尊敬的董秘您好！想了解一下公司产品应用领域、业务范围以及未来布局。请问贵公司产品或业务目前 是否涉及光刻机、光刻胶、商业航天、海工装备、核电、可控核聚变、数据中心、人工智能等领域？若 有涉及，烦请介绍下具体情况，包括但不限于在各领域的产品类型、应用场景、市场竞争力以及未来发 展规划等。另，贵司的产品是否有应用到新疆、西藏的基础建设？若无涉及，是否有计划布局相关领 域？感谢您的解答！ 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 董秘回答(昊华科技SH600378)： 投资者提问： 尊敬的投资者您好，感谢您对公司的关心和支持！公司所从事的主要业务为高端氟材料、电子化学品、 高端制造化工材料及碳减排等"3+1"核心业务。公司产品广泛应用于民用航空、船舶、电子信息、轨道 交通、清洁能源、超算智算、新能源等战略性新兴产业。氟碳化学品、氟聚合物、氟精细化学品和含氟 锂电材料、电子特气、特种橡塑制品、特种涂料、特种轮胎、聚氨酯新材料等多项拳头产品逐渐彰显出 技术及市场占有率优势。同时，在二氧化碳捕集、碳资源利用、氢能制备技术方面也有显著优势，并在 西部地区有 ...

Core Viewpoint - Yonghe Co., Ltd. has shown significant growth in revenue and net profit, indicating strong operational performance and potential investment opportunities [2]. Financing and Trading Activity - On November 14, Yonghe Co., Ltd. experienced a 1.60% decline in stock price with a trading volume of 347 million yuan. The financing buy-in amounted to 46.24 million yuan, while financing repayment was 37.16 million yuan, resulting in a net financing buy of 9.08 million yuan. The total financing and securities balance reached 376 million yuan [1]. - The current financing balance of 376 million yuan represents 2.70% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, on November 14, 100 shares were repaid with no shares sold, resulting in a securities lending balance of 27,200 yuan, which is below the 10th percentile level over the past year, indicating low lending activity [1]. Financial Performance - For the period from January to September 2025, Yonghe Co., Ltd. reported a revenue of 3.786 billion yuan, reflecting a year-on-year growth of 12.04%. The net profit attributable to shareholders reached 469 million yuan, marking a substantial increase of 220.39% year-on-year [2]. - Since its A-share listing, Yonghe Co., Ltd. has distributed a total of 310 million yuan in dividends, with 242 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Yonghe Co., Ltd. had 24,000 shareholders, an increase of 29.73% from the previous period. The average number of circulating shares per shareholder was 20,908, up by 2.23% [2]. - Among the top ten circulating shareholders, Xin'ao Cycle Power Mixed A (010963) ranked as the seventh largest shareholder with 6.2843 million shares, an increase of 3.1695 million shares from the previous period. Hong Kong Central Clearing Limited entered as the eighth largest shareholder with 6.2477 million shares [3].

Core Viewpoint - Yonghe Co., Ltd. has experienced a stock price decline of 2.02% on November 14, with a current price of 27.63 CNY per share and a total market capitalization of 14.112 billion CNY. The company has seen a year-to-date stock price increase of 37.60% [1] Financial Performance - For the period from January to September 2025, Yonghe Co., Ltd. achieved a revenue of 3.786 billion CNY, representing a year-on-year growth of 12.04%. The net profit attributable to shareholders reached 469 million CNY, showing a significant increase of 220.39% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Yonghe Co., Ltd. increased to 24,000, a rise of 29.73% from the previous period. The average number of circulating shares per shareholder is 20,908, which is an increase of 2.23% [2] Dividend Distribution - Since its A-share listing, Yonghe Co., Ltd. has distributed a total of 310 million CNY in dividends, with 242 million CNY distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders, Xin'ao Cycle Power Mixed A (010963) is the seventh largest, holding 6.2843 million shares, an increase of 3.1695 million shares from the previous period. Hong Kong Central Clearing Limited is the eighth largest shareholder, holding 6.2477 million shares as a new shareholder [3]

Core Viewpoint - Yonghe Co., Ltd. has shown a significant increase in revenue and net profit for the first nine months of 2025, indicating strong financial performance and growth potential in the fluorochemical industry [2]. Financial Performance - For the period from January to September 2025, Yonghe Co., Ltd. achieved a revenue of 3.786 billion yuan, representing a year-on-year growth of 12.04% [2]. - The net profit attributable to shareholders reached 469 million yuan, marking a substantial year-on-year increase of 220.39% [2]. Stock Performance - As of November 6, Yonghe Co., Ltd.'s stock price increased by 2.02%, reaching 26.27 yuan per share, with a total market capitalization of 13.418 billion yuan [1]. - The stock has experienced a year-to-date increase of 30.83%, but has seen a decline of 3.95% over the last five trading days and 12.84% over the last 20 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 24,000, a rise of 29.73% from the previous period [2]. - The average number of circulating shares per shareholder is 20,908, which is an increase of 2.23% [2]. Dividend Distribution - Yonghe Co., Ltd. has distributed a total of 310 million yuan in dividends since its A-share listing, with 242 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the seventh largest circulating shareholder is Xin'ao Cycle Power Mixed A, holding 6.2843 million shares, an increase of 3.1695 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is a new eighth largest circulating shareholder, holding 6.2477 million shares [3].

Investment Rating - The report maintains a "Buy-B" rating for the company [5][9]. Core Insights - The company achieved record high performance in Q3 2025, with revenue of 12.3 billion yuan, a year-on-year increase of 20.5%, and a net profit of 1.23 billion yuan, up 44.57% year-on-year [6]. - The fluorochemical materials platform is driving growth across multiple sectors, with significant improvements in sales and profitability [7][8]. Financial Performance - For Q3 2025, the company reported revenue of 4.54 billion yuan, with a year-on-year growth of 22.33% and a net profit of 587 million yuan, reflecting an 84.3% increase year-on-year [6]. - The gross margin for Q3 2025 was 28.0%, up 7.7 percentage points year-on-year, while the net profit margin was 14.1%, an increase of 6.4 percentage points year-on-year [8]. Sales Breakdown - The sales volume of fluorocarbon chemicals was 34,000 tons, with an average price of 45,520 yuan per ton, reflecting a 2.5% increase from the previous quarter [7]. - Sales in various segments showed growth: fluorine lithium battery materials (410 million yuan, +10.8% QoQ), fluorine polymers (447 million yuan, +7.1% QoQ), and rubber products (145 million yuan, +23.0% QoQ) [7]. Future Projections - Expected net profits for 2025-2027 are projected at 1.68 billion, 2.51 billion, and 3.32 billion yuan, corresponding to P/E ratios of 24, 16, and 12 times respectively [9][12].

Core Insights - The company reported strong financial performance for Q3 2025, with revenue of 12.301 billion yuan (YoY +21%) and net profit of 1.232 billion yuan (YoY +45%) [1] - The "3+1" business segments showed consistent growth, with the fluorochemical segment benefiting from price increases and improved profitability [2][4] Financial Performance - For Q3 2025, the company achieved revenue of 4.541 billion yuan (YoY +22%, QoQ -1%) and net profit of 588 million yuan (YoY +84%, QoQ +28%) [1] - The gross margin for Q3 was 28.00%, an increase of 7.70 percentage points YoY and 3.89 percentage points QoQ, while the net margin was 14.07%, up 6.36 percentage points YoY and 2.96 percentage points QoQ [1] Business Segment Performance - The fluorochemical segment saw revenue growth of 26.53% YoY, with gross profit increasing by 63.34% and a gross margin improvement of 4.99 percentage points [2] - The electronic chemicals segment experienced a revenue increase of 19.83% YoY, while the high-end manufacturing chemical materials segment grew by 8.50% YoY [2] - The carbon reduction and engineering services segment maintained stable growth with a revenue increase of 19.37% YoY [2] Sales and Pricing Trends - In Q3 2025, fluorochemical sales volume was 34,000 tons, with revenue of 1.548 billion yuan and an average price of 45,500 yuan/ton [3] - Sales of lithium battery materials reached 24,000 tons, generating revenue of 409 million yuan, with an average price of 17,000 yuan/ton [3] - The company expects steady growth in refrigerant prices and a recovery in specialty orders, indicating a potential bottom reversal for fluorine materials [4] Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 1.651 billion, 2.078 billion, and 2.452 billion yuan respectively, reflecting an optimistic growth outlook [4] - The current market capitalization corresponds to price-to-earnings ratios of 25, 20, and 17 times for the respective years [4]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Insights - The company's Q3 performance exceeded expectations, with a revenue of 12.30 billion yuan, representing a year-on-year growth of 20.5%, and a net profit attributable to shareholders of 1.23 billion yuan, up 44.6% year-on-year [7][6] - The "3+1" business segments showed robust growth, with significant contributions from the chemical and electronic materials sectors [7][6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 16.03 billion yuan, with a year-on-year growth rate of 14.8% [6] - The net profit attributable to shareholders for 2025 is estimated at 1.65 billion yuan, reflecting a year-on-year increase of 56.7% [6] - The gross profit margin for Q3 was reported at 28.00%, with a year-on-year increase of 7.70 percentage points [7] - The company expects steady growth in refrigerant prices and a recovery in specialty orders, leading to an upward revision of net profit forecasts for 2025-2027 [7][6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has significantly improved due to the rise in fluorocarbon chemical prices, with a revenue increase of 20.50% year-on-year for the first three quarters of 2025 [1][2] - The average selling price of fluorocarbon chemicals increased by 48.6% year-on-year, contributing to a gross margin improvement of 2.45 percentage points to 25.18% [2] - The company has successfully launched several key projects, enhancing its technological capabilities and patent portfolio [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 12.301 billion yuan, a year-on-year increase of 20.50%, and a net profit attributable to shareholders of 1.232 billion yuan, up 44.57% [1] - In Q3 2025, the company reported a single-quarter revenue of 4.541 billion yuan, a 22.33% increase year-on-year, and a net profit of 587 million yuan, reflecting an 84.30% year-on-year growth [1] Product Performance - Revenue from fluorocarbon chemicals reached 4.03 billion yuan in the first three quarters of 2025, a 43.6% increase year-on-year, despite a 3.3% decrease in sales volume to 91,000 tons [2] - The company saw significant sales growth in other products, including fluorine lithium battery materials (121% increase), fluorinated gases (22.7% increase), and specialty tires (22.0% increase) [2] Project Development - Key projects such as the 26,000 tons/year high-performance organic fluorine materials project and the 46,600 tons/year special new materials project have been successfully launched [3] - The company has applied for 171 patents and received 135 patents, indicating strong progress in technology transfer [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised upward, with expected net profits of 1.814 billion yuan for 2025, 2.110 billion yuan for 2026, and 2.379 billion yuan for 2027 [3] - The report highlights the sustainability of product price increases and the favorable market conditions for related products [3]

Core Insights - The company reported a revenue of 12.32 billion yuan for the first three quarters of 2023, representing a year-on-year growth of 44.57% [1] - The fluorochemical business segment saw a revenue increase of 26.53% and a gross profit increase of 63.34% during the same period, driven by improved supply-demand dynamics and rising prices [1][2] Financial Performance - For the first three quarters, the company achieved total revenue of 123.01 billion yuan, a 20.5% increase year-on-year [1] - In Q3 alone, revenue reached 45.41 billion yuan, marking a 22.33% year-on-year growth, with net profit increasing by 84.3% to 5.87 billion yuan [1] - The average selling price of fluorocarbon chemicals was 44,400 yuan per ton, up 48.59% year-on-year due to quota policies and improved market conditions [2] Business Segments - The fluorochemical segment's strong performance was supported by a favorable competitive landscape and steady downstream demand, leading to higher average prices for refrigerants and other fluorocarbon chemicals [1][2] - The electronic chemicals segment faced intense competition, resulting in a decline in average prices for fluorinated gases, but the company adopted a volume-over-price strategy to maintain market share [2] - The high-end manufacturing chemical materials segment experienced a revenue growth of 8.50% and a gross profit growth of 8.56% [2] Project Development - Key projects are progressing as planned, including the 26,000 tons/year high-performance organic fluorine materials project and the 46,600 tons/year specialized new materials project [3] - The company is expanding its international presence and has approved a plan for subsidiaries to engage in financial derivatives trading, with a maximum contract value of 44 million USD per trading day [3]

Core Viewpoint - Yonghe Co., Ltd. is a significant player in the fluorochemical industry, with a comprehensive industrial chain from fluorite resources to fluorine-containing polymer materials, showcasing a differentiated advantage in the market [1] Group 1: Business Performance - In Q3 2025, Yonghe Co., Ltd. reported revenue of 3.786 billion yuan, ranking 6th in the industry, significantly lower than the top competitor, Juhua Co., Ltd., which had revenue of 20.394 billion yuan [2] - The company's net profit for the same period was 470 million yuan, ranking 4th in the industry, but still trailing behind Juhua Co., Ltd. and Sanmei Co., Ltd. [2] - The main business composition includes fluorocarbon chemicals at 1.31 billion yuan (53.58% of revenue) and fluorine-containing polymer materials at 800 million yuan (32.71% of revenue) [2] Group 2: Financial Health - Yonghe Co., Ltd. has a debt-to-asset ratio of 28.48% in Q3 2025, a significant decrease from 62.13% year-on-year, indicating strong solvency compared to the industry average of 40.15% [3] - The gross profit margin for the same period was 26.03%, an increase from 16.79% year-on-year, surpassing the industry average of 23.64%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 29.73% to 24,000, with an average holding of 20,900 circulating A-shares [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Xin'ao Cycle Power Mixed Fund and the entry of Hong Kong Central Clearing Limited as a new shareholder [5] Group 4: Future Outlook - According to China Galaxy Securities, Yonghe Co., Ltd. is expected to maintain strong performance, with projected net profits of 652 million yuan, 820 million yuan, and 951 million yuan for 2025-2027, representing year-on-year growth rates of 159.56%, 25.74%, and 15.99% respectively [6] - The company is advancing the development of fourth-generation environmentally friendly refrigerants and plans to construct a 20,000-ton/year HFO-1234yf facility, alongside expanding production capacity for fluorine-containing polymer materials [6]