格隆汇8月27日｜华鑫证券研报指出，浙江龙盛2025H1归母净利润同比增长2.84%，主因国内染料价格 承压，而公司主要产品销量增长以量补价，利润得以提升。公司目前主营以染料、助剂为主的纺织用化 学品业务和以间苯二胺、间苯二酚为主的中间体业务，染料和中间体业务依然是公司利润的主要来源， 1）染料业务：上半年销量11.54万吨，同比+0.79%，公司重点发展直销业务，维护经销业务，销量实现 平稳增长。2）中间体业务：上半年销量4.95万吨，同比-4.99%。未来将通过自主研发与战略并购双轮 驱动，打造跨领域特殊化学品综合服务商。公司自主研发与战略并购双轮驱动，业绩有望稳健发展，预 测公司2025-2027年归母净利润分别为20.70、22.12、23.92亿元，当前股价对应PE分别为17.0、15.9、 14.7倍，维持"买入"投资评级。 ...

2025 年 08 月 26 日 券 研 究 报 告 25H1 染料销量增长，持续巩固纺织用化学品龙 头地位 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-08-26 | | --- | --- | | 当前股价（元） | 10.82 | | 总市值（亿元） | 352 | | 总股本（百万股） | 3253 | | 流通股本（百万股） | 3253 | | 52 周价格范围（元） | 8.89-10.83 | | 日均成交额（百万元） | 240.44 | 市场表现 -10 0 10 20 30 40 (%) 浙江龙盛 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《浙江龙盛（600352）：技术筑 基绿色智造，全链协同驱动全球增 长》2025-04-18 2、《浙江龙盛（600352）：染料龙 头静待行业复苏，房地产项目稳步 推进》2024-02-22 —浙江龙盛（600352.SH）公司事件点评报告 浙江龙盛发布 202 ...

Core Viewpoint - Zhejiang Longsheng plans to acquire 37.57% of DyStar Global Holdings for approximately $697 million to resolve an ongoing lawsuit and gain full ownership of the company, which is a leading global supplier of textile dyes and chemicals [1][5][6]. Group 1: Acquisition Details - The acquisition will increase Zhejiang Longsheng's stake in DyStar from 62.43% to 100% [5]. - The transaction is expected to resolve litigation issues with KIRI Company, the seller, and prevent DyStar from being sold as a whole [5][6]. - DyStar has a strong market position and is profitable, with a projected net profit of $103 million for 2024 [1][6]. Group 2: Financial Performance - In 2024, Zhejiang Longsheng reported a net profit of 2.03 billion yuan, a year-on-year increase of 32.36% [8]. - The company achieved a net profit of 396 million yuan in Q1 2024, representing a 100.44% increase year-on-year [7][8]. - Cumulatively, since its listing in 2003, Zhejiang Longsheng has achieved a total net profit of 39.2 billion yuan [2][11]. Group 3: Market Position and Industry Context - Zhejiang Longsheng is a leading player in the textile chemicals market, with a global market share and production capacity of 300,000 tons of dyes and 100,000 tons of auxiliaries annually [9]. - The Chinese dye industry accounts for over 70% of global production, making China the largest producer and consumer of dyes [8][9]. - Despite market pressures and declining profits in recent years, the company's competitive advantages have allowed it to maintain strong profitability [10][11].

Core Insights - Zhejiang Longsheng achieved operating revenue of 15.884 billion yuan, a year-on-year increase of 3.79%, and a net profit attributable to shareholders of 2.03 billion yuan, up 32.36% [1] - The company focuses on "steady progress and quality improvement" to enhance market expansion and internal management optimization, ensuring robust operational support for high-quality development [1] - The main business areas include textile chemical products, primarily dyes and additives, and intermediates such as meta-phenylenediamine and meta-phenol [1] Revenue Breakdown - The dye segment generated operating revenue of 7.591 billion yuan, a slight increase of 0.94%, with sales volume reaching 238,400 tons, up 7.17% [1] - The intermediates segment reported operating revenue of 3.282 billion yuan, a growth of 4.58%, with sales volume of 106,200 tons, increasing by 16.55% [2] - The additives business also showed stable growth, achieving operating revenue of 1.002 billion yuan, a rise of 7.63% [3] Strategic Initiatives - The company is extending its industrial chain vertically, moving from a single dye business to the specialty chemicals sector, focusing on key intermediate products to enhance upstream raw material control and supply chain stability [2] - By integrating the MAP-EF production system, the company aims to reduce costs and improve efficiency amid increasing market competition [2] - The integrated layout in the intermediates sector provides significant advantages, enhancing cost control and product quality stability [3] Future Outlook - The company aims to focus on the specialty chemicals field, planning to build a globally leading production service system [4] - Future strategies include promoting high-end, green, and intelligent manufacturing, alongside continuous technological innovation and product structure optimization [4]

Core Viewpoint - The Ministry of Commerce of China has decided to conduct a final review investigation on the anti-dumping measures applicable to imported m-dihydroxybenzene (also known as resorcinol) originating from Japan, effective from March 23, 2024, due to the potential continuation or recurrence of dumping and damage to the domestic industry if the measures are terminated [1]. Anti-Dumping Measures - The Ministry of Commerce will recommend to the State Council Tariff Commission to continue imposing anti-dumping duties on imported m-dihydroxybenzene from Japan for another five years starting from March 23, 2025, based on the investigation results [2]. - The scope of the products subject to the anti-dumping duties remains consistent with the previous announcements [2]. Product Information - The chemical formula for m-dihydroxybenzene is C6H6O2, and it typically appears as white needle-like crystals that can turn red when exposed to air. It is soluble in water, ethanol, and ether, but insoluble in benzene [4]. - M-dihydroxybenzene is a significant chemical intermediate and fine chemical raw material, primarily used in the production of rubber adhesives and UV absorbers, as well as in wood adhesives, flame retardants, and various pharmaceutical and pesticide intermediates [4]. Anti-Dumping Tax Rates - The anti-dumping tax rates for Japanese companies are as follows: - Sumitomo Chemical Company: 40.5% - Mitsui Chemicals, Inc.: 40.5% - Other Japanese companies: 40.5% [5]. Tax Collection Method - Starting from March 23, 2025, importers of m-dihydroxybenzene from Japan will be required to pay the corresponding anti-dumping tax based on the customs-determined taxable price of the imported goods [5]. Legal Recourse - Parties dissatisfied with the final review decision may apply for administrative reconsideration or file a lawsuit in accordance with the Anti-Dumping Regulations of the People's Republic of China [6]. Implementation Date - The announcement regarding the continuation of anti-dumping measures will take effect from March 23, 2025 [7].