证券研究报告 | 2026年01月22日 赞宇科技（002637.SZ） levy 税率上调至 12.5%，杜库达改扩建项目持续爬坡 公司研究·公司快评 基础化工·化学制品 投资评级：优于大市（维持） 证券分析师： 杨林 010-88005379 yanglin6@guosen.com.cn 执证编码：S0980520120002 证券分析师： 张歆钰 021-60375408 zhangxinyu4@guosen.com.cn 执证编码：S0980524080004 事项： 事件：2026 年 1 月 15 日据生意社报导，印尼国家种植园基金机构负责人埃迪·阿卜杜拉赫曼表示，从 2026 年 3 月 1 日起，印尼将把毛棕榈油出口 levy 税率从 10%提高到 12.5%。精炼产品的税率也将提高 2.5 个百 分点。 国信化工观点：1）印尼毛棕榈油出口税率提升，将增厚公司印尼杜库达单吨盈利水平；2）印尼杜库达新 增产能有序释放，叠加税金增加有望实现量价齐升；3）表面活性剂、代加工业务产能利用率持续提升， 推动盈利上行；4）静待 OPO 结构脂产能爬坡。 公司为国内油脂化工、表面活性剂、洗护加工领先企业，油 ...

事项： 事件：2026 年 1 月 15 日据生意社报导，印尼国家种植园基金机构负责人埃迪·阿卜杜拉赫曼表示，从 2026 年 3 月 1 日起，印尼将把毛棕榈油出口 levy 税率从 10%提高到 12.5%。精炼产品的税率也将提高 2.5 个百 分点。 证券研究报告 | 2026年01月22日 赞宇科技（002637.SZ） levy 税率上调至 12.5%，杜库达改扩建项目持续爬坡 公司研究·公司快评 基础化工·化学制品 投资评级：优于大市（维持） 证券分析师： 杨林 010-88005379 yanglin6@guosen.com.cn 执证编码：S0980520120002 证券分析师： 张歆钰 021-60375408 zhangxinyu4@guosen.com.cn 执证编码：S0980524080004 印尼毛棕榈油出口税率提升，将增厚公司印尼杜库达单吨盈利水平 2026 年 1 月 15 日据生意社报导，印尼国家种植园基金机构负责人埃迪·阿卜杜拉赫曼表示，从 2026 年 3 月 1 日起，印尼将把毛棕榈油出口 levy 税率从 10%提高到 12.5%。精炼产品的税率也将提高 2.5 个 ...

赞宇科技（002637.SZ）8月11日在投资者互动平台表示，公司按照深交所相关规定进行信息披露工作。 根据2024年年报，公司2024年表面活性剂（AES/AOS/LAS等）产能利用率为74.93%，油脂化学品（硬 脂酸、氢化油、单甘脂、油酸等）产能利用率为90.29%，二季度业绩及最新开工率情况请关注公司相 关公告。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：一季度利润增长60％现在未预告，请问是不是二季度 利润不佳。另外企业开工率情况如何？ ...

Group 1: Company Overview and Strategy - As of May 9, 2025, the number of shareholders is 16,944 [2] - The company aims to become a global leader in chemical manufacturing services by focusing on surfactants, fatty chemicals, and personal care OEM/ODM [2][3] - Future development plans include enhancing technological innovation and extending the industrial chain, particularly in Indonesia and Malaysia [3] Group 2: Financial Performance and Projections - In 2024, exports accounted for 36.55% of total sales, targeting markets such as the Belt and Road Initiative, RCEP, and Africa Free Trade Area [3] - Non-operating income from government subsidies in 2024 is projected to be CNY 3,500 million [3] - The company anticipates a significant increase in net profit for 2024, despite a decline in cash flow due to rising raw material prices [3][4] Group 3: Market Trends and Challenges - The domestic market for anionic surfactants is expected to grow by 10.5% and 14.0% in 2024, with an annual growth rate of over 8% for the surfactant market [4] - The company faces challenges from intensified competition and economic pressures, impacting profit margins compared to 2021 [7][10] - The palm oil market is currently at a reasonable level, with future price movements driven by supply and demand fundamentals [8] Group 4: Operational Efficiency and Cost Management - The company is enhancing supply chain efficiency and inventory management to reduce costs [6][10] - Automation initiatives are in place to improve production efficiency and reduce operational costs [10] - The company is committed to maintaining a minimum cash dividend of 10% of distributable profits annually [5][6] Group 5: Shareholder Engagement and Market Position - The company is considering increasing its dividend payout to enhance shareholder value [6] - As a leading player in the surfactant and fatty chemical sectors, the company holds over 30% market share in both categories [10][11] - The company is focused on maintaining independence and compliance with regulatory standards amid concerns about major shareholders [11]