上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 增持（维持） 市场数据： 2025 年 08 月 25 日 | 收盘价（元） | 16.60 | | --- | --- | | 一年内最高/最低（元） | 17.68/6.64 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 0.60 | | 流通 A 股市值（百万元） | 43,114 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.91 | | 资产负债率% | 67.31 | | 总股本/流通 A 股（百万） | 2,637/2,597 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06-26 07-26 -50% 0% 50% 100% 150% 金发科技 沪深30 ...

8月25日晚，化工新材料龙头企业金发科技(600143)发布2025年半年报。报告显示，2025年上半年，金发科技实现 营业收入316.36亿元，同比增长35.50%，实现归母净利润5.85亿元，同比增长54.12%。 证券时报记者 康殷 与此同时，金发科技积极推动全球化发展，持续加强全球本地化服务能力建设。近年来，越南工厂、西班牙工厂 相继投入生产，印尼工厂即将开启运营，叠加美国金发、欧洲金发、印度金发等海外基地协同作战，全球市场份 额大幅提升，报告期内实现产成品销量16.10万吨，同比增长33.17%。 下游应用领域新兴需求的涌现，催生产业发展的高端化，加之海外市场环境变化，化工新材料产业升级以及高端 材料国产替代成为市场关注焦点。 特种工程塑料领域，金发科技作为国内先行者，已具备包括PEEK、LCP、PPA在内的多种特种工程塑料生产能 力，产品已广泛用于浸没式冷却服务器用存储连接器、AI服务器用高速连接器、具身智能机器人和机器狗的关键 零部件等高科技新兴领域。根据企业半年报，报告期内，公司实现主要产品销量1.48万吨，同比增长60.87%，特 种工程塑料业务已成为公司业绩增长重要驱动力之一。 合成生物材 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Prices of acrylonitrile and caprolactam have rebounded, while refrigerants and silicon materials remain at high levels [5][29] - The low-altitude economy and robotics industry are expected to drive demand for lightweight and high-performance materials [5][25] - The semiconductor materials market is projected to grow significantly, with China's market expected to outpace global growth [18][21] Summary by Sections 1. Key Sub-industry and Product Tracking - Silicon materials and refrigerants maintain high prices, with acrylonitrile averaging 8200 CNY/ton (up 1.86%) and caprolactam at 8950 CNY/ton (up 3.77%) [9][10] - The average price of polyvinylidene fluoride is 55,000 CNY/ton (down 8.33%) [9][10] 2. Electronic Chemicals - The electronic chemicals sector is characterized by a wide variety of specialized products, with a focus on wet electronic chemicals, photoresists, and electronic gases [12][15] - The market is highly segmented with significant technical barriers, making it challenging for companies to master multiple fields [16] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are gaining attention due to their applications in low-altitude economy and robotics [25][30] - The demand for PEEK materials is increasing, particularly in humanoid robots, with a compound annual growth rate of 42.84% from 2012 to 2021 [31] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current prices for multi-wall carbon nanotube powder at 64,000 CNY/ton [34] - Sodium-ion battery materials are gaining traction due to their cost advantages and resource availability [36] 5. Photovoltaic/Wind Power Materials - EVA and POE are critical for photovoltaic applications, with current EVA prices at 10,460 CNY/ton [42][43] - The market for these materials is expected to stabilize after previous declines [42] 6. Bio-based Materials and Energy - Biodiesel prices have rebounded, with current market prices at 8,183 CNY/ton [46] - Sustainable aviation fuel (SAF) is projected to play a significant role in reducing carbon emissions in the aviation sector [44] 7. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials used in packaging [48] - Special engineering plastics are gaining traction in various industries, including automotive and aerospace [48] 8. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing due to the rise of wearable devices and smart home products [55] - The automotive sector is also driving demand for innovative coating solutions [55]

Group 1 - The city of Puyang is transforming from a petroleum hub to a base for new materials and renewable energy, emphasizing the importance of technological innovation and sustainable development [3][4][12] - The Henan Junheng Industrial Group has developed technology to convert waste cooking oil into sustainable aviation fuel (SAF), becoming the first private company in China to obtain SAF airworthiness certification, with an annual production capacity of 300,000 tons [4][6] - The local government is focusing on high-quality development and the cultivation of new productive forces tailored to local conditions, as highlighted by Xi Jinping [5][12] Group 2 - Agricultural waste, such as straw, is being repurposed into biodegradable materials, with companies like Longdu Tianren Bio-Materials Co. leading the way in producing eco-friendly plastic bags from straw [7][10] - The Puyang region is home to a unique closed-loop industrial chain for biodegradable materials, showcasing the potential for traditional industries to innovate and adapt [7][10] - The Shengyuan Group has successfully transitioned from a petroleum transport company to a new materials group valued at 7 billion yuan, demonstrating the effectiveness of strategic restructuring and technological advancement [12][13][14] Group 3 - Puyang's new chemical base, covering 65 square kilometers, is driving the rise of the new materials industry, contributing to the city's economic transformation [14] - The region's development strategy emphasizes optimizing industrial structures towards high-end, intelligent, and green production, fostering a collaborative effort for high-quality regional growth [14] - Innovations in traditional industries across the Central Plains region are becoming new business cards, highlighting the successful integration of modern technology with established sectors [14]

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 5.50 to 6.50 billion yuan in the first half of 2025, representing a year-on-year growth of 45% to 71%, with a median estimate of 6.00 billion yuan [6] - The growth in net profit is attributed to the steady increase in modified plastics and special engineering plastics, as well as significant reduction in losses in the petrochemical sector [6] - The company is actively expanding its global footprint and enhancing its product structure, particularly in the automotive, electronics, and new energy sectors [6] - The demand for domestically controlled supply chains is driving growth in special engineering plastics, with significant innovations in high-frequency communication and AI devices [6] - The petrochemical segment is expected to continue improving profitability through cost reduction and efficiency enhancement initiatives [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 60,514 million yuan in 2024 to 95,355 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.3% [5][8] - The net profit attributable to shareholders is forecasted to increase from 1,486 million yuan in 2025 to 2,633 million yuan in 2027, reflecting a CAGR of approximately 32.1% [5][8] - The earnings per share (EPS) is expected to rise from 0.56 yuan in 2025 to 1.00 yuan in 2027 [5][8] - The company's return on equity (ROE) is projected to improve from 7.7% in 2025 to 11.6% in 2027 [5][8]

Group 1: Market Overview - The Shanghai Composite Index closed at 3520 points, with a daily increase of 0.27% and a monthly increase of 1.34% [1] - The Shenzhen Composite Index closed at 2120 points, with a daily increase of 0.15% and a monthly increase of 2.2% [1] - The large-cap index showed a slight increase of 0.04% over the past month, while the small-cap index increased by 5.1% [1] Group 2: Industry Performance - The small home appliance sector saw a daily increase of 5.71% and a monthly increase of 7.42% [1] - Precious metals experienced a daily increase of 2.94% but a monthly decline of 4.4% [1] - The diversified financial sector faced a significant decline of 3.3% yesterday and a 11.78% drop over the past month [1] Group 3: Real Estate Sector Insights - The real estate sector remains sluggish, but strong product capability and inventory management are highlighted as advantages for quality real estate companies [3][12] - Recommended companies include: Jianfa International, Binjiang Group, China Resources Land, and Jianfa Co., with a focus on companies with strong product capabilities and inventory management [3][16] - The report anticipates a slow recovery in the real estate sector, with a projected performance decline in 2025H1 due to continuous sales decreases since 2021 [12][16] Group 4: Baofeng Energy Analysis - Baofeng Energy is expected to achieve a net profit of 54-59 billion yuan in 2025H1, representing a year-on-year growth of 63.39%-78.52% [17] - The Inner Mongolia project is projected to be a significant growth driver, with the company’s total olefin production capacity reaching 520,000 tons per year [17][18] - The company maintains a "buy" rating with projected net profits of 135 billion, 151 billion, and 160 billion yuan for 2025-2027, corresponding to PE ratios of 9, 8, and 7 times [21][24] Group 5: Jinfa Technology Performance - Jinfa Technology is expected to see a net profit increase of 45%-71% in 2025H1, driven by steady growth in modified and specialty plastics [20][22] - The company is focusing on optimizing product structure and expanding its global presence, particularly in emerging fields such as humanoid robots and low-altitude economy [22] - The report highlights the acceleration of growth in specialty engineering plastics due to rising domestic demand for self-sufficiency [22]

Core Viewpoint - Jinfa Technology (600143.SH) is expected to achieve a net profit of 5.50 billion to 6.50 billion yuan in the first half of 2025, reflecting a year-on-year increase of 44.82% to 71.15% [1] Group 1: Financial Performance - The company anticipates a non-recurring net profit of 5.01 billion to 6.01 billion yuan, representing a year-on-year growth of 43.48% to 72.12% [1] - The growth is attributed to the steady increase in sales and gross profit from modified plastics, improved operational quality in green petrochemicals, and growth in sales and gross profit from special engineering plastics [1] Group 2: Business Segments - The modified plastics business is a core driver of Jinfa Technology's stable growth, with continuous product development and market share expansion in sectors such as automotive, electronics, and new energy [2] - The special engineering plastics segment has become a significant performance driver, with a 91% year-on-year increase in sales volume in Q1 2025 [3] Group 3: Technological Advancements - Jinfa Technology has launched a new generation of low-carbon LCP materials and is the second company globally to receive ISCC PLUS certification for LCP materials [4] - The company is focusing on the industrialization of new materials such as long-chain polyamide and PEEK, with applications in high-end sectors like robotics and aerospace [4] Group 4: Global Expansion - The company is actively pursuing global expansion, with successful establishment of overseas bases in Vietnam and Spain, and ongoing construction in Poland, Mexico, and Indonesia [2] Group 5: Future Outlook - With the recovery of the manufacturing sector and the acceleration of new production capabilities, Jinfa Technology is positioned to strengthen its leading position in the chemical new materials sector [5] - The company maintains a stable cash dividend policy, having distributed a total of 67.53 billion yuan in dividends since its listing, indicating a commitment to returning value to investors [4][6]

Group 1 - Major automotive companies are shifting their electrification strategies, with Audi and Mercedes-Benz announcing a more pragmatic approach to electric vehicle (EV) sales, focusing on a coexistence of fuel and electric vehicles [1] - The automotive industry's pivot towards a dual strategy necessitates the petrochemical industry to adapt to both fuel and electric vehicle developments, presenting new challenges [1] - Companies in the petrochemical sector are adjusting their strategies to align with automotive needs, particularly in the development of new materials and chemicals for electric vehicles [2] Group 2 - The petrochemical industry is responding to the automotive sector's demand for specialized materials, particularly in areas like battery systems and thermal management for electric vehicles [2] - The continuation of fuel vehicles requires the petrochemical industry to maintain its supply chain while also focusing on low-carbon innovations, such as improving engine efficiency and developing low-carbon fuels [2] - The petrochemical sector faces pressure to innovate and enhance its existing systems to support the automotive industry's low-carbon transformation efforts [2]

Core Viewpoint - The special engineering plastics industry is experiencing significant growth driven by national policies and increasing demand from high-tech sectors such as new energy vehicles, 5G communication, and aerospace. The market size in China is projected to grow from 7.2 billion yuan in 2018 to 16 billion yuan in 2024, and further to 21.2 billion yuan by 2027 [1][19]. Industry Overview - Special engineering plastics are a third generation of plastics, crucial for national economic development and high-end manufacturing upgrades. They include materials like polyimide (PI), polyamide-imide (PAI), and polyether-ether-ketone (PEEK), which exhibit high thermal stability and are used in electronics, automotive, and aerospace applications [4][19]. - The industry has evolved through four stages: the initial phase (1950-1979) focused on imports, the development phase (1980-1999) saw increased domestic production, the rapid growth phase (2000-2010) involved technological advancements, and the current mature phase (2011-present) emphasizes innovation and sustainability [6][7][8]. Market Dynamics - The domestic market for special engineering plastics is expected to grow significantly, with a compound annual growth rate (CAGR) of 14.5% for key raw materials like naphtha, which is projected to increase from 35.8 million tons in 2018 to 80.7 million tons by 2024 [12]. - The global market for special engineering plastics is also expanding, with a forecasted growth from $9.853 billion in 2018 to $15.376 billion in 2024, and expected to reach $16.493 billion by 2025 [16][19]. Key Companies - Notable companies in the industry include Kingfa Technology, Water Holdings, and Prit, which are actively involved in the research, production, and sales of special engineering plastics. These companies are focusing on innovation and expanding their market presence [2][23][24]. - Kingfa Technology reported a revenue of 59.536 billion yuan in 2024, reflecting a year-on-year growth of 26.35% [26]. Water Holdings achieved a revenue of 0.922 billion yuan, with a growth of 10.55% [28]. Development Trends - The industry is moving towards functionalization, high performance, and scalability, with a focus on developing materials that meet specific application needs in sectors like aerospace and electronics [30][31][33]. - There is a growing emphasis on sustainability, with initiatives aimed at developing recyclable materials and optimizing production processes to reduce environmental impact [35]. Application Areas - Special engineering plastics are increasingly used in high-tech applications, including aerospace components, automotive parts, and electronic devices, driven by the demand for materials that can withstand extreme conditions [13][19][30].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The price of Sustainable Aviation Fuel (SAF) has increased, with the latest European FOB price at $1898 per ton, up 6.51% week-on-week and 2.37% year-to-date [3][12] - Refrigerant prices remain high, with R22 at 36000 CNY per ton, R32 at 51000 CNY per ton, and R134a at 48500 CNY per ton, all stable compared to the previous week [4][12] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][40] Summary by Sections 1. Sub-industry Tracking - SAF prices have risen significantly, with a year-to-date increase of 2.37% [3][12] - Refrigerant prices have stabilized at high levels, with notable increases compared to last year [4][12] - The market for high-performance fibers, such as carbon fiber and ultra-high molecular weight polyethylene (UHMWPE), is gaining attention due to their applications in various industries [5][40] 2. Electronic Chemicals - The electronic chemicals sector is focused on wet electronic chemicals, photoresists, and electronic specialty gases, with a high degree of specialization and technical barriers [14][17] - The semiconductor materials market is projected to grow, with a CAGR of 5.3% from 2017 to 2024, reaching $67.5 billion [21][24] 3. New Production Forces - Carbon fiber and UHMWPE are highlighted as key materials in emerging industries, with carbon fiber applications in wind energy and aerospace [36][40] - The PEEK material is gaining traction in the humanoid robot industry, with a significant increase in market size [41][42] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices for multi-walled carbon nanotube powder at 64,000 CNY per ton [44][47] - Sodium-ion battery materials are also gaining attention, with stable pricing for Prussian blue compounds [47][49] 5. Renewable and Modified Plastics - The demand for renewable plastics is increasing, with a notable rise in the recycling rate of plastics from 4.8% in 2018 to 10% in 2021 [64][68] - Special engineering plastics are in demand across various sectors, including automotive and aerospace [64][68] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the automotive and consumer electronics sectors [71][73] 7. Market Performance - The basic chemical industry index increased by 2.65% in the week of June 2-8, ranking 7th among 30 major industries [75][81]