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雪峰科技股价涨5.16%,民生加银基金旗下1只基金重仓,持有16.35万股浮盈赚取7.68万元
Xin Lang Cai Jing· 2025-10-09 05:22
10月9日,雪峰科技涨5.16%,截至发稿,报9.57元/股,成交3.36亿元,换手率3.67%,总市值102.56亿 元。 截至发稿,芮定坤累计任职时间3年309天,现任基金资产总规模4.06亿元,任职期间最佳基金回报 35.79%, 任职期间最差基金回报-15.08%。 风险提示:市场有风险,投资需谨慎。本文为AI大模型自动发布,任何在本文出现的信息(包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等)均只作为参考,不构成个人投资建 议。 责任编辑:小浪快报 从基金十大重仓股角度 数据显示,民生加银基金旗下1只基金重仓雪峰科技。民生加银周期优选混合A(011888)二季度持有 股数16.35万股,占基金净值比例为4.33%,位居第九大重仓股。根据测算,今日浮盈赚取约7.68万元。 民生加银周期优选混合A(011888)成立日期2021年6月22日,最新规模2574.81万。今年以来收益 45.58%,同类排名1653/8238;近一年收益36.12%,同类排名2341/8082;成立以来亏损7.82%。 民生加银周期优选混合A(011888)基金经理为芮定坤。 资料显示,新疆雪峰科技(集团 ...
雪峰科技股价涨5.05%,银华基金旗下1只基金重仓,持有1.06万股浮盈赚取4876元
Xin Lang Cai Jing· 2025-09-19 02:04
Company Overview - Xuefeng Technology Co., Ltd. is located in Urumqi, Xinjiang, and was established on June 27, 1984. The company was listed on May 15, 2015. Its main business includes the research, production, sales, and transportation of civil explosives such as melamine, ammonium nitrate, industrial explosives, and blasting services [1]. Business Segmentation - The revenue composition of Xuefeng Technology is as follows: chemical products account for 44.23%, blasting services 32.15%, liquefied natural gas 9.05%, civil explosive products 6.24%, commodity trading 5.73%, transportation services 1.92%, and other services 0.68% [1]. Stock Performance - On September 19, Xuefeng Technology's stock rose by 5.05%, reaching a price of 9.56 CNY per share, with a trading volume of 156 million CNY and a turnover rate of 1.70%. The total market capitalization is 10.245 billion CNY [1]. Fund Holdings - According to data, one fund under Yinhua Fund holds a significant position in Xuefeng Technology. The Yinhua Jiaxuan Balanced Mixed Fund A (020864) held 10,600 shares in the second quarter, representing 0.68% of the fund's net value, making it the ninth-largest holding. The estimated floating profit for today is approximately 4,876 CNY [2]. Fund Manager Performance - The fund manager of Yinhua Jiaxuan Balanced Mixed Fund A, Wang Bin, has a tenure of 9 years and 229 days, with a total asset scale of 951 million CNY. The best fund return during his tenure is 64.45%, while the worst is -3.93%. Co-manager Wan Xin has been in position for 1 year and 93 days, managing assets of 353 million CNY, with a best return of 11.62% and a worst return of 7.12% [3].
高争民爆:公司构建了以上游供应商为核心,多个储备供应商为辅助的多元化供应体系
Zheng Quan Ri Bao Wang· 2025-09-17 09:45
Core Viewpoint - The company has established a diversified supply system for ammonium nitrate procurement, ensuring supply chain stability and security by avoiding reliance on a single production area [1] Group 1 - The company has core upstream suppliers located in Xinjiang, Shaanxi, and Chongqing, supplemented by multiple reserve suppliers [1] - This diversified supply system effectively mitigates potential risks associated with dependence on a single source [1] - The approach ensures a robust and secure supply chain for the company [1]
在建工程增速环比大幅下降,盈利底部渐显
Tianfeng Securities· 2025-09-16 12:54
Investment Rating - Industry Rating: Neutral (maintained rating) [5] Core Viewpoints - The basic chemical industry showed a slight increase in revenue and net profit in the first half of 2025, with total revenue reaching 1.12 trillion yuan, a year-on-year growth of 3.1%, and net profit of 756 billion yuan, a growth of 2.0% [1][12] - The overall gross profit margin for the industry decreased to 13.1%, down 0.4 percentage points year-on-year, while the net profit margin was 7.0%, also down 0.1 percentage points [1][12] - The chemical product price index (CCPI) experienced a decline of 4.1% in the first half of 2025, reflecting weak support from raw materials and excess production capacity [1][40] Summary by Sections Revenue and Profitability - In Q2 2025, the industry achieved a revenue of 588.2 billion yuan, a year-on-year increase of 1.2% and a quarter-on-quarter increase of 10.0% [2] - The operating profit for Q2 2025 was 48.7 billion yuan, a decrease of 4.8% year-on-year but an increase of 6.2% quarter-on-quarter [2] - The net profit attributable to the parent company was 38.2 billion yuan, down 5.3% year-on-year but up 2.3% quarter-on-quarter [2] Construction and Fixed Assets - The growth rate of construction in progress for the basic chemical industry showed a significant decline, with a year-on-year decrease of 11.3% in Q2 2025 [3] - Fixed asset scale increased, with total fixed assets reaching 14,222 billion yuan, a year-on-year growth of 14.5% [3] Investment Recommendations - The report suggests focusing on sectors with stable demand and marginal supply changes, such as MDI, amino acids, and fertilizers [4] - Specific companies recommended include Jinhe Industrial for sucralose, Yangnong Chemical for pesticides, and Wanhua Chemical for MDI [4] R&D and Financial Metrics - The average R&D expenditure for companies in the industry was notably high in sectors like polyurethane and fluorine chemicals, with R&D rates exceeding 4.5% in certain sub-industries [12][20] - The overall financial metrics indicate a mixed performance across various sub-industries, with some showing significant growth while others faced declines [35][37]
80亿元化工搬迁项目进入关键施工阶段
Zhong Guo Hua Gong Bao· 2025-09-11 15:06
Group 1 - The project is a significant initiative for optimizing the chemical industry layout and promoting high-quality development in Shaanxi Province, with a total investment of nearly 8 billion yuan [1] - The project aims to establish a modern circular economy industrial park focusing on synthetic ammonia, ammonium nitrate, and nitro compound fertilizers, while extending to high-end fine chemicals and new materials [1] - The project has achieved a record approval speed for preliminary administrative licenses, completing over 20 key items in just 9 months [1] Group 2 - The project officially commenced construction on April 18, 2025, marking the transition to substantial construction activities [2] - The project team has completed nearly 10 million cubic meters of earthworks and over 120,000 square meters of strong compaction within 5 months, despite challenging geological conditions [2] - The project emphasizes high-standard design and quality construction, utilizing advanced energy-saving and environmentally friendly technologies, aiming for near-zero wastewater discharge and significant reductions in carbon emissions [2]
雪峰科技(603227):2025年半年报点评:化工品价格下滑拖累业绩,静待产能注入助力公司成长
Huachuang Securities· 2025-08-29 11:43
Investment Rating - The report maintains a "Strong Buy" rating for Xuefeng Technology (603227) with a target price of 11.52 CNY, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][7][17]. Core Views - The company reported a revenue of 2.679 billion CNY for H1 2025, a decrease of 4.96% year-on-year, and a net profit attributable to shareholders of 233 million CNY, down 40.64% year-on-year. The second quarter of 2025 saw a revenue of 1.555 billion CNY, reflecting a year-on-year decline of 5.11% but a quarter-on-quarter increase of 38.40% [1][3]. - The decline in chemical product prices has negatively impacted performance, but the company is expected to benefit from capacity injections that will enhance growth [1][7]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 6.101 billion CNY, 6.439 billion CNY, 7.103 billion CNY, and 7.812 billion CNY, respectively, with year-on-year growth rates of -13.1%, 5.5%, 10.3%, and 10.0% [3][8]. - Net profit attributable to shareholders is projected to be 668 million CNY for 2024A, 584 million CNY for 2025E, 769 million CNY for 2026E, and 957 million CNY for 2027E, with corresponding growth rates of -21.7%, -12.6%, 31.8%, and 24.3% [3][8]. - The company’s earnings per share (EPS) is expected to be 0.62 CNY for 2024A, 0.54 CNY for 2025E, 0.72 CNY for 2026E, and 0.89 CNY for 2027E [3][8]. Market Performance - The company’s stock price as of August 28, 2025, was 9.63 CNY, with a 12-month high of 10.08 CNY and a low of 6.90 CNY [4][8]. - The company’s market capitalization is approximately 10.32 billion CNY, with a circulating market value of about 9.38 billion CNY [4].
雪峰科技跌2.09%,成交额2.85亿元,主力资金净流出4939.61万元
Xin Lang Cai Jing· 2025-08-27 06:21
Core Viewpoint - Xuefeng Technology's stock price has shown fluctuations, with a recent decline of 2.09% and a year-to-date increase of 15.78%, indicating volatility in market performance [1][2]. Company Overview - Xuefeng Technology, established on June 27, 1984, and listed on May 15, 2015, is located in Urumqi, Xinjiang, and specializes in the research, production, and sales of civil explosives and related services [2]. - The company's main business revenue composition includes: chemical products (44.23%), blasting services (32.15%), liquefied natural gas (9.05%), civil explosive products (6.24%), commodity trading (5.73%), transportation services (1.92%), and others (0.68%) [2]. Financial Performance - For the first half of 2025, Xuefeng Technology reported a revenue of 2.679 billion yuan, a year-on-year decrease of 4.96%, and a net profit attributable to shareholders of 233 million yuan, down 40.64% year-on-year [2]. - The company has distributed a total of 849 million yuan in dividends since its A-share listing, with 643 million yuan distributed over the past three years [3]. Market Activity - As of August 27, the stock price was 9.83 yuan per share, with a trading volume of 285 million yuan and a turnover rate of 2.96%, resulting in a total market capitalization of 10.535 billion yuan [1]. - The net outflow of main funds was 49.396 million yuan, with significant selling pressure observed [1].
雪峰科技(603227):疆内民爆能化引领者宏大入主产业共振在即
Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [6][7]. Core Views - The company is positioned as a leader in the "civil explosives + energy chemicals" sector in Xinjiang, with a strong market presence and the backing of Guangdong Hongda as the new controlling shareholder, which is expected to enhance industrial synergy [6][19]. - The integration of civil explosive capacity and mining services is ongoing, with significant growth potential in the western region and opportunities for international expansion [6][19]. - The scarcity of ammonium nitrate in Xinjiang and the potential convergence of domestic and international urea price differentials are highlighted as key factors for future growth [6][19]. Financial Data and Profit Forecast - The projected total revenue for 2025 is 65.82 billion yuan, with a net profit of 5.45 billion yuan, reflecting a growth rate of -19% for 2025, followed by 51% and 26% in subsequent years [2][7]. - Earnings per share (EPS) are expected to be 0.51 yuan in 2025, increasing to 0.97 yuan by 2027 [2][7]. - The company’s projected price-to-earnings (PE) ratio for 2026 is approximately 13 times, which is below the average PE of comparable companies at 15 times [7]. Business Segments - The civil explosives segment is expected to see significant growth due to the injection of production capacity from Guangdong Hongda, with external sales projected to reach 70,000 tons in 2025 [8][19]. - The chemical products segment, particularly ammonium nitrate, is anticipated to benefit from high demand in Xinjiang, with a licensed capacity of 810,000 tons [22][24]. - The LNG segment is also expected to improve, with production capacity utilization gradually increasing [22][24]. Market Dynamics - The civil explosives industry is characterized by high barriers to entry and regional market dynamics, with a focus on safety and regulatory compliance [45][50]. - The report notes that the industry is undergoing consolidation, with a target of reducing the number of production enterprises to fewer than 50 by 2025, enhancing the competitive landscape [51][54]. Strategic Initiatives - The company is actively pursuing external acquisitions to enhance its market position, having recently acquired stakes in Southern Yongsheng and Shengshi Putian [6][19]. - The strategic focus on integrating civil explosives and chemical production is expected to create a robust circular economy model, leveraging local resources effectively [19][22].
雪峰科技(603227):疆内民爆能化引领者,宏大入主产业共振在即
Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][7]. Core Views - The company is positioned as a leader in the "civil explosives + energy chemicals" sector in Xinjiang, with a strong market presence and potential for growth due to the acquisition by Guangdong Hongda [6][7]. - The integration of civil explosive capacity and the growth of mining services are expected to drive long-term growth, with a focus on the western region and international expansion [6][7]. - The scarcity of ammonium nitrate in Xinjiang and the potential convergence of domestic and international urea prices are highlighted as key factors influencing the company's performance [6][7]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 65.82 billion, 76.65 billion, and 86.13 billion CNY, respectively, with corresponding net profits of 5.45 billion, 8.20 billion, and 10.35 billion CNY [2][7]. - The company is expected to experience a net profit CAGR of 16% over the next three years, with a PE ratio of approximately 13 in 2026, which is below the average PE of comparable companies [7][8]. Business Segments - The company operates in two main segments: civil explosives and energy chemicals, with a focus on creating a circular economy through its integrated supply chain [18][21]. - The civil explosives segment includes a comprehensive range of services, while the energy chemicals segment is bolstered by the production of ammonium nitrate and other chemical products [25][34]. Market Dynamics - The civil explosives industry is characterized by high barriers to entry and regional market dynamics, with a significant focus on safety and regulatory compliance [46][48]. - The report notes that the industry is undergoing consolidation, with a push towards higher concentration and integration among leading firms [53][54]. Growth Catalysts - Key growth drivers include increased demand for civil explosives due to coal mining activities in Xinjiang, accelerated asset injections from Guangdong Hongda, and rising prices for ammonium nitrate and urea [10][6].
CHINA COAL ENERGY(01898) - 2025 H1 - Earnings Call Transcript
2025-08-25 08:32
Financial Data and Key Metrics Changes - Operating revenue for the first half of the year was 74.44 billion RMB, with total profit at 11.94 billion RMB, down 28.6% year over year [4] - Net profit attributable to shareholders was 7.7 billion RMB, down 21.3% year over year, with basic earnings per share at 0.58 RMB, down 21.6% [4] - Under international accounting standards, profit before tax was 11.6 billion RMB, down 35.5% year over year [4] - The asset to liability ratio improved to 45%, down 1.3 percentage points from the beginning of the year [12] Business Line Data and Key Metrics Changes - The company produced 67.34 million tons of commercial coal, an increase of 0.84 million tons or 1.3% year over year [5] - Self-produced commercial coal sales reached 67.11 million tons, up 0.92 million tons or 1.4% year over year [6] - Sales of key coal chemicals totaled 3.166 million tons, an increase of 83,000 tons or 2.7% year over year [6] - The unit sales cost of self-produced commercial coal was 2,262.97 RMB per ton, down 10.2% year over year [7] Market Data and Key Metrics Changes - Average sales price of self-produced commercial coal was 470 RMB per ton, down 19.5% [9] - Thermal coal price was 436 RMB per ton, down 14.7%, while coking coal price dropped to 885 RMB per ton, down 35.4% [9] - The overall market saw a decline in coal prices, impacting profitability significantly [10] Company Strategy and Development Direction - The company is committed to high-quality development goals and will strengthen production sales coordination to achieve annual targets [15] - Focus on enhancing lean management and cost control to maintain profitability levels [15] - Plans to accelerate key project construction and implement innovation-driven strategies [16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable operations despite falling coal prices and lower industry profitability [10] - Future coal prices are expected to stabilize around 675 RMB for long-term contracts and slightly over 700 RMB for spot prices [24][42] - The company aims to continue enhancing corporate governance and investor communication [16] Other Important Information - The company plans to distribute an interim cash dividend of 2.198 billion RMB or 0.166 RMB per share, consistent with the previous year [14] - Capital expenditures for the first half increased by 32%, with a total of 6.972 billion RMB invested [46] Q&A Session All Questions and Answers Question: Impact of supply changes on coal prices - Management noted a drop in prices followed by a recovery, with spot prices expected to stabilize around 700 RMB per ton [21][24] Question: Cost management strategies - The company reported a 10% reduction in sales costs due to optimized procurement and cost management [27] Question: Long-term contract coal prices - Long-term contract coal prices dropped by 3.6%, while spot prices saw a larger decline of nearly 11% [32] Question: Profitability of subsidiaries - Profitability improved for certain subsidiaries due to effective cost management despite price declines [39] Question: Production volume changes - Production volume was impacted by accidents and weather conditions, but the company remains confident in meeting annual targets [51] Question: Dividend payout standards - The company will continue to use the lower of international or Chinese accounting standards for dividend payouts [76]