证券研究报告| 公司动态点评 2025 年 08 月 27 日 圣泉集团（605589.SH） 1H25 公司业绩实现较高增速，合成树脂和先进电子材料板块表现 优异 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9,120 | 10,020 | 11,575 | 14,371 | 16,270 | | 增长率 yoy（%） | -5.0 | 9.9 | 15.5 | 24.2 | 13.2 | | 归母净利润（百万元） | 789 | 868 | 1,286 | 1,425 | 1,672 | | 增长率 yoy（%） | 12.2 | 9.9 | 48.1 | 10.8 | 17.4 | | ROE（%） | 8.4 | 8.4 | 11.5 | 11.5 | 12.2 | | EPS 最新摊薄（元） | 0.93 | 1.03 | 1.52 | 1.68 | 1.98 | | P/E（倍） | 34.4 | 31.3 | 21.1 | 19.1 | 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's revenue for H1 2025 reached 5.351 billion yuan, a year-on-year increase of 15.67%, while the net profit attributable to shareholders was 501 million yuan, up 51.19% year-on-year [2][4] - The growth in performance is attributed to the rapid development of emerging fields such as AI, which has driven demand for high-frequency and high-speed resins, leading to significant increases in the shipment volumes of products like PPO/OPE and hydrocarbon resins [2][3] - The company is strategically positioned in advanced electronic materials, with a comprehensive product solution capability from M4 to M9, catering to various customer needs [3] Summary by Sections Financial Performance - In H1 2025, the company achieved a gross profit margin of 24.82%, an increase of 1.66 percentage points year-on-year, and a net profit margin of 9.75%, up 2.44 percentage points year-on-year [1][2] - For Q2 2025, revenue was 2.892 billion yuan, a year-on-year increase of 16.13%, and net profit was 294 million yuan, up 51.71% year-on-year [1][2] Product Development and Market Position - The company has made significant advancements in traditional resin products, with synthetic resin products generating 2.810 billion yuan in revenue, a 10.35% increase year-on-year [2] - The company plans to issue 2.5 billion yuan in convertible bonds to fund the industrialization of silicon-carbon negative materials, aiming to capture market opportunities in the lithium battery sector [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 11.603 billion yuan, 13.182 billion yuan, and 14.669 billion yuan, respectively, with net profits expected to be 1.279 billion yuan, 1.632 billion yuan, and 1.944 billion yuan [9] - The company is expected to maintain a strong growth trajectory driven by its leadership in synthetic resins and the development of new energy materials [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company reported a significant increase in Q2 performance, with revenue reaching 5.351 billion yuan, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 501 million yuan, up 51.2% year-on-year [6] - The company plans to issue convertible bonds to raise no more than 2.5 billion yuan, with 2 billion yuan allocated for the industrialization of green new energy battery materials and 500 million yuan for working capital [6] - The company is expected to achieve net profits of 1.189 billion, 1.386 billion, and 1.659 billion yuan for the years 2025 to 2027, with corresponding EPS of 1.40, 1.64, and 1.96 yuan per share [6] Financial Performance - In H1 2025, the advanced electronic materials and battery materials segment generated revenue of 846 million yuan, a year-on-year increase of 32.43%, with sales volume of 40,100 tons, up 14.90% year-on-year [7] - The synthetic resin segment reported revenue of 2.810 billion yuan, a year-on-year increase of 10.35%, with sales volume of 391,800 tons, up 15.48% year-on-year [7] - The gross profit margin and net profit margin for the mid-year report were 24.82% and 9.75%, respectively, reflecting year-on-year increases of 1.66 and 2.44 percentage points [7] Business Segments - The company has established a comprehensive solution capability for products ranging from DCPD epoxy resins to various special structures of hydrocarbon materials, meeting diverse customer needs [7] - The biomass segment achieved revenue of 516 million yuan in H1 2025, a year-on-year increase of 26.47%, with stable operations at the Daqing production base [7] Valuation Metrics - The current stock price corresponds to a PE ratio of 23.7, 20.4, and 17.0 for the years 2025, 2026, and 2027, respectively [6][9] - The projected revenue for 2025 is 11.353 billion yuan, with a year-on-year growth of 13.3% [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 10.02 billion yuan for 2024, representing a year-on-year increase of 9.9%. The net profit attributable to shareholders was 870 million yuan, also up by 9.9%. The net profit after deducting non-recurring gains and losses was 830 million yuan, reflecting a year-on-year growth of 12.7% [4][8]. - In Q4 alone, the company achieved a revenue of 2.87 billion yuan, which is an 18.1% increase year-on-year and a 13.6% increase quarter-on-quarter. The net profit for Q4 was 290 million yuan, down 6.6% year-on-year but up 15.2% quarter-on-quarter [4][8]. - The company plans to distribute a cash dividend of 4.5 billion yuan, proposing a payout of 5.5 yuan per 10 shares [4][8]. - For Q1 2025, the company forecasts a net profit attributable to shareholders between 200 million and 215 million yuan, indicating a year-on-year increase of 45.6% to 56.5% [4][8]. Summary by Sections Financial Performance - In 2024, the company's synthetic resin products, advanced electronic materials, and biomass products generated revenues of 5.34 billion yuan, 1.24 billion yuan, and 960 million yuan, respectively, with year-on-year growth rates of 4.3%, 4.7%, and 11.7% [8]. - The total sales volume for these products was 696,000 tons, 69,000 tons, and 217,000 tons, with respective year-on-year increases of 8.9%, 1.1%, and 23.6% [8]. - The gross profit margins for these segments were 20.7%, 27.4%, and 14.3%, with slight changes year-on-year [8]. Business Segments - The company’s two main businesses, phenolic resin and casting materials, showed stable growth in market share. In 2024, phenolic resin sales reached 529,000 tons, up 8.4% year-on-year, while casting resin sales were 174,000 tons, up 10.4% [8]. - The company is focusing on expanding its advanced electronic materials segment, particularly in high-frequency and high-speed resins, to meet the growing demand driven by AI server performance upgrades [8]. Future Outlook - The company is expected to see significant performance contributions from its PPO, porous carbon, and biomass projects as they reach full production capacity. Forecasted net profits for 2025 to 2027 are 1.27 billion yuan, 1.57 billion yuan, and 1.99 billion yuan, respectively [8].

Core Viewpoint - The company reported a revenue of 10.02 billion yuan for 2024, reflecting a year-on-year increase of 9.9%, and a net profit attributable to shareholders of 870 million yuan, also up by 9.9% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.87 billion yuan, representing a year-on-year increase of 18.1% and a quarter-on-quarter increase of 13.6% [1] - The net profit for Q4 was 290 million yuan, down 6.6% year-on-year but up 15.2% quarter-on-quarter [1] - The company plans to distribute a cash dividend of 4.5 billion yuan, with a proposed payout of 5.5 yuan per 10 shares [1] - For Q1 2025, the company expects a net profit attributable to shareholders between 200 million and 215 million yuan, indicating a year-on-year increase of 45.6% to 56.5% [1] Product Performance - In 2024, the company’s synthetic resin products generated revenue of 5.34 billion yuan, advanced electronic materials 1.24 billion yuan, and biomass products 960 million yuan, with respective year-on-year growth rates of 4.3%, 4.7%, and 11.7% [2] - The sales volume for synthetic resin products was 696,000 tons, advanced electronic materials 69,000 tons, and biomass products 217,000 tons, with year-on-year growth rates of 8.9%, 1.1%, and 23.6% [2] - The gross profit margins for these segments were 20.7%, 27.4%, and 14.3%, with year-on-year changes of 0.0 percentage points, 1.4 percentage points, and 8.8 percentage points respectively [2] Market Position and Strategy - The company’s phenolic resin product sales reached 529,000 tons in 2024, up 8.4% year-on-year, while casting resin product sales were 174,000 tons, up 10.4% year-on-year [3] - The company is focusing on developing new applications and expanding into new fields to increase revenue, sales, and market share in the phenolic resin sector [3] - In the casting materials sector, the company is leveraging a full industry chain approach to address overcapacity issues and is targeting key sectors such as new energy vehicles and aerospace [3] Innovations and Future Growth - The company is accelerating the production of high-value-added products in advanced electronic materials, with new production lines for PPO and hydrocarbon resins coming online [4] - The company is also advancing its battery materials business, focusing on the development of silicon-carbon and hard carbon negative materials [4] - The Daqing biomass project resumed production in June 2024 and is expected to achieve a balance between production and sales by the end of the year [4] Growth Outlook - The company is positioned as a leader in synthetic resins, with stable profit contributions from electronic chemicals and biomass chemicals, which are expected to open up growth opportunities [5] - The expected performance for 2025 to 2027 is projected to be 1.27 billion, 1.57 billion, and 1.99 billion yuan respectively [5]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance met expectations, with high-frequency and high-speed resin benefiting from AI demand [1][7] - The company reported a revenue of 10.02 billion yuan for 2024, a year-on-year increase of 10%, and a net profit of 868 million yuan, also up 10% year-on-year [7] - The company anticipates a significant increase in net profit for Q1 2025, projecting a growth of 45.58% to 56.49% year-on-year [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.56 billion yuan, with a year-on-year growth rate of 15.3% [6] - The net profit for 2025 is projected to be 1.225 billion yuan, reflecting a year-on-year increase of 41.1% [6] - The company’s gross margin is expected to improve to 25.0% in 2025, up from 23.6% in 2024 [6] - The return on equity (ROE) is projected to rise to 11.3% in 2025 [6] Sales and Product Performance - The company’s main products, including synthetic resins and advanced electronic materials, showed strong sales growth in 2024, with synthetic resin sales reaching 695,600 tons, up 8.85% year-on-year [7] - The company is expanding its production capacity for high-value products, including a new 1,000 tons/year PPO resin production line [7] - The biomass project in Daqing is expected to gradually achieve profitability, contributing positively to the company's overall performance [7]

济南圣泉集团股份有限公司 关于公司 2024 年度主要经营数据的公告 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。 济南圣泉集团股份有限公司（以下简称"公司"）根据上海证券 交易所《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：第十三号——化工》的要求，现将公司 2024 年度主要经营数据 披露如下： 二、主要产品和原材料的价格变动情况 （一）2024 年度公司主要产品价格变动情况 | 主要产品 | 2024 年度平均售 | | 2023 年度平均售 | 变动比例（%） | | --- | --- | --- | --- | --- | | | 价（元/吨） | | 价（元/吨） | | | 合成树脂类 | | 7,680.73 | 8,013.20 | -4.15 | 证券代码：605589 证券简称：圣泉集团 公告编号：2025-029 报告期内，公司根据实际经营发展情况以及未来发展战略规划，对公司产品重新分类，由"酚 醛树脂、铸造用树脂、电子化学品"调整为"合成树脂类产品、先进电子材料及电池材料、 生物质 ...