电子/电子化学品Ⅱ 万润股份（002643.SZ） Q2 业绩环比高增，逐步扩充产品线驱动成长 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 13.32 | | 一年最高最低(元) | 14.99/7.70 | | 总市值(亿元) | 122.94 | | 流通市值(亿元) | 121.12 | | 总股本(亿股) | 9.23 | | 流通股本(亿股) | 9.09 | | 近 3 个月换手率(%) | 118.88 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 万润股份 沪深300 相关研究报告 《业绩承压，看好研发驱动成长—公 司信息更新报告》-2025.4.26 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | - ...

Core Viewpoint - Ensinger is expanding its TECAPOWDER production capacity to meet the increasing demand for high-performance polyimide materials used in various industries, including aerospace and battery technology [1][3]. Group 1: Production Expansion - Ensinger is increasing the production capacity of its TECAPOWDER product line, which is a high-temperature polyimide known for its excellent filler performance and thermal stability [1]. - The new production line in Obernburg, Germany, is expected to be operational by 2027, complementing the existing facility in Austria [1][3]. - The expansion is necessary due to the current production facility in Austria reaching its capacity limits, prompting the search for additional production sites early on [3]. Group 2: Product Characteristics and Applications - TECAPOWDER is characterized by its complete solubility and outstanding thermal stability, making it suitable for a wide range of applications [1]. - The material is utilized in composite materials, PTFE matrix systems, battery technology, and the aerospace industry, contributing to its steady demand growth in recent years [1][3]. Group 3: Company Overview - Ensinger is a leading global manufacturer of high-performance engineering plastics, focusing on customized material solutions for sectors such as oil and gas, chemicals, and petrochemicals [4]. - The company offers a wide variety of high-quality rods, sheets, and tubes made from different plastics, including high-temperature plastics like PEEK and PI, as well as engineering plastics like POM and PA [5]. - In the composite materials sector, Ensinger provides high-quality fiber-reinforced thermoplastics, including thermoplastic prepregs and organic sheets, made from various thermoplastic materials [6].

Core Viewpoint - Shandong Yanggu Huatai Chemical Co., Ltd. is responding to an inquiry regarding its issuance of shares and cash payment for asset acquisition, highlighting the high customer concentration and technical barriers in the industry [1][3]. Group 1: Customer Concentration and Industry Position - The targeted assets have a high customer concentration, with the top five customers accounting for 83.21% and 80.48% of sales revenue during the reporting periods, with the largest customer, CRRC Semiconductor, representing 63.82% and 60.99% respectively [3][4]. - The company is required to explain the rationale behind the high customer concentration, its alignment with industry norms, and any significant differences from comparable companies [3][4]. Group 2: Customer Information and Sales Performance - The sales performance of the targeted company's products across various application fields shows that CRRC Semiconductor is a major customer, contributing sales of 2,032.04 million and 2,050.27 million, representing 60.99% and 63.82% of sales respectively [5][6]. - The company has established relationships with several key customers, including Xiamen Jishun Microelectronics and Shenzhen Deep Love Semiconductor, with varying degrees of sales contribution [6][9]. Group 3: Market Trends and Growth Opportunities - The power semiconductor market is experiencing significant growth, driven by the increasing demand in the automotive, industrial, and consumer electronics sectors, with the automotive sector alone projected to see a compound annual growth rate (CAGR) of 64.2% from 2020 to 2023 [21][22]. - The global sales of new energy vehicles are expected to rise from 3.31 million units in 2020 to 22.4 million units by 2025, indicating a strong growth trajectory for power semiconductor demand [21][22]. Group 4: Financial and Operational Insights - The company is involved in significant capital investments, with a total investment scale of approximately 110 billion for expansion projects, although some projects are still under construction and not yet operational [8][9]. - The financial performance of major customers indicates a stable market position, with companies like CRRC Semiconductor and Xiamen Jishun Microelectronics showing robust operational capabilities and market presence [6][9].

Core Viewpoint - The 2025 TrendBank Lithography Industry Conference aims to address the challenges and advancements in lithography technology, materials, and equipment within the semiconductor industry, emphasizing the need for self-sufficiency and innovation in China's lithography sector [22][23][24]. Group 1: Conference Overview - The conference will take place on July 9-10, 2025, at the Sheraton Hotel in Hefei, Anhui, with an expected attendance of 300 participants [17][18]. - The event will feature over 20 speakers from the lithography industry, covering various topics related to advanced lithography technologies, photoresists, and wet electronic chemicals [15]. - The agenda includes discussions on the latest research progress and application prospects of cutting-edge lithography technologies such as EUV, electron beam lithography, and nanoimprint [14]. Group 2: Industry Challenges - The domestic high-end photoresist self-sufficiency rate is low, with significant gaps in R&D and production technology compared to international standards, affecting the performance and quality required for advanced chip manufacturing [22][23]. - The supply of high-purity and specially formulated wet electronic chemicals is heavily reliant on imports, posing risks to the supply chain [22]. - The high-precision manufacturing technology for masks is challenging, with key raw materials primarily imported, which limits domestic capabilities [22]. Group 3: Key Participants and Contributions - Du Mengcheng, General Manager of Bomi Technology, will present on "Advanced Packaging Polyimide Materials and Their Development Trends" at the conference [7]. - The conference will facilitate deep integration of industry, academia, and research, promoting collaboration among research institutions, universities, and enterprises to accelerate technological innovation and results transformation [23]. - The event aims to build a communication bridge for upstream and downstream enterprises in the industry chain, enhancing resource integration and competitive advantages [23].

Core Viewpoint - The resignation of Huang Yiwu, the chairman of Wanrun Co., Ltd., due to work adjustments, marks a significant leadership change in the company, which has been facing declining financial performance in recent years [2][3]. Company Overview - Wanrun Co., Ltd. was established in 1995, originally as Yantai Development Zone Fine Chemical Company, and specializes in four main business areas: environmental materials, electronic information materials, new energy materials, and life sciences and pharmaceuticals [3]. - The company’s product range includes liquid crystal materials, OLED materials, polyimide materials, zeolites, perovskite photovoltaics, and pharmaceutical intermediates [3]. Financial Performance - In 2024, Wanrun Co., Ltd. reported a revenue of 3.693 billion yuan, a year-on-year decrease of 14.22%, and a net profit attributable to shareholders of 246 million yuan, down 67.72% year-on-year [3]. - The first quarter of 2025 saw a revenue decline of 8.17% to 861 million yuan, with a net profit of 80 million yuan, reflecting an 18.76% decrease compared to the previous year [3]. Leadership Change - Huang Yiwu, born in 1970 and holding a master's degree, has had a diverse career in various engineering and management roles before joining Wanrun Co., Ltd. as the party secretary in April 2020 and later as chairman [2]. - Following his resignation, Huang will no longer hold any positions within the company or its subsidiaries [2].

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the Chinese financial market, including sectors such as technology, finance, shipping, new consumption, and the robotics industry. Core Points and Arguments 1. **Market Reaction to US-China Geneva Talks**: The results exceeded expectations, but the market exhibited a "sell news" trend, indicating profit-taking behavior after positive news, leading to significant external influence on short-term market sentiment [1][2] 2. **Financial Sector Performance**: The financial sector saw a significant volume increase, interpreted as a reallocation by public funds. However, this did not substantially enhance market risk appetite or profit-making effects [3] 3. **Market Structure**: The market displayed a "barbell" structure with strong performance in micro-cap and large-cap stocks, while the technology sector, particularly the Sci-Tech 50 index, underperformed due to new public fund regulations and disappointing earnings from major tech companies [4] 4. **Market Sentiment and Profitability**: Despite a rebound in market sentiment, the actual profit-making experience for investors was average, with rapid rotation among various sectors indicating a lack of a clear market leader [5] 5. **Emerging Investment Directions**: Key areas of interest include export order acquisition, new consumption trends (e.g., pet economy), and biopharmaceuticals, particularly related to ergotamine [6][10] 6. **Robotics Industry Dynamics**: The robotics sector is experiencing various catalysts, but it is not expected to see a broad-based rally. Focus is on lightweight materials and upcoming events like the robotics combat competition [8] 7. **Automotive Industry Policy Changes**: New regulations mandating the installation of emergency braking systems in light vehicles were introduced, positively impacting related sectors [9] 8. **Reorganization Policy Highlights**: The new reorganization policy increases regulatory tolerance for financial changes and introduces mechanisms to encourage private equity participation in mergers and acquisitions, which is expected to enhance the success rate of such activities [15][17] 9. **Short-term and Long-term Market Impact**: In the short term, the new policy may benefit companies with pending merger plans, while in the long term, it is expected to accelerate the pace of asset securitization and integration in strategic sectors like semiconductors and rare earths [18] Other Important but Possibly Overlooked Content 1. **Market Volume Trends**: The average daily trading volume decreased by 870 billion, indicating a contraction in market activity [2] 2. **Sector-Specific Performance**: The North Stock 50 index saw a rise of over 3%, while the technology sector faced significant declines due to regulatory impacts and underwhelming capital expenditures from major firms [4] 3. **Investor Sentiment**: The market sentiment index rebounded by over 4.6%, but the actual experience of profit-making remained limited, suggesting a cautious approach among investors [5] 4. **Potential in Rare Earths and Strategic Metals**: Recent government actions against rare earth smuggling have led to price volatility, benefiting compliant listed companies in this sector [7] 5. **Focus on Emerging Technologies**: There is a growing interest in sectors like solid-state batteries and controlled nuclear fusion, which, despite unclear market leadership, are deemed worthy of early attention [14]

Group 1 - The 34th Harbin International Economic and Trade Fair has commenced, attracting numerous merchants and showcasing products with local characteristics from Huanan County [1][3] - Huanan County, known as the "Hometown of Perilla," presented its innovative development achievements in the perilla industry chain, featuring products like perilla oil and perilla eggs [3][5] - Huanan Nongshengyuan Food Co., Ltd. aims to promote its perilla products, including perilla pills and perilla candy, to a wider audience through the fair [5] Group 2 - Heilongjiang Desheng Grain Deep Processing Co., Ltd. showcased dandelion tea and other products that combine Northeast specialty ingredients, emphasizing health and natural flavors [5][7] - Heilongjiang Yongling Aerospace Polymer Materials Co., Ltd. participated for the first time, presenting its advanced aerospace materials, particularly polyimide materials with high-temperature resistance [7][9] - Huanan County's participation in the fair includes six enterprises and over 100 product varieties, focusing on promoting agricultural products and attracting external investment [9][10]

Group 1: Company Overview and Financial Performance - The company is advancing the "Zhongjie Neng Wanrun (Penglai) New Materials Phase I Construction Project," expected to gradually start operations within 2025 [2] - The projected net profit for 2025 is approximately 360 million [3] - The company ranked sixth in the latest national fine chemical top 100 list [5] Group 2: Product Capacity and Development - The company has a theoretical production capacity of 65 tons for resin products and 1,500 tons for PEI materials, with the latter expected to be operational within the year [2][7] - The PEEK material has completed pilot testing and is currently undergoing downstream validation [4] - The company is actively developing various semiconductor manufacturing materials, including photoresist monomers and resins [8] Group 3: Market Opportunities and Collaborations - The collaboration with BOE Technology Group is expected to create more market opportunities in electronic information materials [3] - The company aims to enhance its competitiveness in the life sciences and pharmaceutical sectors through various R&D strategies [4] - The partnership with Sinopec is focused on catalyst products and zeolite molecular sieves, with plans to achieve business cooperation by 2025 [6][9] Group 4: Challenges and Strategic Adjustments - The decline in net profit in 2024 was attributed to reduced orders for zeolite series environmental materials and increased R&D expenses [4] - The company is addressing inventory turnover issues and aims to reduce stock levels while managing cash flow effectively [9] - The company is not currently planning any acquisitions in the semiconductor materials sector but will disclose any future plans [6][9]

Summary of the Conference Call for Ba Yi Shi Kong Company Overview - **Company**: Ba Yi Shi Kong - **Industry**: Display materials and semiconductor materials Key Points and Arguments Financial Performance - **Q1 2025 Revenue**: 214 million CNY, a year-on-year increase of 19.21% from 179 million CNY in Q1 2024 [2][4] - **Q1 2025 Net Profit**: 24 million CNY, a year-on-year increase of 25% from 19 million CNY in Q1 2024 [2][4] - **Factors for Growth**: Strong demand for liquid crystal materials and effective cost reduction measures [2][4] Product Development and Market Demand - **Liquid Crystal Materials**: High-performance liquid crystal materials for TVs have been mass-produced, with expectations for significant growth by 2025 [2][6] - **Automotive Liquid Crystal Materials**: Two materials have passed testing and are being sold, with increasing demand in the automotive sector [2][7] - **OLED Materials**: The new production line in Shaoxing is expected to enter trial production, leading to increased orders for OLED front-end materials [2][9][10] - **New Applications**: Development of PDLC dye liquid crystal for automotive sunroofs, with potential for large-scale production in the new energy vehicle sector [2][11] Strategic Initiatives - **Zhejiang Shaoxing Base**: Expected to achieve large-scale production by 2025, significantly boosting company performance [2][5][13] - **Termination of Lithium Hexafluorophosphate Project**: Resources redirected to existing projects to optimize operational efficiency [2][15] - **Share Buyback**: Over 3.2 million shares repurchased, totaling nearly 100 million CNY, reflecting confidence in future stock performance [2][17] R&D and Future Plans - **R&D Investment**: Increased to over 88 million CNY in 2024, focusing on high-transparency and automotive liquid crystals [2][20] - **New Product Development**: Plans to build a 100-ton capacity for PHS resin by 2025, with a focus on domestic market needs [2][22][23] - **Focus on Semiconductor Materials**: Significant progress in photoresist resin technology, with plans for mass production by 2025 [2][12] Market Dynamics - **Competitive Landscape**: The company aims to establish itself as a key supplier by leveraging technical advantages and close cooperation with downstream customers [2][32][33] - **International Market Strategy**: Focus on overseas markets, particularly South Korean clients, to enhance growth potential [2][37] Challenges and Risks - **Profit Margin Pressures**: Liquid crystal materials face limited growth in profit margins due to market price fluctuations [2][28] - **Dependency on Domestic Supply Chain**: Political factors may affect the transition of Taiwanese clients to domestic liquid crystal suppliers [2][26][27] Conclusion - **Future Outlook**: 2025 is positioned as a critical year for the company, with multiple new projects expected to yield significant results [2][18][42]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights a 36.38% year-on-year decline in the company's net profit attributable to the parent company for 2024, driven by a decrease in product prices and increased convertible bond interest expenses [7]. - The company is expected to benefit from its overseas expansion and new material development, which are anticipated to drive growth in the coming years [7]. Financial Performance and Forecast - The company reported a revenue of 34.31 billion yuan in 2024, a slight decrease of 0.69% year-on-year [7]. - The projected revenues for 2025, 2026, and 2027 are 39.56 billion yuan, 43.59 billion yuan, and 47.16 billion yuan, respectively, indicating a growth rate of 15.3%, 10.2%, and 8.2% [6][12]. - The net profit for 2024 is forecasted at 1.92 billion yuan, with a significant recovery expected in 2025 at 3.06 billion yuan, reflecting a year-on-year growth of 59.5% [6][12]. - The company's earnings per share (EPS) are projected to be 0.43 yuan in 2024, increasing to 0.68 yuan in 2025 and further to 0.84 yuan in 2027 [6][12]. Product and Market Analysis - The report indicates that the company's high-performance rubber additives and multifunctional rubber additives had revenue changes of -5.76% and 6.34% respectively in 2024, with sales volumes increasing by 4.06% and 4.96% [7]. - The company is actively expanding its overseas production capacity, including a new rubber additive production base in Thailand [7]. - The acquisition of Bomi Technology is aimed at enhancing the company's competitiveness in the electronic chemicals sector, with a focus on polyimide materials [7]. Valuation and Peer Comparison - The report suggests a reasonable valuation range for the company at 12.24 to 13.60 yuan based on a price-to-earnings (PE) ratio of 18-20 times for 2025 [7]. - The company’s competitive position is strengthened by its significant market share in key products, such as over 60% in the global market for anti-scorching agents [7].