濮耐股份 20250709 摘要 格林美采用活性氧化镁替代液碱，显著提升沉淀和过滤效率，降低 MHP 含水率，减轻环保压力，并提高金属回收率，尤其在钴回收方面效果显 著，综合效益驱动客户主动切换技术。 格林美新建生产线将全面采用活性氧化镁技术，如与戴日河谷合资的 6 万吨生产线，预计 2026 年底或 2027 年初投产。现有 16 万吨产能也可 能扩至 18 万吨，以充分利用技术优势。 公司活性氧化镁产品在非洲市场表现良好，大型客户使用后金属回收率 和氧化镁单耗指标优化，能耗控制得当，计划增加订单，并进行工艺调 整以满足欧盟钴粉销售标准。 受运费和国内低品位产品低价竞争影响，国内市场价格偏低。公司产品 提股效果优于复配产品，单耗较低，具备竞争优势，且市场需求大，能 维持当前 40%-50%利润率。 公司计划扩大产能，2025 年投产 6 万吨新线，总产能达 11 万吨，技改 后下半年达 17-18 万吨。2026 年启动 12 万吨新系统，总产能预计达 30 万吨，以应对新增客户需求。 Q&A 格林美在湿法提镍工艺中使用活性氧化镁替代片碱或液碱的进展如何？ 格林美在湿法提镍工艺中使用活性氧化镁替代片碱或液碱 ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 推荐非洲链和特种玻纤，关注广州地产政策 ——建材周专题 2025W23 报告要点 [Table_Summary] 关注广州地产政策优化 基本面：水泥出货环比下降，玻璃库存延续上升 推荐国产替代链和非洲链，存量龙头为全年主线 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 SFC：BQK473 SFC：BVZ972 [Table_Title 推荐非洲链和特种玻纤，关注广州地产政策 2] ——建材周专题 2025W23 [Table_Summary2] 关注广州地产政策优化 广州拟优化房地产政策。6 月 13 日，《广州市提振消费专项行动实施方案（征求意见稿）》公 开征求意见。其中提到，优化房地产政策，全面取消限购、限售、限价，降低 ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 地产销售偏弱，继续推荐特种玻纤和非洲建材 ——建材周专题 2025W22 报告要点 [Table_Summary] 百强地产销售偏弱，关注中央财政对城市更新支持 基本面：水泥出货环比持平，玻璃价格延续下行 推荐国产替代链和非洲链，存量龙头为全年主线 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 地产销售偏弱，继续推荐特种玻纤和非洲建材 2] ——建材周专题 2025W22 水泥：六月初，受高考、农忙和高温等多重不利因素影响，国内水泥需求偏弱，全国重点地区 水泥平均出货率约 48%，环比约持平，同比下降 2.3 个百分点。价格方面，虽然长三角地区开 始推涨价格 ...

Core Viewpoint - The report highlights the challenges faced by Puyang Co., Ltd. due to domestic competition and low demand, while also emphasizing the potential growth from overseas markets and the active magnesium oxide segment [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 5.192 billion yuan, a year-on-year decrease of 5.13%, with a net profit attributable to shareholders of 135 million yuan, down 45.48% [1]. - For Q1 2025, the company reported revenue of 1.34 billion yuan, a year-on-year increase of 3.17%, but a decline in net profit attributable to shareholders by 15.91% [1]. - The decline in performance is attributed to low demand in downstream industries, intensified competition, and increased shipping costs due to complex overseas situations [1]. Group 2: Overseas Market Development - The company has successfully expanded its overseas business, with foreign revenue and gross profit reaching 1.455 billion yuan and 417 million yuan in 2024, accounting for 28% and 42.32% of total revenue and gross profit, respectively [2]. - The gross margin for overseas operations was 28.67%, significantly higher than the domestic gross margin of 15.21% [2]. - The company has established factories in the U.S. and Serbia, with the U.S. factory achieving a 72% increase in sales revenue in 2024, receiving positive feedback from customers [2]. Group 3: Growth Potential in Active Magnesium Oxide - The active magnesium oxide market is identified as a new growth point, primarily used in hydrometallurgical processes for cobalt and nickel extraction [3]. - The company’s new materials division aims to expand into this market, having already been recognized by several hydrometallurgical clients, including Greenmei [3]. - The company currently has a production capacity of 50,000 tons per year for efficient precipitating agents, with plans for a new production line expected to come online soon, potentially increasing theoretical output to 450,000 tons [3]. Group 4: Investment Outlook - The company is expected to benefit from the gradual ramp-up of overseas projects and continued breakthroughs in the active magnesium oxide market, with projected revenues of 5.774 billion yuan, 6.519 billion yuan, and 7.252 billion yuan for 2025, 2026, and 2027, respectively [3]. - Net profits are forecasted to reach 321 million yuan, 535 million yuan, and 874 million yuan for the same years, reflecting significant growth rates [3].

Core Viewpoint - The company reported its Q1 2025 financial results, showing a slight increase in revenue but a significant decline in net profit and cash flow, indicating operational challenges and cost pressures [1][2]. Financial Performance - Q1 2025 revenue reached 1.34 billion yuan, a year-on-year increase of 3.2% - Net profit attributable to shareholders was 50 million yuan, down 15.9% year-on-year - Non-recurring net profit also decreased by 16.1% to 50 million yuan - Operating cash flow was negative at -30 million yuan, a decline of 20 million yuan year-on-year [1][2]. Profitability Metrics - Gross margin was 17.9%, a decrease of 1.8 percentage points year-on-year, primarily due to pricing pressures from steel mills - Operating expense ratio was 11.9%, down 2.3 percentage points year-on-year - Sales net profit margin stood at 4.2%, a decrease of 0.7 percentage points year-on-year [2]. Strategic Partnerships - The company signed a strategic cooperation framework agreement with Greenme to develop a high-efficiency precipitant for the HPAL process, ensuring a stable demand for high-activity magnesium oxide - Greenme has established a nickel resource capacity of 150,000 tons per year in Indonesia, indicating strong market potential for wet nickel extraction [3]. Growth Prospects - The company is expanding its production capacity for high-activity magnesium oxide, with a new 60,000-ton production line expected to commence soon - The U.S. factory is projected to significantly contribute to revenue growth in 2024, with increasing orders and potential benefits from tariff policies - The Serbian factory is also on track for market expansion and sales growth [3][4]. Earnings Forecast - The company maintains a positive outlook for its high-activity magnesium oxide business and U.S. factory flexibility, projecting net profits of 341 million yuan, 557 million yuan, and 765 million yuan for 2025-2027 [4].

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