（记者 曾健辉） 每经AI快讯，环球富盛理财12月28日发布宏柏新材（605366.SH，最新价：6.39元）研报。主要观点包 括：1）成立迈图宏柏子公司，与美国迈图加强合作；2）成立泰国宏柏，拓展海外市场；3）含硫硅烷 领先企业，丰富产品矩阵。风险提示：宏观经济波动及市场竞争的风险；原材料、能源价格波动的风 险；安全生产的风险。 每经头条（nbdtoutiao）——涨疯了！黄金、铂金、白银通通创历史新高，美元大贬值！专家：美联储 独立性遭干预引发危机；前美联储理事：大幅降息重启房地产市场 每日经济新闻 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

证券日报网12月10日讯宏柏新材在回答调研者提问时表示，公司始终坚持以客户需求为导向，在巩固含 硫硅烷行业领先地位的同时，逐步拓展硅基新材料的深加工，提高产品的附加值，增强公司市场综合竞 争力和抗风险能力。未来三年公司将重点从以下四个方面进行规划：一是持续推动重点项目建设。聚焦 功能性硅烷主业，加快推进公司已建项目的产能释放速度和效率的同时，因地制宜快速推进泰国宏柏、 九江宏柏项目的建设进度，以创新引领高端布局，聚力优势产业强链、补链、延链。二是充分发挥迈图 宏柏在产品技术、品牌、市场渠道等方面优势。进一步提升公司特种硅烷产品在国内外市场的市场竞争 力。三是持续加大技术研发与创新投入。围绕含硫硅烷、其他品种硅烷、气相白炭黑和硅橡胶等主要产 品，开展一系列技术创新和工艺优化工作，推动产品的升级换代并提升市场竞争力。四是持续优化企业 管理与团队建设。推进企业管理标准化，进一步完善企业管理标准体系，通过有效地实施和监督，确保 各项制度得到切实执行。企业管理标准化的推进，将进一步提升公司的运营效率和管理水平，为公司的 可持续发展提供有力保障。 （文章来源：证券日报） ...

Core Viewpoint - Morning Light New Materials (605399.SH) has issued a profit warning, predicting a net loss of 3.5 to 5.1 million yuan for the first half of 2025, marking a year-on-year decline of 108.35% to 112.16% [1][2]. Group 1: Financial Performance - The company's non-recurring net profit is expected to decline sharply by 228.87% to 273.31%, with losses projected between 29 to 39 million yuan, reaching a new low since its listing [1][2]. - Morning Light's stock price peaked at 18.44 yuan per share on the announcement day, following three consecutive days of trading at the upper limit [2]. - The gross profit margin has plummeted from a high of 42.56% in 2021 to 14.84% in 2024, with a net profit margin turning negative at -2.04% in the first quarter of 2025 [10][15]. Group 2: Industry Context - The functional silane industry is facing an oversupply crisis, with production capacity expected to reach 70.25 million tons in 2024, while demand is only projected at 27.25 million tons, indicating a significant supply-demand imbalance [3][4]. - The average selling prices of key products are declining, with amino silane prices dropping by 19.1% from 25,148.61 yuan/ton in 2023 to 20,344.83 yuan/ton in 2024 [6][7]. - The overall market size for the functional silane industry is only 5.773 billion yuan, slightly above Morning Light's market capitalization [5]. Group 3: Operational Challenges - The company is experiencing increased construction costs and a decline in product prices due to oversupply, which has led to a significant drop in profitability [2][13]. - Morning Light's debt levels have surged, with the debt-to-asset ratio rising from 10.36% in 2022 to 33.75% in the first quarter of 2025 [15]. - Cash flow from operating activities has drastically decreased, with a projected cash flow of 40.36 million yuan in 2024, down 80% year-on-year, and a net outflow of 16.36 million yuan in the first quarter of 2025 [18]. Group 4: Future Outlook - Despite the challenging market conditions, the company is continuing to expand its production capacity, which may further strain its financial resources [14][19]. - The risk of inventory devaluation is significant, with a reported inventory balance of 210 million yuan as of the end of 2024, representing 13% of current assets [18]. - Analysts suggest that the ongoing price wars and increased competition from larger firms may further exacerbate the company's financial difficulties [9][19].