联合化学 20250613 摘要 联合化学通过控股子公司启辰半导体，布局苯乙烯类光刻胶单体树脂、 UV 单体树脂、OLED 半导体化学品及电子级溶剂等半导体材料的研发、 生产与销售，旨在进入集成电路和微电子领域。 联合化学增资卓光瑞科技 1.2 亿元，占增资后资本的 19.35%，并计划 在 6 个月内继续投资不超过 1.2 亿元，以把握国内精密光学和半导体投 影式曝光机行业的发展机会，增强综合竞争力。 卓光瑞科技专注于前道半导体曝光设备，其子公司冈井化学从事大口径 光学系统研发生产，2024 年收入约 2,600 万元，预计 2025 年营收翻 倍，目前订单接近 1 亿元。 卓光瑞科技的 1.9 亿元投资款将用于曝光机样机研发，5,000 万元用于 冈井光学生产及光学部件研发，资金支持良好，并计划未来进行新的融 资以确保持续发展。 联合化学战略转型进入半导体材料领域，通过启辰半导体进入光刻胶单 体领域，投资卓光瑞旨在实现半导体材料高端化突破，构建服务半导体 行业的能力体系。 Q&A 联合化学的主营业务及其在油墨领域的应用情况如何？ 联合化学的主营业务包括偶氮类有机颜料和集水基墨的研发、生产与销售。主 要产品 ...

Core Viewpoint - The chemical industry is experiencing a structural optimization and upgrade driven by global capacity restructuring and domestic policies, leading to a recovery in demand and a new upward cycle, with significant stock price increases in the basic chemical sector, particularly for companies like United Chemical [1] Group 1: Company Performance - United Chemical achieved a revenue of 53.46 million yuan in 2024, a year-on-year increase of 24.80%, and a net profit of 5.64 million yuan, up 66.81% [2] - In Q1 2025, the company reported a revenue of 13.00 million yuan, a slight increase of 0.52%, and a net profit of 1.65 million yuan, up 17.97% [2] - The company specializes in the R&D, production, and sales of azo organic pigments and water-based inks, with applications in various industries including printing, packaging, and cosmetics [2] Group 2: R&D and Innovation - United Chemical's R&D investment grew by 27.16% in 2024, with R&D expenses accounting for 4.53% of revenue [3] - The company aims to enhance its core technology and innovation through independent R&D, focusing on developing high-performance, environmentally friendly pigment products [3] - The company holds 12 invention patents and 19 utility model patents, participating in the formulation of 48 national and industry standards [2][3] Group 3: Strategic Expansion - United Chemical is expanding into the electronic chemicals sector, leveraging its experience in fine chemical synthesis and surface treatment [4] - In May 2025, the company established a joint venture, Qichen Semiconductor, to develop and produce various semiconductor materials, including photolithography monomers and electronic-grade solvents [4] - The initial production capacity for the photolithography monomer project is designed at 200 tons per year, with plans for future expansion based on market demand [4][5]

Core Viewpoint - The company, United Chemical, has announced significant stock price fluctuations and potential risks associated with its new joint venture, Qichen Semiconductor, which is still in the early stages of development and market entry [2][3]. Group 1: Stock Performance - As of May 23, United Chemical's stock price increased by 15.22%, closing at 124.15 yuan, marking a historical high [2]. - Over the past year, the company's stock price has surged by 394.82%, while the CSI 300 index has only risen by 6.60% during the same period [2]. - The stock has shown a significant deviation in price, with a 202.59% deviation over 27 consecutive trading days, indicating severe abnormal trading fluctuations [2]. Group 2: Valuation Comparison - The company's rolling price-to-earnings (P/E) ratio stands at 176.00, which is significantly higher than the industry average P/E ratio of 23.28 for the chemical raw materials and products manufacturing sector [3]. - This discrepancy raises concerns about the stock's valuation relative to its peers, prompting the company to advise investors to be cautious in their trading decisions [3]. Group 3: Joint Venture and Market Strategy - United Chemical has established a joint venture, Qichen Semiconductor, in collaboration with Shanghai Panwo Fine Chemical Co., Ltd. and Beijing Shanggu Lianheng Chemical Technology Co., Ltd., focusing on the development and production of various semiconductor-related chemicals [3][4]. - The company aims to leverage its experience in fine chemical synthesis and surface treatment to enter the electronic chemicals market, which is characterized by high technical barriers and significant profit margins [4]. - The initial production capacity for the project is designed to be 200 tons per year, with plans for increased R&D investment and technical personnel to enhance capabilities [4]. Group 4: Financial Performance - For the year 2024, United Chemical projects a revenue of 53,461.73 million yuan, reflecting a year-on-year growth of 24.8%, and a net profit attributable to shareholders of 5,643.21 million yuan, up 66.81% [4]. - In the first quarter of 2025, the company reported a revenue of 13,006.19 million yuan, a slight increase of 0.52%, but the net profit decreased by 17.97% to 1,654.22 million yuan [4].