（来源：辽宁日报） 转自：辽宁日报 本报记者 刘大毅 在沈阳，有一座被称为"建筑医院"的实验室，这里"诊治"的是各式各样的建筑——年代久远的老楼、冬 天漏风的厂房、年久失修的桥梁。这就是以朱榆博士为核心的辽宁省建设科学研究院创新工作室团队。 走进这座省级职工创新工作室，只见实验台上混凝土块正在模拟东北严寒的反复冻融；电脑显示屏上， 老旧厂房的数字模型经受着地震模拟；几个年轻人正围着一块新型保温材料激烈讨论。该团队由20名成 员组成，其中正高级工程师10人，博士硕士12人，这是一支涵盖结构、材料、检测等多领域人才的队 伍。 "许多建筑步入'老年'，问题复杂，我们的任务就是诊断'病因'，开出精准'药方'。"朱榆说。团队将科研 瞄准绿色低碳、城市更新中的"疑难杂症"。他们主持并参与了20余项国家及省级重大课题，研发的TRU 复合材料为东北冻融环境下的基础设施修复提供了新路径；特种结构胶、防水剂等研发成果直接提升了 建筑安全；新型不燃保温板的成功研发有力推动了建筑节能降耗。这些研究成果让他们获得了辽宁省建 材科学技术奖一等奖等多项荣誉。 这支团队注重将创新经验转化为行业规范。他们主持和参编了40余部国家及行业标准。从 ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 41.50 CNY, while the current price is 35.51 CNY [5]. Core Insights - The company focuses on the research, production, and application of organic silicon new materials and textile chemicals, with continuous upgrades in product structure [2]. - The company plans to raise 400 million CNY through convertible bonds to fund the construction of a high-end organic silicon new materials project at its Zhuhai base, which includes products like immersion cooling liquids and modified silicone oils [32][35]. - The company has a diversified product range, including textile printing and dyeing auxiliaries, agricultural additives, electronic chemicals, release agents, and cosmetic silicone oils, with textile printing and dyeing auxiliaries accounting for the largest revenue share [12][25]. Financial Summary - The company’s total revenue is projected to grow from 1,135 million CNY in 2023 to 2,185 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 25.8% [4]. - Net profit attributable to the parent company is expected to increase from 82 million CNY in 2023 to 191 million CNY in 2027, with a CAGR of 27.3% [4]. - Earnings per share (EPS) are forecasted to rise from 0.46 CNY in 2023 to 1.06 CNY in 2027, with growth rates of 25.7%, 24.0%, and 27.3% for the respective years [12][42]. Business Segments - The company operates in six main segments, with textile printing and dyeing auxiliaries generating 5.06 billion CNY in revenue in 2024, accounting for 35.92% of total revenue [12][25]. - Other segments include agricultural additives (9.34%), electronic chemicals (8.13%), release agents (4.74%), and cosmetic silicone oils (3.77%) [12][25]. Market Position and Strategy - The company is enhancing resource integration across its three major production bases in Ninghai, Deqing, and Jiujiang, while also focusing on the development of new products aligned with green and low-carbon initiatives [32]. - The introduction of a three-in-one immersion cooling solution aims to address challenges in data center cooling, significantly reducing energy consumption and operational costs [35].

Core Viewpoint - Runhe Materials continues to demonstrate steady growth in its operational performance, with significant increases in net profit and a strong response to raw material cost fluctuations through optimized management strategies [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 1.029 billion yuan, a year-on-year increase of 3.56% [1]. - Net profit reached 95 million yuan, reflecting a year-on-year growth of 36.34%, while the non-recurring net profit was 91.76 million yuan, up 45.27% [1]. - The overall gross profit margin has improved, indicating enhanced profitability [1]. Industry Context - The organic silicon sector is expected to benefit from the demand driven by emerging industries such as new energy vehicles, photovoltaics, and electronics [2][3]. - The industry is experiencing a tightening supply situation, with strong price support and an expectation of price increases in the short term [2]. - China's organic silicon market is characterized by significant growth opportunities, although it faces intense international competition and technological gaps [3]. Strategic Initiatives - Runhe Materials plans to issue 400 million yuan in convertible bonds to fund high-end organic silicon projects, which include products like immersion cooling liquids and modified silicone oils [2]. - The completion of high-end organic silicon projects is anticipated to alleviate production capacity bottlenecks and enhance the company's competitive edge in the market [3]. Management and Incentives - The company has a strong technical reserve and management experience, with a core team experienced in the organic silicon industry [4]. - An incentive plan has been implemented, granting 4.185 million restricted shares to 91 eligible individuals at a price of 14.00 yuan per share, aligning management interests with those of shareholders [4].