业绩同比改善，盈利能力提升 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-08-27 | | | 160.00 收盘价（元） 01e_BaseData] | | 64.10 | | 近 12 个月最高/最低（元） | 65.80/35.25 | | | 总股本（百万股） | 296 | | | 流通股本（百万股） | | 207 | | 流通股比例（%） | | 70.11 | | 总市值（亿元） | | 190 | | 流通市值（亿元） | | 133 | [Table_StockNameRptType] 瑞丰新材（300910） 公司点评 [Table_Chart] 公司价格与沪深 300 走势比较 -50% 0% 50% 100% 瑞丰新材 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@ha ...

事件：8 月22 日晚间，公司发布2025 年度半年度报告，1H25 公司实现营业总收入16.62 亿元，同比 +10.79%；实现归母净利润3.70 亿元，同比+16.08%；实现扣非归母净利润3.54 亿元，同比+14.18%。 2Q25 公司实现营业总收入8.13 亿元，同比+3.42%；实现归母净利润1.75 亿元，同比+5.50%；实现扣非 归母净利润1.71 亿元，同比+4.41%。 预计润滑油添加剂销量提升，1H25 业绩同比+16.08%。1H25 公司实现营业总收入16.62 亿元，同比 +10.79%；实现归母净利润3.70 亿元，同比+16.08%。 持续推进下游客户准入和升级，润滑油添加剂市场份额有望快速提升。润滑油添加剂行业正处于国际供 应链体系重建，国内进口替代加速，从"引进来"到"走出去"的关键阶段。公司以国际头部客户和国际主 流润滑油公司为平台背书，持续推进下游客户准入和转型。同时，公司加大海外营销渠道布局力度，已 在新加坡、迪拜、比利时等地设立海外仓储基地，覆盖区域客户供给需求，有利于公司形成良好的品牌 效应。未来随着公司下游客户覆盖度的提升和客户质量的升级，公司润滑油添加剂 ...

公司近一年市场表现 | 年 月 市场数据：2025 8 | 日 25 | | | --- | --- | --- | | 收盘价（元）： | | 64.10 | | 年内最高/最低（元）： | | 68.17/35.00 | | 流通A股/总股本（亿）： | | 2.07/2.96 | | 流通 A 股市值（亿）： | | 133.00 | | 总市值（亿）： | | 189.69 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 1.27 | | 摊薄每股收益(元)： | | | 1.27 | | 每股净资产(元)： | | | 11.76 | | 净资产收益率(%)： | | | 10.67 | 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 其他化学制品Ⅲ 瑞丰新材（300910.SZ） 买入-B(维持) 盈利稳定增长，添加剂需求向好 2025 年 8 ...

资源品牛市，继续看好 20250824 摘要 中国高收益无风险资产稀缺，叠加资本市场改革提升可投资性，吸引超 高净值、高净值人群及实业资本入市，推动股市上涨。散户入市意愿虽 低，但未来或随无风险收益率下沉及改革推进而增加。 中国经济转型在人工智能、集成电路等领域取得进展，降低经济不确定 性，增强市场信心。无风险收益下沉促使资金涌向股票等资产管理需求 旺盛领域，推动市场整体上行。 预计 2025 年中国市场上升动力来自经济转型加速、无风险收益下沉和 资本市场改革。即使市场短暂调整，整体趋势仍然向好。 美联储降息预期升温，中美或进入宽松共振期。中国可能通过中国版 QE（央行购买长端国债）投放流动性，而非 LPR 降息，利好周期品投 资机会。 推荐关注金融（券商、银行、保险）、成长股（港股互联网传媒、创新 药、国防军工、算力、国潮品牌）、零售化妆品及周期品（有色金属、 化工、钢铁、建材）等板块。 中国经济转型对股市有何影响？ 中国经济转型加快，在人工智能、集成电路、创新药物以及国防军工领域取得 了显著进展。这些积极表现降低了中国经济的不确定性，提高了经济能见度。 随着这些领域的发展，中国经济的不确定性逐步下降，使得 ...

事件：公司发布2025 年半年报，报告期内实现营业收入16.62 亿元，同比增长10.79%；归母净利润3.70 亿元，同比增长16.08%，扣非净利润3.54 亿元，同比增长14.18%；其中二季度单季实现营业收入8.13 亿元，同比增长3.42%，归母净利润1.75 亿元，同比增长4.92%。 润滑油添加剂业务稳步增长，持续开拓新产品种类。上半年公司润滑油添加剂实现收入16.11 亿元，同 比增长10.21%，毛利率36.75%，同比提高0.92pct。报告期内，公司持续获得第三方权威检测机构出具 的更低加剂量、更加节能、更高标准的台架试验报告，并完成多项细分领域 OEM 认证，持续扩充产品 品类，不断满足核心客户的定制化产品需求。台架试验的持续通过、新产品的不断扩充、新规格的延伸 扩展彰显了公司技术团队丰富的专业知识和强大的研发能力，用事实证明了公司产品的性能与品质等 级，有助于进一步提升公司的核心竞争力，为公司加快进入主流市场奠定了坚实的基础。 全球润滑油添加剂市场空间大，行业壁垒高且竞争格局好。根据克莱恩及上海市润滑油品行业协会统 计，预计2023 年全球润滑油添加剂需求量将增至534 万吨，市场规 ...

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry [4] Core Viewpoints - The exit of overseas bulk chemicals is expected to accelerate the growth of China's fine chemicals [6][21] - China's petrochemical capacity has rapidly increased since 2018, surpassing the US in refining capacity in 2023, leading to a stronger competitive position compared to Europe and Northeast Asia [15][6] - The reduction in imports of phenol and the expansion of downstream products like PC and epoxy resins in China have significantly decreased overseas demand for phenol, creating opportunities for domestic fine chemical companies [15][6] Summary by Sections 1. Impact of Overseas Bulk Chemical Exit - The exit of European bulk chemical capacity is driven by the rapid enhancement of China's chemical industry competitiveness [10] - China's share in bulk chemicals has been increasing, with significant capital expenditure leading to output growth [10][18] - The exit of marginal capacity in Europe and Japan is expected to accelerate supply-demand balance restoration in the industry [23][24] 2. Opportunities for Domestic Fine Chemicals - China's technological breakthroughs and industry chain expansion are forcing European upstream bulk chemicals to exit [25] - The trend of European chemical industry exit is unlikely to reverse, providing growth opportunities for China's fine chemical enterprises [25][39] - The exit of bulk chemicals will lead to supply issues in fine chemical products, prompting demand for stable suppliers from China [39][44] 3. Investment Recommendations - Recommended companies include: - Huangma Technology (603181, Buy): A leader in specialty polyether with a total capacity of approximately 225,000 tons and new projects adding 330,000 tons [47] - Changqing Technology (603125, Not Rated): A leader in specialty monomers with a projected capacity increase from 35,000 tons to 90,500 tons by the end of 2024 [47] - Lianlong (300596, Buy): A leader in polymer materials with a focus on anti-aging agents and lubricant additives [47]

Core Viewpoints - QYResearch is recognized for its authoritative industry analysis and reports, widely cited by reputable companies and media, ensuring credibility and professionalism in market insights [1] Group 1: Heating Elements Market - Hangzhou Rewei Electric Heating Technology Co., Ltd. ranks among the top three in global heating element production from 2019 to 2021, supplying major appliance manufacturers like Midea and Samsung [3] Group 2: Golf Cart Market - The global golf cart market is projected to grow from $2.427 billion in 2024 to $4.304 billion by 2031, with a CAGR of 8.6% from 2025 to 2031 [4] Group 3: Router Market - The global router market is expected to reach $20.59 billion in sales by 2024 and $26.28 billion by 2031, with a CAGR of 3.6% [5] Group 4: Power Tool Market - The global market for power tool chucks is anticipated to grow from $321 million in 2024 to $449 million by 2031, reflecting a CAGR of 5.0% from 2024 to 2031 [7] Group 5: Fine Chemicals Market - Jinhua New Materials holds a market share of 34.86% in 2022, 33.21% in 2023, and 42.37% in 2024 for hydroxylamine salts in China [9] Group 6: USB Bridge Chip Market - Nanjing Qinheng Microelectronics ranks ninth globally and first domestically in USB bridge chip sales revenue from 2022 to 2024 [12] Group 7: Lubricant Additives Market - The global lubricant additives market is projected to grow from $15.99 billion in 2023 to $18.21 billion by 2030, with a CAGR of 1.9% from 2024 to 2030 [14] Group 8: HMB Market - The company has secured a long-term supply agreement with Abbott, maintaining over 50% market share in HMB products globally from 2022 to 2024 [16] Group 9: Polyurethane Market - The global polyurethane market is expected to grow from approximately $82.09 billion in 2023 to $99.46 billion by 2030 [18] Group 10: UV Coatings Market - The global commercial UV coatings market is projected to reach $19.13 billion by 2031, growing from $12.65 billion in 2024, with a CAGR of 6.1% [21] Group 11: Radiation Therapy Products Market - The global radiation therapy positioning products market is expected to grow from $27.7 million in 2021 to $57.3 million by 2028, achieving a CAGR of 10.93% [23] Group 12: Textile Machinery Market - The global textile machinery market is projected to grow from $22.5 billion in 2023 to $28.26 billion by 2029, with a CAGR of 3.9% [26] Group 13: Reflective Materials Market - The global reflective materials market is expected to reach $6.272 billion by 2031, with a CAGR of 4.2% from 2025 to 2031 [28] Group 14: LED Lighting Power Supply Market - The global LED lighting power supply market is projected to grow from $1.31 billion in 2022, with a low market share compared to major global players [30] Group 15: VLP Copper Foil Market - The global VLP copper foil market is expected to reach $15.2 billion by 2030, with a CAGR of 8.9% [32] Group 16: Enamelled Wire Market - The global enameled wire market is projected to grow from $9.67 billion in 2023 to $10.65 billion by 2030, with a CAGR of 1.4% [34] Group 17: Industrial Motor Market - The global industrial motor market is expected to maintain an 18% CAGR from 2025 to 2030 [37] Group 18: Wireless Microphone Market - The global wireless lapel microphone market is projected to grow from $1.428 billion in 2023 to $2.299 billion by 2030, with a CAGR of 6.94% [39] Group 19: Wafer Electrostatic Chuck Market - The global wafer electrostatic chuck market is expected to reach $2.424 billion by 2030 [41] Group 20: Game Console Accessories Market - The global game console accessories market is projected to grow from $16.49 billion in 2024 to $34.24 billion by 2031, with a CAGR of 11.2% [47] Group 21: Shock Absorber Market - The global shock absorber market is expected to exceed $13.09 billion in 2024, with high-end shock absorbers gaining market share [48] Group 22: 3C Charger Market - The global 3C charger market is projected to reach approximately $22.64 billion by 2029, with a CAGR of 10.06% from 2022 to 2029 [49] Group 23: Precision Electronic Machinery Market - The precision electronic machinery market is expected to grow from 48% in 2022 to 51% by 2029 in the linear guide downstream market [54] Group 24: Ergothioneine Raw Material Market - The global ergothioneine raw material market is projected to grow from $0.63 billion in 2024 to $1.61 billion by 2031, with a CAGR exceeding 14% [56] Group 25: Medical Aesthetics Market - The Chinese medical aesthetics market is expected to reach ¥410.8 billion by 2025, with a CAGR of 17.2% from 2021 to 2025 [59] Group 26: High-Frequency Electrosurgical Device Market - The Chinese high-frequency electrosurgical device market is projected to grow from $344.78 million in 2022 to $800 million by 2029 [61] Group 27: Home NAS Market - The Chinese home NAS market is expected to grow from ¥712 million in 2023 to ¥9.619 billion by 2030 [64] Group 28: Thiourea Market - The global thiourea market is projected to reach approximately $0.851 billion in 2024, with a market share of about 26.40% for the leading producer [67] Group 29: Wind Power Gearbox Market - The Chinese wind power gearbox market is expected to grow from $3.136 billion in 2023 to $4.263 billion by 2030 [70] Group 30: Thermal Interface Materials Market - The global thermal interface materials market is projected to grow from ¥5.2 billion in 2019 to ¥7.6 billion by 2026, with a CAGR of 5.57% [72] Group 31: Elderly Companion Robot Market - The global elderly companion robot market is expected to grow from $0.212 billion in 2024 to $3.19 billion by 2031, with a CAGR of 48.0% [77] Group 32: HTCC Ceramic Packaging Market - The global HTCC ceramic packaging market is projected to grow from ¥18 billion in 2021 to ¥29.3 billion by 2028 [79] Group 33: LED Display Control System Market - The global LED display control system market is expected to reach $0.587 billion in 2024, with a CAGR of 13.6% [81] Group 34: Consumer Robotics Market - The global consumer robotics market is projected to grow from $41.02 billion in 2024 to $170.48 billion by 2031 [83] Group 35: Cold Chain Logistics Market - The global cold chain logistics market is expected to reach ¥76.62 billion by 2031, with a CAGR of 14.8% from 2025 to 2031 [86] Group 36: AI Companion Robot Market - The global AI companion robot market is projected to grow from $0.203 billion in 2024 to $23.23 billion by 2031, with a CAGR of 86.0% [89]

Core Viewpoint - The new materials industry is experiencing rapid growth, with significant opportunities arising from technological advancements and domestic production capabilities, particularly in semiconductor materials, display materials, and renewable energy sectors [2][14][18]. Group 1: New Materials Industry Overview - The global new materials industry reached a value of $2.8 trillion in 2019, with a projected growth trajectory [2][13]. - In China, the new materials industry generated a total output value of 6.4 trillion yuan in 2021, with an annual compound growth rate of 23.1% from 2010 to 2021, and is expected to reach 7.5 trillion yuan in 2022 [14][15]. - The Ministry of Industry and Information Technology forecasts that by 2025, the total output value of China's new materials industry will reach 10 trillion yuan, indicating a broad market outlook [14][18]. Group 2: Semiconductor Sector - The global semiconductor market size reached $595 billion in 2021, with expectations to grow to $790 billion by 2026, driven by developments in 5G and automotive electronics [4][21]. - The semiconductor materials market in China was valued at $119 billion in 2021, reflecting a year-on-year growth of 22.2% [34][36]. - Key materials such as electronic specialty gases and photoresists are critical for chip manufacturing, with high import dependency highlighting significant domestic production opportunities [4][42][46]. Group 3: Display Materials - The display materials sector is poised for growth, with the global OLED materials market expected to increase from approximately $900 million in 2019 to about $2.6 billion by 2024, representing a compound annual growth rate of 23.6% [5][20]. - Domestic leaders in display materials, such as Wanrun and Ruilian, are major suppliers of liquid crystal and OLED materials, benefiting from the recovery in consumer demand [5][20]. Group 4: Renewable Energy Materials - The renewable energy sector is rapidly evolving, with significant opportunities in battery materials such as composite copper foil and conductive carbon black, as well as in photovoltaic materials like reflective films [7][20]. - The market for sodium battery materials is expected to grow significantly, with projections indicating a market size of 73.8 billion yuan by 2025 [20]. Group 5: Environmental Materials - Traditional chemical applications are also seeing upgrades, with domestic companies like Zhongchumai and Jianlong Weina capitalizing on the opportunities in molecular sieves and lubricating oil additives [8][20]. - Aerogels, known for their exceptional insulation properties, are gaining traction in construction and electric vehicle markets, with domestic firms like Chenguang New Materials actively entering this space [9][20].

Core Insights - The Chinese automotive industry is undergoing a significant transformation due to the rapid development of electric vehicles, which is also impacting the lubricating oil sector [2][5] - Lubricating oil is being redefined from merely a friction-reducing agent to a critical technology support for enhancing vehicle efficiency, environmental control, and system stability [2][5] Market Overview - The self-sufficiency rate of lubricating oil in China has increased from less than 50% a decade ago to 70% in 2022, with domestic demand reaching approximately 7.184 million tons in 2023 [3][4] - Major market players include Shell, ExxonMobil, and Castrol, which hold about 25% of the market share, while state-owned enterprises like Kunlun and Great Wall account for 50% [4] Import Dependency - China faces a high dependency on imports for high-end lubricating oil additives, with 85% of the global market share dominated by four companies: Lubrizol, Infineum, Chevron, and Afton [4] - In 2024, China is expected to import 243,200 tons of lubricating oil additives, marking a year-on-year increase of 7.74% [4] Future Market Potential - The Chinese automotive market is projected to reach a vehicle ownership of 359 million by mid-2025, with the aftermarket evolving into a strategic growth area for the lubricating oil industry [5][6] - The automotive aftermarket is expected to exceed 1.5 trillion yuan in annual output by 2024, with a projected annual growth rate of over 6% in the next five years [6] Changing Consumption Patterns - The lubricating oil consumption structure is shifting towards high-end, customized, and intelligent products, necessitating collaboration between lubricating oil companies and vehicle manufacturers [9] - The industry is moving from a "manufacturing-oriented" approach to a "user-oriented" and "experience-oriented" model, emphasizing the need for differentiated products through additive technology [8][9] Challenges and Innovations - The emergence of alternative energy sources is presenting new challenges for lubricating oil stability and compatibility, requiring innovative formulations that can adapt to various fuel types [7][8] - Companies must focus on developing lubricating oils that can maintain performance across different fuel environments, highlighting the importance of precise additive formulation [8]

Core Insights - The report emphasizes the importance of strategic collaboration between China and Russia in the context of evolving international dynamics, highlighting the need to maintain supply chain stability and support multilateral trade systems [5][8] - The macroeconomic environment in China shows signs of gradual recovery, with consumer spending and investment being the main drivers of growth, while the A-share market is expected to experience steady fluctuations [9][12] - The report suggests a focus on sectors such as technology, consumer goods, and dividend-paying assets for investment opportunities in the second half of 2025, driven by supportive policies and improving market conditions [15][30] Domestic Market Performance - The A-share market has shown mixed performance, with the Shanghai Composite Index closing at 3,359.90, down 0.07%, and the Shenzhen Component Index at 10,005.03, down 0.47% [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are at 13.83 and 36.38 respectively, indicating a suitable environment for medium to long-term investments [9][17] International Market Performance - Major international indices such as the Dow Jones and S&P 500 have experienced declines, with the Dow closing at 30,772.79, down 0.67%, and the S&P 500 at 3,801.78, down 0.45% [4] Industry Strategies - The report outlines several industry strategies for the second half of 2025, focusing on technology self-sufficiency, boosting domestic consumption, and identifying dividend-paying assets as key investment themes [15][32] - The semiconductor industry is highlighted for its potential growth due to increasing demand for domestic production capabilities amid external pressures [26][34] Key Data Updates - The report includes updates on stock performance, with significant trading volumes indicating active market participation, and highlights the importance of monitoring market trends and external factors [7][11] Investment Recommendations - The report recommends focusing on sectors such as artificial intelligence, consumer electronics, and telecommunications for potential investment opportunities, given their expected growth trajectories [23][30] - Specific companies within the semiconductor and AI sectors are identified as having strong growth potential, driven by technological advancements and market demand [27][34]