短期调整难改长期向好，66 及再生领域建设或拓长期空间。（1）积极建设产能，夯实主业竞争实力。 截至2025 半年报发布日，公司主要在建项目主要包含"年产6.5 万吨高品质差别化PA6 长丝项目"、"年 产6 万吨高品质锦纶PA66长丝项目"、"20 万吨PA6 功能性锦纶长丝项目"，伴随以上项目的陆续建成投 产，有助于进一步提升公司在中高端民用长丝领域的市场竞争力和市场份额，把握行业发展机遇。 （2）重视投入研发，布局差异化新产品。除锦纶6 长丝产品外，公司产品同样涵盖锦纶66、绿色环保 纤维、差别化纤维、功能纤维、空气包覆纤维、太空纤维等六大系列产品；同时，公司设立研究院和产 品决策委员会，专注于功能型产品的开发（如抗污、抗阻燃、超弹力等），还将导入IPD（集成产品开 发）体系，提升研发效率和市场效应能力，同时通过与中科院等科研机构的合作，加速技术成果的转化 和应用。我们认为，伴随公司在锦纶主业市场份额及差异化定位的不断落地，未来公司竞争实力有望逐 步凸显，业绩实力有望迈向崭新台阶。 锦纶6 长丝短期承压，量价出现温和回调。据公司主要经营数据公告，2025年上半年，公司锦纶6 长丝 产、销量分别为14.8 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance and market conditions [4][6]. Core Viewpoints - The company's revenue for the first half of 2025 was 2.411 billion yuan, a decrease of 45.76% year-on-year, while the net profit attributable to shareholders was 153 million yuan, down 6.14% year-on-year [1]. - The report highlights that the nylon 6 filament business is under short-term pressure, but there is long-term potential in the nylon 66 and recycling sectors [3]. - The company is actively expanding its production capacity and focusing on R&D to enhance its competitive strength in the high-end nylon market [3]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.255 billion yuan, a year-on-year decrease of 46.85%, with a net profit of 58 million yuan, down 29.07% year-on-year [1]. - The average selling price of nylon 6 filament decreased by 14.59% year-on-year to 17,100 yuan per ton, while the procurement price of nylon chips fell by 23.61% to 10,300 yuan per ton [2]. Production and Market Position - The company produced 148,600 tons of nylon 6 filament in the first half of 2025, a slight increase of 2.27% year-on-year, while sales decreased by 3.36% to 138,000 tons [2]. - Ongoing projects include a 65,000-ton high-quality differentiated PA6 filament project and a 60,000-ton high-quality nylon PA66 filament project, which are expected to enhance market competitiveness [3]. Future Outlook - The company forecasts net profits of 388 million yuan, 458 million yuan, and 494 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11X, 10X, and 9X [4][5]. - The report emphasizes the company's strong position in the nylon fiber industry and its potential for rapid growth due to industry demand and capacity expansion [4].

证券代码：601113 证券简称：华鼎股份 公告编号：2025-023 义乌华鼎锦纶股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 义乌华鼎锦纶股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第3号行业信息披露：第十三号——化工》的要求，现将2025 年第一季度化纤板块主要经营数据披露如下： 1、主要产品的产量、销量及收入实现情况 | 主要产品 | | 2025 | 年 | 1-3 | 月产量 | 2025 | 年 1-3 | 月销量 | 2025 | 年 1-3 | 月销售收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 入 | | | | | | | （吨） | | | （吨） | | | （万元） | | | 锦纶 6 | 长丝 | | | | 69,299.90 | | | 61,960.34 ...