证券研究报告：基础化工 | 公司点评报告 发布时间：2025-06-23 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -15% 3% 21% 39% 57% 75% 93% 111% 129% 147% 165% 泛亚微透 基础化工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 50.50 | | --- | --- | | 总股本/流通股本（亿股）0.91 | / 0.91 | | 总市值/流通市值（亿元）46 | / 46 | | 周内最高/最低价 52 | 58.09 / 23.91 | | 资产负债率(%) | 28.9% | | 市盈率 | 35.56 | | 第一大股东 | 张云 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 公司所处赛道技术壁垒高，产品盈利能力优秀。公司采用"市场 利基、 ...

证券代码：688386 证券简称：泛亚微透 公告编号：2025-031 江苏泛亚微透科技股份有限公司 第四届监事会第七次会议决议公告 本公司监事会及全体监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个别及连带责任。 江苏泛亚微透科技股份有限公司（以下简称"公司"或"泛亚微透"）第四 届监事会第七次会议（以下简称"会议"）于2025年6月13日在公司会议室以现 场方式召开。会议应出席监事3名，实际出席监事3名，本次会议由监事会主席张 斌先生主持，本次会议的召集、召开和表决程序符合有关法律、法规和《公司章 程》的规定，会议形成的决议合法有效。 会议经与会监事审议并表决，通过了如下议案： 一、审议通过了《关于对参股公司增资暨关联交易的议案》 表决结果：同意：3票；反对：0票；弃权：0票。 四、审议通过了《关于公司拟对外投资设立全资子公司的议案》 经审核，监事会认为：公司本次对参股公司增资暨关联交易事项符合《公司 法》《证券法》及其他有关法律、法规、规范性文件的规定，交易价格遵循市场 公允原则，不会对公司财务状况和经营成果造成重大影响，也不存在损害公司及 全体股 ...

机器人与人类协作最为关键的问题在于如何突破物理约束，提升机器人系统的稳定性和安全性。近日苏黎世联邦理工 学院机器人系统实验室提出了一套CMDP全新框架，该框架通过约束强化学习在减少约束违反、提升系统鲁棒性方面 的明显优势，能够有效提升足式机器人在复杂环境中的运动性能。 | | Reward | Violations per episode | | --- | --- | --- | | PPO (unconstrained) | 24.96 (± 0.67) | 533.44 (± 108.94) | | P30 | 24.13 (± 1.55) | 0.96 (± 1.35) | | N-P30 | 24.13 (± 1.14) | 0.49 (± 0.88) | | PPO-Lagrangian | 23.68 (± 1.87) | 0.99 (± 1.31) | | N-IPO | 24.67 (± 0.84) | 1.33 (± 1.69) | | CRPO | 22.28 (± 1.70) | 0.96 (± 1.22) | | FOCOPS | 22.65 (± 3.02) | 15.82 (+ ...

行业 甲醇日报 日期 2025 年 5 月 21 日 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：任俊弛（PTA、MEG） 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 研究员：彭婧霖（聚烯烃） 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 研究员：刘悠然（纸浆） 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F3134307 能源化工研究团队 研究员：彭浩洲（尿素、工 ...

SCHAUMBURG, Ill., May 20, 2025 (GLOBE NEWSWIRE) -- Kinetic Seas Incorporated (OTCQB: KSEZ), an emerging provider of secure AI systems for healthcare and enterprise environments, is proud to announce the launch of KineticMD, an advanced large language model (LLM) platform designed for in-office use by physicians and medical professionals. Unlike cloud-based AI tools, KineticMD runs entirely on-site, ensuring that sensitive patient data remains local, private, and fully under the control of each clinic. Kinet ...

[Table_Title] 研究报告 Research Report 18 May 2025 泛亚微透 Pan Asian Microvent Tech (Jiangsu) (688386 CH) ePTFE 材料领先企业，加速推进国产替代 The leading enterprise in ePTFE, accelerating the promotion of domestic substitution 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 公司是中国 ePTF ...

Core Insights - The company achieved a total revenue of 515 million yuan in 2024, representing a year-on-year increase of 25.39% [1] - The net profit attributable to shareholders for 2024 was 99 million yuan, up 14.58% year-on-year [1] - The company is focusing on import substitution, with significant growth in core technology product revenues [2] Financial Performance - In Q4 2024, the company reported total revenue of 162 million yuan, a year-on-year increase of 33.18% and a quarter-on-quarter increase of 28.62% [1] - The net profit attributable to shareholders in Q4 2024 was 33 million yuan, reflecting a year-on-year increase of 17.47% and a quarter-on-quarter increase of 35.90% [1] - In Q1 2025, total revenue was 131 million yuan, up 26.60% year-on-year but down 19.19% quarter-on-quarter [1] Product Development and Market Strategy - The company is advancing import substitution, with ePTFE micro-permeable products and CMD and gas management products showing sales growth of 15.8%, 97.4%, and 49.8% respectively in 2024 [2] - The company established an automotive wiring harness division in 2024, leveraging customer resource advantages to launch high-performance automotive wiring harness products [2] - The company is committed to a "market niche, product diversification" strategy, continuously developing new products and applications in various fields, including automotive and aerospace [3] Future Outlook - The company is expected to see rapid growth in new business areas, with projected net profits for 2025-2027 being 141 million, 180 million, and 226 million yuan respectively, with year-on-year growth rates of 42.04%, 27.56%, and 25.99% [3]

Core Viewpoint - The shareholders of Pan-Asia Micro-Pore (688386.SH) plan significant share reductions, citing personal funding needs and long-term investment recovery as reasons for the divestment [1][2]. Shareholder Reduction Plan - Shareholders Changzhou Sequoia High-tech Venture Capital Center and Jiangsu Southern Precision Engineering hold 8.36% and 7.34% of the company, respectively, and plan to reduce their holdings by up to 280,000 shares and 210,000 shares, representing 4% and 3% of the total share capital [1]. - The reduction will occur within three months after the announcement, through centralized bidding and block trading [1]. Stock Performance - Since the beginning of the year, the stock price of Pan-Asia Micro-Pore has increased from approximately 28 CNY per share to a peak of 59.49 CNY per share, more than doubling [2]. - As of May 7, the closing price was 54.04 CNY per share, and if the maximum reduction occurs, the shareholders could realize approximately 265 million CNY [2]. Financial Performance - In 2020, the company reported revenues of 278 million CNY and a net profit of 55.27 million CNY, marking year-on-year growth of 13.23% and 26.37% [3]. - In 2021, revenue continued to grow, but net profit decreased by 52.79% in 2022 to 31.34 million CNY despite revenue growth to 364 million CNY [3]. - In 2023, the company reversed its fortunes with revenues of 411 million CNY and a net profit of 86.54 million CNY, reflecting year-on-year growth of 12.64% and 176.08% [3]. - Projections for 2024 indicate further growth, with expected revenues of 515 million CNY and a net profit of 99.16 million CNY, representing increases of 25.39% and 14.58% [3]. Cash Flow and Operational Insights - In Q1 2023, the company reported a negative operating cash flow of -2.83 million CNY, a decline of 118.60% year-on-year [4]. - The increase in net profit is attributed to higher sales of core technology products, including ePTFE micro-pore products and aerogel products, while cash flow issues stem from reduced receivables and increased payroll expenses [4].

公司报告 | 首次覆盖报告 泛亚微透（688386） 证券研究报告 e-PTFE 膜隐形冠军，深耕利基市场盈利能力强 2.增长极 1：CMD 放量。公司 CMD 产品 2021-2023 年收入增长 6.5 倍，24 年营收占比达 27.6%；该产品单车价值量 19 元（2 个/车），已配套奔驰、 蔚来等，新募投项目满产后年产值可达 2.88 亿元，有望带来中期业绩弹性。 3.增长极 2：气凝胶。公司 2024 年气凝胶收入 6512 万元（同比+46.5%）， 毛利率 35%；在建产能 30 万平米/年，订单稳定性较高，民用领域（石化、 储能）拓展值得期待。 3.增长极 3：线束业务已经放量。2023 年公司增资入股凌天达，该公司产 品广泛用于航空航天等领域。2024 年公司成立了汽车线束事业部，主要从 事汽车用高性能线束的生产、研发，2024 年已实现营收。 公司是国内稀缺的掌握高端 e-PTFE 膜以及气凝胶核心技术的材料企业，发 展对标美国戈尔，通过"技术深耕+应用创新"构建了显著的竞争壁垒。公司 以汽车领域为基本盘，积极拓展新能源、军工等高成长赛道，形成传统业 务稳增长、新兴业务快放量的良性发展格局 ...

[Table_Info1] 泛亚微透(688386) 基础化工 [Table_Date] 发布时间：2025-04-30 调整盈利预测，维持"买入"评级。考虑关税冲击下 ePTFE 核心技术 产品进口替代进程有望提速，我们调整盈利预测，预计公司 2025-2027 年归母净利润分别为 1.52/2.18/3.04 亿元（原为 1.52/1.93 亿元，新增 2027 年 3.04 亿元），对应 PE 分别为 26/18/13X，维持"买入"评级。 风险提示：项目建设不及预期；估值模型及盈利预测不及预期 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 411 | 515 | 655 | 827 | 1,051 | | (+/-)% | 12.64% | 25.39% | 27.16% | 26.36% | 27.03% | | 归属母公司净利润 | 87 | 99 | 152 | 218 | 304 | | (+/-)% | 1 ...