华鲁恒升有机胺、肥料、醋酸、新能源新材料，2025Q1-3产量相比2020Q1-3增长45%/109%/161%/57% （新能源新材料因口径调整同比时间基数选择2022Q1-3）。公司本部通过技改有望实现盈利明显提 升，同步进行新能源新材料领域扩产。50%价差分位盈利在50亿元。 鲁西化工己内酰胺、尼龙6、甲酸、多元醇，2024年产量相比2020年增长55%/81%/44%/10%，并新增了 有机硅22.5万吨/年产能。50%价差分位盈利在39亿元。 龙佰集团钛白粉、钛精矿，2025H1产量相比2020H1增长68%/58%，海绵钛产能从1万吨/年扩增至8万吨/ 年，两矿合并正在快速推进，钛精矿产能将从140万吨/年提升至248万吨/年，铁精矿从400万吨/年提升 至760万吨/年，同时正在并购Venator英国15万吨/年氯化法钛白粉工厂。50%价差分位盈利在45亿元（考 虑两矿合并在64亿元）。 博源化工纯碱、小苏打、尿素，2025H1产量相比2020H1增长388%/59%/-1%，阿拉善二期280万吨/年纯 碱项目逐步投产，26年贡献增量。50%价差分位盈利在53亿元。 华峰化学氨纶、己二酸、聚氨酯 ...

长江商报消息 ●长江商报记者 李璟 斩获比亚迪大单，磷化工巨头兴发集团（600141.SH）新能源转型步伐加速。 作为磷酸铁锂电池的重要供应商，比亚迪在下游需求旺盛带动下，对磷酸铁锂正极材料需求快速增长。 早在2025年4月份，比亚迪就与丰元股份签订合作协议，锁定了该公司4年的磷酸铁锂材料供应。 截至目前，比亚迪通过弗迪电池已在国内布局了12大电池基地，合计规划产能超500GWh，持续通过合 作保障材料供应链为产能扩张保驾护航。2025年前11个月，比亚迪累计装机总量约为258.282GWh，累 计同比增长50.9%。 作为国内磷化工行业龙头企业，兴发集团主营业务为精细磷化工系列产品的生产与销售，主营产品包括 磷矿石、特种化学品、农药产品、有机硅系列产品、肥料等。近年来，公司顺势切入新能源产业，陆续 建成10万吨/年磷酸铁、8万吨/年磷酸铁锂、10万吨/年磷酸二氢锂项目。2025年1—9月新能源板块的收 入占公司总收入的比重约为3%。 兴发集团日前公告称，公司全资子公司湖北兴顺新材料有限公司（下称"兴顺新材料"）与青海弗迪实业 有限公司（下称"青海弗迪"）签署《磷酸铁锂委托加工协议》。青海弗迪由弗迪电池有限公 ...

Core Viewpoint - The signing of the processing agreement between Xingfa Group's subsidiary and Qinghai Fudi marks a significant step in enhancing the company's lithium iron phosphate production capabilities and is expected to positively impact its performance in the coming years [1][2]. Group 1: Agreement Details - Xingfa Group's subsidiary, Hubei Xingshun New Materials, signed a contract with Qinghai Fudi to process 80,000 tons/year of lithium iron phosphate for a period of two years, with a potential one-year extension [1]. - Qinghai Fudi, a wholly-owned subsidiary of BYD, will supply lithium carbonate and additives, while Xingfa Group will provide other raw materials and production facilities [1]. Group 2: Business Impact - The agreement is seen as a recognition of Xingfa Group's production technology and product quality, which will help in accumulating production experience and expanding customer resources [1]. - The processing capacity of 80,000 tons/year corresponds to the total capacity of the company's existing lithium iron phosphate production line, allowing for full utilization of its production capacity [2]. Group 3: Financial Performance - In the first three quarters of the year, Xingfa Group achieved revenue of 23.781 billion yuan, a year-on-year increase of 7.85%, and a net profit attributable to shareholders of 1.318 billion yuan, up 0.31% year-on-year [3]. Group 4: Future Plans - The company plans to increase its lithium iron phosphate production capacity by 50,000 tons/year and 100,000 tons/year in early and mid-next year, respectively [2]. - Xingfa Group is also pursuing further investments in the new energy sector, including acquiring a 2% stake in Hubei Phosphorus Fluoride Lithium Industry, which will give it a controlling interest [2].

Core Viewpoint - The company, Xingfa Group, is experiencing steady growth in revenue and net profit due to the optimization of the glyphosate supply-demand structure and the continuous improvement in the utilization rate of new energy production capacity [1] Group 1: Glyphosate Market - Glyphosate raw material prices are expected to remain stable or increase, supported by a tight supply situation and downstream replenishment demand [1] - Glyphosate prices have been at low levels since 2024, reaching a phase low in March 2025 before starting a recovery trend [1] - The company anticipates that the overall supply side of the industry will remain tight in the fourth quarter, enhancing cost support due to the seasonal reduction in raw material supply [1] Group 2: Specialty Chemicals Segment - The specialty chemicals segment accounted for approximately 17% of the company's total revenue in the first three quarters, with a gross margin exceeding 25% [2] - The company is in the product ramp-up phase for several products, including 5,000 tons/year of phosphonates and 3,000 tons/year of ethanethiol, with additional production capacity expected to come online soon [2] - The sales volume of organic silicon ring bodies increased by about 30% year-on-year, with expectations for gradual price recovery in the coming years due to no new production capacity in the industry [2] Group 3: Research and Development - The company is accelerating its layout in solid-state electrolytes and liquid cooling silicone oil, with ongoing development of key process parameters for solid-state electrolytes [2][3] - The company has a production capacity of approximately 170,000 tons/year of yellow phosphorus and is building an additional 10,000 tons/year of high-end pentasulfide capacity [3] - The company is actively developing the market for liquid cooling silicone oil, with a total capacity of 56,000 tons/year and ongoing product performance optimization based on customer requirements [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 33.15 CNY [1]. Core Insights - The company achieved a revenue of 23.781 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 7.85%. The net profit attributable to shareholders was 1.318 billion CNY, up 0.31% year-on-year. In Q3 alone, revenue reached 9.161 billion CNY, with year-on-year and quarter-on-quarter growth of 5.96% and 23.94%, respectively. The net profit for Q3 was 0.592 billion CNY, reflecting a year-on-year increase of 16.17% and a quarter-on-quarter increase of 42.15% [1]. Financial Performance Summary - For 2024A, total revenue is projected at 28.396 billion CNY, with a growth rate of 1.0%. The net profit attributable to shareholders is expected to be 1.602 billion CNY, with a growth rate of 16.1%. The earnings per share (EPS) is forecasted to be 1.45 CNY, with a price-to-earnings (P/E) ratio of 18 [4]. - For 2025E, total revenue is estimated at 30.826 billion CNY, with a growth rate of 8.6%. The net profit is projected at 1.867 billion CNY, with a growth rate of 16.6%. The EPS is expected to rise to 1.69 CNY, with a P/E ratio of 16 [4]. - For 2026E, total revenue is forecasted at 33.137 billion CNY, with a growth rate of 7.5%. The net profit is expected to reach 2.433 billion CNY, with a growth rate of 30.3%. The EPS is projected at 2.21 CNY, with a P/E ratio of 12 [4]. Business Segment Performance - The company's main segments, including pesticides, fertilizers, specialty chemicals, and organic silicon products, reported revenues of 3.964 billion CNY, 3.244 billion CNY, 3.942 billion CNY, and 2.075 billion CNY, respectively, in the first three quarters of 2025. The year-on-year changes in revenue were -1.0%, +8.2%, -0.7%, and +11.7% [9]. - The sales volume for these segments showed an upward trend, indicating a gradual recovery in downstream demand [9]. Strategic Developments - The company announced plans to acquire Qiaogou Mining, which will increase its phosphate resource reserves from 395 million tons to 580 million tons. This acquisition is expected to enhance the company's resource advantages in the phosphate industry [9]. - The company is also advancing several key projects in fine chemicals, which are anticipated to become new profit growth points. These include various production upgrades and expansions in organic silicon and phosphorus-related products [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in Q3 performance, driven by rising prices of glyphosate and increased sales of specialty chemicals, fertilizers, and organic silicon products [4][5] - The company is strategically positioning itself in solid-state batteries and liquid cooling materials, indicating a forward-looking approach to innovation and market trends [4][5] - The company has adjusted its profit forecasts for 2025 due to seasonal demand fluctuations in the agricultural sector, while maintaining projections for 2026 and 2027 [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 23.781 billion yuan, a year-on-year increase of 7.8%, and a net profit attributable to shareholders of 1.318 billion yuan, a slight increase of 0.3% [4] - In Q3 alone, revenue reached 9.161 billion yuan, up 6.0% year-on-year and 23.9% quarter-on-quarter, with a net profit of 592 million yuan, reflecting a year-on-year increase of 16.2% and a quarter-on-quarter increase of 42.1% [4] - The company’s gross profit margin for the first three quarters of 2025 was 16.78%, with a net profit margin of 6.17%, showing slight year-on-year changes [5] Business Segment Analysis - Revenue contributions from various segments for the first nine months of 2025 were as follows: specialty chemicals (3.94 billion yuan), pesticides (3.96 billion yuan), fertilizers (3.24 billion yuan), and organic silicon products (2.08 billion yuan) [5][10] - The sales volume for specialty chemicals, pesticides, fertilizers, and organic silicon products increased by 6.8%, 4.1%, 10.4%, and 31.5% respectively, despite a decline in average selling prices [5][10] Future Outlook - The company is expected to continue enhancing its industrial chain and accelerate the transition to a world-class fine chemical enterprise, with profit forecasts for 2025, 2026, and 2027 set at 1.817 billion yuan, 2.327 billion yuan, and 2.682 billion yuan respectively [4][7] - The earnings per share (EPS) estimates for the same period are projected to be 1.65 yuan, 2.11 yuan, and 2.43 yuan, with corresponding price-to-earnings (P/E) ratios of 16.2, 12.7, and 11.0 [4][7]

证券代码：600141 证券简称：兴发集团 公告编号：临2025-054 转债代码：110089 转债简称：兴发转债 湖北兴发化工集团股份有限公司 2025 年前三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个别及连带责任。 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》有关规定和要求，湖北兴发化工集团股份有限公司（以下 简称"公司"）现将2025 年前三季度主要经营数据披露如下： 注：1.特种化学品主要包括电子化学品、食品添加剂以及用于油田、水处理、医药等领域的其它精细 化学品和助剂，下同；2.农药产品包括草甘膦原药与制剂、百草枯原药与制剂、2,4-滴、烟嘧磺隆、咪草 烟原药等，下同；3.肥料包括磷酸一铵、磷酸二铵及复合肥产品，下同；4.有机硅系列产品包括DMC 及下 游深加工产品，下同。 二、主要产品的价格变动情况（不含税） 主要产品 2025 年1 至9 月平均售价 （元/吨） 2024年1至9月平均售价 （元/吨） 变动比率（%） 特种化学品 9,641.92 10 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company's performance met expectations, with a proposed acquisition of Qiaogou Mining to enhance phosphate resource security [6] - The company reported a revenue of 14.62 billion yuan for the first half of 2025, a year-on-year increase of 9.1%, while the net profit attributable to shareholders was 1.46 billion yuan, a decrease of 9.7% year-on-year [6] - The acquisition of Qiaogou Mining is expected to increase the company's phosphate resource reserves from 39.5 million tons to 58 million tons, significantly enhancing its competitive edge in the phosphate chemical industry [6] Financial Summary - The company achieved a revenue of 31.16 billion yuan in 2025E, with a year-on-year growth of 9.7% [8] - The net profit attributable to shareholders is projected to be 2.06 billion yuan in 2025E, reflecting a year-on-year increase of 28.8% [8] - The company's gross margin and net margin for 2025 are expected to be 19.2% and 6.6%, respectively [8] - The earnings per share (EPS) for 2025E is estimated at 1.87 yuan, with a corresponding P/E ratio of 14.5 times [8] Business Performance - In H1 2025, the revenue from specialty chemicals, pesticides, fertilizers, and organic silicon was 2.615 billion, 2.568 billion, 1.924 billion, and 1.369 billion yuan, respectively [6] - The sales volume for specialty chemicals and pesticides increased by 7.9% and 4.3% year-on-year, while the sales volume for fertilizers decreased by 9.0% [6] - The company’s Q2 2025 performance showed a revenue of 7.39 billion yuan, a year-on-year increase of 13.4% and a quarter-on-quarter increase of 2.3% [6] Acquisition Details - The company announced a cash acquisition of 50% equity in Qiaogou Mining for 854.57 million yuan, which will become a wholly-owned subsidiary after the transaction [6] - Qiaogou Mining has phosphate resource reserves of 18.5 million tons and a designed production capacity of 2 million tons per year [6] Market Position - The company is positioned to enhance its industrial chain and accelerate the transition to a world-class fine chemical enterprise [6] - The current market capitalization of the company is approximately 29.82 billion yuan [2]

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company reported H1 2025 revenue of 14.6 billion RMB, a year-on-year increase of 9%, and a net profit of 730 million RMB, a year-on-year decrease of 10%. The net profit exceeded the forecast of 660 million RMB due to high export prices of phosphate fertilizers and rising prices of glyphosate [1][2] - The company is expected to maintain its integrated and scale advantages as new projects progress steadily, justifying the "Buy" rating [1] Summary by Sections Financial Performance - In H1 2025, the pesticide segment revenue decreased by 4% year-on-year to 2.57 billion RMB, while sales volume increased by 4% to 130,000 tons. The average price decreased by 8% to 20,000 RMB/ton. The fertilizer segment revenue also decreased by 4% to 1.92 billion RMB, with sales volume down 9% to 603,000 tons, but the average price increased by 6% to 3,000 RMB/ton due to rising raw material costs [2] - The overall gross margin for H1 2025 decreased by 0.9 percentage points to 16.4% [2] Market Conditions - The price gap between domestic and overseas phosphate fertilizers continues to widen, indicating a favorable market condition for the phosphate industry chain. The price of phosphate rock, yellow phosphorus, and diammonium phosphate has shown slight increases since the end of June [3] - The global demand for phosphate resources is expected to remain tight, supporting the continued prosperity of the phosphate industry chain over the next three years [3] Project Development - The company has made significant progress in new projects, including the production of organic silicon and the upgrade of yellow phosphorus technology. These projects are expected to become new profit growth points [4] - The company plans to invest 835 million RMB in its subsidiary to enhance its competitiveness in the phosphate chemical sector and aims to acquire a 50% stake in a phosphate mine, which is expected to strengthen its phosphate resource security [4] Profit Forecast and Valuation - The profit forecast for 2025-2027 is set at 1.63 billion RMB, 1.86 billion RMB, and 2.17 billion RMB, respectively, with year-on-year growth rates of 2%, 14%, and 16%. The target price is set at 29.60 RMB, based on a 20x PE ratio for 2025 [5]

Group 1 - The company disclosed its major operating data for the first half of 2025, including production, sales, and revenue figures for key products [1] - The production and sales volumes for special chemicals were 260,200 tons and 269,100 tons, respectively, generating revenue of 2.61454 billion yuan [1] - The company reported a decrease in production and sales for pesticides, with volumes of 117,900 tons and 130,100 tons, leading to revenue of 2.56837 billion yuan [1] Group 2 - The fertilizer segment showed a production volume of 701,600 tons and sales of 603,100 tons, with revenue reaching 1.92440 billion yuan [1] - Organic silicon products had a production volume of 169,500 tons and sales of 143,700 tons, resulting in revenue of 1.36943 billion yuan [1] - Price changes for key products included a decrease of 7.06% for special chemicals and 7.83% for pesticides, while fertilizers saw a price increase of 5.61% [1] Group 3 - The company also reported price changes for major raw materials, with sulfur showing a significant increase of 106.72% [1] - The price of pure soda decreased by 31.25%, while the price of industrial salt decreased by 14.96% [1] - The price of methanol used in organic silicon production decreased by 2.52%, indicating mixed trends in raw material costs [1]