证券代码：603379 证券简称：三美股份 公告编号：2025-048 浙江三美化工股份有限公司 2025 年半年度主要经营数据公告 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。 浙江三美化工股份有限公司（以下简称"公司"）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（第十三号——化工）》的有关规 定，将公司 2025 年半年度主要经营数据披露如下： 一、2025 年半年度主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 外销量（吨） | 营业收入 （万元人民币） | | --- | --- | --- | --- | | 氟制冷剂 | 88,275.68 | 61,968.21 | 241,913.27 | | 氟发泡剂 | 8,410.74 | 4,314.16 | 9,776.76 | | 氟化氢 | 68,366.59 | 32,411.82 | 27,619.82 | | 合计 | 165,053.01 | 98,694.19 | 279,309.85 | （一）主要产品 ...

内容概况：2025年，中国四氯乙烯行业处于产能过剩与需求升级并存的关键期。2025年1-5月，中国四 氯乙烯产量为7.81万吨，同比增长8.59%；四氯乙烯消费量为8.70万吨，同比增长1.02%。生产端，技术 升级（如氧氯化法替代热氯化法）进一步提升了生产效率，降低了单位成本。需求端，受环保政策（如 美国EPA逐步淘汰PCE干洗设备）及替代品（水基溶剂、PWR-4清洁剂）挤压，需求增长受限。 相关上市企业：鲁西化工（000830）、滨化股份（601678）、东岳集团（00189） 相关企业：上海氯碱化工股份有限公司、新疆中泰化学股份有限公司、内蒙古君正化工有限责任公司、 宜宾天原集团股份有限公司、浙江石油化工有限公司、中国石油化工股份有限公司、惠和化德（上海） 科技有限公司、江苏航烨能源科技有限公司、上海卓然工程技术股份有限公司、万华化学集团股份有限 公司 关键词：四氯乙烯、四氯乙烯市场规模、四氯乙烯行业现状、四氯乙烯发展趋势 一、行业概述 四氯乙烯（Tetrachloroethylene），又称全氯乙烯，是一种有机化合物，化学式为C₂Cl₄，分子量 165.83，无色透明液体，具有类似氯仿的气味，熔点约- ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [5]. Core Insights - The chemical sector experienced a 3.11% increase in the week of June 30, 2025, outperforming the Shanghai Composite Index by 1.19 percentage points [1][13]. - Key stocks that led the gains included Dazhongnan (+50%), Tiensheng New Materials (+31.41%), and Cangzhou Mingzhu (+26.93%) [1][13]. - The report suggests focusing on electronic chemicals related to PCB, particularly highlighting the price increases of ketone and monochloro methane [1]. Industry Performance - In the week of June 30, 2025, 26 sub-industries within the chemical sector saw increases, while 5 experienced declines. The top-performing sub-industries included other plastic products (+8.45%) and carbon black (+7.65%) [2][17]. - The dynamic PE ratio for the chemical sector was reported at 24.76 times, which is 9.15 times lower than the average PE since 2015 [1][13]. Price and Spread Trends - The top five products with the highest weekly price increases were ketone (+11.77%), monochloro methane (+9.09%), and liquid chlorine (+7.35%) [3][20]. - Conversely, Brent crude oil saw a significant decline of 14.1%, while WTI crude oil dropped by 13.18% [3][20]. - The report also noted substantial changes in product spreads, with PX (CFR China) spread increasing by 71.09% [3][42]. Inventory Changes - Significant inventory changes were observed, with the highest increases in stocks of chlorpyrifos (+16.67%) and polyester chips (+9.16%) [4][60]. - Notably, urea and glyphosate inventories decreased by 8.33% and 7.69%, respectively [4][63]. Recommendations - The report emphasizes the importance of monitoring leading companies in the compound fertilizer sector, such as Xinyangfeng, and in spherical silica powder, such as Lianrui New Materials [4].

Core Viewpoint - The article highlights the commencement of a significant project by Tangshan Yulong New Materials Technology Co., Ltd., focusing on the production of electronic-grade epoxy resin and its associated facilities, which is expected to enhance the efficiency and logistics of the industry. Group 1: Project Overview - The project involves the construction of a 150,000 tons/year electronic-grade epoxy resin facility located in the Caofeidian Chemical Industrial Park in Tangshan, which will ensure efficient operation and product transportation [1][2]. - The total investment for the project is approximately 4.56 billion yuan, which includes the establishment of upstream raw material intermediate products such as 300,000 tons/year ion membrane caustic soda and 60,000 tons/year glycerol-based epoxy chloropropane [3]. Group 2: Company Background - Tangshan Yulong New Materials Technology Co., Ltd. is a state-owned enterprise established on March 28, 2024, focusing on the promotion of new material technologies and the production of high-end chemical products, primarily electronic-grade epoxy resin and its related products [4].

Investment Rating - The industry investment rating is "Positive (Maintain)" [7] Core Viewpoints - This week, oil prices experienced a slight decline, while the prices of acrylic acid and coal tar saw significant increases. The report emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. It also highlights the importance of domestic demand and opportunities in new material domestic substitution, particularly in the agricultural chemical sector during the spring farming peak [9][17]. Summary by Sections Oil and Chemical Prices Information - As of May 23, Brent oil price decreased by 0.96% to $64.78 per barrel. The report notes that U.S. commercial crude oil inventories increased by 1.3 million barrels to 443.2 million barrels, with gasoline inventories rising by 800,000 barrels and distillate inventories by 600,000 barrels [13][14]. - Among 188 monitored chemical products, the top three price increases this week were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest declines were seen in liquid chlorine (down 16.7%), formic acid (down 8.0%), and tetrachloroethylene (down 7.2%) [9][14]. Price and Spread Changes - The report indicates that the top three products with the largest weekly price increases were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest monthly price increases were liquid chlorine (up 40.2%), but it also noted significant declines in formic acid (down 29.2%) [9][15]. - The top three products with the largest weekly spread increases were MTP spread (up 35.0%), acrylic acid spread (up 33.2%), and BDO spread (up 29.5%). The report also highlights significant declines in the spreads of acrylic acid butyl ester (down 710.1%) and R410a spread (down 100.0%) [9][19]. Investment Recommendations - The report recommends several companies for investment: - Wanhua Chemical (600309, Buy): Core product MDI is seeing profit improvements, with new petrochemical and new material projects coming online [17]. - Huangma Technology (603181, Buy): A leading special polyether company that has entered a growth phase again [17]. - Runfeng Co., Ltd. (301035, Buy): A rare company with a global layout for formulation registration and sales channels [17]. - Guoguang Co., Ltd. (002749, Buy): A leading company in the plant growth regulator sector [17]. - Hualu Hengsheng (600426, Buy): Core product prices are recovering alongside a decline in coal prices, leading to continuous improvement in spreads [17].

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。 浙江三美化工股份有限公司（以下简称"公司"）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》（第十三号——化工）有关规定， 将公司 2024 年度主要经营数据披露如下： 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 单位：元/吨（不含税） | 主要产品 | 2024年度均价 | 2023年度均价 | 2024年度 | 2024年第四季度 | 2024年第四季度 | | --- | --- | --- | --- | --- | --- | | | | | 同比变动幅度 | 同比变动幅度 | 环比变动幅度 | | 氟制冷剂 | 26,055.90 | 20,329.93 | 28.17% | 48.49% | 6.09% | | 氟发泡剂 | 17,078.06 | 20,928.70 | -18.40% | 0.31% | 8.44% | | 氟化氢 | 7,865.4 ...

证券代码：603379 证券简称：三美股份 公告编号：2025-023 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 单位：元/吨（不含税） 浙江三美化工股份有限公司 2025 年第一季度主要经营数据公告 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。 浙江三美化工股份有限公司（以下简称"公司"）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》（第十三号——化工）有关规定， 将公司 2025 年第一季度主要经营数据披露如下： 三、其他对公司生产经营具有重大影响的事项 以上生产经营数据，来自公司内部统计，未经审计，仅为投资者及时了解公 司生产经营概况之用，未对公司未来经营情况作出任何明示或默示的预测或保证， 敬请投资者审慎使用，注意投资风险。 特此公告 浙江三美化工股份有限公司董事会 2025 年 4 月 29 日 | 主要产品 | 2025年第一季度 | 2024年第一季度 | 2025年第一季度 | 2025年第一 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights the impact of recent tariff actions and a significant drop in international oil prices due to weak supply and demand expectations. It emphasizes a focus on leading companies with strong fundamentals that are less correlated with oil prices, suggesting a bottom-fishing strategy. Additionally, it recommends paying attention to domestic market opportunities, particularly in the agricultural chemical sector during the spring farming season, and the potential for domestic substitution in new materials due to tariff pressures [12][13]. Summary by Sections 1. Core Viewpoints - The report notes that as of April 4, Brent oil prices fell by 10.9% to $65.58 per barrel, influenced by tariff actions and OPEC+ production plans exceeding expectations, leading to a significant decline in oil supply forecasts [13] - It suggests focusing on leading companies with strong alpha, recommending investments in companies like Wanhua Chemical, Huamao Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, all of which are expected to benefit from recent market dynamics [12][14] 2. Oil and Chemical Price Information - As of March 28, U.S. crude oil commercial inventories stood at 439.8 million barrels, with a weekly increase of 6.2 million barrels. Gasoline inventories decreased by 1.6 million barrels, while distillate inventories increased by 300,000 barrels [13] - The report monitors 188 chemical products, noting that the top three price increases were for acrylic acid (up 8.8%), synthetic ammonia (up 5.0%), and DMF (up 4.7%). The largest decreases were for tetrachlorethylene (down 7.1%), tryptophan (down 5.8%), and succinic anhydride (down 5.8%) [14][15] 3. Investment Recommendations and Targets - Recommended stocks include: - Wanhua Chemical: Core product MDI showing recent profit improvement with upcoming petrochemical and new material projects [12] - Huamao Technology: A leader in specialty polyether, recovering from previous macro demand pressures [12] - Runfeng Co.: A rare stock with global formulation registration and sales channels [12] - Guoguang Co.: A leader in differentiated formulations in the plant growth regulator sector [12] - Hualu Hengsheng: Core product prices recovering alongside falling coal prices, leading to improved margins [12]