证券研究报告 基础化工 | 化学制品 非金融|首次覆盖报告 hyzqdatemark 2026 年 01 月 08 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 胡文瀚 huwenhan@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 01 | 07 | | | | 2026 | 日 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 57.50 | | | | | | | | 一 年 内 高 最 | 最 | / | | | | | | 低 | | | | | | （元） | | | | | | | 70.35/36.03 | | | | | | | 总市值（百万元） | | | | | | | | | | | | 7,795.08 | | 流通市值（百万元） | | | | | | | | | | | | 2,170.36 | | 总股本（百万股） | | | ...

"从强链补链到绿色循环，我们走的是一条既要效益也要责任的产业升级之路。"锦华新材总经理兼总工 程师周强在接受中国证券报记者专访时如是说。这家在精细化学品领域深耕18年的企业，于2025年9月 登陆北交所，实现了从区域龙头到公众公司的跨越。由巨化集团控股的锦华新材，正通过持续的技术迭 代打破国外垄断，从传统化学品供应商向高端电子化学品供应商转型，步入高质量发展的新阶段。 打造绿色循环产业链 成立于2007年的锦华新材，专注于酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联 剂、羟胺盐、甲氧胺盐酸盐和乙醛肟等，广泛应用于建筑建材、5G/6G、高铁地铁等轨道交通、能源电 力、电子、新能源汽车以及铜、稀土等金属萃取剂等多个领域。经过持续发展，公司已在硅烷交联剂与 羟胺盐细分领域建立起市场领先地位，并先后获得国家级制造业单项冠军、国家专精特新重点"小巨 人"企业、国家绿色工厂、国家科改示范企业等多项资质与荣誉。 "公司通过内部生产可消化约66%的功能硅烷中间体产能，其余部分可对外销售。"周强表示，依托现有 客户储备与贸易商资源，新建产能的消化无需担忧。 国内精细化工行业呈现出"产业规模大、成本控制强、技术进步 ...

"从强链补链到绿色循环，我们走的是一条既要效益也要责任的产业升级之路。"锦华新材总经理兼总工 程师周强在接受中国证券报记者专访时如是说。这家在精细化学品领域深耕18年的企业，于2025年9月 登陆北交所，实现了从区域龙头到公众公司的跨越。由巨化集团控股的锦华新材，正通过持续的技术迭 代打破国外垄断，从传统化学品供应商向高端电子化学品供应商转型，步入高质量发展的新阶段。 打造绿色循环产业链 成立于2007年的锦华新材，专注于酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联 剂、羟胺盐、甲氧胺盐酸盐和乙醛肟等，广泛应用于建筑建材、5G/6G、高铁地铁等轨道交通、能源电 力、电子、新能源汽车以及铜、稀土等金属萃取剂等多个领域。经过持续发展，公司已在硅烷交联剂与 羟胺盐细分领域建立起市场领先地位，并先后获得国家级制造业单项冠军、国家专精特新重点"小巨 人"企业、国家绿色工厂、国家科改示范企业等多项资质与荣誉。 "用通俗的话说，酮肟是一类重要的化工中间体，就像'化学积木'，可以用来合成多种高性能材料。"周 强告诉记者，"2005年博士毕业后，我便进入巨化集团从事研发，2015年加入锦华新材，随后担任总经 理兼 ...

以公司首创的"肟-肟基硅烷-羟胺盐"绿色循环产业链为例，周强指出："这不仅是一个环保概念，更是一 套能够从根本上提升生产效率、强化成本控制、增强环境友好性的工业化系统。"简单来说，这条产业 链就像一个化学循环系统，将上游副产物作为下游原料，实现资源高效利用，为公司构筑了多维度竞争 优势：一是经济效益显著，相比传统工艺大幅降低原料消耗；二是环保与安全双提升，从源头减少"三 废"排放，助力公司荣获"国家绿色工厂"称号；三是构建宽广的技术护城河，该技术融合绿色工艺、联 产循环、过程强化、纯化分离、高效催化等多项复杂技术，已形成完整的知识产权体系，相关成果获中 国石化联合会科技进步一等奖、浙江省科学技术进步二等奖和浙江省首届知识产权专利奖二等奖。 与此同时，公司通过引入霍尼韦尔精益生产培训和杜邦安全管理体系，建立起涵盖安全文化、工艺安 全、设备安全三大模块及22个要素的过程管控体系，有效减少人工操作、降低设备维修频率、节约物料 与能耗，从而提升生产效率、产品质量与交付能力。 "从强链补链到绿色循环，我们走的是一条既要效益也要责任的产业升级之路。"锦华新材总经理兼总工 程师周强在接受中国证券报记者专访时如是说。这家在精 ...

● 本报记者罗京 "从强链补链到绿色循环，我们走的是一条既要效益也要责任的产业升级之路。"锦华新材总经理兼总工 程师周强在接受中国证券报记者专访时如是说。这家在精细化学品领域深耕18年的企业，于2025年9月 登陆北交所，实现了从区域龙头到公众公司的跨越。由巨化集团控股的锦华新材，正通过持续的技术迭 代打破国外垄断，从传统化学品供应商向高端电子化学品供应商转型，步入高质量发展的新阶段。 打造绿色循环产业链 成立于2007年的锦华新材，专注于酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联 剂、羟胺盐、甲氧胺盐酸盐和乙醛肟等，广泛应用于建筑建材、5G/6G、高铁地铁等轨道交通、能源电 力、电子、新能源汽车以及铜、稀土等金属萃取剂等多个领域。经过持续发展，公司已在硅烷交联剂与 羟胺盐细分领域建立起市场领先地位，并先后获得国家级制造业单项冠军、国家专精特新重点"小巨 人"企业、国家绿色工厂、国家科改示范企业等多项资质与荣誉。 2025年9月，锦华新材登陆北交所，成为其发展历程中的重要里程碑。周强坦言："此前作为国有企业， 我们始终秉持'合理合规合法盈利'的原则，核心目标是实现企业稳健增长与员工收入提升。上 ...

● 本报记者 罗京 比如，项目新增的中间体乙烯基三氯硅烷（A150）除用于生产硅烷偶联剂外，也可用于生产现有硅烷 交联剂；副产氯化氢则可应用于羟胺盐和甲氧胺盐酸盐的生产，实现产业链协同。此外，该项目产品与 公司现有主要产品下游客户重叠，形成市场协同。 "公司通过内部生产可消化约66%的功能硅烷中间体产能，其余部分可对外销售。"周强表示，依托现有 客户储备与贸易商资源，新建产能的消化无需担忧。 "从强链补链到绿色循环，我们走的是一条既要效益也要责任的产业升级之路。"锦华新材总经理兼总工 程师周强在接受中国证券报记者专访时如是说。这家在精细化学品领域深耕18年的企业，于2025年9月 登陆北交所，实现了从区域龙头到公众公司的跨越。由巨化集团控股的锦华新材，正通过持续的技术迭 代打破国外垄断，从传统化学品供应商向高端电子化学品供应商转型，步入高质量发展的新阶段。 打造绿色循环产业链 成立于2007年的锦华新材，专注于酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联 剂、羟胺盐、甲氧胺盐酸盐和乙醛肟等，广泛应用于建筑建材、5G/6G、高铁地铁等轨道交通、能源电 力、电子、新能源汽车以及铜、稀土等金属萃取剂等 ...

Summary of JinHua New Materials Conference Call Company Overview - JinHua New Materials was established in 2007 and focuses on continuous innovation in the copper foil industry chain, enhancing product offerings and technical capabilities [3][4] - The company has achieved a compound annual growth rate (CAGR) of 28% in revenue from 2018 to 2024 [2][3] Key Products - Main products include silane crosslinking agents, strong ammonium salts, methoxyamine hydrochloride, and acetaldehyde oxime, used in construction, energy, electronics, and new energy vehicles [2][3] - Silane crosslinking agents are utilized in organic silicone sealants and adhesives, while strong ammonium salts are used in pesticides and pharmaceuticals [3] Market Position and Competitive Advantage - JinHua is the only company in China capable of industrially producing hydroxylamine aqueous solution, breaking BASF's monopoly [2][5] - The hydroxylamine solution is a key raw material for chip cleaning agents, widely used in wafer manufacturing [5][11] - The company has established stable partnerships with major multinational corporations such as Bayer and Brenntag [5][17] Financial Projections - Expected revenues for 2025, 2026, and 2027 are projected to be CNY 1.04 billion, CNY 1.31 billion, and CNY 1.66 billion, respectively, with net profits of CNY 200 million, CNY 250 million, and CNY 320 million [2][6] - Revenue and net profit are expected to experience stable growth from 2022 to 2024, although a decline is anticipated in 2025 due to lower demand in downstream industries and macroeconomic factors [7] Industry Insights - The global functional silane market is expected to reach 719,000 tons by 2028, with China accounting for over 80% of production [2][8] - The strong ammonium salt market is projected to grow from CNY 16 billion in 2023 to CNY 21.6 billion by 2029, with a CAGR of approximately 5% [10] - The hydroxylamine salt market in China is expected to grow significantly, with a market size of CNY 16 billion in 2023 [10] Technological Innovations - JinHua has developed a green production process for hydroxylamine aqueous solution, obtaining five related patents, which may lead to domestic substitution of imports [14] - The company has invested in automation, information technology, and digitalization to enhance production efficiency and product quality [16] Future Growth Potential - The hydroxylamine aqueous solution market is projected to grow from USD 203 million in 2024 to USD 378 million by 2037, with a CAGR of approximately 4.9% [13] - The company is expanding its product matrix towards high-value-added products, including a new high-purity hydroxylamine aqueous solution project [17] Valuation and Investment Rating - JinHua New Materials is expected to maintain stable growth in its core business, with projected revenues for silane crosslinking agents of CNY 460 million, CNY 600 million, and CNY 770 million from 2025 to 2027 [18] - The company is rated as "Buy" with a valuation slightly above the industry average, indicating strong future growth potential [19]

Group 1 - Zhejiang Jinhua New Materials Co., Ltd. (referred to as "Jinhua New Materials") has successfully listed on the Beijing Stock Exchange, marking the second company cultivated by Hengshen Group to go public this year [2] - Since its establishment in 2007, Jinhua New Materials has focused on the research, production, and sales of ketoxime series fine chemicals, with major products including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4] - The company has established long-term stable partnerships with well-known domestic and international enterprises such as Bayer and Wanhua Chemical, positioning itself as a leading player in the domestic silane crosslinking agent and hydroxylamine salt sectors [4] Group 2 - The successful listing of Jinhua New Materials is seen as a significant event in its development history and a successful practice of Hengshen Group's strategy of precise investment and industrial collaboration [6] - Jinhua New Materials raised a net amount of 549 million yuan from the listing, which will be used for high-end coupling agent projects, pilot projects, and smart factory construction, further enhancing its technological and production capacity advantages [4] - Hengshen Group aims to leverage its capital cooperation and industry chain resource integration capabilities to help Jinhua New Materials fully utilize its technological and management strengths, accelerating the establishment of the world's largest ketoxime industry base [6]

Core Points - Zhejiang Jinhua New Materials Co., Ltd. (Jinhua New Materials) was listed on the Beijing Stock Exchange, opening at 39.00 CNY and closing at 42.29 CNY, marking a 133.00% increase with a trading volume of 1.132 billion CNY and a turnover rate of 91.23% [1] Company Overview - Jinhua New Materials specializes in the research, production, and sales of ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [1] - The company is controlled by Juhua Group Co., Ltd., which holds 82.49% of the shares, while the Zhejiang Provincial State-owned Assets Supervision and Administration Commission indirectly holds 90.00% of Juhua Group [1] Financial Highlights - The total amount raised from the issuance before the exercise of the over-allotment option was 592.90 million CNY, with a net amount of 549.15 million CNY after deducting issuance costs [3] - The company plans to use the raised funds for a 60kt/a high-end coupling agent project, a 500 tons/year JH-2 pilot project, and the construction of a ketoxime industrial chain smart factory [3][4] Performance Metrics - Jinhua New Materials reported revenues of 993.97 million CNY, 1.114 billion CNY, and 1.239 billion CNY for the years 2022, 2023, and 2024 respectively, with net profits of 79.59 million CNY, 172.51 million CNY, and 210.94 million CNY during the same period [5][6] - For the first half of 2025, the company reported revenues of 570.62 million CNY, a decrease of 11.68% year-on-year, and net profits of 113.55 million CNY, down 11.48% year-on-year [7] Future Projections - The company forecasts a revenue of 1.063 billion CNY and a net profit of 199.39 million CNY for the year 2025, representing a decline of 14.25% and 5.47% respectively compared to the previous year [7]

Core Viewpoint - The recent listings of Jianfa Zhixin, United Power, and Jinhua New Materials on the stock exchanges highlight the growth and investment opportunities in the medical device and new energy sectors in China [1][2]. Group 1: Jianfa Zhixin - Jianfa Zhixin is a national high-value medical device distributor, primarily engaged in direct sales and distribution, providing centralized operation services for medical consumables to hospitals [1]. - The company has a market capitalization of 2.97 billion yuan, with an issuance price of 7.05 yuan per share and a P/E ratio of 13.29, significantly lower than the industry average of 25.73 [2]. - In 2024, Jianfa Zhixin's revenue is projected to be divided into three segments: direct sales (11.03 billion yuan, 61.69%), distribution (6.74 billion yuan, 37.68%), and services (112 million yuan, 0.63%) [4]. - The company plans to invest 1.4 billion yuan in information system upgrades, 1.04 billion yuan in centralized operation services, and 2.4 billion yuan to supplement working capital [3]. Group 2: United Power - United Power, spun off from the industrial automation giant Inovance Technology, specializes in new energy vehicle power systems, including electric drive and power supply systems [6][7]. - The company is a leader in the new energy vehicle power system sector, providing solutions to over 40 vehicle manufacturers and participating in the entire lifecycle of vehicle design and production [7]. - United Power's accounts receivable have increased significantly, with values of 1.85 billion yuan, 3.61 billion yuan, and 5.68 billion yuan from 2022 to 2024, representing 20.37%, 29.38%, and 31.45% of total assets respectively [8]. Group 3: Jinhua New Materials - Jinhua New Materials focuses on the research, production, and sales of ketoxime series fine chemicals, being a leader in the domestic silane crosslinking agent market with market shares of 27.85%, 31.60%, and 38.16% from 2022 to 2024 [9]. - The company's products are essential for various industries, including construction, energy, electronics, and new energy vehicles [9]. - Jinhua New Materials has received multiple national honors and has participated in the formulation of several industry standards [9].