12月29日，呈和科技涨5.11%，截至发稿，报42.56元/股，成交7505.44万元，换手率0.96%，总市值 80.15亿元。呈和科技股价已经连续3天上涨，区间累计涨幅4.98%。 数据显示，富国基金旗下1只基金位居呈和科技十大流通股东。富国沪港深业绩驱动混合型A （005847）三季度减持65.09万股，持有股数188.64万股，占流通股的比例为1%。根据测算，今日浮盈 赚取约390.49万元。连续3天上涨期间浮盈赚取362.2万元。 资料显示，呈和科技股份有限公司位于广东省广州市白云区北太路1633号广州民营科技园科强路2号， 成立日期2002年1月31日，上市日期2021年6月7日，公司主营业务涉及为制造高性能树脂材料与改性塑 料的企业提供环保、安全、高性能的高分子材料助剂产品。主营业务收入构成为：成核剂62.97%，合 成水滑石13.41%，贸易产品9.04%，抗氧剂8.04%，NDO复合助剂6.52%，其他(补充)0.02%。 富国沪港深业绩驱动混合型A（005847）成立日期2018年7月27日，最新规模44.74亿。今年以来收益 44.33%，同类排名1688/8159；近一年收益44.2 ...

这家位于广州的高分子材料助剂"龙头"，正通过收购低调布局"价值万亿"的低空赛道。 12月15日，呈和科技股份有限公司（688625.SH，以下简称"呈和科技"）在《第三届董事会第十三次会 议决议公告》中提到，董事会同意公司收购中电科翌智航（重庆）科技有限公司（以下简称"翌智航"） 48%股权。 资料显示，呈和科技成立于2002年，总部位于广州，2021年在科创板上市，是国内高分子材料助剂领域 的龙头企业。公司专注于成核剂、合成水滑石、抗氧剂等特种高分子材料助剂的研发、生产和销售。 中电科翌智航成立于2019年12月，原为中国电子科技集团控股的高科技企业，专注于无人系统指挥控 制、智能化物流运输、无人机智慧巡查等无人化、智能化领域。 收购完成后，翌智航将脱离国资属性，成为上市公司的生态企业之一。呈和科技相关负责人表示，从国 资系剥离，进入民营上市公司，是翌智航市场化转型的关键一步，有助于其加速发展规模。"双方未来 不是互为供应商、互为客户的关系，协同作用将体现在资源与技术发展的互通。" 而对于呈和科技而言，"我们还是会专注于高分子材料业务，这个是呈和坚持的核心。此次收购只是我 们往不同类型的材料、不同的应用场景 ...

Core Insights - Chenghe Technology (688625) reported a revenue of 740 million yuan for the first three quarters of 2025, marking a year-on-year growth of 14.16%, and a net profit of 228 million yuan, up 15.09% year-on-year [1] - The company achieved a record high net profit of 80.54 million yuan in the third quarter alone [1] - Chenghe Technology specializes in producing environmentally friendly, safe, and high-performance specialty polymer material additives, recognized as a national-level "little giant" enterprise and a national manufacturing single champion [1] Financial Performance - The company’s revenue for the first three quarters reached 740 million yuan, with a net profit of 228 million yuan, reflecting a growth of 14.16% and 15.09% respectively compared to the previous year [1] - The third quarter net profit of 80.54 million yuan is noted as a historical high for the company [1] Market Expansion - Chenghe Technology has seen a continuous increase in market share for its polymer material additives, particularly in domestic markets, and is accelerating its expansion into overseas markets in Europe, the Middle East, and Southeast Asia [1] - The company reported a 70% growth in overseas revenue during the first half of the year, achieving breakthroughs in various international markets [2] New Business Initiatives - The establishment of Guangdong Chenghe Electronic Materials Co., Ltd. aims to target high-purity electronic materials for communication, semiconductors, and artificial intelligence [2] - The new subsidiary will focus on developing electronic materials through independent research and collaboration with leading industry players and research institutions [2] Future Development Strategy - The chairman of Chenghe Technology indicated a commitment to replacing imported products in the fields of nucleating agents and synthetic hydrotalcite, with a steady increase in market share [2] - The company plans to continue its efforts in product localization while expanding its presence in international markets, enhancing its competitive edge and influence in the industry [2]

Core Viewpoint - Chenghe Technology's main products, including nucleating agents and synthetic hydrotalcite, are essential materials that determine the core functions of high-performance resins and modified plastics, significantly improving their optical and mechanical properties while enhancing product stability to meet market demands for safety, environmental friendliness, and lightweight materials [1] Group 1 - The company's main products are nucleating agents and synthetic hydrotalcite, which are key materials for high-performance resins and modified plastics [1] - These materials can significantly improve the optical and mechanical properties of resins and modified plastics [1] - The products enhance the stability of resin products, addressing market needs for safety, environmental protection, and lightweight solutions [1] Group 2 - The use of these materials increases the added value of ordinary resins and modified plastics [1] - The company aims to diversify application scenarios for its products [1]

Core Insights - Chenghe Technology experienced a decline of 5.05% on November 21, with a stock price of 36.07 CNY per share and a total market capitalization of 6.793 billion CNY [1] Company Overview - Chenghe Technology Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on January 31, 2002. The company went public on June 7, 2021. Its main business involves providing environmentally friendly, safe, and high-performance polymer material additives for manufacturers of high-performance resin materials and modified plastics [1] - The revenue composition of Chenghe Technology includes: nucleating agents (62.97%), synthetic hydrotalcite (13.41%), trading products (9.04%), antioxidants (8.04%), NDO composite additives (6.52%), and others (0.02%) [1] Shareholder Information - Among the top ten circulating shareholders of Chenghe Technology, a fund under the Fortune Fund ranks as a significant shareholder. The Fortune Hong Kong-Shenzhen Performance Driven Mixed A Fund (005847) reduced its holdings by 650,900 shares in the third quarter, now holding 1.8864 million shares, which accounts for 1% of the circulating shares. The estimated floating loss today is approximately 3.622 million CNY [2] - The Fortune Hong Kong-Shenzhen Performance Driven Mixed A Fund was established on July 27, 2018, with a current scale of 4.474 billion CNY. Year-to-date returns are 40.67%, ranking 1375 out of 8136 in its category; the one-year return is 41.85%, ranking 1010 out of 8056; and since inception, the return is 137.72% [2]

Group 1 - The core point of the news is that Chenghe Technology's stock price has dropped by 5.05%, currently trading at 36.07 CNY per share, with a total market capitalization of 6.793 billion CNY [1] - Chenghe Technology, established on January 31, 2002, and listed on June 7, 2021, specializes in providing high-performance polymer material additives for manufacturers of resin materials and modified plastics [1] - The main revenue composition of Chenghe Technology includes nucleating agents (62.97%), synthetic hydrotalcite (13.41%), trading products (9.04%), antioxidants (8.04%), NDO composite additives (6.52%), and others (0.02%) [1] Group 2 - From the perspective of major fund holdings, Jiahe Fund has one fund heavily invested in Chenghe Technology, specifically the Jiahe Steady Growth Mixed A fund, which reduced its holdings by 9,069 shares in the third quarter [2] - The Jiahe Steady Growth Mixed A fund currently holds 30,400 shares, accounting for 3.93% of the fund's net value, ranking it as the sixth-largest holding [2] - The fund has a total scale of 14.6236 million CNY and has achieved a year-to-date return of 11.52%, ranking 5,368 out of 8,136 in its category [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 740 million yuan for the first three quarters of 2025, representing a year-on-year increase of 14.2%. The net profit attributable to shareholders was 230 million yuan, up 15.1% year-on-year, and the net profit after deducting non-recurring gains and losses was 220 million yuan, an increase of 11.7% year-on-year. In Q3 alone, the revenue was 270 million yuan, reflecting a year-on-year growth of 14.8% and a quarter-on-quarter increase of 7.2% [2][6]. - The company is a leading domestic producer of nucleating agents and synthetic hydrotalcite, with aspirations to become a global leader in polymer material solutions. Its core products are gradually replacing imports in the domestic market and are competitive internationally [12]. - The company's gross margin for Q1 to Q3 of 2025 was 45.4%, a year-on-year increase of 0.4 percentage points, while the net margin was 30.8%, up 0.2 percentage points. The operating expense ratio decreased to 9.3%, down 0.4 percentage points year-on-year, driven by reductions in sales and management expense ratios [12]. - The completion of the IPO project and the full operation of the Nansha plant have further enhanced the company's production capacity, adding significant new capacity for nucleating agents and synthetic hydrotalcite [12]. - The company achieved rapid growth in overseas revenue, reaching 120 million yuan in H1 2025, a year-on-year increase of 70.1%. This growth is attributed to the company's international strategy and its ability to meet overseas customer demands [12]. - The company emphasizes shareholder returns, with a mid-year dividend of 43 million yuan announced for 2025, maintaining a payout ratio between 30% and 35% since 2020 [12]. - The company is focused on the polymer material additives sector and has strong competitiveness in antioxidant and NDO composite additives. The domestic market for nucleating agents and synthetic hydrotalcite has low penetration, indicating potential for market share growth [12]. Financial Summary - For 2025, the company forecasts total revenue of 1.058 billion yuan, with net profits projected at 297 million yuan, 333 million yuan, and 377 million yuan for the years 2025, 2026, and 2027 respectively [17].

Core Insights - The company reported a revenue of 740 million yuan for Q3 2025, representing a year-on-year growth of 14.16%, and a net profit attributable to shareholders of 228 million yuan, up 15.09% year-on-year [1][2]. Financial Performance - In Q3 2025, the company achieved a single-quarter revenue of 269 million yuan, which is a 14.84% increase compared to the same period last year, and a net profit of 80.54 million yuan, reflecting a year-on-year growth of 14.66% [2]. - The company has experienced three consecutive quarters of sequential profit growth [2]. Growth Drivers - The growth is primarily driven by breakthroughs in overseas markets for core products, namely nucleating agents and synthetic hydrotalcite [2]. - For the first three quarters of 2025, overseas revenue growth remained above 30%, with a remarkable 70% growth in the first half of the year [2]. - Key growth regions include the Middle East, Europe, and Southeast Asia [2]. Capacity Expansion and Market Strategy - The company has resolved its production capacity bottleneck with the official launch of the Nansha factory in Q1 2025, planning to exceed an annual capacity of 10,000 tons [3]. - The operational model has shifted from "capacity-driven" to "order-driven," ensuring robust support for new domestic and international demand [3]. - The company has secured orders from major global clients, including Bayer, for synthetic hydrotalcite, which is expected to become a new growth engine following nucleating agents [3]. Market Expansion - The company is actively exploring untapped markets in South America and the CIS, having already secured orders in the CIS region, indicating significant future growth potential in overseas markets [3]. Investment Outlook - The company is positioned as a leading domestic player in nucleating agents and synthetic hydrotalcite, with expectations for gradual release of production and sales as the replacement process and customer development progress. Projected EPS for 2025-2027 are 1.49 yuan, 1.75 yuan, and 2.08 yuan respectively [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company has achieved a record high in quarterly profits, with revenue for the first three quarters of 2025 reaching 740 million yuan, a year-on-year increase of 14.16%, and a net profit attributable to the parent company of 228 million yuan, up 15.09% year-on-year [1][6]. - The company is actively seizing market opportunities, accelerating product innovation, and expanding its product applications downstream, which has led to a steady increase in market share and performance [6]. - The company is expected to benefit from the acceleration of domestic substitution, with its products' performance comparable to leading foreign companies [6]. Financial Data and Valuation - Revenue projections for 2025-2027 are 1.138 billion yuan, 1.388 billion yuan, and 1.721 billion yuan, respectively, with net profits of 295 million yuan, 334 million yuan, and 411 million yuan [2][6]. - The earnings per share (EPS) are projected to be 1.57 yuan, 1.77 yuan, and 2.18 yuan for the years 2025, 2026, and 2027, respectively [2][6]. - The current price-to-earnings (PE) ratios are 23.5, 20.8, and 16.9 for the years 2025, 2026, and 2027, respectively [2][6]. Company Performance - The company has maintained a market share increase in its polymer material additives, achieving double-digit growth for ten consecutive years [6]. - The company has over 180 different types of nucleating agents, synthetic talc, and composite additives in mass production, providing one-stop raw material supply capabilities to high-quality downstream customers [6]. - The company is implementing cost reduction and efficiency enhancement strategies through optimized production processes and strengthened cost control [6].

Core Viewpoint - The company has demonstrated stable operational growth with a significant increase in revenue and net profit for the first three quarters of 2025, indicating a positive outlook for future performance [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 740 million RMB, a year-on-year increase of 14.16%, and a net profit of 217 million RMB, up 11.69% year-on-year [1]. - In Q3 2025, the company reported revenue of 269 million RMB, reflecting a year-on-year growth of 14.84% and a quarter-on-quarter increase of 7.16% [1]. Business Development - The growth in performance is attributed to the successful completion and operation of fundraising projects, which have strengthened production capacity [2]. - The company has actively expanded its customer base and improved market share through high-quality products and services, particularly in the nucleating agent segment [2]. - The company is capitalizing on the historical opportunity of domestic substitution in the global market, enhancing product innovation and broadening application downstream [2]. Profit Distribution - The company announced a mid-year profit distribution plan, proposing a cash dividend of 2.30 RMB per 10 shares, amounting to approximately 42.66 million RMB, which represents 28.97% of the net profit attributable to shareholders for the first half of 2025 [3]. Shareholder Structure - A strategic investment agreement was signed with Jia Yi Asset, where 9,792,700 shares were transferred at a price of 28.39 RMB per share, aimed at introducing long-term investors to optimize the shareholder structure [4]. - Jia Yi Asset has committed to not reducing its stake for 18 months post-transfer, indicating confidence in the company's long-term development [4]. Earnings Forecast and Valuation - The company is positioned as a leading domestic polymer materials additive enterprise, with projected revenues of 1.145 billion RMB, 1.407 billion RMB, and 1.528 billion RMB for 2025-2027, respectively [5]. - Corresponding net profits are forecasted to be 325 million RMB, 432 million RMB, and 492 million RMB for the same period, with EPS estimates of 1.73 RMB, 2.29 RMB, and 2.61 RMB [5].