奥克股份（300082）作为环氧精深加工领域首家上市公司，其减水剂聚醚单体国内市场份额达40%，凭 借211项专利技术及规模化生产优势，有望在涨价周期中巩固龙头地位。 近日，乙烷市场受到相关波动，相关产业链产生影响。作为塑料、化学品及能源领域的关键原料，乙烷 供应趋紧直接推高下游生产成本，行业分析师预计，行业洗牌或将加速，具备全产业链整合能力的头部 企业将在本轮调整中占据先机，迎来新的发展机遇。 头部企业优势凸显 公开资料显示，乙烷是天然气的主要成分之一，可用于制造乙烯，而乙烯是塑料的主要原料。隆众资讯 预测，2025-2029年环氧乙烷供需矛盾将持续加剧，产业链利润分配权将进一步集中于上游原料环节。 作为聚醚大单体的核心原料，环氧乙烷价格波动直接影响下游混凝土外加剂、聚羧酸减水剂等领域。 ● 本报记者张鹏飞 而红墙股份（002809）则通过"外加剂+精细化工"双主业模式加速全国布局。红墙股份大亚湾石化区15 万吨/年聚醚单体项目预计将于近期投产，该项目有望通过锁定上游利润增强成本管控能力。 当前国内环氧乙烷生产以石脑油裂解路线为主，乙烷混烷工艺路线面临停产。石脑油路线的环氧乙烷重 新夺回定价权。分析认为，具 ...

Group 1 - The stock of Hongqiang Co., Ltd. experienced a significant increase, reaching a price of 13.77 yuan per share, with a total market capitalization of 2.895 billion yuan, and a cumulative increase of nearly 90% over the past 20 trading days since April 9 [1] - Hongqiang Co., Ltd. announced a price increase of 100 yuan per ton for its hydroxy ester products, effective from May 12, 2025, due to raw material and production conditions [5] - The company is currently in the trial production phase for its hydroxy ester project, which includes various products such as HEMA and HEA, and aims to expand into other fields beyond adhesives and resins [8] Group 2 - The concrete admixture industry, where Hongqiang Co., Ltd. holds a leading position, is currently in a consolidation phase due to a downturn in the real estate cycle, leading to intensified competition and reduced downstream demand [9] - Hongqiang Co., Ltd. is actively promoting the coordinated development of concrete admixtures and fine chemicals, with plans to enhance market share while controlling risks [9] - The company has a project for the annual production of 32,000 tons of epoxy derivatives, which is expected to contribute to performance growth upon formal production [10] Group 3 - Despite the ongoing transformation, Hongqiang Co., Ltd. has faced declining performance, with a revenue of 675 million yuan last year, down 11.23% year-on-year, and a net profit of 48.76 million yuan, down 42.98% [10] - In the first quarter of this year, the company reported a revenue of 130 million yuan, a year-on-year increase of 4.1%, but the net profit dropped by 80.56% to 2.54 million yuan [10]

报告摘要 事件： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 公司发布 2024年年度报告及2025年一季度报告，2024年公司实现营业收入43亿元，同比+12%，实现归母净利 润-1.59亿元，同比+1.5亿元；其中Q4单季度实现营业收入12.8亿元，同比+55%，环比+8.8%，实现归母净利 润-0.26亿元，同比+0.89亿元，环比+0.07亿元。2025年一季度，公司实现营业收入9.4亿元，同比+25%，环 比-26%；实现归母净利润-0.03亿元，同比+0.81亿元，环比+0.23亿元。 点评： 优化产品结构，静待行业复苏，公司业绩持续改善 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证 ...