今年以来皇马科技已经2次登上龙虎榜，最近一次登上龙虎榜为8月27日。 资料显示，浙江皇马科技股份有限公司位于浙江省绍兴市上虞区章镇工业新区，成立日期2003年5月30 日，上市日期2017年8月24日，公司主营业务涉及特种表面活性剂的研发、生产和销售。主营业务收入 构成为：特种表面活性剂99.97%，其他0.03%。 皇马科技所属申万行业为：基础化工-化学制品-其他化学制品。所属概念板块包括：工业互联网、养老 金概念、融资融券、新材料、小盘等。 9月4日，皇马科技盘中下跌2.07%，截至14:00，报16.11元/股，成交2.42亿元，换手率2.52%，总市值 94.84亿元。 资金流向方面，主力资金净流出882.72万元，特大单买入171.68万元，占比0.71%，卖出732.45万元，占 比3.02%；大单买入4841.94万元，占比19.97%，卖出5163.89万元，占比21.30%。 皇马科技今年以来股价涨42.25%，近5个交易日跌8.57%，近20日涨6.13%，近60日涨31.51%。 截至6月30日，皇马科技股东户数1.78万，较上期减少3.65%；人均流通股33082股，较上期增加3.79 ...

9月3日，皇马科技盘中上涨2.03%，截至11:12，报16.60元/股，成交1.68亿元，换手率1.75%，总市值 97.72亿元。 资金流向方面，主力资金净流入605.54万元，特大单买入964.70万元，占比5.73%，卖出276.82万元，占 比1.64%；大单买入3438.83万元，占比20.41%，卖出3521.17万元，占比20.90%。 皇马科技所属申万行业为：基础化工-化学制品-其他化学制品。所属概念板块包括：工业互联网、养老 金概念、融资融券、新材料、小盘等。 截至6月30日，皇马科技股东户数1.78万，较上期减少3.65%；人均流通股33082股，较上期增加3.79%。 2025年1月-6月，皇马科技实现营业收入11.94亿元，同比增长7.67%；归母净利润2.19亿元，同比增长 14.67%。 分红方面，皇马科技A股上市后累计派现4.52亿元。近三年，累计派现2.05亿元。 机构持仓方面，截止2025年6月30日，皇马科技十大流通股东中，诺安先锋混合A（320003）位居第七 大流通股东，持股1904.20万股，持股数量较上期不变。 责任编辑：小浪快报 皇马科技今年以来股价涨46.58 ...

证券研究报告 | 公司点评报告 2025 年 09 月 01 日 皇马科技（603181.SH） 毛利率有所优化，开眉客项目顺利推进 周期/化工 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1894 | 2333 | 2857 | 3393 | 3954 | | 同比增长 | -13% | 23% | 22% | 19% | 17% | | 营业利润(百万元) | 367 | 456 | 567 | 675 | 784 | | 同比增长 | -32% | 24% | 25% | 19% | 16% | | 归母净利润(百万元) | 325 | 398 | 496 | 589 | 685 | | 同比增长 | -32% | 22% | 25% | 19% | 16% | | 每股收益(元) | 0.55 | 0.68 | 0.84 | 1.00 | 1.16 | | PE | 30.4 | 24.8 | 19.9 | 16.8 | 14.4 | | PB | ...

Company Overview - Zhejiang Huamao Technology Co., Ltd. is located in Shaoxing, Zhejiang Province, established on May 30, 2003, and listed on August 24, 2017. The company specializes in the research, production, and sales of specialty surfactants, with 99.97% of its revenue coming from this segment [1]. Financial Performance - As of June 30, 2025, Huamao Technology achieved a revenue of 1.194 billion yuan, representing a year-on-year growth of 7.67%. The net profit attributable to shareholders was 219 million yuan, reflecting a year-on-year increase of 14.67% [2]. - Cumulative cash dividends since the company's A-share listing amount to 452 million yuan, with 205 million yuan distributed over the past three years [3]. Stock Performance - On August 29, the stock price of Huamao Technology decreased by 2.04%, closing at 17.26 yuan per share, with a trading volume of 309 million yuan and a turnover rate of 2.91%. The total market capitalization is 10.161 billion yuan [1]. - Year-to-date, the stock price has increased by 52.41%, with a 14.30% rise over the last five trading days, 29.58% over the last 20 days, and 37.69% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders is 17,800, a decrease of 3.65% from the previous period. The average number of circulating shares per person is 33,082, which is an increase of 3.79% [2]. - Among the top ten circulating shareholders, Noan Pioneer Mixed A (320003) holds 19.042 million shares, with no change in the number of shares held compared to the previous period [3]. Market Position - Huamao Technology is classified under the Shenwan industry as basic chemicals - chemical products - other chemical products. The company is also associated with several concept sectors, including industrial internet, pension concepts, mid-cap, margin financing, and new materials [1].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved steady growth in H1 2025, with revenue of 1.194 billion yuan, up 7.67% year-on-year, and a net profit of 219 million yuan, up 14.67% year-on-year. The gross margin improved to 27.10%, an increase of 1.87 percentage points year-on-year [1][2] - The company is a leading domestic producer of specialty surfactants, with a production capacity of nearly 300,000 tons per year. The company is expanding its production capacity with the new Kaimeike factory, which is expected to start trial production in the first half of 2026 [3] - The company is expected to see continued growth in net profit, with forecasts of 487 million yuan in 2025, 588 million yuan in 2026, and 696 million yuan in 2027, reflecting a strong growth trajectory [4] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 1.194 billion yuan, a 7.67% increase year-on-year, and a net profit of 219 million yuan, a 14.67% increase year-on-year. The gross margin was 27.10%, up 1.87 percentage points year-on-year [1][2] - In Q2 2025, the company achieved revenue of 591 million yuan, a 2.32% increase year-on-year, and a net profit of 117 million yuan, a 13.72% increase year-on-year [1][2] Business Growth - The company’s specialty surfactant production volume reached 93,300 tons in H1 2025, up 10.25% year-on-year, with sales volume of 94,300 tons, up 11.96% year-on-year. The strategic emerging segment saw sales of 28,300 tons, a 28.28% increase year-on-year [2] - The company is actively expanding its production capacity, with the Kaimeike factory expected to have a total approved capacity of 330,000 tons per year, with the first phase of 168,500 tons expected to begin trial production in the first half of 2026 [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 487 million yuan in 2025, 588 million yuan in 2026, and 696 million yuan in 2027, with corresponding EPS of 0.83 yuan, 1.00 yuan, and 1.18 yuan respectively. The current price corresponds to PE ratios of 18.94, 15.67, and 13.25 for the respective years [4]

（原标题：皇马科技上半年经营现金流净额同比增长323.04% 稳步推进第三工厂开眉客有序建设） 8月22日晚，皇马科技(603181)发布2025年半年度报告，公司在上半年实现营业收入11.94亿元，同比增 长7.67%；归母净利润2.19亿元，同比增长14.67%；扣非净利润2.13亿元，同比增长15.81%；经营现金 流净额为1.71亿元，同比增长323.04%。 半年报显示，皇马科技"第三工厂"开眉客建设有序、高效推进。2025年上半年，公司对开眉客现金增资 2.35亿元，增资完成后，开眉客注册资本达3.35亿元。截至报告期末，皇马开眉客年产33万吨高端功能 新材料项目（一期），行政区、公共区建筑主体已结顶，厂房、车间及公用工程正处于建设施工及设备 安装阶段。 值得一提的是，华泰证券8月24日发布评级报告，维持皇马科技"增持"评级，最高目标价17.22元，较此 前最高目标价上调31.25%。（厉平） 皇马科技具有年产近30万吨特种表面活性剂生产能力，是目前国内生产规模较大、品种较全、科技含量 较高的特种表面活性剂龙头引领企业和国家制造业单项冠军示范企业。公司现为全国化学标准化技术委 员会（特种）界面活性 ...

浙江皇马科技股份有限公司2025 年半年度报告 公司代码：603181 公司简称：皇马科技 浙江皇马科技股份有限公司 浙江皇马科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王伟松、主管会计工作负责人孙青华及会计机构负责人（会计主管人员）徐文 亚声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告内容涉及的未来计划等前瞻性陈述因存在不确定性，不构成公司对投资者的实 质承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述存在 ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but achieved growth in net profit due to lower raw material costs and the ramp-up of new products [1][2]. Financial Performance - In 1H25, the company achieved total revenue of 2.911 billion yuan, a year-on-year decrease of 12.13% - The net profit attributable to shareholders was 161 million yuan, an increase of 14.15% year-on-year - The net profit excluding non-recurring items was 160 million yuan, up 43.21% year-on-year - In Q2 2025, total revenue was 1.372 billion yuan, down 24.85% year-on-year - The net profit attributable to shareholders was 89 million yuan, a slight decrease of 0.07% year-on-year - The net profit excluding non-recurring items was 90 million yuan, down 15.45% year-on-year [1]. Product and Market Development - The company continues to optimize its product structure and enhance profitability by developing new product grades - The EVA products are fully sold, maintaining market share in photovoltaic, high-end foaming, and cable applications while developing new grades - The EOD business has shown stable growth, with high-margin products increasing in proportion, and specialty surfactant sales growing approximately 27.56% year-on-year - Export volume increased by 55.51% year-on-year, and lithium carbonate solvent products are steadily supplied to leading clients in the electrolyte industry [2]. Project Progress and Future Outlook - Ongoing projects are progressing steadily, enhancing the company's long-term competitiveness - The major project in Shandong, integrating new energy materials and biodegradable materials, is over 80% complete and is expected to be operational by the end of 2025 - The VC project has completed the main equipment construction and is scheduled for completion in Q3 2025 - The POE project in Jiangsu is in the equipment installation phase and is expected to be completed by the end of 2025 - The XDI project is actively preparing for engineering design and construction, with a planned completion in 2026 - The commissioning of these facilities is expected to positively impact the company's core competitiveness and profitability [3]. Investment Outlook - The company aims to build an excellent platform in new materials and create a leading "specialized, refined, unique, and innovative" industrial cluster in several fields - With the gradual commissioning of new capacities, the company's performance is expected to continue growing - Projected net profits for 2025-2027 are 312 million, 403 million, and 523 million yuan, with year-on-year growth rates of 33.08%, 29.14%, and 29.72% respectively, corresponding to PE ratios of 79X, 61X, and 47X [3].

Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Views - The company is a leading domestic enterprise in the specialty surfactants sector, with over 20 years of experience and a production capacity of 225,500 tons of specialty surfactants by the end of 2024, making it a market leader in terms of scale and technology [3][17]. - The global surfactant market is expected to grow from $32.1 billion in 2024 to $39.36 billion by 2031, with a stable CAGR of around 3% from 2025 to 2031 [4][61]. - The company has a strong R&D capability, having developed over 1,800 products across various categories, which opens up long-term growth opportunities [5][66]. Summary by Sections Company Overview - The company has established itself as a leader in the specialty surfactants industry, with a focus on high-end functional materials and electronic chemicals [3][17]. - The company has implemented an employee stock ownership plan to enhance long-term development confidence [23]. Market Demand and Supply - The demand for surfactants is steadily increasing, driven by their wide applications in various industries such as cleaning agents, cosmetics, textiles, and food [51]. - Domestic production capacity for non-ionic surfactants is expected to reach 2.808 million tons in 2024, with a year-on-year growth of 7.88% [4]. Financial Performance - The company’s revenue is projected to grow from 1.894 billion in 2023 to 3.568 billion by 2027, with a compound annual growth rate (CAGR) of 12.28% [11]. - The net profit attributable to the parent company is expected to increase from 325 million in 2023 to 673 million by 2027, reflecting a strong growth trajectory [11]. R&D and Product Diversification - The company has a robust R&D framework, continuously improving traditional production processes and expanding its product matrix [5][66]. - The product structure has shifted towards high-margin small varieties, with small varieties contributing nearly 85% of revenue in 2022 [32]. Investment Recommendations - The report forecasts net profits of 475 million, 569 million, and 673 million for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 19X, 16X, and 13X [5][11].

事件1：2025 年4 月17 日，皇马科技发布2024 年报，公司2024 年营业收入为23.33 亿元，同比上升 23.17%，归母净利润为3.98 亿元，同比上升22.50%，扣非净利润为3.77 亿元，同比上升27.81%；对应 4Q24 营业收入为6.11 亿元，环比下降0.39%，归母净利润为1.12 亿元，环比上升18.25%。 事件2：2025 年4 月17 日，皇马科技发布2025 年一季报，1Q25 公司营业收入为6.03 亿元，同比上升 13.47%，归母净利润为1.02 亿元，同比上升15.77% 点评：产销量稳步提升叠加产品结构调整，公司业绩稳步增长。根据公司2024年报及主要经营数据公告 披露， 2024 年公司特种表面活性剂板块收入为23.32 亿元，同比增长23.23%，毛利率为24.95%，同比 增长0.45pcts，其中战略性新兴板块收入为6.09 亿元，占比为26.13%。我们认为公司盈利水平同比增长 主要与产品销量提升以及聚焦功能性新材料树脂及高端功能性电子化学品等战略性新兴产品板块有关。 根据公司2024 年年报及主要经营数据公告披露，2024 年公司公司特种表面活性 ...