冰晶石（Cryolite）是一种矿物，化学式为Na3AlF6，白色细小的结晶体，无气味，溶解度比天然冰晶石 大，在电解铝工业作助熔剂、制造乳白色玻璃和搪瓷的遮光剂。冰晶石的低熔点熔盐特性支撑了电解铝 工业中氧化铝的高效溶解与离子迁移；作为电解质配方基础，通过分子比调控优化熔体物理化学性质， 实现能耗降低与电流效率提升；高温惰性与稳定性保障了电解槽在强腐蚀环境下的长期稳定运行，减少 设备损耗；高效溶剂能力则成为控制阳极效应及拓展陶瓷釉料、特种磨料等应用领域的关键机制。 二、冰晶石行业政策背景 内容概况：2018至2024年间，国内冰晶石产量呈现稳步增长，但受铝土矿供应周期性波动及环保政策影 响，部分年份产能释放受限，导致阶段性供需错配；需求端则因铝电解行业规模化扩张及新能源领域需 求增长而保持韧性，但区域分布不均问题突出，东部沿海需求旺盛与中西部供给低效并存。数据显示， 2024年我国冰晶石产量和需求量分别为18.8万吨和16.8万吨。 关键词：冰晶石产量 冰晶石出口 冰晶石供给企业 冰晶石市场规模 一、冰晶石产业发展概述 我国冰晶石产业政策呈现系统性升级导向，以环保约束倒逼技术革新、资源保障强化产业韧性、产能 ...

2025 年 05 月 13 日 行业相对表现 表现 1M 3M 12M 基础化工(申万) 5.8 1.7 -1.5 沪深 300 3.7 -0.4 6.2 市场表现 -30 -20 -10 0 10 20 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《基础化工行业周报：硫酸、天 然气等涨幅居前，建议关注进口替 代、纯内需、高股息等方向》2025- 05-06 天然气、二甲苯等涨幅居前，建议关注进口替 代、纯内需、高股息等方向 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn 2、《基础化工行业周报：三氯乙 烯、燃料油等涨幅居前，建议关注 进口替代、纯内需、高股息等方 向》2025-04-28 3、《基础化工行业周报：三氯乙 烯、燃料油等涨幅居前，建议继续 关注原油、钛白粉板块和轮胎板 块》2025-04-21 推荐(维持) 投资要点 ▌ 天然气、二甲苯等涨幅居前，合成氨、煤焦油等跌幅较大 本 周 涨 幅 较 大 的 产 品 : 天然气 (NYMEX 天然气 ...

其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 业绩短期承压，25 年一季度恢复增长 ——多氟多(002407)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-05-06) | 收盘价(元) | 11.84 | | --- | --- | | 一年内最高/最低(元) | 14.76/9.40 | | 沪深 300 指数 | 3,808.54 | | 市净率(倍) | 1.66 | | 流通市值(亿元) | 127.94 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 7.15 | | 每股经营现金流(元) | -0.18 | | 毛利率(%) | 13.47 | | 净资产收益率_摊薄(%) | 0.76 | | 资产负债率(%) | 54.28 | | 总股本/流通股(万股) | 119,043.26/108,055.0 | | | 8 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 《多氟多(002407)中报点评：业绩盈利承 压，四 ...

Group 1: Company Performance and Financials - In 2024, the company achieved a net profit of CNY 653 million, a year-on-year increase of 44.32% [1] - Earnings per share reached CNY 0.6108, up 30.29% compared to the previous year [1] - Total assets amounted to CNY 26.713 billion, reflecting a 24.40% year-on-year growth [1] - Shareholder equity was CNY 7.362 billion, with an 11.88% increase year-on-year [1] - The weighted average return on equity was 9.18%, up 0.96% from the previous year [1] Group 2: Production Capacity and Product Lines - The company has an annual production capacity of 1.56 million tons of urea, 1.26 million tons of diammonium phosphate, 720,000 tons of PVC, and 690,000 tons of caustic soda [2] - The company is the largest producer of seasonal products like urea and diammonium phosphate in Asia, with significant market share [9] Group 3: Strategic Initiatives and Projects - The company is implementing a strategic upgrade and transformation plan, including the construction of a fluorosilicon industrial park and the shutdown of unprofitable PBAT operations [1][2] - Ongoing projects include the relocation and upgrading of various production facilities, such as a 200,000 tons/year phosphoric acid project and a 40,000 tons/year phosphoric fertilizer project [2] Group 4: Market Position and Competitive Advantages - The company has established a stable sales network in international markets, including Japan, South Korea, and Southeast Asia, with a premium pricing strategy [3] - The company benefits from a circular economy model, integrating upstream and downstream operations to reduce costs and enhance profitability [8] - The company has a strong brand presence, with its "Yihua" brand recognized as a national famous trademark [14] Group 5: Future Plans and Shareholder Returns - The company plans to distribute a cash dividend of CNY 2 per 10 shares, totaling approximately CNY 217 million, which represents 33.18% of the net profit for 2024 [6] - A three-year shareholder return plan has been established, aiming for annual cash dividends of no less than 30% of the net profit [7] Group 6: Environmental and Technological Commitment - The company is committed to ecological and green development, investing in environmental protection and clean production technologies [13] - The company has developed 393 patents, including 75 invention patents, and collaborates with 16 universities and research institutions to enhance technological innovation [11]