| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 其他 | | 活动参与人员 | 深圳市国诚投资咨询有限公司：张文俊、边立之 | | | 公司董事、董事会秘书、副总经理：张江山 | | | 公司证券事务代表：王英 | | 时间 | 2025 年 11 月 24 日 | | 地点 | 公司会议室 | | 形式 | 现场调研 | | | 一、公司的基本情况 | | | 公司成立于 1999 年，并于 2009 年上市，总部位于 | | | 浙江省台州市，是一家全球领先的含氟精细化学品制造 | | | 商，是行业内少数几家横跨无机及有机氟化工行业的企 | | | 业。以含氟技术为核心，公司已经覆盖的业务包括新型 | | | 材料（新能源锂电及氟化液材料）、医药、植物保护及 | | | 贸易业务等，且在上述行业公司均以丰富的产品类型覆 | | 交流内容及具体问答记 | 盖上中下游产业链。 | | 录 | 公司在浙江、内蒙古、福建、广东等地区布局了多 | | | 个生产基地，现有、在 ...

Production Capacity and Utilization - Current production capacity for fluorinated liquids includes 3,000 tons/year for HFE and 2,500 tons/year for PFPE [2] - The company's battery chemical production capacity is 283,100 tons with a utilization rate of 83.54% [19][27] - Organic fluorochemical production capacity utilization is at 62.33%, while electronic information chemical utilization is at 49.67% [27] Market Position and Strategy - The company ranks among the top two in market share for lithium battery electrolyte, with continuous improvement in customer recognition [3] - The company emphasizes a long-term value creation strategy over short-term profit maximization, focusing on comprehensive supply chain management [3] - The company is expanding its fluorinated liquid product capacity through a project aimed at producing 30,000 tons of high-end fluorochemical products [2] Raw Material and Pricing Dynamics - Recent price increase for lithium hexafluorophosphate is 100,000 CNY per ton, potentially increasing gross profit by 3 billion CNY if fully utilized [3] - The company maintains a raw material self-sufficiency rate of over 50%, with plans to adjust this as new capacities come online [3] - The company is actively managing price transmission in response to raw material cost fluctuations, ensuring product value is reflected [20][21] Research and Development Focus - The company is committed to R&D investments aimed at product and technology innovation, enhancing product quality and solutions for customers [6] - Ongoing research includes advancements in liquid and solid-state battery technologies, with a focus on interface conduction challenges [9] Future Outlook and Market Trends - The company is optimistic about the long-term growth of the lithium battery and semiconductor markets, despite short-term fluctuations due to policy changes in the US and Europe [12] - The company is preparing for increased demand in the data center cooling market, with ongoing certification processes for its liquid cooling products [26] Financial Management and Shareholder Value - The company has implemented a market value management system, including stock buybacks and consistent dividend payments to enhance shareholder returns [12] - The management is focused on maintaining core competitiveness and sustainable growth to deliver long-term value to investors [28]

（责任编辑：王治强 HF013） 华安证券研报指出，新宙邦2025前三季度实现归母净利润7.48亿元，同比增长6.64%；Q3实现归母 净利润2.64亿元，同比增长-7.51%，环比增长4.03%。Q3业绩符合预期，六氟有望推动电解液景气上 行。终端储能市场高景气加速六氟上涨向电解液传导，公司一体化布局目前拥有2.4万吨六氟磷酸锂产 能，有望在成本价格传导中受益。2025年底技改完成后产能将进一步释放达到3.6万吨；随着成本端传 导逐步抬高电解液价格以及高价长协订单逐步释放，公司有望收益。公司在氟化液领域产品布局逐步完 善，目前已完成3000吨氢氟醚，2500吨全氟聚醚等核心产品布局，可用于半导体设备清洗、数据中心浸 没式液冷等高增长潜力应用场景；同时国际主流厂商3M将于2025年底停产氟化液，有望获得可观的市 场替代机遇，从长期看有机氟化学品板块的业绩有望向好。多板块业务持续扩张，打开业绩增长空间， 维持"买入"评级。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任 ...

前言 ①锂电添加剂+氟化工，VC/FEC锂电添加剂产能破万，在建产能5000吨，氟化液扩产满足数据中心扩张 需求，这家公司正积极推进固态电池产业布局； ②宇树科技+PEEK，减速器关节模组供货宇树科技，这 家公司PEEK材料率先供应飞行汽车头部企业。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

格隆汇11月17日｜巨化股份总经理韩金铭在今日下午召开的2025年第三季度业绩说明会上表示，截至目 前，第四季度HFCs（氢氟烃，也称第三代氟制冷剂）产品价格保持上行趋势；公司甘肃巨化高性能氟 氯新材料一体化项目建设正在积极有序推进中。随着人工智能、半导体、新能源产业的快速发展以及国 产化水平的提高，预计我国氟化液产品及市场将保持良好成长，公司对全球氟制冷剂市场保持较为乐观 预期。 ...

[Table_StockNameRptType] 新宙邦（300037） 公司点评 [公司价格与沪深 Table_Chart] 300 走势比较 -41% -13% 16% 45% 73% 11/24 2/25 5/25 8/25 新宙邦 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com Q3 业绩符合预期，六氟有望推动电解液景气上行 [Table_Rank] 投资评级：买入（维持） | 报告日期： | 2025-11-17 | | | --- | --- | --- | | [Table_BaseData] 收盘价（元） | | 64.91 | | 近 12 个月最高/最低（元） | 68.05/26.46 | | | 总股本（百万股） | | 748 | | 流通股本（百万股） | | 540 | | 流通股比例（%） | | 72.25 | | 总市值（亿元） | ...

Summary of Key Points from Conference Call Industry Overview - The chemical industry is currently in a phase of profit recovery after a decline from the peak in 2021, similar to the cycle observed from 2012 to 2015 [1][3] - Raw material prices are stable, with gross margins and price spreads at historical lows, but the pressure from oversupply is easing, and demand from mid and downstream sectors is steadily growing [1][3] - Capital expenditure in the chemical industry is expected to expand rapidly from 2022 to 2024, but a significant decline is anticipated in 2025, indicating a peak in capacity growth [1][3] Market Dynamics - The refrigerant market is entering a long-term upward cycle starting from the end of 2023, with prices for major varieties expected to continue rising, such as the price of 2,332 reaching 63,000 yuan, three times higher than the same period last year [1][5] - Major refrigerant companies have reported significant profit increases, with Yonghe's profit growth reaching 450% in the first three quarters [1][5] - The refrigerant quota policy is expected to remain stable, transitioning from annual to quarterly pricing, which will facilitate more frequent performance realization [1][5] Cooling Liquid Market - The cooling liquid market is categorized into three types: water-based, oil-based, and fluorinated liquids, with fluorinated liquids showing promising applications in immersion cooling [1][6] - Companies like Juhua and Yonghe have already established a good layout in fluorinated liquids, positioning them for better growth as demand for liquid cooling increases [1][6] Price Trends and Expectations - Refrigerant prices are likely to see a slight increase starting in November due to year-end rigid demand and the exhaustion of annual quotas [1][7] - The natural gas market is under pressure due to the predicted La Niña phenomenon and ongoing geopolitical tensions, with a projected increase in consumption as winter approaches [2][8] Investment Opportunities - The chemical industry is currently at a low valuation, with a price-to-book (PB) ratio of approximately 2.2, indicating potential for upward movement [3][9] - Investment opportunities are identified in the refrigerant, natural gas, and phosphate industry chains, particularly influenced by the demand for electric vehicle batteries [3][9]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - The focus is on identifying investment value from significant events, analyzing industry chain companies, and interpreting key policies [1] - The product aims to provide users with quick information on market impacts, presented in a professional yet accessible manner [1] Group 2 - The company is expanding lithium hexafluorophosphate production by 50% this year, leading in the domestic market share of fluorinated liquids [1] - The company is advancing the certification of its liquid cooling products for major IDC data centers both domestically and internationally [1] - The company supplies liquid cooling plates indirectly to NVIDIA's B200 and is involved in the design and manufacturing of production lines for leading humanoid robot companies in China [1]

转自：证券时报 从连续涨停天数来看，ST中迪18连板，摩恩电气6连板，孚日股份、*ST绿康4连板，三木集团、ST柯利达、*ST原尚3连 板，维信诺、人民同泰、金辰股份等16股2连板，东百集团5日3板。 以封单金额计算，32股封单资金超1亿元，福龙马、胜利股份、永太科技封单资金居前，分别为2.53亿元、2.49亿元、2.39 亿元。 据证券时报·数据宝统计，从收盘涨停板封单量来看，胜利股份封单量最高，有59.78万手。 | | | | | | 11月11日涨停股到车贷金排行 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 收盘价 | 换主率 | 涨停板封単 | 封車资金 | 连板天数 | 涨停原因 | | | | (元) | (%) | ( ( | (177) | | | | 603686 | 福龙马 | 35.10 | 28.87 | 7.19 | 2.53 | 1 | 无人坏卫+中标+环卫装备+海南布局 | | 000407 | 胜利股份 | 4.16 | 1.01 | 59.78 | 2.49 | 1 | 燃气并购+页 ...

Investment Rating - The report maintains a "Buy" rating for the company [9][13][18] Core Insights - The company reported a revenue of 6.62 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.8%. The net profit attributable to shareholders was 750 million yuan, up 6.6% year-on-year, while the net profit excluding non-recurring items was 720 million yuan, an increase of 1.3% year-on-year [2][6][7] - In Q3 alone, the company achieved a revenue of 2.37 billion yuan, which is a 13.6% increase year-on-year and a 5.4% increase quarter-on-quarter. However, the net profit for Q3 was 264 million yuan, down 7.5% year-on-year but up 4.0% quarter-on-quarter [2][6][7] - The company's gross margin for Q3 was 23.5%, a decrease of 2.2 percentage points year-on-year, and the net profit margin was 11.5%, down 2.3 percentage points year-on-year [7] Financial Performance Summary - The company is expected to see a gradual increase in revenue and net profit over the next few years, with projected net profits of 1.1 billion yuan, 1.6 billion yuan, and 1.8 billion yuan for 2025, 2026, and 2027 respectively [18] - The company has a strong position in the electrolyte market and is focusing on the development of organic fluorine chemicals, which are expected to drive growth [18] - The lithium hexafluorophosphate market is anticipated to recover, with prices rising from 50,000 yuan per ton to 100,000 yuan per ton due to supply constraints and increasing demand from energy storage and commercial vehicles [18]