本周（2025/11/10-2025/11/14）化工板块整体涨跌幅表现排名第9位，涨跌幅为2.61%，走势处于市场整 体中上游。上证综指涨跌幅为-0.18%，创业板指涨跌幅为-3.01%，申万化工板块跑赢上证综指2.79个百 分点，跑赢创业板指5.62个百分点。 华安证券近日发布基础化工行业周报：本周（2025/11/10-2025/11/14）化工板块整体涨跌幅表现排名第9 位，涨跌幅为2.61%，走势处于市场整体中上游。上证综指涨跌幅为-0.18%，创业板指涨跌幅 为-3.01%，申万化工板块跑赢上证综指2.79个百分点，跑赢创业板指5.62个百分点。 以下为研究报告摘要： 主要观点： 行业周观点 2025年化工行业景气度将延续分化趋势，推荐关注合成生物学、农药、层析介质、代糖、维生素、轻烃 化工、COC聚合物、MDI等行业: （1）合成生物学奇点时刻到来。能源结构调整大背景下，化石基材料或在局部面临颠覆性冲击，低耗 能的产品或产业有望获得更长成长窗口。对于传统化工企业而言，未来的竞争在于能耗和碳税的成本， 优秀的传统化工企业会利用绿色能源代替方案、一体化和规模化优势来降低能耗成本，亦或新增产能转 移至 ...

Group 1 - The company, Zhongxin Fluorine Materials, has an annual production capacity of 70,000 tons of hydrogen fluoride [1] - The hydrogen fluoride produced by the company is classified as industrial-grade and photovoltaic-grade, and it is not suitable for high-end semiconductor applications [1]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a significant increase in single fluorite mineral sales, with the "selection and processing integration" project in Baotou showing notable growth, aligning with expectations for performance [1] - The company achieved a total revenue of 2.758 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 51%, while the net profit attributable to shareholders was 236 million yuan, down 6% year-on-year [6][8] - The report highlights the expected recovery in fluorite prices due to seasonal demand and supply constraints, with a projected production of 10-12 million tons of single minerals in Q4 2025 [6][8] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 3.746 billion yuan, with a year-on-year growth rate of 36.1% [2] - The net profit attributable to shareholders is forecasted to be 338 million yuan in 2025, representing a 31.5% increase compared to the previous year [2] - The report anticipates an increase in gross margin to 21.2% in 2025, with a return on equity (ROE) of 17.5% [2] Market Data - As of October 29, 2025, the company's closing price was 18.30 yuan, with a market capitalization of 15.403 billion yuan [3] - The company has a price-to-book ratio of 8.5 and a dividend yield of 0.82% [3] Operational Highlights - The company’s fluorite powder production from the Baotou project reached approximately 620,000 tons in the first nine months of 2025, a year-on-year increase of about 220,000 tons [6] - The average price of domestic 97% fluorite wet powder in Q3 2025 was 3,268 yuan per ton, with expectations for a price increase in Q4 2025 to 3,613 yuan per ton [6] - The report notes that the company is actively pursuing resource integration and development of fluorite resources in Mongolia, with ongoing projects expected to enhance profitability [6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a revenue of 2.758 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 51%. The net profit attributable to the parent company was 236 million yuan, down 6% year-on-year, indicating that performance met expectations [8] - The company expects a recovery in fluorite prices due to seasonal demand and supply constraints, with a projected production of 100,000 to 120,000 tons of single mineral in Q4 2025 [8] - The "selection and processing integration" project is ramping up production, with significant increases in both fluorite and hydrogen fluoride sales expected in Q4 2025 [8] - The company is actively integrating scarce global resources, with progress on projects in Mongolia, including the establishment of operational entities for mining and processing [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are 3.746 billion yuan, with a year-on-year growth rate of 36.1%. The net profit attributable to the parent company is forecasted to be 338 million yuan, a 31.5% increase [2] - The earnings per share (EPS) for 2025 is estimated at 0.40 yuan, with a projected price-to-earnings (PE) ratio of 46 [2] - The gross profit margin is expected to be 21.2% in 2025, increasing to 29.2% by 2027 [2] Market Data - As of October 29, 2025, the closing price of the company's stock was 18.30 yuan, with a market capitalization of 15.403 billion yuan [3] - The stock has a price-to-book ratio of 8.5 and a dividend yield of 0.82% [3] Production and Sales Insights - In Q3 2025, the company achieved a single mineral sales volume of 114,100 tons, a year-on-year increase of 1.72% [8] - The average price of domestic 97 fluorite wet powder in Q3 2025 was 3,268 yuan per ton, reflecting a year-on-year decrease of 9% [8] - The company plans to produce 180,000 to 200,000 tons of fluorite powder in Q4 2025, with expectations of improved profitability in hydrogen fluoride sales [8]

Investment Rating - The report maintains a "Recommended" investment rating for Sanmei Co., Ltd. (603379.SH) [1] Core Views - The fundamentals of refrigerants are tight, and product prices are expected to continue rising, driven by strong demand from the domestic appliance and automotive sectors, as well as increased export demand from Southeast Asia [7][8] - The company achieved significant revenue growth in Q3 2025, with a revenue of 1.601 billion yuan, a year-on-year increase of 60.29%, and a net profit of 596 million yuan, up 236.57% year-on-year [4][7] Summary by Sections Company Overview - Sanmei Co., Ltd. operates in the basic chemical industry, with a total market capitalization of 34.3 billion yuan and a total share capital of 610 million shares [1] Financial Performance - In Q3 2025, the company reported a revenue of 1.601 billion yuan, a 60.29% increase year-on-year, and a net profit of 596 million yuan, reflecting a 236.57% growth [4] - For the first three quarters of 2025, the company achieved a total revenue of 4.429 billion yuan, a 45.72% increase year-on-year, and a net profit of 1.591 billion yuan, up 183.66% [4] Revenue Projections - Revenue projections for 2025 to 2027 indicate a growth trajectory, with expected revenues of 5.874 billion yuan in 2025, 6.815 billion yuan in 2026, and 8.028 billion yuan in 2027 [6] - The company is expected to achieve net profits of 2.010 billion yuan in 2025, 2.332 billion yuan in 2026, and 2.757 billion yuan in 2027 [6] Market Position - The company holds a leading position in the domestic refrigerant market, with a production quota of approximately 120,000 tons for mainstream third-generation refrigerants, accounting for 15.3% of the national total [7] - The price of mainstream refrigerants such as R32 and R134a has seen significant increases, with year-on-year growth of 59.6% and 59.0%, respectively [8] Future Outlook - The report anticipates continued strong performance for the company, supported by favorable market conditions and a tight supply of refrigerants, with expectations for sustained high prices [8] - The company is projected to maintain a leading market share in the production of third-generation refrigerants, which will contribute to robust earnings growth [8]

证券代码：603310 证券简称：巍华新材 公告编号：2025-055 浙江巍华新材料股份有限公司 2025 年前三季度主要经营数据公告 二、主要产品和原材料的价格变动情况 一、 主要产品的产量、销量及收入实现情况 | 类别 | 产量（吨） | 销量（吨） | 销售收入 （万元） | 销量同比变 化（%） | 销售收入同 比变化（%） | | --- | --- | --- | --- | --- | --- | | 氯甲苯系列 | 49,964.47 | 18,559.54 | 13,644.56 | -24.67 | -36.67 | | 三氟甲基苯 系列 | 40,600.43 | 22,833.15 | 50,587.87 | 5.06 | -8.81 | | 三氟甲基吡 啶系列 | 358.71 | 123.10 | 1,042.27 | | | | 合计 | 90,923.61 | 41,515.79 | 65,274.70 | -10.47 | -15.25 | 注1：浙江方华化学有限公司三氟甲基吡啶系列生产线2025年度第三季度开始投产形成销售。 注2：若出现总计数与所列数值总和不符，均为四舍 ...

Core Insights - The company reported a revenue of 659.9952 million yuan for the period from January to September 2025, with main business revenue at 652.7470 million yuan and other business revenue at 7.2482 million yuan [1] Revenue Breakdown - The sales volume of chlorotoluene series was 18,559.54 tons, generating a sales revenue of 136.4456 million yuan, reflecting a year-on-year decline of 24.67% in volume and 36.67% in revenue [1] - The sales volume of trifluoromethylbenzene series was 22,833.15 tons, with sales revenue of 505.8787 million yuan, showing a year-on-year increase of 5.06% in volume but a decrease of 8.81% in revenue [1] Price Trends - The average selling prices of major products generally decreased, with the procurement prices of key raw materials such as toluene and liquid chlorine dropping by 20.15% and 70.21% year-on-year, respectively, while hydrofluoric acid prices increased by 5.58% [1]

Core Viewpoint - The company, Xinzhou Bang, is expanding its lithium hexafluorophosphate production capacity through strategic investments and plans to increase production based on market demand [1] Group 1: Production Capacity - The current production capacity of lithium hexafluorophosphate at Jiangxi Shilei Fluorine Materials Co., Ltd. is 24,000 tons per year [1] - After the completion of technical upgrades by the end of 2025, the planned production capacity will reach 36,000 tons per year [1] - The company anticipates further expansion plans depending on market demand [1] Group 2: Strategic Investments - The company is strategically investing in Jiangxi Shilei Fluorine Materials Co., Ltd. and Fujian Yongjing Technology Co., Ltd. to establish a foothold in the hydrofluoric acid market [1]

Core Viewpoint - The article discusses the environmental impact assessment approval for a lithium hexafluorophosphate technical transformation project by Jiangxi Shilei Fluorine Materials Co., Ltd. in Huichang, Jiangxi Province, highlighting the project's investment and production capacity changes [1]. Group 1 - The project has a total investment of 30 million yuan, with approximately 300,000 yuan allocated for environmental protection, representing 1% of the total investment [1]. - The existing production capacity of lithium hexafluorophosphate is 9,000 tons per year, which will be upgraded to 18,000 tons per year after the technical transformation [1]. - The project will also produce by-products, including 25,200 tons per year of hydrofluoric acid and 108,000 tons per year of hydrochloric acid, with total plant capacities reaching 24,000 tons per year of lithium hexafluorophosphate, 33,600 tons per year of hydrofluoric acid, and 1,440,000 tons per year of hydrochloric acid upon completion [1].

Group 1 - The chemical ETF (516020) showed weak performance with a decline of 1.72% and a trading volume of 58.95 million yuan, while the fund's latest scale is 2.819 billion yuan [1] - Key performing stocks include Tianqi Materials, New Yangfeng, and Sankeshu, with increases of 2.62%, 0.9%, and 0.29% respectively, while Shengquan Group, Xingfa Group, and Hebang Bio experienced declines of 5.04%, 5.68%, and 3.96% [1] - Industry analysis indicates that sub-industries such as sucralose, pesticides, MDI, and amino acids benefit from a globally supply-driven landscape, while refrigerants and fertilizers are supported by domestic demand [1][2] Group 2 - The basic chemical industry saw a cumulative capital expenditure decline of 5.2% year-on-year from January to August 2025, with supply-side adjustments accelerating [1] - The chemical raw materials and products manufacturing industry experienced a profit decline of 5.5% year-on-year, although prices for products like hydrogen peroxide and hydrofluoric acid have risen significantly [2] - The top ten weighted stocks in the chemical ETF index include Wanhua Chemical, Salt Lake Co., and Juhua Co., among others [2]