9月10日晚，万润股份（证券代码：002643）发布关于控股子公司九目化学（证券代码：874382）向不 特定合格投资者公开发行股票并在北交所上市辅导验收完成的提示性公告。证监会网上办事服务平台显 示，九目化学IPO辅导状态变更为"辅导工作完成"，这意味着九目化学IPO进程再进一步。 此前，万润股份表示，九目化学完成分拆上市后，公司仍为九目化学的控股股东，不会对公司其他业务 板块的持续经营构成实质性不利影响。 财报显示，2025年上半年九目化学实现营业总收入为3.8亿元，净利润为9325.46万，2024年，公司实现 营业收入9.62亿元，同比上升9.57%；净利润2.54亿元，同比增长20.94%。其中，公司最大客户贡献 47.37%收入。 2024年1月27日，九目化学与中信证券签署了辅导协议，2024年2月1日，九目化学完成备案，正式进入 辅导期。 公开资料显示，烟台九目化学股份有限公司成立于2005年，注册资金1.875亿元，现为中节能万润股份 有限公司的控股子公司。主要从事OLED前端材料的研发、生产和销售，主要产品包括OLED升华前材 料、OLED中间体等功能性材料。九目化学在全球OLED升华前材 ...

经济导报记者 杨佳琪 2024年1月27日，九目化学与中信证券签署了辅导协议，并于次日向山东证监局报送了首次公开发行股票并上市辅导备案材料，2024年2月1日，九目化学 完成备案，正式进入辅导期。2025年7月9日，九目化学综合考虑自身实际情况和发展战略，决定调整企业上市规划，转战北交所。 经济导报记者注意到，为了给北交所上市做铺垫，九目化学今年3月在新三板挂牌并同时进入创新层。 根据7月10日董事会审议通过的相关议案，九目化学拟将本次发行募集资金在扣除发行费用后，投资于"OLED显示材料及其他功能性材料项目（二 期）"及"研发中心项目"。 财务数据显示，2022至2024年，九目化学分别实现营业收入7.06亿元、8.78亿元、9.62亿元；归母净利润分别为2.04亿元、2.1亿元、2.54亿元；毛利率均达 到40%以上。 但今年上半年，九目化学业绩出现下滑。财报显示，今年上半年，该公司实现营业收入3.80 亿元，同比下降 23.10%；实现归母净利润9325.45万元，同比 下降30.55%。对此，九目化学表示，主要原因为下游客户上半年阶段性订单分布同比减少。 九目化学在公告中表示，根据已披露的财务报表，公 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 13.29 and an industry rating of "Outperform" [1]. Core Views - The company's pharmaceutical business has shown improvement, with a year-on-year revenue decrease of 4.42% to RMB 1.87 billion in the first half of 2025, but a net profit increase of 1.35% to RMB 218 million. The second quarter saw a revenue of RMB 1.01 billion, a slight year-on-year decrease of 0.95%, but a quarter-on-quarter increase of 17.12% [3][7]. - The report highlights the company's diverse new material layouts and the successful recovery of its pharmaceutical business, leading to an upward revision of profit forecasts [4][7]. Financial Summary - For the first half of 2025, the company reported total revenue of RMB 1.87 billion, with a net profit of RMB 218 million, reflecting a 1.35% increase year-on-year. The second quarter's net profit was RMB 138 million, up 18.25% year-on-year [8][9]. - The company expects EPS for 2025-2027 to be RMB 0.44, RMB 0.54, and RMB 0.63, with corresponding P/E ratios of 30.4x, 24.7x, and 21.2x respectively [4][6]. - The company is actively expanding its production capacity in various new materials, including semiconductor manufacturing materials and thermoplastic polyimide materials, which are expected to contribute to long-term growth [7][8].

摘要 万润股份作为全球领先的液晶单体供应商，与默克、戴尔本油墨等长期 合作，液晶单体和中间体业务收入稳定在 5 亿多元，预计后续保持个位 数稳健增长。 公司是国内最大的 OLED 升华前材料厂商，客户包括三星、SDI 等，受 益于面板厂商扩产，预计 8.6 代线落地后，升华前材料增速将提升。 环保沸石方面，公司绑定行业龙头张鑫万丰，是其全球主要供应商之一。 虽去年下半年收入下滑，但今年二季度销量回升，并积极拓展非车用领 域应用。 医药板块疫情期间收入大幅增长，疫情后有所下滑，但今年上半年已恢 复，同比增长接近 20%，MP 公司扭亏为盈，预计后续逐步修复。 OLED 终端材料方面，子公司森宇科技已有 6-7 种终端成品材质，今年 上半年实现净利润转正，预计后续将保持盈利并快速增长。 半导体材料方面，公司是国内光刻胶单体树脂及光致产酸剂的关键供应 商，收入持续增长，并规划扩充 751 吨产能。 公司 PI 产品拥有 200 吨产线，计划 2025 年下半年投产 1,500 吨新产 线，切入光纤连接器等光学材料领域，并计划扩展至光模块领域。 万润股份 20250910 Q&A 万润股份的商业模式和业务布局是怎样的 ...

Group 1: Company Overview and Financial Performance - The company is advancing the "Zhongjie Neng Wanrun (Penglai) New Materials Phase I Construction Project," expected to gradually start operations within 2025 [2] - The projected net profit for 2025 is approximately 360 million [3] - The company ranked sixth in the latest national fine chemical top 100 list [5] Group 2: Product Capacity and Development - The company has a theoretical production capacity of 65 tons for resin products and 1,500 tons for PEI materials, with the latter expected to be operational within the year [2][7] - The PEEK material has completed pilot testing and is currently undergoing downstream validation [4] - The company is actively developing various semiconductor manufacturing materials, including photoresist monomers and resins [8] Group 3: Market Opportunities and Collaborations - The collaboration with BOE Technology Group is expected to create more market opportunities in electronic information materials [3] - The company aims to enhance its competitiveness in the life sciences and pharmaceutical sectors through various R&D strategies [4] - The partnership with Sinopec is focused on catalyst products and zeolite molecular sieves, with plans to achieve business cooperation by 2025 [6][9] Group 4: Challenges and Strategic Adjustments - The decline in net profit in 2024 was attributed to reduced orders for zeolite series environmental materials and increased R&D expenses [4] - The company is addressing inventory turnover issues and aims to reduce stock levels while managing cash flow effectively [9] - The company is not currently planning any acquisitions in the semiconductor materials sector but will disclose any future plans [6][9]

公司2024 年净利润实现高速增长，2025 年一季度净利润继续保持正增长。公司2024 年实现营业收入 14.59 亿元，同比增长20.74%；归母净利润2.52 亿元，同比增长 87.60%，扣非后净利润2.37 亿元，同比 增长103.43%。其中显示材料板块实现销售收入12.76 亿元，同比增长23.69%。医药CDMO 板块实现销 售收入约1.54 亿元，同比增长13.59%。电子材料板块实现销售收入2868 万元，同比下降29.90%。2024 年公司综合毛利率为 44.20%，较2023 年增加9.02 个百分点，毛利率上升的主要原因为产品结构持续优 化及成本管控成效显著。2025Q1 公司实现营业收入3.44 亿元，同比增长4.83%，实现归母净利润0.46 亿元，同比增长32.9%。 参股出光电子材料，优化产业布局。公司以自有资金7640 万元增资出光兴产的全资子公司出光电子。 出光兴产系全球OLED 蓝光主体材料的领导者，公司在OLED 材料领域的主要产品为OLED 升华前材 料，是出光兴产的战略供应商。出光电子作为出光兴产在国内设立的唯一一家OLED 发光材料制造基 地。我们认为参股出光 ...

【WitsView整理】 近日，瑞联新材、路维光电、晶合集成、斯迪克发布了2024年财报。其中瑞联 新材、路维光电、晶合集成实现了营收与净利润的双增长。 瑞联新材 2024年，瑞联新材实现营收约14.59亿元，同比增长20.74%；归属于上市公司股东的净利润约2.52 亿元，同比增长87.60%；归属于上市公司股东的扣除非经常性损益的净利润约2.37亿元，同比增 长103.43%。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | --- | --- | --- | --- | --- | | | | | (%) | | | 营业收入 | 1,458,698,343.66 | 1,208,162,739.17 | 20.74 | 1,480,379,426.82 | | 归属于上市公司股东 | 251,722,494.92 | 134.181.283.39 | 87.60 | 246.538.464.91 | | 的净利润 | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 237,366,716.59 | 116.683.527.35 | 1 ...

Core Viewpoint - The article highlights the financial performance of several companies in the new materials and semiconductor sectors for the year 2024, indicating significant revenue and profit growth for most of them, while also noting some challenges faced by one company. Summary by Company 瑞联新材 (Ruilian New Materials) - In 2024, Ruilian New Materials achieved revenue of approximately 1.459 billion yuan, a year-on-year increase of 20.74%, and a net profit attributable to shareholders of about 252 million yuan, up 87.60% [2][4] - The company's OLED materials segment generated sales revenue of 1.276 billion yuan, accounting for 87.45% of total revenue, with a year-on-year increase of 23.69% [5] - For Q1 2025, Ruilian reported revenue of approximately 344 million yuan, a 4.83% increase year-on-year, and a net profit of about 46 million yuan, up 32.90% [6][7] 路维光电 (Luwei Optoelectronics) - In 2024, Luwei Optoelectronics reported revenue of approximately 876 million yuan, a 30.21% increase year-on-year, and a net profit of about 191 million yuan, up 28.27% [8][9] - The company has expanded its production capacity for high-precision semiconductor masks and large-size flat panel display masks, contributing significantly to revenue and profit [10] 晶合集成 (Jinghe Integration) - Jinghe Integration achieved revenue of approximately 9.249 billion yuan in 2024, a 27.69% increase year-on-year, and a net profit of about 482 million yuan, up 304.65% [11][12] - The growth in revenue is attributed to the favorable conditions in the semiconductor industry, with increased sales and improved gross margins [13] - The company is actively developing OLED display driver chips and has successfully lit up its 110nm Micro OLED chip [14] 斯迪克 (Sidik) - In 2024, Sidik reported revenue of approximately 2.691 billion yuan, a 36.68% increase year-on-year, but a net profit of about 54.88 million yuan, down 2.11% [15][16] - The company focuses on functional films and electronic-grade adhesives, with significant applications in consumer electronics and new energy vehicles [17]