深圳至正高分子材料股份有限公司 2025年第三季度主要经营数据公告 证券代码：603991 证券简称：至正股份 公告编号：2025-064 主要产品 2025 年 7-9 月 产量（吨） 2025 年 7-9 月 销量（吨） 2025 年 7-9 月 营业收入（万元） 光通信线缆、光缆用特种环保聚烯 烃高分子材料 1,028.07 1,335.05 995.77 电气装备线用环保型聚烯烃高分子 材料 378.00 397.38 1,093.59 电网系统电力电缆用特种绝缘高分 子材料 2,822.80 2,748.77 2,545.38 合 计 4,228.87 4,481.21 4,634.75 一、主要产品的产量、销量及收入实现情况 | 主要原材料 | | 年 2024 | 月平 7-9 | 年 2025 7-9 | 月平均 | 同比变动 | 环比变动比 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 均采购价（元/吨） | | 采购价（元/吨） | | 比例（%） | 例（%） | | EVA | 树脂 | | 8,900.47 | | ...

| 主要产品 | | 2024年1-6月平均 | 2025年 月平均 1-6 | | 同比变动 | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | | | | 售价（元/吨） | 售价（元/吨） | | 比例（%） | 比例（%） | | 光通信线缆、光缆用特 种环保聚烯烃高分子材 | 9,770.60 | | | 6,927.96 | -29.09 | 14.96 | | 料 | | | | | | | | 电气装备线用环保型聚 烯烃高分子材料 | | 25,249.69 | | 22,551.65 | -10.69 | 89.74 | | 电网系统电力电缆用特 种绝缘高分子材料 | | 9,931.42 | | 10,008.39 | 0.77 | 2.06 | | 主要原材料 | 月平 2024 1-6 | 年 | | 年 2025 | 月平均 1-6 | 同比变动 | 环比变动比 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 均采购价（元/吨） | | | 采购价（元/吨） | | ...

Core Viewpoint - Jiangsu Sop plans to issue up to 350 million A-shares to raise no more than 1.5 billion yuan for its integrated ethylene acetate and EVA project, despite a decline in revenue and net profit in the first half of the year [1][2] Group 1: Company Financial Performance - In the first half of the year, Jiangsu Sop reported revenue of 3.158 billion yuan, a year-on-year decrease of 1.08%, and a net profit of 102 million yuan, down 13.01% year-on-year [2] - The company's acetic acid production and sales increased by 8.90% year-on-year, but revenue was negatively impacted by falling prices [2] Group 2: Industry Context - The acetic acid industry is in a late stage of capacity expansion, with supply growth outpacing demand, leading to intensified competition and declining product prices [2] - The main applications for acetic acid include PTA, ethylene acetate, and acetic acid ester, with limited new PTA capacity affecting demand for acetic acid [2] Group 3: Project Details - The planned project includes a 330,000 tons/year ethylene acetate facility and an 800,000 tons/year sulfuric acid facility, with a total investment of 3.226 billion yuan and a construction period of three years [1] - The project aims to optimize the company's production capacity and enhance long-term profitability, addressing the current reliance on a single product structure [1][2] Group 4: Market Demand and Future Outlook - The market demand for ethylene acetate is expected to grow, particularly in the photovoltaic sector, where EVA resin is a key material [2] - There is a current dependency on imported high-quality ethylene acetate due to insufficient domestic production capacity to meet the rising demand [2] - The ethylene acetate industry may enter a new capacity expansion cycle as major domestic companies increase investments, leading to potential competition for Jiangsu Sop's planned project [3]

Summary of Conference Call Records Industry or Company Involved - The conference call discusses various sectors including small metals, PCB storage, wind power, insurance, infrastructure, pharmaceuticals, military industry, gaming, communication equipment, and traditional defensive sectors like insurance and electricity. Core Points and Arguments 1. **Industry Recovery Indicators**: The overall industry prosperity index showed a rebound in June after declines in April and May, indicating a potential continuation of fundamental recovery in the second half of the year [1][5][19]. 2. **Focus on Specific Sectors**: Attention is drawn to sectors likely to see improved performance in Q2, including small metals, PCB storage, wind power insurance, and independent-driven cycles like pharmaceuticals and military [1][5]. 3. **Export Challenges**: The export chain faces downward pressure, particularly in appliances, engineering machinery, and consumer electronics [1][5]. 4. **Valuation and Market Strategy**: A focus on sectors with low PE/PB ratios and non-crowded public holdings is recommended, while high valuations may be tolerated in high-prosperity sectors like gaming [1][7]. 5. **Investment Strategy**: A "barbell" strategy is suggested, with offensive investments in wind power, photovoltaics, gaming, communication equipment, and small metals, while defensive investments shift towards insurance, agriculture, and electricity [1][9]. 6. **Wind Power Sector Outlook**: The wind power sector shows significant year-on-year growth in new installations, with expectations for continued growth into 2025, although a potential decline is anticipated in 2026 [1][11]. 7. **Photovoltaic Sector Concerns**: The photovoltaic sector has shown some recovery, but concerns remain regarding overseas exports and supply-side pressures, particularly with high inventory levels [1][12]. 8. **Gaming Industry Growth**: The gaming industry is experiencing an upward product cycle, with a record number of game approvals in June, indicating sustained performance growth [1][13]. 9. **Communication Equipment Performance**: The communication equipment sector is benefiting from increased AI capital expenditure, leading to improved industry conditions [1][14]. 10. **Small Metals and Aerospace**: Small metals like rare earths and tungsten are seeing price increases due to improved demand in military and new energy sectors, while aerospace equipment is also showing signs of recovery [1][15]. 11. **Traditional Defensive Sectors**: The insurance sector is evolving in both liability and investment aspects, while the electricity sector is benefiting from improved electricity consumption growth [1][16][17]. Other Important but Possibly Overlooked Content 1. **Market Sentiment and Global Factors**: Global markets are showing improved risk appetite due to a reduction in tariff concerns, which is positively impacting the A-share market [1][18][22]. 2. **Sector-Specific Trends**: The real estate sector is performing well, driven by urban renewal expectations, while the banking sector has shown volatility [1][19][21]. 3. **Funding and Leverage Trends**: There has been a significant outflow from broad-based ETFs, but leverage financing has rebounded, indicating a mixed funding environment [1][22]. 4. **Future Market Outlook**: Short-term sentiment remains positive, but potential volatility is expected due to upcoming events, with a more optimistic view for Q4 performance [1][24]. 5. **Key Themes to Watch**: The themes of anti-involution and urban renewal are highlighted as significant areas of focus, with potential benefits for related sectors [1][25].

Investment Rating - The report maintains a "Buy" rating for key companies in the renewable energy sector, particularly highlighting Sunshine Power and Daikin Heavy Industries as top recommendations [5][6][11]. Core Insights - The renewable energy sector, particularly photovoltaics, is identified as a benchmark industry in the current "anti-involution" movement, with significant price interventions showing initial effectiveness [5][6]. - The report emphasizes the importance of monitoring terminal price transmission capabilities and the formation of consistent expectations regarding price increases across the supply chain [5][6]. - The electric grid sector is experiencing accelerated construction, with significant contract wins reported, indicating robust growth potential [2][11]. - The solid-state battery trend is gaining momentum, with companies like Shanghai Xiba and Ganfeng Lithium making notable advancements in battery technology [7][9][12]. Summary by Relevant Sections Photovoltaics & Energy Storage - The report highlights the photovoltaic industry as a key focus area within the new energy sector, with price interventions beginning to show results [5]. - It recommends Sunshine Power as a leading beneficiary of improved market conditions and optimistic Q2 performance outlooks [5][6]. Wind Power - Daikin Heavy Industries is noted for exceeding Q2 performance expectations, with a strong long-term profit outlook [6]. - The report discusses favorable policy developments in Hainan province for offshore wind projects, indicating potential order opportunities [6]. Electric Grid - The report notes that Siyuan Electric's Q2 revenue reached 5.3 billion yuan, a 50% year-on-year increase, with net profit up 62% [2][11]. - The State Grid's recent contract wins totaling 21.19 billion yuan reflect a 38% year-on-year increase, marking a new high for single-batch contract amounts [2][11]. Lithium Battery - The report emphasizes the solid-state battery trend and the importance of lithium metal anodes as a long-term direction for battery technology [7]. - Companies like Shanghai Xiba are actively pursuing acquisitions to enhance their capabilities in lithium-related materials [12]. New Energy Vehicles - The report indicates a shift in the automotive market towards quality competition, with companies focusing on product quality rather than price competition [3]. - The launch of new models, such as the NIO L90, is expected to enhance market competitiveness and brand perception [18]. Hydrogen and Fuel Cells - The report notes a resurgence in interest in hydrogen energy, with government support and low valuations making it a potential investment hotspot [3]. Industry Events - Key industry events include the release of the "Notice on Renewable Energy Power Consumption Responsibility Weight" by the National Development and Reform Commission, which sets ambitious targets for renewable energy consumption [4][5]. - The report also highlights significant IPO plans from companies like Tianqi Materials and Xingyuan Materials, indicating a trend towards capital market engagement [10][18].

证券代码：603991 证券简称：至正股份 公告编号：2025-027 二、主要产品和原材料的价格变动情况 （二）主要原材料的价格变动情况（不含税） （一）主要产品的价格变动情况（不含税） 主要产品 2024 年 1-3 月平 均售价（元/吨） 2025 年 1-3 月平 均售价（元/吨） 同比变动 比例（%） 环比变动 比例（%） 光通信线缆、光缆用特种环 保聚烯烃高分子材料 9,978.01 6,185.45 -38.01 6.71 电气装备线用环保型聚烯 烃高分子材料 27,621.04 20,114.62 -27.18 120.35 电网系统电力电缆用特种 绝缘高分子材料 10,442.80 10,199.93 -2.33 2.22 | 主要原材料 | | 年 2024 | 1-3 | 月平 | 年 2025 | 月平均 1-3 | 同比变动 | 环比变动比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 均采购价（元/吨） | | | | 采购价（元/吨） | 比例（%） | 例（%） | | EVA | 树脂 | | ...