民用硝化棉在环保烟花领域应用空间广阔，公司具有技术储备。传统烟花燃烧会产生大量烟雾和残渣， 而以硝化棉制备的烟花，可以减少烟雾和污染物排放，在环保要求趋严的背景下，替代空间广阔。公司 在环保烟花领域已有一定的技术储备，若市场需求爆发，将具备先发优势。 盈利预测与投资评级：预计25-27 年公司实现营业收入分别为26.02、33.33、43.26 亿元，分别同比 +34%、+28%、+30%，实现归母净利润分别为2.59、4.11、5.53 亿元，分别同比+1016%、+59%、 +35%，当前股价对应25-27 年PE 分别为46/29/22X，受益于供给收缩、需求扩张，公司主营产品有望迎 来量价齐升局面，首次覆盖，给予"强烈推荐"评级。 风险提示：硝化棉市场需求下滑；海外扩张风险；市场竞争加剧等。 国内硝化棉市场供给收缩幅度达46%。根据公司公告，2023 年公司硝化棉产能5.5 万吨，对应国内市占 率50%以上，按照50%测算，对应全国硝化棉产能约11 万吨。2023 年以来，行业产能持续收缩，首先 是事故引起的关停，例如2024 年5 月，雪飞化工发生爆炸事故，影响其2 万吨产能；2025 年5 月，衡 ...

Company Overview - North Chemical Industry Co., Ltd. is located in Luzhou, Sichuan Province, established on August 23, 2002, and listed on June 5, 2008. The company's main business involves the production and sales of nitrocellulose and industrial pumps [1][2]. Financial Performance - For the first half of 2025, North Chemical achieved operating revenue of 1.131 billion yuan, representing a year-on-year growth of 23.82%. The net profit attributable to shareholders was 107 million yuan, showing a significant increase of 207.91% [2]. - Since its A-share listing, North Chemical has distributed a total of 350 million yuan in dividends, with 76.86 million yuan distributed over the past three years [3]. Stock Performance - As of September 24, North Chemical's stock price increased by 2.13%, reaching 19.64 yuan per share, with a total market capitalization of 10.783 billion yuan. The stock has risen 94.26% year-to-date, with a 16.56% increase over the past five trading days [1]. - The company has appeared on the stock market's "龙虎榜" (top trading list) four times this year, with the most recent appearance on July 25 [1]. Shareholder Information - As of August 8, the number of shareholders for North Chemical was 60,000, an increase of 1.69% from the previous period. The average number of circulating shares per person decreased by 1.67% to 9,150 shares [2]. - Notable institutional holdings include Changcheng Jiujia Innovation Growth Mixed A and Guangfa Small Cap Growth Mixed A, both of which are new shareholders [3]. Business Segments - The main revenue sources for North Chemical are nitrocellulose-related products (37.70%), protective equipment (25.47%), industrial pumps (22.91%), and spare parts (8.00%). Other products contribute smaller percentages [1].

Core Viewpoint - The article highlights the dramatic shift in the European military industry's reliance on Chinese nitrocellulose, revealing the consequences of previous sanctions against Xinjiang cotton and the current urgent need for high-quality raw materials [1][5][6]. Group 1: European Military Industry Challenges - European military giants, once vocal against Xinjiang cotton, are now scrambling to secure Chinese cotton short fibers, which have been nearly depleted [1][3]. - The EU's defense meeting revealed that only 70% of the planned 1 million artillery shells for Ukraine were delivered, primarily due to a shortage of high-quality nitrocellulose [5][6]. - The reliance on Chinese nitrocellulose has become critical, as over 90% of the supply comes from China, leading to production constraints for European defense contractors [6][21]. Group 2: Shift in Trade Dynamics - Russia's import of nitrocellulose from China surged from virtually zero to 1,365 tons in 2023, indicating a significant shift in trade dynamics [3][8]. - The transportation of nitrocellulose to Russia is facilitated through intermediaries in Central Asia and Turkey, highlighting a complex supply chain [8][10]. - China's production of nitrocellulose, which accounts for nearly half of the global output, is supported by a robust supply of Xinjiang cotton, ensuring a stable production process [16][19]. Group 3: Global Supply Chain Implications - The article emphasizes the strategic importance of raw materials like nitrocellulose in modern warfare, as they directly affect artillery output frequency [24][26]. - European countries are struggling to establish a comparable supply chain to China's, despite efforts to revive local production [21][22]. - The ongoing competition for nitrocellulose illustrates a broader trend in geopolitical dynamics, where supply chain stability becomes a critical factor in military readiness [23][26].

Group 1: Project Progress - The green intelligent casting production line project is approximately 65% complete as of June 30, 2025, with a planned investment of 26,907 million yuan and expected completion by the end of August 2026 [1][2]. Group 2: Financial Performance - The net profit attributable to shareholders for the first half of 2025 is 106.73 million yuan, an increase of 72.07 million yuan year-on-year [2]. Group 3: Product Pricing and Market Strategy - The pricing of nitrocellulose products is flexible and follows a "one customer, one policy" mechanism based on market conditions [2]. - The company is optimizing its product structure and expanding high-value customers in response to changes in the international market [3]. Group 4: Collaborations and Partnerships - The company does not have business dealings with Baiao Intelligent and is providing protective equipment and catalysts to Gansu Yingguang [2][3]. - Nitrocellulose products can be applied in the environmentally friendly fireworks sector, indicating potential collaboration opportunities [2][3]. Group 5: Future Outlook - There are currently no updates regarding asset injections or restructuring from the controlling shareholder [3].

Group 1 - The stock price of Beihua Co., Ltd. has dropped by 5.04% on September 3, reaching 16.02 CNY per share, with a trading volume of 277 million CNY and a turnover rate of 3.08%, resulting in a total market capitalization of 8.796 billion CNY [1] - Beihua Co., Ltd. has experienced a continuous decline in stock price for three consecutive days, with a cumulative drop of 4.26% during this period [1] - The company, established on August 23, 2002, and listed on June 5, 2008, is located in Luzhou, Sichuan Province, and its main business involves the production and sales of nitrocellulose and industrial pumps [1] Group 2 - The top circulating shareholder of Beihua Co., Ltd. includes a fund under Great Wall Fund, specifically the Great Wall Jiujia Innovation Growth Mixed A (004666), which entered the top ten circulating shareholders in the second quarter, holding 5 million shares, accounting for 0.91% of circulating shares [2] - The estimated floating loss for the Great Wall Jiujia Innovation Growth Mixed A fund today is approximately 4.25 million CNY, with a floating loss of 3.75 million CNY during the three-day decline [2] - The fund, managed by Yu Guoliang, has a total scale of 2.051 billion CNY, with a year-to-date return of 34.52%, ranking 1697 out of 8180 in its category, and a one-year return of 98.9%, ranking 360 out of 7967 [2]

Group 1 - The stock of Beihua Co., Ltd. increased by 5.22% on August 11, reaching a price of 18.75 yuan per share, with a trading volume of 1.36 billion yuan and a turnover rate of 1.34%, resulting in a total market capitalization of 10.294 billion yuan [1] - Beihua Co., Ltd. is located in Luzhou, Sichuan Province, and specializes in the production of nitrocellulose, special industrial pumps, activated carbon, and protective equipment, with applications in military, chemical, metallurgy, and mining industries [1] - The company has multiple technology centers and an international customer base, with its nitrocellulose production and sales ranking first globally [1] Group 2 - As of July 10, Beihua Co., Ltd. had 45,700 shareholders, with an average of 12,000 circulating shares per shareholder [1] - For the period from January to March 2025, Beihua Co., Ltd. achieved operating revenue of 444 million yuan, representing a year-on-year growth of 49.50%, and a net profit attributable to shareholders of 29.5079 million yuan, reflecting a year-on-year increase of 365.32% [1]

Group 1 - European countries have imposed a ban on Chinese Xinjiang cotton, which has led to unintended consequences for their own ammunition production [3][11][23] - The specific type of cotton affected is short-staple cotton, essential for producing nitrocellulose, a key component in modern explosives [5][7][13] - China dominates the global market for short-staple cotton and nitrocellulose, supplying nearly half of the world's short-staple cotton trade in 2022, which is crucial for European ammunition manufacturers [7][21] Group 2 - The European Union's ban on Xinjiang cotton has disrupted the supply chain for military-grade materials, leading to a significant shortage of ammunition in Europe [11][15][19] - Major European defense companies, such as Rheinmetall and Saab, have expressed concerns over their reliance on Chinese imports for short-staple cotton, prompting them to stockpile supplies [17][21] - Alternatives from countries like India and Brazil have been found to be of inferior quality, further complicating the situation for European manufacturers [19][21] Group 3 - The situation highlights the interconnectedness of global supply chains, where political decisions can have far-reaching impacts on industries [23][25] - The European defense sector's struggle to meet production targets, such as the goal of producing 200 million shells by 2025, is directly linked to the shortage of nitrocellulose [15][21] - The incident serves as a cautionary tale about the risks of political motivations overshadowing economic realities, emphasizing the need for cooperation in global trade [25]

Group 1 - The closing price of Beihua Co. on July 31 was 16.93 yuan, down 0.88% from the previous trading day [1] - The trading volume on that day was 286,129 hands, with a transaction amount of 489 million yuan, resulting in a turnover rate of 5.21% [1] - Beihua Co. specializes in the production and sales of nitrocellulose products, which are widely used in coatings and inks [1] Group 2 - Beihua Co. clarified on an interactive platform that it does not produce TDI products, but its affiliated company, Guangzhou Beihua, has related trading activities [1] - The pricing mechanism for nitrocellulose products is based on a "one customer, one policy" approach, with prices adjusting according to market conditions [1] - On July 31, the net inflow of main funds into Beihua Co. was 17.31 million yuan, accounting for 0.19% of the circulating market value [2]

Group 1 - The company, Beihua Co., Ltd. (002246), has implemented a "one customer, one policy" mechanism for its nitrocellulose products, indicating a tailored pricing strategy based on individual customer needs [1] - The pricing of the company's products is market-driven, suggesting that prices will fluctuate according to market conditions [1]

金融界7月31日消息，有投资者在互动平台向北化股份提问：网上看到富林特集团全球上调含硝化棉产 品价格，由于原材料成本持续攀升，富林特集团将提高其所有含硝化棉产品的价格。本次调价将于2025 年8月1日起生效（以合同条款允许为准），具体涨幅将根据产品中硝化棉含量而定。贵公司作为硝化棉 的主要生产者，请问7月份的价格是多少？比六月份上涨多少，谢谢。 公司回答表示：您好，公司硝化棉产品市场执行"一户一策"机制，产品价格随行就市，感谢您的关注！ 责任编辑：栎树 ...