证券研究报告 2025年09月17日 行业报告 | 行业专题研究 化工行业运行指标跟踪-2025年7-8月数据 作者： 分析师 唐婕 SAC执业证书编号：S1110519070001 分析师 张峰 SAC执业证书编号：S1110518080008 分析师 郭建奇 SAC执业证书编号：S1110522110002 分析师 邢颜凝 SAC执业证书编号：S1110523070006 分析师 杨滨钰 SAC执业证书编号：S1110524070008 请务必阅读正文之后的信息披露和免责申明 行业评级： 上次评级： 中性 中性 1 基础化工 维持 （ 评级） 摘要 请务必阅读正文之后的信息披露和免责申明 2 1、行业估值指标、景气度指标：化工行业综合景气指数；工业增加值 2、价格指标：PPI\PPIRM\CCPI、价格价差（化工品价格走势及最新历史分位） 3、供给端指标：产能利用率、能耗、固定资产投资、存货、在建工程情况 4、进出口指标：进出口价值贡献度拆分 5、下游行业运行指标：PMI、地产、家电、汽车、纺服 6、行业经济效益指标：三大行业经济效益指标 7、全球宏观和终端市场指标：采购经理指数、GDP同比、民用建筑开工 ...

天风证券近日发布基础化工行业专题研究：2025年上半年，基础化工行业上市公司（根 据申万2021一级分类基础化工行业以及轮胎行业（长江分类）上市公司合计446家）共实现 营业收入1.12万亿元，同比增长3.1%，实现营业利润947亿元，同比增长1.1%，实现归属上 市公司股东的净利润756亿元，同比增长2.0%。行业整体综合毛利率为13.1%，同比下降 0.4pcts；期间费用率为9.3%，同比下降0.1pcts。行业整体净利润率为7.0%，同比下降 0.1pcts。 以下为研究报告摘要： 2025年上半年营收及净利润同比微增 2025年上半年，基础化工行业上市公司（根据申万2021一级分类基础化工行业以及轮胎 行业（长江分类）上市公司合计446家）共实现营业收入1.12万亿元，同比增长3.1%，实现 营业利润947亿元，同比增长1.1%，实现归属上市公司股东的净利润756亿元，同比增长 2.0%。行业整体综合毛利率为13.1%，同比下降0.4pcts；期间费用率为9.3%，同比下降 0.1pcts。行业整体净利润率为7.0%，同比下降0.1pcts。 从价格指数上看，受原材料支撑走弱，叠加化工品产能较过剩的 ...

Core Viewpoint - Shanghai Gentech Co., Ltd. reported a decline in net profit and total profit for the first half of 2025, attributed to intensified market competition, increased fixed asset depreciation, and rising share-based payment expenses [3][4]. Company Overview and Financial Indicators - The company, Shanghai Gentech Co., Ltd., is engaged in providing high-purity electronic gases and chemicals primarily for the semiconductor and advanced manufacturing industries [2]. - For the first half of 2025, the company achieved a revenue of approximately 2.02 billion RMB, representing an 8.88% increase compared to the same period last year [3]. - The total profit for the period was approximately 72.48 million RMB, a decrease of 39.01% year-on-year [3]. - The net profit attributable to shareholders was approximately 94.24 million RMB, down 10.20% from the previous year [3]. - The company's net assets increased by 7.37% to approximately 3.71 billion RMB compared to the end of the previous year [3]. Industry Context - The semiconductor industry is experiencing robust growth, with the global semiconductor market expected to reach approximately 728 billion USD in 2025, a 15.4% increase from 2024 [4]. - China's integrated circuit exports reached approximately 650.26 billion RMB in the first half of 2025, reflecting a year-on-year growth of 20.3% [4]. - The company is positioned as a leading supplier in the semiconductor sector, providing ultra-high-purity electronic gases and chemicals, as well as maintenance and operational services [4][5]. Business Segments - The company operates in two main business segments: equipment-related (CAPEX) and non-equipment-related (OPEX) services, with the latter accounting for 37.3% of total revenue in the reporting period [5]. - The core components business, which includes products like Gas Box and Chemical Box, is crucial for semiconductor manufacturing processes [6][7]. - The company has expanded its offerings in the advanced manufacturing sector, including new energy and materials, with revenue from this segment exceeding 10% [5][6]. Future Outlook - The company is actively pursuing acquisitions to enhance its core components business, having recently acquired a stake in Hanjing Semiconductor, which specializes in high-precision quartz and advanced ceramic materials [8]. - The ongoing development of the semiconductor industry and the company's strategic focus on high-purity materials and operational services are expected to drive future growth [4][5].

Core Insights - The company reported a revenue of 7.327 billion yuan, an increase of 8.92% year-on-year, and a net profit of 479 million yuan, up 9.61% year-on-year for the first half of 2025 [1] - The gas industry revenue reached 4.593 billion yuan, growing by 14.12%, while manufacturing revenue was 2.635 billion yuan, with a more moderate growth of 4.23% [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, reflecting a strong financial position and commitment to shareholder returns [1] Gas Business Expansion - The gas business primarily relies on pipeline gas supply, supported by long-term contracts, with rapid growth in demand for hydrogen and specialty gases driving overall business expansion [2] - Six new on-site gas production projects were added in the first half of the year, with a total of 36 projects won, indicating steady progress in gas operations [2] - The company is well-positioned to benefit from the rise of strategic emerging industries such as semiconductors, photovoltaics, and biomedicine, which are increasing the demand for high-value-added gas products [2] Product and Technology Development - The company produces a wide range of gases including oxygen, nitrogen, hydrogen, and various specialty gases, which are used across multiple sectors such as energy, metallurgy, and healthcare [3] - The company is actively expanding into hydrogen energy and carbon capture, utilization, and storage (CCUS), with a focus on integrated hydrogen production and storage projects [3] International Market Expansion - The company has made significant strides in international markets, achieving overseas revenue of 294.56 million yuan, a year-on-year increase of 78.89% [5] - The company signed a contract for a 22,000 cubic meter air separation project overseas, marking a breakthrough in the African market [5] - The establishment of overseas subsidiaries in Singapore and Malaysia aims to enhance the company's international presence and market responsiveness [6] Joint Ventures and Innovation - A joint venture with the controlling shareholder aims to foster innovation and develop core technologies in the gas sector, focusing on high-value-added business expansion [7] - The joint venture will leverage resources from both parties to enhance competitiveness and support the development of new applications and quality projects [7]

Investment Rating - The industry investment rating is maintained at "Neutral" [2] Core Viewpoints - The current cycle may be nearing its end, with expectations for demand recovery. Infrastructure and export demand are expected to remain robust in 2024, while the real estate cycle continues to decline. The consumer market has shown resilience after two years of recovery [4][5] - Supply-side pressures remain significant, with global chemical capital growth expected to turn negative in 2024. Domestic construction projects are seeing a rapid decline, but fixed asset investment continues to grow at over 15% [4] - The chemical industry is entering a replenishment phase after a year of destocking, with inventory growth turning positive by Q3 2024. However, the overall price and profit levels in the chemical industry are expected to face pressure throughout the year [4] Summary by Sections Industry Valuation and Economic Indicators - The report tracks various indicators including the chemical industry's comprehensive prosperity index and industrial added value [3] - Price indicators such as PPI, PPIRM, and CCPI are monitored, along with supply-side metrics like capacity utilization and fixed asset investment [3] Demand and Supply Dynamics - Demand stability is sought in industries led by supply logic, such as refrigerants and phosphates, with specific companies recommended for investment [7] - Conversely, industries with stable supply but driven by demand logic include MDI and explosives, with key companies highlighted [7] Global Market Trends - The report notes a shift in global investment and trade patterns due to rising protectionism and geopolitical tensions, emphasizing the need for regional cooperation and stability [7] - Investment opportunities are identified in both domestic and international markets, focusing on new production capabilities and breakthroughs in material science [7] Price Trends and Economic Performance - The chemical product price index (CCPI) has shown fluctuations, with a notable decline of approximately 6.9% from January to April 2025 [14] - The PPI for chemical raw materials and products has also experienced a downward trend, with June 2025 figures showing a year-on-year decrease of 6.1% [16]

Investment Rating - The industry investment rating is maintained at "Neutral" as of July 16, 2025 [2]. Core Insights - The current cycle is nearing its end, with expectations for demand recovery. Infrastructure and export demand are expected to remain robust in 2024, while the real estate cycle continues to decline. The consumption sector has shown resilience after two years of recovery [4]. - On the supply side, global chemical capital growth is projected to turn negative in 2024. Domestic construction projects are seeing a rapid decline, nearing a bottom by Q2 2024, while fixed asset investments maintain a growth rate exceeding 15% [4]. - The chemical industry is entering a replenishment phase after a year of destocking, with inventory growth turning positive by Q3 2024. However, the overall price and profit levels in the chemical industry are expected to face pressure throughout the year [4]. Summary by Sections Industry Valuation and Economic Indicators - The report tracks various indicators including the chemical industry's comprehensive prosperity index and industrial added value [3]. Price Indicators - The report includes PPI, PPIRM, CCPI, and price differentials for chemical products, highlighting recent trends and historical positions [3]. Supply-Side Indicators - Key metrics include capacity utilization rates, energy consumption, fixed asset investments, inventory levels, and ongoing construction projects [3]. Import and Export Indicators - The report analyzes the contribution of import and export values to the industry [3]. Downstream Industry Performance - The report examines performance indicators for downstream sectors such as PMI, real estate, home appliances, automotive, and textiles [3]. Global Macro and End-Market Indicators - It includes global procurement manager indices, GDP year-on-year changes, civil construction starts, consumer confidence indices, and automotive sales [3]. Global Chemical Product Prices and Differentials - The report provides insights into the pricing and differentials of chemical raw materials, intermediate products, and sub-industries like resins and fibers [3]. Global Industry Economic Indicators - It covers sales revenue changes, profitability, growth potential, debt repayment capacity, operational efficiency, and per-share metrics [3]. Recommendations for Investment Opportunities - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants, phosphates, and amino acids, while also highlighting sectors with improving supply-demand dynamics like organic silicon [7]. - Key recommended companies include Juhua Co., Sanmei Co., and Dongyue Group for refrigerants, and Wanhua Chemical for MDI [7]. Market Trends and Strategic Directions - The report emphasizes the shift from a cost-efficiency-driven global investment model to a stability and security-oriented regional cooperation model, suggesting investment opportunities in both domestic and international markets [7]. - Companies recommended for investment include Lite-On Technology, Ruile New Materials, and Wanrun Co. in the OLED materials sector [7].