorine Chemical specializes in the research, manufacturing, and sales of fluorinated electronic chemicals, with key products including fluorinated cooling liquids and high-end electronic cleaning agents [2]. Group 2: Financial Performance - For the period from January to October 2025, Noah Fluorine Chemical reported revenues of 510 million yuan and a net profit of 64.13 million yuan [2]. - Jinshi Resources has experienced significant revenue growth in recent years, with a 50.73% year-on-year increase in revenue to 2.758 billion yuan in the first three quarters of 2025, although net profit declined by 5.88% [4]. - The company has shown a trend of "increasing revenue without increasing profit," with a reported revenue of 2.752 billion yuan in 2024, up 45.17% year-on-year, while net profit fell by 26.33% [4]. Group 3: Market Reaction - As of the report date, Jinshi Resources' stock price increased by 0.33%, trading at 18.33 yuan per share, with a total market capitalization of 15.428 billion yuan [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][20] Core Views - The company plans to acquire a 15.7147% stake in Noah Fluorochemical for 257 million yuan, entering the liquid cooling sector. This acquisition positions the company as the second-largest shareholder in Noah Fluorochemical [5][6] - The pricing for the acquisition is consistent with previous financing rounds, indicating stable valuation. The company has improved its fundamentals and outlook, leading to an upward revision of profit forecasts for 2025-2027 [5][6] - Projected net profits for the company are expected to be 343 million yuan, 490 million yuan, and 761 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.41, 0.57, and 0.90 yuan [5][8] Financial Summary - The company’s total revenue for 2023 is projected at 1,896 million yuan, with a year-on-year growth of 80.5%. Revenue is expected to reach 2,752 million yuan in 2024 and 3,158 million yuan in 2025, reflecting a growth rate of 45.2% and 14.7% respectively [8][17] - The net profit for 2023 is estimated at 349 million yuan, with a significant increase to 343 million yuan in 2025, followed by 490 million yuan in 2026 and 761 million yuan in 2027, indicating a robust growth trajectory [8][17] - The company’s gross margin is projected to stabilize around 22.7% in 2025, with a net margin of 10.8% [8][17] Market Position and Strategic Partnerships - Noah Fluorochemical is recognized as a leading domestic enterprise in fluorinated liquids, with established applications in high-performance computing and partnerships with major tech firms [6][7] - The company has formed strategic collaborations with prominent players such as Alibaba Group and Sinopec Capital, enhancing its market credibility and growth potential [7][15]

Group 1 - The company Jinshi Resources plans to acquire a 15.71% stake in Noah Fluorochemical for a cash consideration of 257 million yuan, making it the second-largest shareholder with a stake only 0.14% less than the largest shareholder [1] - The acquisition is subject to obtaining waivers from other shareholders holding 48.27% of Noah Fluorochemical's shares, and the company has already secured waivers from shareholders holding 51.73% of the shares [1] - The transaction aims to leverage Jinshi Resources' upstream fluorite mining and basic fluorochemical products to expand into the high-growth fine fluorochemical sector, aligning with its strategic direction of vertical integration in the fluorochemical industry [2] Group 2 - Noah Fluorochemical specializes in the research, manufacturing, and sales of fluorinated electronic chemicals, with key products including fluorinated cooling liquids and fluorinated ethers, which have gained significant market presence [2] - The company has established a production capacity of 5,000 tons of fluorinated liquids and is recognized for its unique advantages in product purification and testing technology [2] - Jinshi Resources, as a leading enterprise in the fluorite industry, is strategically extending its business into fine fluorochemical products, enhancing its value chain and industry integration [2]

Group 1: Market Overview - The Shanghai Composite Index closed at 3890 points, with a daily increase of 0.36% and a monthly change of 0.03% [1] - The Shenzhen Composite Index closed at 2465 points, with a daily increase of 0.98% and a monthly change of -0.34% [1] - Large-cap indices showed a slight increase of 0.3% yesterday, while mid-cap and small-cap indices increased by 0.91% and 0.8% respectively [1] Group 2: Industry Performance - The decoration and renovation industry saw a daily increase of 3.33%, but a decline of 7.79% over the past month, while it increased by 30.51% over the past six months [1] - The energy metals sector increased by 3.26% yesterday, with an impressive 85.77% increase over the past six months [1] - The general retail sector increased by 3.22% yesterday, with an 8.93% increase over the past month and an 18.79% increase over the past six months [1] Group 3: Notable Declines - The components sector experienced a decline of 0.74% yesterday, with a 3.46% increase over the past month and a significant 69.42% increase over the past six months [1] - The other electronics sector declined by 0.68% yesterday, with a 42.32% increase over the past six months [1] - State-owned large banks saw a decline of 0.67% yesterday, with a 7.66% increase over the past six months [1]