[Table_Reportdate] 2025年11月21日 [证券分析师： Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20251121 重点推荐 财经要闻 晨 会 纪 要 [table_summary] ➢ 1.中微公司（688012）：国产刻蚀设备领军者，薄膜业务蓄势待发——公司深度报告 ➢ 2.金发科技（600143）：从材料到平台，科技浪潮下验证成长逻辑——公司深度报告 ➢ 1.国务院副总理何立峰在湖北、湖南调研时强调，持续推动外贸提质增效 ➢ 2.LPR报价按兵不动 ➢ 3.行业协会将建议设成本红线规范报价，磷酸铁锂行业推进反内卷 ➢ 4.美国9月非农好于预期，失业率小幅上行 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | 1.1. 中微公司（6 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company has evolved from a modified plastics manufacturer to a global chemical new materials platform, successfully applying its products in cutting-edge industries such as AI servers, humanoid robots, and new energy vehicles [6]. - The modified plastics business remains a solid foundation, with a leading gross margin in the industry due to its integrated supply chain and material solutions [6]. - The company is well-positioned to benefit from domestic substitution and technological upgrades in the new materials sector, with significant growth potential in specialty engineering plastics and biodegradable plastics [6]. - The earnings forecast indicates a steady increase in EPS from 0.54 to 0.85 yuan from 2025 to 2027, with corresponding PE ratios decreasing from 35.01 to 22.16 [6]. Summary by Sections 1. Performance Overview: Healthy Profit Structure and Expected Profitability - The company has shown robust revenue growth, achieving 49.62 billion yuan in revenue in the first three quarters of 2025, a 22.62% year-on-year increase, and a net profit of 1.065 billion yuan, up 55.86% [6][17]. - The profit structure is now driven by sustainable growth areas such as automotive materials and high-end specialty engineering plastics, rather than relying on sporadic medical products [17]. 2. Integrated Supply Chain Builds Competitive Advantage in Modified Plastics - The modified plastics segment has consistently accounted for over 50% of revenue since 2020, with sales volume reaching 2.0908 million tons in the first three quarters of 2025, a growth of 18.16% [40]. - The company’s total production capacity for modified plastics is set to reach 3.72 million tons per year by the end of 2024, maintaining a leading position in the industry [40]. 3. "Domestic Substitution" and "Industry Upgrade" Drive New Materials Business - The new materials segment, including specialty engineering plastics and biodegradable plastics, is expected to grow significantly, with sales volume of 20,080 tons in the first three quarters of 2025, a 22.36% increase [6]. - The company is actively developing high-performance biodegradable plastics and specialty engineering plastics, which are crucial for emerging industries [6]. 4. Earnings Forecast and Valuation - The company’s revenue is projected to grow from 60.51 billion yuan in 2024 to 67.31 billion yuan in 2025, with a compound annual growth rate of approximately 14.62% from 2020 to 2024 [5][75]. - The report highlights a favorable valuation compared to peers, with an average PE of 44.74 and 30.10 for 2025 and 2026, respectively [75].

Core Insights - The article discusses the participation of Kingfa Technology in the 2025 Fortune China 500 Summit, highlighting its focus on green materials and intelligent manufacturing as part of its strategic transformation towards low-carbon and digitalization [2][21]. Group 1: Company Performance and Recognition - Kingfa Technology has been included in the Fortune China 500 list for the 16th consecutive year, ranking 281st, which is a 50-position increase from the previous year [2]. - In 2024, Kingfa Technology achieved a revenue of 60.514 billion yuan, representing a year-on-year growth of 26.23%, showcasing the effectiveness of its technology-driven high-quality development [9]. Group 2: Strategic Initiatives and Innovations - The company is focusing on three major carbon reduction pathways: promoting the use of recycled and bio-based materials, utilizing green electricity and resource recycling in production, and optimizing material selection and structure for carbon reduction throughout the product lifecycle [4]. - Kingfa Technology is transitioning from a material supplier to a solution provider, aiming to create a closed-loop ecosystem that integrates material innovation, product innovation, and application scenarios [5]. Group 3: Technological Advancements - The company is leveraging AI technology to reconstruct its R&D system, moving from a traditional experience-based formula development model to an AI-assisted decision-making paradigm [7]. - Kingfa Technology has established a dedicated AI data center application research module within its global joint laboratories to enhance its digital transformation efforts [8]. Group 4: Sustainable Development and ESG Commitment - Kingfa Technology integrates sustainable development into its corporate strategy, having published ESG reports for three consecutive years, demonstrating its commitment to environmental protection and resource recycling [19]. - The company’s bio-based LCP materials have achieved significant milestones, becoming the first in China and the second globally to receive the International Sustainability and Carbon Certification (ISCC PLUS) [19]. Group 5: Global Expansion and Market Position - Kingfa Technology is actively expanding its global footprint, with new production bases in Vietnam, Spain, Mexico, and Poland, enhancing its capacity and responsiveness in international markets [15]. - The company has established a comprehensive product system covering nine categories, positioning itself as a leading player in the global chemical new materials industry [11].

Core Viewpoint - Jinfa Technology's stock experienced a significant increase, reflecting strong market interest and positive financial performance in the new materials sector [1][2]. Group 1: Company Overview - Jinfa Technology Co., Ltd. is located in Guangzhou, China, and specializes in the research, production, sales, and service of new materials, including modified plastics, environmentally friendly high-performance recycled plastics, and fully biodegradable plastics [1]. - The company operates 60 subsidiaries and has research and production bases in South Asia, North America, and Europe, serving over 1,000 well-known enterprises across more than 130 countries [1]. Group 2: Financial Performance - As of March 31, Jinfa Technology had 221,200 shareholders, with an average of 11,700 circulating shares per shareholder [2]. - For the first quarter of 2025, the company reported a revenue of 15.666 billion yuan, representing a year-on-year growth of 49.06%, and a net profit attributable to shareholders of 247 million yuan, marking a year-on-year increase of 138.20% [2].

Group 1: Company Overview - Kingfa Technology achieved a record high sales volume of modified plastics at 211.25 million tons in 2023, representing a year-on-year growth of 19.88% [6][19] - The company has established a global production and R&D network with bases in China, India, Southeast Asia, North America, and Europe, and plans to expand further with new factories in Vietnam, Mexico, and Poland by 2025 [9][10] - Kingfa's core business segments include modified plastics, petrochemicals, new materials, and medical health products, with significant capacity enhancement projects underway [14][12] Group 2: Market Dynamics - The penetration rate of new energy passenger vehicles in China has exceeded 50%, indicating a strong market trend towards electrification [29][31] - The demand for automotive parts is shifting from traditional fuel vehicles to electric vehicles, necessitating a transformation in automotive plastics to meet new performance and sustainability standards [36][38] Group 3: Technological Innovations - Kingfa is focusing on lightweight and functional materials, with innovations such as high-performance engineering plastics and biodegradable materials to meet the evolving needs of the automotive industry [43][44] - The company is developing advanced materials for electric vehicles, including flame-retardant high-temperature nylon and electromagnetic shielding polymers, to enhance safety and performance [64][59] Group 4: Future Trends - The future of automotive materials is expected to emphasize lightweight, intelligent, and low-carbon solutions, with Kingfa positioning itself to lead in these areas through continuous innovation and development [68][70] - Kingfa aims to produce 1 million tons of green plastics and recycle 1 million tons of waste plastics by 2030 as part of its carbon neutrality strategy [17][17]

声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 4月21日晚间，金发科技 （600143） 披露2024年年报，报告期内，公司实现 营收605.14亿元，同比增长26.23% ； 归母净利润8.25亿元，同比增长 160.36% ； 扣非净利润6.75亿元，同比增长240.13% ；基本每股收益0.3120元。 此前，金发科技 在其发布的 2024年度"提质增效重回报"行动方案 中表示，将力争 2024年实现营业收入 目标535亿元 ，同比增长11.69%， 净利润 实现合理增长。 | | | | | 単位: 元 中 : 人 中 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上 | 2022年 | | | | | 年同期增 | | | | | | 減(%) | | | 营业收入 | 60.514.242.141.65 | 47,940.590,896.29 | 26.23 | 40.412.331,204.19 | | 归属 ...

【DT新材料】 获悉，4月21日， 金发科技 发布2024年度报告， 公司2024年度总营收达605.14亿元，同比增 长26.23%；实现归母净利润8.25亿元，同比增长160.36% 。近年来， 金发科技营收和利润出现了持续增长的 情况 。 2024年， 金发科技围绕新质生产力加强科技创新，提升一体化产业链优势，依托全球领先的应用 创新能 力，为全球客户提供了更具竞争力的新材料整体解决方案，公司的行业竞争力及市场份额 不断提升，营业 收入同比实现快速增长，归属于上市公司股东的净利润同比实现大幅增长。 在海外市场方面， 金发科技加速推进海外本土化供应和服务能力。随着越南新工厂（第一期）的规模化 投 产，进一步提升了公司产品的全球竞争力。 美国金发、欧洲金发、印度金发、越南金发、马来 西亚金 发等 海外基地协同发力，经营成果显著，市场份额大幅提升， 公司海外业务实现产成品销 量23.35 万吨，同比 增长29.51%。 （一）改性塑料板块经营情况 2024年 金发科技改性塑料销量再创新高，产成 品销量255.15万吨，同比增长20.78%；营业收入320.75亿 元，同比增长18.95%。 1、汽车材料：主要 ...

Summary of the Conference Call Company Overview - The conference call pertains to Jingfa Technology, a leading company in the modified plastics industry, focusing on the research, production, and sales of new chemical materials [1][5]. Key Financial Highlights - In 2024, the company achieved a record revenue of 60.514 billion yuan, marking a year-on-year increase of 26.23% [6]. - The net profit for 2024 reached 0.825 billion yuan, reflecting a significant year-on-year growth of 160.36% [2][6]. - For Q1 2025, the company reported revenue of 15.666 billion yuan, up 49.06% year-on-year, with a net profit of 0.247 billion yuan, an increase of 138.20% [7]. Business Performance and Market Position - The company maintained its position as the global leader in the modified plastics sector, with a total product sales volume of 4.33 million tons in 2024, representing an 18% increase [2][6]. - The modified plastics segment saw substantial growth, with sales volume reaching 2.5515 million tons in 2024, a 20.78% increase, and revenue of 32.075 billion yuan, up 18.95% [8]. Strategic Initiatives - The company is focusing on innovation-driven growth, enhancing organizational efficiency, and accelerating internationalization [10]. - It is actively pursuing opportunities in emerging markets such as robotics and low-altitude economy, while also deepening its presence in traditional sectors like automotive and consumer electronics [2][8]. Product Development and R&D - The company has a diverse product portfolio, including modified plastics, biodegradable plastics, and specialty engineering plastics, which are widely used across various industries [5]. - As of the end of 2024, the company had filed a total of 6,813 patents and invested 2.5 billion yuan in R&D, receiving a national science and technology progress award [9]. Sustainability and Governance - The company is committed to sustainable practices, having launched a new generation of bio-based carbon LCP materials, becoming the second global supplier to receive ISCC PLUS certification [10]. - It plans to distribute a cash dividend of 0.257 billion yuan and has conducted a stock buyback of 0.369 billion yuan, representing 76% of its net profit [4]. Global Expansion - The company has made significant strides in its global operations, with overseas sales reaching 0.2335 million tons in 2024, a 29.51% increase [3][10]. - New production bases in Vietnam, Spain, Mexico, and Poland are being developed to enhance its global supply chain [10]. Conclusion - Jingfa Technology is well-positioned for future growth, leveraging its innovation capabilities and global presence to capitalize on market opportunities while maintaining a strong commitment to sustainability and shareholder returns [6][10].