格隆汇8月27日｜华鑫证券研报指出，浙江龙盛2025H1归母净利润同比增长2.84%，主因国内染料价格 承压，而公司主要产品销量增长以量补价，利润得以提升。公司目前主营以染料、助剂为主的纺织用化 学品业务和以间苯二胺、间苯二酚为主的中间体业务，染料和中间体业务依然是公司利润的主要来源， 1）染料业务：上半年销量11.54万吨，同比+0.79%，公司重点发展直销业务，维护经销业务，销量实现 平稳增长。2）中间体业务：上半年销量4.95万吨，同比-4.99%。未来将通过自主研发与战略并购双轮 驱动，打造跨领域特殊化学品综合服务商。公司自主研发与战略并购双轮驱动，业绩有望稳健发展，预 测公司2025-2027年归母净利润分别为20.70、22.12、23.92亿元，当前股价对应PE分别为17.0、15.9、 14.7倍，维持"买入"投资评级。 ...

2025 年 08 月 26 日 券 研 究 报 告 25H1 染料销量增长，持续巩固纺织用化学品龙 头地位 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-08-26 | | --- | --- | | 当前股价（元） | 10.82 | | 总市值（亿元） | 352 | | 总股本（百万股） | 3253 | | 流通股本（百万股） | 3253 | | 52 周价格范围（元） | 8.89-10.83 | | 日均成交额（百万元） | 240.44 | 市场表现 -10 0 10 20 30 40 (%) 浙江龙盛 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《浙江龙盛（600352）：技术筑 基绿色智造，全链协同驱动全球增 长》2025-04-18 2、《浙江龙盛（600352）：染料龙 头静待行业复苏，房地产项目稳步 推进》2024-02-22 —浙江龙盛（600352.SH）公司事件点评报告 浙江龙盛发布 202 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600352 证券简称：浙江龙盛 公告编号：2025-035 号 浙江龙盛集团股份有限公司 2025 年上半年度主要经营数据公告 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》的 要求，公司现将 2025 年上半年度主要经营数据披露如下： 注：上述产品销量包含了部分外购成品再销售的量。 二、主要产品和原材料的价格变动情况 （一）主要产品价格(不含增值税)波动情况 第 1页 共 4 页 一、主要产品的产量、销量及收入实现情况 主要 产品 2025年4－6月 2025年1－6月 产量 （吨） 销量 （吨） 营业收入（元） 产量 （吨） 销量 （吨） 营业收入（元） 染料 54,306 59,473 1,859,659,789.51 110,710 115,383 3,631,784,713.05 助剂 10,522 15,706 234,878,202.54 21,282 31,154 476,688,401.89 中间体 30,566 22,951 ...

Core Viewpoint - Zhejiang Longsheng plans to acquire 37.57% of DyStar Global Holdings for approximately $697 million to resolve an ongoing lawsuit and gain full ownership of the company, which is a leading global supplier of textile dyes and chemicals [1][5][6]. Group 1: Acquisition Details - The acquisition will increase Zhejiang Longsheng's stake in DyStar from 62.43% to 100% [5]. - The transaction is expected to resolve litigation issues with KIRI Company, the seller, and prevent DyStar from being sold as a whole [5][6]. - DyStar has a strong market position and is profitable, with a projected net profit of $103 million for 2024 [1][6]. Group 2: Financial Performance - In 2024, Zhejiang Longsheng reported a net profit of 2.03 billion yuan, a year-on-year increase of 32.36% [8]. - The company achieved a net profit of 396 million yuan in Q1 2024, representing a 100.44% increase year-on-year [7][8]. - Cumulatively, since its listing in 2003, Zhejiang Longsheng has achieved a total net profit of 39.2 billion yuan [2][11]. Group 3: Market Position and Industry Context - Zhejiang Longsheng is a leading player in the textile chemicals market, with a global market share and production capacity of 300,000 tons of dyes and 100,000 tons of auxiliaries annually [9]. - The Chinese dye industry accounts for over 70% of global production, making China the largest producer and consumer of dyes [8][9]. - Despite market pressures and declining profits in recent years, the company's competitive advantages have allowed it to maintain strong profitability [10][11].

Core Insights - Zhejiang Runtu Co., Ltd. reported a revenue of 5.695 billion yuan for 2024, marking a year-on-year increase of 1.91%, while net profit attributable to shareholders surged by 366.42% to 213 million yuan, driven by improvements in main business operations and cost efficiency [2][3] Business Performance - The dye segment produced 193,700 tons in 2024, up 4.61% year-on-year, with sales reaching 190,100 tons, an increase of 8.61%. Despite a decline in disperse dye prices leading to a revenue drop, this segment still accounted for 62.49% of total revenue, generating 3.559 billion yuan [2][3] - The auxiliary agent segment showed strong performance, with production rising by 28.61% to 34,900 tons and sales increasing by 22.33% to 35,100 tons, resulting in a revenue of 227 million yuan, up 27.63% [3] Cost Control and Innovation - The company implemented a "backward integration" strategy to enhance its supply chain, reduce production costs, and mitigate the impact of raw material price fluctuations, thereby strengthening its market risk resilience [3] - Runtu invested 243 million yuan in R&D in 2024, focusing on dyes, intermediates, and production processes, leading to a total of 296 invention patents and 44 utility model patents by the end of 2024 [3][4] Product Development - The company accelerated product upgrades and new product development, launching new products like 300% liquid black and upgrading its blue label product line, enhancing competitiveness in the high-end market [4] - Runtu's core patented technologies and effective cost control and product structure adjustments provide a relative advantage in profit recovery, emphasizing the need for continuous innovation and management optimization to maintain competitive strength [4]

Investment Rating - The industry investment rating for basic chemicals and oil & gas is maintained at "Overweight" [6] Core Viewpoints - The industry is experiencing a bottoming phase in profitability for bulk chemicals in 2024, with signs of recovery in downstream demand beginning in Q1 2025 [2][19] - The oil price has been under pressure due to geopolitical tensions and OPEC+ production cuts, leading to a decline in profitability across the oil and gas value chain [10][14] - The overall revenue for the basic chemicals and oil & gas sector in 2024 was 1,031.71 billion, with a net profit of 49.85 billion, reflecting a year-on-year decline of 1% and 0.8% respectively [12][18] Summary by Sections 2024 Annual Overview - The oil and gas sector remains relatively strong, while bulk cyclical products are facing profitability challenges [3][14] - The chemical industry is waiting for a supply-demand turning point, with 21 out of 35 sub-industries showing positive performance in A-shares [14][16] Q1 2025 Performance - In Q1 2025, the oil price decline has led to a decrease in profitability for the oil and gas sector, while downstream products are showing initial signs of recovery [19][20] - The revenue for Q1 2025 was 25,157 billion, with a net profit of 1,426 billion, indicating a year-on-year decline of 4% and 3% respectively, but a quarter-on-quarter increase of 2% and 78% [12][23] Industry Outlook - The second half of 2025 is expected to see an upward trend, driven by improved domestic and external demand, as well as capital expenditure recovery [5][10] - Recommended stocks include Meihua Biological, Xinghuo Technology, and others, which are expected to benefit from the recovery in the chemical industry [8][5]

主要产品产销量提升，助力营收实现增长 事件 闰土股份发布2024 年度业绩报告：2024 全年实现营业总收入56.95 亿元，同比+1.91%；实现归母净利 润2.13 亿元，同比+366.42%。其中2024Q4 单季度实现营业收入16.23 亿元，同比+17.98%、环比 +17.36%，实现归母净利润0.63 亿元，同比+210.97%、环比+34.91%。 2024 年公司主要产品染料价格下降，但得益于主要产品销售规模的扩大和市场份额的增加，公司营业 收入仍实现增长。 分产品产销情况来看，2024 年公司染料产量为19.37 万吨，同比+4.61%，销量为19.01 万吨，同比 +8.61%；助剂产量为3.49 万吨， 同比+28.61% ， 销量为3.51 万吨， 同比+22.33%；其他化工原料产量 为94.59 万吨，同比+5.34%，销量为94.92 万吨，同比+5.49%。 财务费用率上升，主因利息收入减少 期间费用方面，公司2024 年销售/管理/财务/研发费用率分别同比-0.17/-2.10/+0.33/+0.30pct，其中财务费 用率上升主因利息收入减少。研发方面，公司将加强研发以延 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" with a target price of RMB 11.88 [6][4]. Core Views - The company's Q1 net profit improved year-on-year, primarily due to the realization of revenue from its real estate business, which is entering a monetization phase [1]. - The dye and intermediate product market is showing signs of recovery, contributing positively to the company's performance [2]. - The real estate business is expected to continue generating revenue, with a significant portion of inventory already sold [3]. Summary by Sections Financial Performance - In Q1, the company achieved operating revenue of RMB 3.24 billion, with a year-on-year decline of 7.2% and a quarter-on-quarter decline of 38.7%. The net profit attributable to the parent company was RMB 400 million, exceeding expectations [1]. - The sales volume for dyes, additives, and intermediates in Q1 was 56,000 tons, 15,000 tons, and 27,000 tons respectively, with year-on-year growth of 0.8%, 0.3%, and 7.8% [2]. Cost and Margin Analysis - The company's comprehensive gross margin improved to 28.6%, up 1.5 percentage points year-on-year, due to a decrease in raw material prices [2]. - The company reported a decrease in construction projects in progress, down RMB 260 million year-on-year to RMB 570 million [2]. Real Estate Business - The real estate project "Huaxing New City" has fully topped out, with a sales rate exceeding 90%, indicating strong future revenue potential [3]. - Non-recurring gains increased by RMB 180 million year-on-year to RMB 100 million, primarily due to changes in the fair value of financial assets and liabilities [3]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 2.15 billion, RMB 2.36 billion, and RMB 2.47 billion respectively, with corresponding EPS of RMB 0.66, RMB 0.72, and RMB 0.76 [4]. - The target price of RMB 11.88 corresponds to an 18x PE for 2025, reflecting the company's leading position in the dye industry and orderly progress in real estate projects [4].

Core Insights - Zhejiang Longsheng achieved operating revenue of 15.884 billion yuan, a year-on-year increase of 3.79%, and a net profit attributable to shareholders of 2.03 billion yuan, up 32.36% [1] - The company focuses on "steady progress and quality improvement" to enhance market expansion and internal management optimization, ensuring robust operational support for high-quality development [1] - The main business areas include textile chemical products, primarily dyes and additives, and intermediates such as meta-phenylenediamine and meta-phenol [1] Revenue Breakdown - The dye segment generated operating revenue of 7.591 billion yuan, a slight increase of 0.94%, with sales volume reaching 238,400 tons, up 7.17% [1] - The intermediates segment reported operating revenue of 3.282 billion yuan, a growth of 4.58%, with sales volume of 106,200 tons, increasing by 16.55% [2] - The additives business also showed stable growth, achieving operating revenue of 1.002 billion yuan, a rise of 7.63% [3] Strategic Initiatives - The company is extending its industrial chain vertically, moving from a single dye business to the specialty chemicals sector, focusing on key intermediate products to enhance upstream raw material control and supply chain stability [2] - By integrating the MAP-EF production system, the company aims to reduce costs and improve efficiency amid increasing market competition [2] - The integrated layout in the intermediates sector provides significant advantages, enhancing cost control and product quality stability [3] Future Outlook - The company aims to focus on the specialty chemicals field, planning to build a globally leading production service system [4] - Future strategies include promoting high-end, green, and intelligent manufacturing, alongside continuous technological innovation and product structure optimization [4]

浙江龙盛集团股份有限公司 2024 年第四季度主要经营数据公告 （一）主要产品价格(不含增值税)波动情况 第 1 页 共 4 页 证券代码：600352 证券简称：浙江龙盛 公告编号：2025-013 号 注：上述产品销量包含了部分外购成品再销售的量。 二、主要产品和原材料的价格变动情况 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 2023年第四季度 2024年第一季度 2024年第二季度 2024年第三季度 2024年第四季度 主要产品销售价格波动走势图 分散染料 活性染料 德司达分散 德司达活性 德司达靛蓝 德司达助剂 间苯二胺 间苯二酚 单位：元/吨 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》要 求，公司 2024 年第四季度主要经营数据披露如下： 主要 产品 2024年10－12月 2024年1－12月 产量 （吨） 销量 （吨） 营业收入 （元） 产量 （吨） 销量 ...