编号：2025-010 | | 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 （请文字说明其他活动内容） | | | 参与单位名称 及人员姓名 | 招商基金、康泰资产、东吴基金、华安基金、信达澳亚基金、 | | | | 金信基金、银河基金、先锋基金、凯石基金、嘉实基金、兴银 | | | | 基金、弘毅远方基金、兴业基金、南方基金、阳光资产、华宝 | | | | 基金、富安达基金、华富基金、湘财基金、鹏华基金、新华基 | | | | 金、东方证券、中信建投证券、中信证券、兴业证券、招商证 | | | | 券、中国国际金融、星展銀行、西部证券、国信证券、平安证 | | | | 券、国盛证券等约 110 | 位分析师及投资者 | | 时间 | 2025 年 8 月 26 日 | | | 地点 | 腾讯会议 | | | 上市公司接待 | 董事长 李洪文 | | | 人员姓名 | 董事会秘书 郜雨 | | | | 财务总监 孔祥乾 | ...

Core Viewpoint - The global zircon concentrate market is undergoing structural adjustments, with increased production capacity in major regions like Australia and Mozambique leading to a significant rise in global zircon resource supply. This supply-side effect is transmitted to the domestic market, coinciding with the expansion of China's zirconia industry capacity, resulting in a downward trend in zirconia raw material prices [1][7][9]. Industry Overview - Zirconia, with the chemical formula ZrO₂, is the main oxide of zircon, characterized by its high melting point (approximately 2650℃ to 2715℃), high hardness (Mohs hardness can reach above 7.5), and excellent wear and corrosion resistance [2][4]. - The zirconia industry supply chain includes upstream raw materials like zircon sand, stabilizers, and additives, as well as production equipment. The midstream involves zirconia manufacturing, while downstream applications span structural ceramics, electronic ceramics, dental materials, lithium batteries, and more [5]. Industry Current Status - The global zircon concentrate market is experiencing a structural adjustment, with new production capacities in Australia and Mozambique leading to a significant increase in global zircon resource supply. This supply-side effect is transmitted to the domestic market, coinciding with the expansion of China's zirconia industry capacity, resulting in a downward trend in zirconia raw material prices. As of June 2025, the price of zirconia in China is 46,000 yuan per ton, a year-on-year decrease of 8.00% [1][7][11]. - The Chinese zirconia industry is facing overcapacity, leading to a supply surplus. Companies are compelled to lower prices to compete for market share, affecting the operating rates, which have remained below 50% in recent years. As of June 2025, the operating rate is 34.92%, a decrease of 5.04 percentage points month-on-month and 2.22 percentage points year-on-year [9][11]. Key Enterprises' Performance - The Chinese zirconia industry has developed a stable competitive landscape dominated by a few large enterprises. For instance, Sanxiang New Materials has expanded its electric melting zirconia capacity and has a leading effective capacity of 26,000 tons in China. Dongfang Zircon Industry has a complete integrated industrial chain and is the largest composite zirconia manufacturer in the country [13][17]. Industry Development Trends 1. **Technological Innovation**: The future development of the zirconia industry will be driven by technological innovation, with advancements in production processes like nanotechnology and sol-gel methods enhancing material performance [19]. 2. **Expanding Application Fields**: The demand for zirconia is expected to rise significantly in emerging sectors such as solid-state batteries and biomedical applications due to its excellent properties [20]. 3. **Government Support for Sustainable Development**: The industry will focus on green and high-end development, with government policies promoting sustainable practices and enhancing product quality and competitiveness [21].

Company Overview - Haiyang Technology Co., Ltd. officially listed on the Shanghai Stock Exchange on June 12, 2023, with an initial surge of 386.7% on its first trading day [5][7] - The company specializes in the research, production, and sales of Nylon 6 series products, achieving a leading position in domestic and international markets [5][8] - Haiyang Technology's main products include Nylon 6 chips, Nylon 6 yarn, and tire fabrics, with significant market shares in each category [7][8] Market Performance - Haiyang Technology's IPO price was set at 11.50 CNY per share, with a static P/E ratio of 12.69, significantly lower than the industry average of 23.65 [7] - The company has established a strong supply chain presence with notable clients such as BASF, Zhongce Rubber, and Linglong Tire [5][8] Industry Trends - The Nylon market is experiencing rapid growth, with China's apparent demand for nylon increasing from 3.23 million tons in 2017 to 3.97 million tons in 2023, an annual growth rate of approximately 3.52% [14] - The global nylon market is projected to grow from 31.13 billion USD in 2021 to 46.31 billion USD by 2028, with an annual growth rate of 5.8% [14] - The special nylon market is also expanding, with a forecasted growth from 2.664 billion USD in 2020 to 3.337 billion USD by 2025, reflecting a compound annual growth rate of 4.03% [16] Competitive Landscape - As of now, there are 44 major producers of Nylon 6 in China, with a total capacity expected to reach 9.28 million tons by 2028 [18] - Haiyang Technology holds a market share of 5.60% in Nylon 6 chips and 15.71% in tire fabrics, indicating a strong competitive position [8] - Another company, Changyu Group, has initiated its IPO process, aiming to raise 700 million CNY for various projects, including high-performance nylon elastomers [12][14]

Core Viewpoint - Changyu Group has submitted an application for an IPO on the main board of the Shanghai Stock Exchange, aiming to raise 700 million yuan for various projects, including the production of ultra-pure oxygen zirconium chloride and high-performance nylon elastomer products [1][3]. Company Overview - Changyu Group, established in April 2019, is located in Zibo City, Shandong Province, and was formerly known as Changyu New Materials Co., Ltd [3]. - The company is known for its zirconium and specialty nylon products, focusing on research, production, and sales [7]. Financial Performance - The projected revenues for Changyu Group are approximately 1.669 billion yuan, 1.607 billion yuan, and 1.637 billion yuan for the years 2022, 2023, and 2024, respectively. The net profits for the same years are estimated to be around 255 million yuan, 189 million yuan, and 208 million yuan [7]. - The total assets of the company are expected to reach approximately 1.671 billion yuan by the end of 2024, with a total equity attributable to the parent company of about 1.267 billion yuan [8]. Shareholding Structure - Liu Qiyong and Liu Ce are the controlling shareholders of Changyu Group, collectively holding 53.20% of the voting rights [5]. - Liu Qiyong serves as the chairman and general manager, while Liu Ce is a director and vice general manager [7]. Product Portfolio - Changyu Group's main products include zirconium hydroxide, zirconium carbonate, zirconium oxide, nano-composite zirconium oxide, specialty nylon, long-chain dicarboxylic acid, long-chain diol, and long-chain dimethyl ester [7]. - The revenue from zirconium products for the years 2022, 2023, and 2024 is projected to be approximately 1.263 billion yuan, 1.158 billion yuan, and 1.154 billion yuan, accounting for 76.17%, 72.43%, and 70.85% of total revenue, respectively [8].

Company Overview - Changyu Group has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 700 million yuan [1] - The company specializes in the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products [1] - Key products include zirconium oxychloride, zirconium carbonate, zirconium oxide, nano-composite zirconia, specialty nylon, long-chain dicarboxylic acids, long-chain diols, and long-chain dimethyl esters [1] Industry Position - Changyu Group is a leading supplier of zirconium and specialty nylon products, with the largest production capacity of zirconium oxychloride globally and a leading position in specialty nylon production in China [1][2] - The zirconium products market is primarily dominated by private enterprises, with a stable competitive landscape, while the specialty nylon market is more fragmented with various companies focusing on different product lines [2] Financial Performance - Revenue for Changyu Group was approximately 1.669 billion yuan in 2022, with projections of 1.607 billion yuan in 2023 and 1.637 billion yuan in 2024 [2] - Net profit figures for the same years were around 255 million yuan, 189 million yuan, and 208 million yuan respectively [2] - Key financial metrics for 2024 include total assets of 1.671 billion yuan, equity attributable to shareholders of 1.267 billion yuan, and a debt-to-asset ratio of 5.16% [3]

Group 1: Company Performance Outlook - The company expects its performance in 2025 to exceed that of the previous year, adjusting strategies based on market conditions [2] - In the first half of 2024, domestic revenue accounted for 41.22%, indicating significant growth potential in the Chinese market [2] - The company aims for substantial revenue growth from its acquisition of Korean Wolan in 2025, focusing on market expansion and brand building [2] Group 2: Product Pricing and Market Strategy - Product prices remain stable, with changes primarily due to sales structure and tiered pricing policies [2] - The company has a balanced distribution of sales across multiple regions, including Europe, North America, Asia, South America, and Australia, reducing reliance on any single market [2] - Most tariffs on products exported to the U.S. are borne by customers, mitigating operational risks for the company [2] Group 3: Innovations and Digital Solutions - The company is responding to the digitalization needs in orthodontics by offering comprehensive digital solutions, including 3D printing technology [4] - In 2025, the company will upgrade its milling machine series and launch a 49-minute rapid sintering furnace, alongside advancements in 3D printing products [6] - The introduction of 3D printed full dentures and precise implant solutions for edentulous patients marks a significant innovation in the company's offerings [8] Group 4: Overseas Market Development - The company emphasizes matching customer needs in overseas markets and enhancing brand presence through training and relationship building [7] - Following the acquisition of Korean Wolan, the company is exploring the feasibility of establishing production bases in Europe and Asia [10] - The company is actively investing in channel development and market penetration to seize opportunities in the growing dental implant sector [9]

Core Viewpoint - The company reported a revenue of 970 million yuan for Q1 2025, reflecting a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8% [1] - The net profit attributable to shareholders was 140 million yuan, showing a year-on-year increase of 1.8% and a quarter-on-quarter increase of 10.8% [1] - The company continues to expand into new fields of ceramic materials through organic growth and horizontal mergers [2] Financial Performance - Revenue for Q1 2025 was 970 million yuan, with a year-on-year growth of 17.9% and a quarter-on-quarter decline of 9.8% [1] - Net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter [1] - The gross margin and net margin for Q1 2025 were 36.8% and 15.3%, respectively, down 2.0 percentage points and 2.4 percentage points year-on-year [4] Business Segments - The company operates in six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials [2] - Electronic materials are expected to see a recovery in demand due to consumer electronics subsidies and growth in automotive electronics and AI servers [3] - Catalytic materials have expanded into overseas markets and are now part of the supply chain for major clients [3] - Biomedical segment is diversifying its product offerings with new launches, supported by strong R&D investment [3] - New energy materials are gaining traction with major lithium battery manufacturers, enhancing production quality and sales levels [3] - Precision ceramics are experiencing growth due to the adoption of ceramic bearings in new energy vehicles [3] R&D and Future Outlook - The company maintains high R&D investment, with a R&D expense ratio of 7.3%, down 0.2 percentage points year-on-year [4] - New product breakthroughs include spherical silica for high-frequency copper-clad laminates and zirconia/titania dispersions for backlight modules [4] - The company projects net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for 2025, 2026, and 2027, respectively [4]

Group 1 - The core viewpoint emphasizes the optimistic outlook for platform enterprises driven by a diverse product matrix, with domestic substitution and overseas expansion as dual engines of growth [1][4] Group 2 - The investment rating is maintained at "Buy," with a downward adjustment of EPS for 2025 and 2026 to 0.77 and 0.93 yuan respectively, and a new EPS for 2027 set at 1.11 yuan. The target price is set at 19.25 yuan based on a 25x PE valuation for 2025 [2] - In 2024, the company is projected to achieve a revenue of 4.047 billion yuan, a year-on-year increase of 4.86%, and a net profit of 581 million yuan, a year-on-year increase of 7.05% [2] - The revenue for Q4 2024 is expected to be 1.08 billion yuan, with a year-on-year increase of 0.78% and a quarter-on-quarter increase of 6.67% [2] Group 3 - The diverse product matrix for platform enterprises includes significant revenue growth in electronic materials, catalytic materials, biomedical, new energy materials, and precision ceramics, with respective year-on-year growth rates of 4.22%, 10.01%, 6.53%, 48.34%, and 41.68% [3] - The company is focusing on domestic substitution and overseas expansion, particularly in the ceramic carrier market, where it aims to ensure supply chain security and cost reduction for domestic manufacturers [3] - The biomedical sector is expected to benefit from a red-chip structure that will facilitate overseas business expansion, with a focus on seven major sales regions including the Middle East, North Africa, Southeast Asia, and Europe [4]

Core Viewpoint - The industry consensus on the timeline for solid-state battery deployment has converged to 2027 for small-scale production and 2030 for large-scale commercialization, indicating a clearer technological roadmap and increased demand for lithium resources and equipment [1][2][11]. Group 1: Solid-State Battery Deployment Expectations - Leading battery manufacturers and experts have indicated that solid-state batteries are expected to begin small-scale production by 2027, with large-scale commercialization anticipated by 2030 [2]. - The convergence of expectations suggests a clearer technological path, transitioning from single sulfide to mixed sulfide and halide materials, which will drive demand for lithium battery equipment and resources [2]. Group 2: Materials Sector - The materials sector is expected to develop along two main lines: the establishment of new solid-state electrolyte routes and the shared materials benefiting from the solid-state battery industry [3][4]. - The solid-state electrolyte routes are likely to stabilize, with a focus on sulfide materials by major players like CATL and BYD, while conductive agents and silicon anodes are projected to see increased usage in solid-state batteries [4]. Group 3: Equipment Sector - The lithium battery equipment sector is showing signs of recovery, with expectations for a dual rebound in orders and performance by 2025 as major manufacturers ramp up production capacity [5][6]. - The transition to solid-state battery manufacturing is expected to drive new investment in equipment, particularly as the industry prepares for significant advancements in production technology [6]. Group 4: Resource Sector - The demand for zirconium, a key raw material for oxide electrolytes, is projected to increase significantly, with expectations of reaching 78,000 tons by 2030, which is 395 times the demand in 2023 [7]. - The industrialization of sulfide and lithium metal anodes is expected to double lithium consumption, with significant advancements in production capabilities being reported [7]. Group 5: Future Events in the Solid-State Battery Industry - Major events in 2025 include the unveiling of Hyundai's solid-state battery production line and the Shanghai Auto Show, which are anticipated to be key platforms for solid-state battery developments [8]. - The introduction of new models featuring semi-solid-state batteries by SAIC's MG brand is expected to occur in Q2 2025, potentially marking a significant milestone in the commercialization of semi-solid-state battery technology [8].