2025 年 08 月 24 日 万润股份 (002643) —— Q2 业绩超预期，新材料平台未来可期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 13.99 | | 一年内最高/最低（元） | 14.99/7.70 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 0.71 | | 流通 A 股市值（百万元） | 12,721 | | 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） | 7.70 | | 资产负债率% | 25.79 | | 总股本/流通 A 股（百万） | 923/909 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 07-22 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q2 2025, with revenue growth driven by the electronic materials and new energy sectors, alongside stable growth in the catalytic materials segment [5][6] - In the first half of 2025, the company achieved revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 332 million yuan, a year-on-year increase of 0.38% [4][5] - The company is expanding its product offerings across multiple sectors, including automotive electronics, AI computing servers, and solid-state battery materials, which are expected to contribute to future growth [6][7] Financial Performance Summary - For Q2 2025, the company reported revenue of 1.179 billion yuan, a year-on-year increase of 4.67% and a quarter-on-quarter increase of 20.97% [4] - The net profit for Q2 2025 was 196 million yuan, a year-on-year decrease of 0.57% but a quarter-on-quarter increase of 44.33% [4] - The company expects net profits for 2025-2027 to be 798 million, 913 million, and 1.16 billion yuan respectively, with year-on-year growth rates of 32.0%, 14.5%, and 26.9% [8] Business Segment Insights - The electronic materials segment is experiencing high growth due to increasing demand for automotive electronics and AI applications, with successful product validation from key clients [5] - The catalytic materials segment has gained traction by supplying ceramic substrates and other products to major international automotive manufacturers [5] - The biomedical materials segment is advancing with the development of dental restoration products, which have begun to see market acceptance [5] - The new energy materials segment is focusing on ultra-thin coatings and has developed various new product models in response to customer needs [5][6]

Core Viewpoint - Huicheng Environmental Protection is facing dual challenges of declining performance and reliance on major clients, prompting the company to seek a breakthrough through a targeted private placement to raise funds for environmental projects and working capital [2][7]. Performance Fluctuations - In the first half of 2025, Huicheng Environmental Protection reported revenue of 564 million yuan, a year-on-year decline of 5.09%, and a net profit attributable to shareholders of 5.02 million yuan, down 85.64% [4]. - The company experienced significant revenue growth in 2023, with revenue soaring to 1.071 billion yuan, a 194.76% increase, and net profit reaching 139 million yuan, up 5499.75%, primarily due to the successful launch of a project by its subsidiary [3]. - However, in 2024, revenue growth slowed to 1.149 billion yuan, a 7.33% increase, while net profit fell to 42.6 million yuan, down 69.24% [3]. Client Dependency - Huicheng Environmental Protection is heavily reliant on China National Petroleum Corporation (CNPC), with sales revenue from CNPC accounting for 69.12%, 61.62%, and 66.14% of its main business income in 2023, 2024, and the first half of 2025, respectively [5]. - The company is the sole supplier for the high-sulfur petroleum coke hydrogen ash utilization project for Guangdong Petrochemical, which raises concerns about the stability of its revenue stream [5][6]. Capital Expansion - Despite the challenges, Huicheng Environmental Protection is proceeding with a private placement to raise funds for projects in the Jieyang Dannan Sea Petrochemical Industrial Zone, including general industrial solid waste treatment and environmental resource utilization [7][8]. - The strategic expansion is seen as a response to favorable market prospects and aims to enhance the company's product diversification, including increasing the production of molecular sieves and catalytic agents [9].

Core Viewpoint - The new materials industry is experiencing rapid growth, with significant opportunities arising from technological advancements and domestic production capabilities, particularly in semiconductor materials, display materials, and renewable energy sectors [2][14][18]. Group 1: New Materials Industry Overview - The global new materials industry reached a value of $2.8 trillion in 2019, with a projected growth trajectory [2][13]. - In China, the new materials industry generated a total output value of 6.4 trillion yuan in 2021, with an annual compound growth rate of 23.1% from 2010 to 2021, and is expected to reach 7.5 trillion yuan in 2022 [14][15]. - The Ministry of Industry and Information Technology forecasts that by 2025, the total output value of China's new materials industry will reach 10 trillion yuan, indicating a broad market outlook [14][18]. Group 2: Semiconductor Sector - The global semiconductor market size reached $595 billion in 2021, with expectations to grow to $790 billion by 2026, driven by developments in 5G and automotive electronics [4][21]. - The semiconductor materials market in China was valued at $119 billion in 2021, reflecting a year-on-year growth of 22.2% [34][36]. - Key materials such as electronic specialty gases and photoresists are critical for chip manufacturing, with high import dependency highlighting significant domestic production opportunities [4][42][46]. Group 3: Display Materials - The display materials sector is poised for growth, with the global OLED materials market expected to increase from approximately $900 million in 2019 to about $2.6 billion by 2024, representing a compound annual growth rate of 23.6% [5][20]. - Domestic leaders in display materials, such as Wanrun and Ruilian, are major suppliers of liquid crystal and OLED materials, benefiting from the recovery in consumer demand [5][20]. Group 4: Renewable Energy Materials - The renewable energy sector is rapidly evolving, with significant opportunities in battery materials such as composite copper foil and conductive carbon black, as well as in photovoltaic materials like reflective films [7][20]. - The market for sodium battery materials is expected to grow significantly, with projections indicating a market size of 73.8 billion yuan by 2025 [20]. Group 5: Environmental Materials - Traditional chemical applications are also seeing upgrades, with domestic companies like Zhongchumai and Jianlong Weina capitalizing on the opportunities in molecular sieves and lubricating oil additives [8][20]. - Aerogels, known for their exceptional insulation properties, are gaining traction in construction and electric vehicle markets, with domestic firms like Chenguang New Materials actively entering this space [9][20].

Core Viewpoint - The company, Luoyang Jianlong Micro-Nano New Materials Co., Ltd., issued a correction announcement regarding its 2024 annual report, indicating that there were some incomplete disclosures, but the corrections do not affect the financial statements or the company's financial condition and operating results for 2024 [1][5]. Group 1: Risk Factors - The company has identified potential capacity digestion risks due to increased production capacity from recent projects, which may not align with market demand if the growth in the molecular sieve industry is lower than expected or if competition intensifies [1]. - Specific risks include: (1) lower than expected market growth in the molecular sieve industry; (2) intensified market competition leading to insufficient demand for core products; (3) ineffective market expansion for new products; (4) significant adverse changes in key downstream application industries; (5) changes in supply-demand dynamics due to competitors' capacity expansions; (6) inability to maintain technological, quality, customer resource, and cost advantages in a competitive market [1]. Group 2: Financial Metrics - The company reported a basic earnings per share of 0.75 yuan for 2024, a decrease of 50.98% from 1.53 yuan in 2023 [2]. - The diluted earnings per share for 2024 was 0.68 yuan, down 53.10% from 1.45 yuan in 2023 [2]. - The weighted average return on net assets was 4.14% for 2024, down from 9.06% in 2023, representing a decrease of 4.75 percentage points [4]. - The proportion of R&D investment to operating income increased by 0.24 percentage points [2]. - The total R&D investment for the year was 35,347,945.44 yuan, a decrease of 22.79% compared to the previous year [4][5]. Group 3: Other Information - The company expressed regret for any inconvenience caused to investors due to the corrections and emphasized its commitment to improving the quality of information disclosure [6].

Core Viewpoint - The credit rating agency has assigned a stable credit rating of AA- to Luoyang Jianlong Micro-Nano New Materials Co., Ltd, reflecting its strong position in the molecular sieve industry and its comprehensive industry chain advantages [3][5][19]. Company Overview - Luoyang Jianlong Micro-Nano New Materials Co., Ltd is a leading domestic enterprise in the molecular sieve sector, possessing a complete industry chain that includes raw powder, activated powder, and formed molecular sieves [5][11]. - The company has a total asset value of 29.58 billion yuan and equity attributable to shareholders of 18.21 billion yuan as of the latest reporting period [3][4]. Financial Performance - The company reported a revenue of 7.79 billion yuan in 2024, a decrease of 19.90% year-on-year, with a net profit of 0.25 billion yuan [4][16]. - In the first quarter of 2025, the revenue was 1.78 billion yuan, down 7.39% compared to the same period in 2024 [5][16]. - The gross profit margin for the company was 30.37% in the first quarter of 2025, showing a slight recovery from 28.35% in 2024 [16]. Market Dynamics - The molecular sieve industry is experiencing pressure due to adjustments in downstream industries, particularly in gas separation and healthcare sectors, which have seen reduced demand [5][16]. - The company is actively exploring new markets in petrochemicals, renewable energy, and resource recovery to mitigate the impact of declining traditional business areas [5][17]. Production Capacity and Risks - The company plans to increase its production capacity of formed molecular sieves by 1.60 million tons over the next two years, representing a growth of 28.57% compared to the end of 2024 [7][19]. - There are concerns regarding capacity digestion risks due to the anticipated decline in revenue and the potential delay in the commissioning of new projects [6][19]. Competitive Landscape - The molecular sieve market is characterized by high technical barriers, with international giants dominating the high-end market, while domestic companies are gradually breaking through in the catalyst field [13][14]. - Luoyang Jianlong Micro-Nano is positioned as a leader in the industry but faces challenges in brand influence and comprehensive strength compared to international competitors [15][19]. Raw Material Costs - The cost structure of the company is heavily influenced by raw material prices, which have seen a decline in recent periods, alleviating some cost pressures [20][21]. - The main raw materials include sodium hydroxide, solid sodium silicate, and lithium salts, with significant price reductions observed in 2024 [20][21].

Core Viewpoint - The new materials industry is experiencing rapid growth, with significant opportunities arising from technological advancements, policy support, and the need for domestic production capabilities in response to international trade tensions [2][9][13]. Group 1: Industry Overview - The global new materials industry reached a value of $2.8 trillion in 2019, with a competitive landscape divided into three tiers: developed countries in the first tier, rapidly developing countries like China in the second tier, and emerging economies in the third tier [8][12]. - China's new materials industry generated a total output value of 6.4 trillion yuan in 2021, with an average annual growth rate of 23.1% from 2010 to 2021, and is projected to reach 7.5 trillion yuan in 2022 [9][10]. Group 2: Semiconductor Sector - The global semiconductor market was valued at $595 billion in 2021, with expectations to grow to $790 billion by 2026, driven by advancements in 5G and automotive electronics [3][16]. - The semiconductor materials market in China reached $11.9 billion in 2021, growing by 22.2% year-on-year, indicating a significant increase in domestic demand [31][32]. Group 3: Display Materials - The global OLED materials market is expected to grow from approximately $900 million in 2019 to about $2.6 billion by 2024, with a compound annual growth rate (CAGR) of 23.6% [4]. - Domestic companies like Wanrun and Ruile New Materials are leading suppliers in the liquid crystal and OLED material sectors, with significant market shares [4][15]. Group 4: New Energy Materials - The new energy sector is rapidly evolving, with key materials such as composite copper foil, conductive carbon black, and sodium battery materials expected to see substantial market growth [5][15]. - The market for photovoltaic materials is projected to reach 20 billion yuan by 2025, driven by increasing demand for solar energy solutions [15]. Group 5: Environmental Materials - Traditional chemical applications are witnessing upgrades, with domestic companies like Zhongchumai and Jianlong Weina capitalizing on opportunities in molecular sieves and lubricating oil additives [6][15]. - Aerogels, known for their exceptional insulation properties, are gaining traction in construction and electric vehicle markets, with companies like Chenguang New Materials entering this space [6][15].

Group 1 - The company held its 11th meeting of the 4th Board of Directors on June 17, 2025, with all 8 directors present, confirming the legality and validity of the meeting [2][4] - The Board decided not to adjust the conversion price of the "Jianlong Convertible Bonds" downwards, despite the stock price triggering the adjustment clause, citing confidence in the company's future development [3][39] - The decision was made with a unanimous vote of 8 in favor, with no opposition or abstentions [4] Group 2 - The company has decided to postpone the completion date of the "Adsorbent Material Industrial Park Expansion Project (Phase II)" from June 2025 to December 2026, without changing the project’s implementation subject, investment purpose, or scale [5][44] - The postponement is due to various macroeconomic uncertainties and the need for cautious investment strategies, ensuring that the project aligns with the company's long-term development plans [43][56] - The company has invested 66.91 million yuan in the project as of May 31, 2025, which is 13.01% of the total planned investment [44][45] Group 3 - The company has revised several internal management systems to comply with the latest legal and regulatory requirements, including rules for the audit committee, nomination committee, and remuneration committee [7][9][10] - The revisions were approved unanimously by the Board, with all votes in favor [11][12][13] - The company has also updated its internal control and risk assessment systems to enhance governance and compliance [24][25][26] Group 4 - The "Jianlong Convertible Bonds" were issued on March 8, 2023, with a total amount of 700 million yuan, and the current conversion price is 71.91 yuan per share [32][33] - The bond's conversion price has been adjusted multiple times due to various corporate actions, with the latest adjustment occurring on December 20, 2024 [34][35] - The company has triggered the downward adjustment clause for the conversion price but has chosen not to exercise this option at this time [39][40] Group 5 - The company emphasizes the strategic importance of the "Adsorbent Material Industrial Park Expansion Project (Phase II)" in supporting sustainable development and aligning with national policies [48][49] - The project aims to enhance the company's capabilities in high-performance materials, particularly in emerging fields such as sustainable aviation fuel and resource recycling [50][51] - The company has established a solid market foundation and technical reserves to support the project's successful implementation [52][53][54]

Core Viewpoint - The company is planning to hold a shareholders' meeting to discuss various proposals, including changes to the company's capital structure, dividend distribution plans for the next three years, and updates to the company's governance structure [1][30]. Meeting Procedures - The meeting will require shareholders to register 30 minutes prior to the start, presenting necessary identification and documentation [2][4]. - Shareholders will have the right to speak, inquire, and vote during the meeting, with specific rules governing the order and manner of participation [3][5]. Financial Performance - In the reporting period, the company achieved a revenue of 778.75 million yuan, a decrease of 19.90% year-on-year, and a net profit of 74.76 million yuan, down 51.15% compared to the previous year [5][19]. - The decline in revenue and profit is attributed to increased operational costs and a decrease in sales volume [19]. Governance Changes - The company plans to abolish the supervisory board and transfer its responsibilities to the audit committee of the board of directors, aiming to enhance governance efficiency [27][28]. - The proposed changes to the company's articles of association will align with the latest legal requirements and improve operational mechanisms [27][28]. Dividend Policy - The company proposes a cash dividend of 2 yuan per 10 shares, totaling approximately 20.01 million yuan, which represents 40.15% of the net profit for the year [22][23]. - A three-year dividend return plan (2025-2027) is also proposed to enhance transparency and stability in shareholder returns [30]. Future Plans - The company aims to focus on innovation and expand into new markets, particularly in the petrochemical and renewable energy sectors, as part of its strategic development [21][30]. - The financial budget for 2025 is based on the previous year's performance and aims to maintain a cautious approach amid market uncertainties [20].

Group 1 - The company reported Q1 2025 revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit attributable to shareholders of 136 million yuan, up 1.80% year-on-year and 10.75% quarter-on-quarter [1] - The company's gross margin for the quarter was 36.8%, down 2.0 percentage points year-on-year and 3.0 percentage points quarter-on-quarter, influenced by product mix changes [1] - The company is a global leader in MLCC dielectric powder production, covering all types of basic and formula powders, and has established long-term stable partnerships with customers [1] Group 2 - The company is a leading domestic gas purification solution provider, offering a full range of products for exhaust gas catalysis, including honeycomb ceramic carriers and cerium-zirconium solid solutions [2] - The company aims to become a global comprehensive supplier of dental restoration solutions, focusing on dental hard tissue replacement biomaterials and enhancing its core product influence [2] Group 3 - The company is actively expanding into the new energy and precision ceramics sectors, launching several core materials for lithium battery cathode additives and extending the application of zirconia microspheres [3] - The precision ceramics segment includes a range of materials such as zirconia and alumina, with products like ceramic bearings and substrates, aiming to become a leading platform in the precision ceramics industry [3] - The company plans to expand its ceramic metallization project, targeting applications in thin-film sensors and power supply modules [3]