证券研究报告 | 公司点评 gszqdatemark 2026 01 11 年 月 日 昊华科技（600378.SH） 主业高景气，新材料平台型龙头扬帆起航 传承 70 余载，昊华科技是共和国化工新材料"核心研发平台"。公司隶属 于中国中化，由 50-70 年代成立的十二家国家级化工材料研究院合并而 成，公司旗下十二家科研院所均应新中国早期特种领域需求诞生。七十年 来，公司在研发上的累计投入与国家给予补助的价值突出。公司在特种涂 料、弹性体、气体、氟材料等细分领域均具有显著的行业地位，下游包括 航空、航天、军工等环节，是我国化工行业由大产能驱动转向研发驱动、 科技驱动新时代的"核心资产"。 整合中化蓝天，制冷剂高景气业绩"持续兑现"。通过整合中化蓝天，公司 氟化工上游产业链完整度大幅提升，涵盖氟碳化学品、氟聚合物、氟精细 化学品、含氟锂电材料等产品。其中，氟碳化学品业务受三代制冷剂涨价 拉动，景气加速。单季度来看，2025Q3 公司实现归母净利润历史新高 5.9 亿元，同比增长 22%。根据公司经营报告，2025 年 1-3Q 公司氟碳化学 品均价达 4.44 万元，同比 2024 年大幅上升 49%。从细分 ...

Core Viewpoint - The semiconductor industry is experiencing a significant upturn driven by the ongoing demand for artificial intelligence, leading to a comprehensive price increase in the global memory chip market and exceeding performance expectations for related companies [1] Industry Overview - The semiconductor equipment market is showing strong growth, with SEMI predicting global semiconductor manufacturing equipment sales to reach a record $125.5 billion in 2025, and further increase to $138.1 billion in 2026 [1] - The recovery in the semiconductor industry is benefiting related sectors in the A-share market, including semiconductor equipment, memory chips, and photolithography machines, with rising investor interest [1] Company Insights - Watte Co., Ltd. (002886.SZ) is positioned to capitalize on the recovery in the semiconductor industry through its integrated platform for core semiconductor materials and key components [1] - The company has established a comprehensive semiconductor materials and components supply system through its subsidiaries, Watte Huaben and Zhejiang Kesai, with PTFE material production capacity ranking first in the industry [2] - Watte Huaben, originally a manufacturing base of Japan's Walka, has deep technical expertise and is recognized by leading semiconductor clients for its advanced PTFE surface treatment and welding technologies [2] - Zhejiang Kesai focuses on the core technology and industrialization of specialty fluorine materials, achieving an annual production capacity of 8,000 tons of high-performance specialty fluorine materials, and is a leading supplier of electronic-grade PTFE and ePTFE films in China [2] Strategic Developments - In September, Watte Co., Ltd. acquired 100% of Walka Sealing Products (Shanghai) Co., Ltd., integrating a global core sealing component manufacturing base into its operations [2] - The sealing products, particularly high-end corrugated pipe seals, are critical components for semiconductor equipment like etching machines and align with the growing demand for server liquid cooling in the context of AI computing power [2] - The corrugated pipe market for semiconductor equipment is expected to grow at a compound annual growth rate of 7.0% from 2025 to 2031 [2] Competitive Positioning - Following the acquisition, Watte Co., Ltd. will offer the most comprehensive semiconductor component solutions in the industry, leveraging its position as the largest fluorine material manufacturing platform [3] - The company has established deep collaborations with global semiconductor supply chain clients and is entering the supply chains of leading global manufacturers, positioning itself to benefit from the domestic substitution trend [3] - Analysts suggest that the recovery in the semiconductor industry, combined with the domestic substitution wave, presents dual benefits for core materials and components companies, with Watte Co., Ltd. poised to enjoy significant growth opportunities [3]