分散剂

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瑞丰新材(300910):扩产项目将落地 国产添加剂龙头驶入快车道
Xin Lang Cai Jing· 2025-06-24 12:35
Core Conclusion - The company is expected to achieve net profits attributable to shareholders of 862 million, 1.14 billion, and 1.29 billion yuan for the years 2025-2027, representing year-on-year growth of 19.4%, 32.2%, and 13.4% respectively. Based on comparable company PE and historical PE, a valuation of 22 times PE for 2025 is given, corresponding to a target price of 64.1 yuan for 2025. The initial coverage is rated as "Buy" [1] Report Highlights - Recent market focus has been on the impact of tariffs on the lubricant additive industry, while the company's R&D capabilities and production capacity growth are emphasized as key potential drivers for growth. The report systematically analyzes the company's financial indicators, core products, and technologies to forecast growth from 2025 to 2027 [1] Major Logic - The company has seen a continuous increase in R&D investment, with 47 domestic invention patents, 2 foreign invention patents, and 4 utility model patents obtained by 2024. The company has independently mastered various formulations for diesel and gasoline engine oil additives, as well as other specialized oils, with several products passing third-party testing and obtaining OEM certifications [2] Profitability - The company has a complete production capability for mainstream single agents, covering a wide range of additive types. It also has production capabilities for key raw materials, leading to a high overall profitability, with a gross margin of 35.9% in 2024, an increase of 0.82 percentage points year-on-year [2] New Growth Drivers - The company is actively expanding its overseas market presence, establishing warehousing bases in Singapore, Dubai, and Belgium. In 2024, foreign revenue reached 2.226 billion yuan, a year-on-year increase of 8.2%, accounting for 70.5% of total revenue. Ongoing projects are expected to significantly increase production capacity to over 700,000 tons in the next three years, enhancing scale and cost advantages [3]
石化化工交运行业日报第50期:信凯科技上市 看好颜料行业国产替代进程
Xin Lang Cai Jing· 2025-04-15 08:39
Group 1: Company Developments - Xinkai Technology will be listed on April 15, with an issue price of 12.8 yuan per share, corresponding to a price-to-earnings ratio of 14.38 times [1] - Xinkai Technology has been in the pigment industry for nearly 30 years and is a significant supplier in the global organic pigment market, holding market shares of approximately 2.71%, 3.39%, and 3.11% from 2020 to 2022 [1] - The company is gradually releasing production capacity at its Liaoning project, with the main construction of the Liaoning Ziyuan project completed, expected to begin trial production in 2025 [1] Group 2: Industry Trends - Baihehua is investing in a high-performance organic pigment project in Hangzhou, planning to produce 2,000 tons of high-performance organic pigments and other materials annually [2] - Qicai Chemical is expanding its new materials capacity, with a project producing 3,000 tons of PPDI polyurethane elastomer materials expected to release capacity in the first half of 2024 [2] - The acquisition of German pigment business by Sudarshan Chemical indicates ongoing industry consolidation, benefiting domestic high-performance organic pigment substitutes [3] - The high-performance organic pigment sector is becoming a new trend due to the saturation of classic organic pigment capacity and the high technical barriers that favor leading companies [3]
泰和科技收盘下跌2.24%,滚动市盈率32.10倍,总市值35.28亿元
Sou Hu Cai Jing· 2025-03-24 10:20
山东泰和科技股份有限公司的主营业务为水处理剂的研发、生产和销售。公司产品有阻垢剂、缓蚀剂、 杀菌灭藻剂、螯合剂、分散剂、反渗透药剂、助洗剂等。公司先后荣获国家知识产权优势企业、全国企 业标准"领跑者"、中国石油和化工行业知识产权示范企业、石油和化工行业专精特新中小企业、2021中 国石油和化工企业500强、山东民营企业新材料新能源行业领军10强、山东省瞪羚标杆企业、山东省"十 强"产业集群领军企业、山东省技术创新示范企业、2021年山东民营企业创新100强、山东省创新驱动发 展突出贡献单位等称号。 最新一期业绩显示,2024年三季报,公司实现营业收入16.59亿元,同比1.25%;净利润8374.91万元, 同比-27.61%,销售毛利率14.04%。 泰和科技收盘下跌2.24%,滚动市盈率32.10倍,总 市值35.28亿元 3月24日,泰和科技今日收盘16.15元,下跌2.24%,滚动市盈率PE(当前股价与前四季度每股收益总和 的比值)达到32.10倍,总市值35.28亿元。 从行业市盈率排名来看,公司所处的化学制品行业市盈率平均45.49倍,行业中值36.14倍,泰和科技排 名第95位。 资金流向方面, ...