证券日报网讯12月29日，金发科技（600143）在互动平台回答投资者提问时表示，公司碳纤维及复合材 料已应用于汽车、低空经济、光伏、冷链物流等行业；公司PEEK改性材料已应用于汽车、电子电器、 机械等多个领域。公司将继续关注并把握高端领域的市场机遇。 ...

在全球新材料产业加速变革的浪潮中，一家从2万元起步的中国企业，凭借一颗颗改性塑料颗粒，逐步 成长为年营收超600亿元的全球行业龙头。7月23日下午，由全景网组织，平安证券参与的"研途有你·财 富同行"上市公司价值发现之旅走进金发科技，深入探访这家民族新材料巨头的成长密码，解码其如何 通过科技创新与产业协同，以"小颗粒"撬动"大产业"，持续引领高分子材料的绿色革命。 平安证券广东分公司总经理徐强，平安证券广东分公司副总经理崔薇薇，平安证券广东分公司资深投 顾、投顾产品主理人李治，平安证券营业部负责人丘嘉欣，金发科技董事会秘书戴耀珊，金发科技营销 副总经理关勋宁，金发科技投资者关系总监韦治池，金发科技投资者关系经理宁锦迪出席本次活动，平 安证券高净值客户及全景网等媒体代表约50人共同参与。 全链条创新生态 从实验室到产业化的价值跃迁 投资者首先走进金发科技展厅，由改性材料颗粒样品装饰的科技墙面直观展现了企业的材料创新能力。 作为国内少数实现"技术攻关-专利布局-产业化"全链条闭环的企业，金发科技已形成覆盖改性塑料、特 种工程塑料（LCP、PEEK）、生物基材料、碳纤维及复合材料、新能源材料等方向的研发体系，产品 ...

书写了中国碳纤维产业从无到有的历史。 碳纤维龙头铸就中国制造"新底气" 扎根于山东威海的光威复材，通过二十余年的自主攻关，形成了集碳纤维及复合材料研发、生产、检测、装备制造于一体的产业格局，书写 了中国碳纤维产业从无到有的历史。 "光威复材旗下的威海拓展纤维有限公司是国内首家碳纤维产业的民营企业。2005年，公司第一次实现中国碳纤维的工程化生产，一举打破 了国外'卡脖子'的封锁垄断，改变了世界碳纤维的格局。"回顾公司发展历程，光威复材董事长卢钊钧表示，研制碳纤维20多年来，公司在 纤维端实现了从国产T300到T1100、M40J到M65J的高强/高模全系列碳纤维型号布局。 在此期间，资本市场为光威复材的快速高质量发展带来赋能。2017年9月1日，光威复材在深圳证券交易所创业板上市，这一里程碑事件不 仅向市场传递了公司治理规范、财务透明、技术实力雄厚等积极信号，更大幅提升了光威复材的品牌形象和市场信任度。 上市以来，光威复材产能与产业布局持续升级。借助IPO募集资金，光威复材建成了两条碳纤维生产线和先进复合材料研发中心，逐步完善 了"纤维、树脂、预浸料、复材制件、装备、检验检测"的上下游一体化全产业链布局。 " ...

Summary of Jinfa Technology Conference Call Company Overview - Jinfa Technology has shown steady revenue growth, with revenue increasing from 35.061 billion CNY in 2020 to 60.514 billion CNY in 2024, representing a compound annual growth rate (CAGR) of approximately 14.62% [2][3] - In the first three quarters of 2025, the company achieved revenue of 49.616 billion CNY, a year-on-year increase of 22.62%, and turned a profit with a net profit attributable to shareholders of 1.065 billion CNY, up 55.86% year-on-year [2][4] Industry Insights - The modified plastics market in China is highly dependent on imports, with a consumption of approximately 174,000 tons in 2023 and a production of only 85,000 tons [6] - The special engineering plastics market in China is expected to maintain rapid growth from 2023 to 2028, with a CAGR of about 7.2%, reaching a consumption of 246,000 tons by 2028 [6] Key Points Core Competencies 1. **Production Capacity and Cost Advantage**: Jinfa Technology's total production capacity for modified plastics is 3.72 million tons, with domestic capacity at 3.35 million tons and overseas capacity at 370,000 tons, leading the domestic market [4] 2. **Research and Development**: The company has a robust R&D system with 6,813 domestic and international patents filed by the end of 2024, positioning it at the forefront of the manufacturing industry [4] 3. **Diverse Product Matrix**: Jinfa Technology offers a one-stop solution with a diversified business layout including high-performance recycled plastics, biodegradable plastics, and special engineering plastics [4] 4. **Strong Customer Relationships**: The company has established strategic partnerships with top manufacturers in the automotive, home appliance, and electronics sectors, and has production bases in the US, Germany, and India [4] 5. **Upstream Raw Material Integration**: Jinfa Technology has built an integrated supply chain from propane to polypropylene resin, which, despite recent losses in the petrochemical sector, is strategically beneficial for long-term raw material supply [4] New Material Business Development - Jinfa Technology's new materials business is expected to benefit from domestic substitution and industrial upgrades, with a projected average CAGR of over 7% for chemical new materials consumption in China from 2023 to 2030 [5] Special Engineering Plastics - The company is actively expanding its capacity in special engineering plastics, with current production capacity at 39,000 tons per year, including high-temperature nylon, LCP, and PPSU [7] - Plans include launching a 10,000 tons per year LCP resin project and a 40,000 tons per year special polyamide project, with the first phase of 8,000 tons expected to be operational in Q1 2026 [8] Innovations in New Materials - Jinfa Technology has made significant innovations in biodegradable plastics, achieving a design capacity of 330,000 tons per year, with sales of 161,300 tons in the first three quarters of 2025, a 27% increase year-on-year [9] Carbon Fiber and Composite Materials - The company has a production capacity of 52,000 tons per year for carbon fiber and composite materials, with revenue of 210 million CNY in the first half of 2025, a 15.93% increase year-on-year [10] - The demand for carbon fiber in emerging fields such as electric vertical takeoff and landing vehicles is expected to rise significantly [10][11] Future Outlook - EPS forecasts for Jinfa Technology are 0.54 CNY, 0.66 CNY, and 0.85 CNY for 2025 to 2027, corresponding to a price-to-earnings ratio of 19 to 22 times [12] - The company is transitioning from a broad modified plastics leader to a high-end chemical new materials platform, with a positive long-term growth outlook despite recent stock price adjustments [12] - Risks to monitor include underperformance of subsidiaries, cost fluctuations, and changes in the overseas trade environment [12]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company has evolved from a modified plastics manufacturer to a global chemical new materials platform, successfully applying its products in cutting-edge industries such as AI servers, humanoid robots, and new energy vehicles [6]. - The modified plastics business remains a solid foundation, with a leading gross margin in the industry due to its integrated supply chain and material solutions [6]. - The company is well-positioned to benefit from domestic substitution and technological upgrades in the new materials sector, with significant growth potential in specialty engineering plastics and biodegradable plastics [6]. - The earnings forecast indicates a steady increase in EPS from 0.54 to 0.85 yuan from 2025 to 2027, with corresponding PE ratios decreasing from 35.01 to 22.16 [6]. Summary by Sections 1. Performance Overview: Healthy Profit Structure and Expected Profitability - The company has shown robust revenue growth, achieving 49.62 billion yuan in revenue in the first three quarters of 2025, a 22.62% year-on-year increase, and a net profit of 1.065 billion yuan, up 55.86% [6][17]. - The profit structure is now driven by sustainable growth areas such as automotive materials and high-end specialty engineering plastics, rather than relying on sporadic medical products [17]. 2. Integrated Supply Chain Builds Competitive Advantage in Modified Plastics - The modified plastics segment has consistently accounted for over 50% of revenue since 2020, with sales volume reaching 2.0908 million tons in the first three quarters of 2025, a growth of 18.16% [40]. - The company’s total production capacity for modified plastics is set to reach 3.72 million tons per year by the end of 2024, maintaining a leading position in the industry [40]. 3. "Domestic Substitution" and "Industry Upgrade" Drive New Materials Business - The new materials segment, including specialty engineering plastics and biodegradable plastics, is expected to grow significantly, with sales volume of 20,080 tons in the first three quarters of 2025, a 22.36% increase [6]. - The company is actively developing high-performance biodegradable plastics and specialty engineering plastics, which are crucial for emerging industries [6]. 4. Earnings Forecast and Valuation - The company’s revenue is projected to grow from 60.51 billion yuan in 2024 to 67.31 billion yuan in 2025, with a compound annual growth rate of approximately 14.62% from 2020 to 2024 [5][75]. - The report highlights a favorable valuation compared to peers, with an average PE of 44.74 and 30.10 for 2025 and 2026, respectively [75].

Core Viewpoint - The Chinese economy is maintaining a stable growth trajectory despite facing various risks and challenges, supported by proactive macroeconomic policies and a focus on innovation and market expansion [1][2][3] Group 1: Economic Performance - The GDP growth rate for the first three quarters of the year is 5.2%, positioning China among the leading major economies globally [1] - From January to October, the industrial added value and service production index increased by 6.1% and 5.7% year-on-year, respectively, indicating robust growth [1] - The urban unemployment rate has continued to decline, and consumer prices have shown positive changes, transitioning from a decrease to an increase [1] Group 2: Demand Potential - The total retail sales of consumer goods increased by 4.3% year-on-year in the first ten months, surpassing the growth rate of the previous year [2] - Exports to ASEAN, the EU, and countries involved in the Belt and Road Initiative grew by 9.1%, 4.9%, and 5.9%, respectively, outpacing the overall growth rate of total goods imports and exports [2] - The focus on strengthening domestic circulation and promoting dual circulation is expected to further expand market demand [2] Group 3: New Productive Forces - The integration of technological and industrial innovation is accelerating, with new productive forces such as artificial intelligence, digital economy, and green economy gaining momentum [2] - The manufacturing value added for smart drones and smart vehicle-mounted devices increased by 54.7% and 25.5% year-on-year, respectively, reflecting strong growth in intelligent product manufacturing [2] - Production of bio-based chemical fibers and carbon fibers increased by 18.9% and 12.8%, respectively, indicating robust growth in green materials [2] Group 4: Macroeconomic Policies - Proactive macroeconomic policies are being implemented, including the introduction of 500 billion yuan in new policy financial tools to enhance local government financial capacity and stimulate effective investment [3] - Recent positive changes in market supply and demand have led to improved corporate profitability, with industrial enterprise profits increasing by 3.2% year-on-year from January to September [3] - The successful convening of the 20th Central Committee of the Communist Party has provided a strong impetus for high-quality development, reinforcing confidence in economic growth [3]

Core Viewpoint - The Chinese economy is showing resilience and maintaining a steady growth trajectory despite facing various external and internal challenges, supported by proactive macroeconomic policies and the ongoing development of a unified national market [1][4]. Group 1: Economic Performance - The overall economic operation remains stable, with GDP growth of 5.2% year-on-year in the first three quarters, positioning China among the leading global economies [2]. - From January to October, the industrial added value and service production index increased by 6.1% and 5.7% year-on-year, respectively, indicating robust growth [2]. - The urban unemployment rate has continued to decline, and consumer prices have shown positive changes, with a year-on-year increase in October [2]. Group 2: Demand Potential - Consumer retail sales grew by 4.3% year-on-year in the first ten months, surpassing the total growth for the previous year, driven by active tourism, cultural sports, and online consumption [2]. - China's foreign trade remains resilient, with imports and exports to ASEAN, the EU, and Belt and Road countries increasing by 9.1%, 4.9%, and 5.9% respectively [2]. Group 3: New Productive Forces - The integration of technological and industrial innovation is accelerating, with significant growth in smart product manufacturing, such as a 54.7% increase in the production of smart drones and a 25.5% increase in smart vehicle equipment [3]. - The production of green materials is also on the rise, with bio-based chemical fibers and carbon fibers increasing by 18.9% and 12.8% respectively [3]. Group 4: Macroeconomic Policies - Proactive macroeconomic policies are being implemented, including the introduction of 500 billion yuan in new policy financial tools to enhance local government financial capacity and stimulate effective investment [3]. - Recent measures have been introduced to invigorate private investment, contributing to a positive shift in market supply and demand [3].

Core Viewpoint - The article highlights the strong financial performance of Kingfa Technology in the first three quarters of 2025, driven by product optimization, robust overseas business growth, and rapid sales and profit increases in new materials [2][3]. Financial Performance - In Q3 2025, Kingfa Technology achieved revenue of approximately 17.98 billion yuan, a year-on-year increase of 5.04%, and a net profit of about 479 million yuan, up 58.04% year-on-year [3][4]. - For the first three quarters of 2025, the company reported total revenue of around 49.62 billion yuan, reflecting a 22.62% increase compared to the same period last year, with a net profit of approximately 1.06 billion yuan, up 55.86% year-on-year [2][3]. Product Performance - The revenue breakdown for Q3 2025 includes modified plastics generating 9.13 billion yuan, green petrochemical products at 3.13 billion yuan, and new materials at 1.08 billion yuan [3][4]. - Sales volumes for key products in Q3 2025 included 710,100 tons of modified plastics and 71,900 tons of environmentally friendly high-performance recycled plastics [4]. Pricing Trends - Average selling prices for modified plastics and green petrochemical products decreased by 7.05% and 9.24% respectively in Q3 2025, while new materials saw a slight increase of 1.3% [5][6]. Market Position and Growth - Kingfa Technology's stock price has surged by 135.79% year-to-date, reaching 20.17 yuan per share, with a total market capitalization of 53.18 billion yuan as of October 27, 2025 [6]. - The company is on track to achieve a sales target of 3 million tons for modified plastics, indicating strong market demand [6]. Innovation and Development - Kingfa Technology has successfully developed high-performance halogen-free flame-retardant materials and bio-based low-carbon halogen-free flame-retardant materials, which have replaced traditional materials in various applications [8][9]. - The company has established partnerships with leading robotics manufacturers for material development, including a joint innovation lab with Moer Thread focused on heat dissipation materials [7][8]. Capacity Expansion - As of June 2025, Kingfa Technology's total production capacity for specialty engineering plastics approached 34,000 tons per year, with plans for further expansion in the coming years [9]. - The company has also made significant advancements in plastic recycling technologies, receiving recognition for its integrated technology for upgrading waste plastics [9].

Core Viewpoint - The company, Jinfat Technology (600143.SH), is recognized as one of the most comprehensive enterprises in the chemical new materials industry, offering a wide range of products [1] Product Range - The company's product offerings include modified plastics, environmentally friendly high-performance recycled plastics, biodegradable plastics, special engineering plastics, carbon fiber and composite materials, light hydrocarbons and hydrogen energy, polypropylene resin, styrene-based resins, and medical health polymers [1] - The company has not yet ventured into EX resins [1]

Core Viewpoint - In the first half of 2025, the company achieved significant growth in revenue and profit, driven by technological innovation and expansion into emerging industries, positioning itself favorably in the market [1][2]. Financial Performance - The company reported a revenue of 31.636 billion yuan, representing a year-on-year increase of 35.50% [2][3]. - The net profit attributable to shareholders reached 585 million yuan, marking a year-on-year growth of 54.12% [1][2]. Strategic Initiatives - The company focused on innovation-driven strategies, enhancing organizational efficiency, and accelerating internationalization to respond to national "dual carbon" goals and new policies [2][4]. - The company has strengthened its integrated industrial chain advantages and increased market share through new product development and optimization of modified plastic product structures [2][3]. Product Performance - The modified plastics segment achieved record sales of 1.3088 million tons, up 19.74% year-on-year, with revenue of 16.473 billion yuan, an increase of 18.62% [3]. - The green petrochemical segment improved production efficiency and reduced costs through technological upgrades, while the new materials segment saw rapid growth across core products [3][4]. Global Expansion - The company made significant progress in its global strategy, with production ramping up in Vietnam and Spain, and a new facility in Indonesia set to begin operations [4]. - Overseas sales reached 161,000 tons, reflecting a year-on-year increase of 33.17% [4]. Emerging Industries - The rapid development of emerging industries such as AI and robotics is driving demand for advanced polymer materials, providing new growth opportunities for the company [5][6]. - The company has developed high-temperature resistant products for AI servers and lightweight materials for AR glasses, showcasing its innovation capabilities [6][7]. Future Outlook - The company is well-positioned to capitalize on the ongoing growth of emerging industries, supported by favorable government policies and increasing domestic demand for self-sufficient supply chains [8].