近期，国内己内酰胺市场整体呈现震荡偏强的格局。场内整体开工水平处于低位，导致现货供应趋紧。 在此情况下，持货商挺价意愿强烈，不断推涨市场报盘，进而推动己内酰胺价格上涨。但下游及终端企 业面对高价原料，接货十分谨慎，仅按自身需求进行刚需采购，这在一定程度上制约了己内酰胺价格的 上涨幅度。尽管市场现货价格仍呈涨势，但相较于前期，涨势已有所放缓。截至12月16日，华东市场己 内酰胺现货价格涨至9400-9500元/吨（承兑送到）。 供应端：减产检修频繁，开工水平低位 12月份，减产措施持续推进，多套己内酰胺装置降负运行或停车检修。具体来看，巴陵恒逸己内酰胺装 置整体负荷降至6-7成；湖南石化60万吨/年装置降负至7成；南京福邦特此前运行的20万吨CPL装置于11 月底停车检修，重启时间尚未确定，另一条线长期处于停车检修状态；华鲁恒升装置负荷整体下调 20%；福建天辰35万吨/年装置自11月25日起开工降至8成；沧州旭阳己内酰胺一期15万吨/年装置自11月 15日起停车检修；山西潞宝10万吨/年装置于11月17日停车检修；河南神马38万吨/年装置目前整体负荷 为8成；湖北三宁装置自11月17日负荷降至略低于8成；山西 ...

证券日报网12月12日讯中仑新材（301565）在12月12日回答调研者提问时表示，公司生产的PA6切片以 自用为主，核心用于全资子公司厦门长塑、全资孙公司福建长塑及全资三级子公司印尼长塑(2026年首 条产线投产后)BOPA膜材的生产，同时会根据市场需求对外销售部分产品。除了生产BOPA膜材，PA6 切片还有诸多广泛用途，纺丝纤维级的可用于纺织民用丝制作日常服装，也能制成工业丝用于轮胎帘 线、渔网、安全带等；工程塑料级的PA6被广泛应用于电子电器、机械设备、轨道交通装备、航天航空 领域。公司自建的PA6-BOPA膜材一体化供应链优势显著：一是通过上下游毗邻布局与生产协同，省去 中间环节，减少运输、包装等成本，大幅提升成本竞争力；二是可定制化生产适配PA6切片，从源头把 控质量，提升膜材成品率，同时灵活响应订单、缩短生产周期；三是依托一体化研发平台实现上下游协 同创新，快速迭代高性能产品，抢占市场先机；此外，近距离生产保障了产品品质稳定，且降低碳排 放，契合绿色生产趋势，进一步巩固行业竞争力。 ...

Production Capacity and Progress - The first BOPP production line was officially launched in November 2025, with a second line expected to be operational in the second half of 2026. The first line has achieved stable mass production of various thicknesses of BOPP capacitor film products, with thin films entering mass delivery after customer validation [1] - The BOPP production line focuses on thin and ultra-thin film products, with an estimated annual capacity of approximately 2,400 tons per line, depending on product thickness. A total of nine production lines are planned, with two in the first phase and subsequent lines to be added based on market demand [1] Product Applications and Differentiation - The BOPP film is positioned as ultra-thin electrical-grade film, including capacitor film and electrode film, used in the production of thin-film capacitors and battery electrode collectors. It features strong self-healing, high insulation resistance, low dielectric loss, high dielectric strength, and long service life [2] - In contrast, ordinary BOPP packaging materials are typically around 20 microns thick, focusing on basic packaging protection and appearance, with core characteristics including moderate mechanical strength and good transparency [2] Solid-State Battery Developments - The subsidiary, Xiamen Changsu, has pioneered solid-state battery-specific BOPA film, currently in the market promotion phase. The company is also involved in drafting and implementing standards for aluminum-plastic films used in solid-state batteries [3] - As the solid-state battery industry accelerates, the company plans to closely monitor market penetration rates and promote the production and sales of solid-state battery-specific films [3] Existing and Future Capacity for BOPA and PA6 - The current annual production capacity for PA6 (Nylon 6) chips is 145,000 tons, with 210,000 tons of additional capacity under construction, expected to be operational by 2027 [4][5] - The company currently operates 14 BOPA production lines with a total capacity of 145,000 tons, with plans for additional lines in both domestic and international locations, aiming for a total capacity of 275,000 tons upon completion of all projects [5] Utilization of PA6 Chips - The PA6 chips are primarily used internally for the production of BOPA films, with some sales based on market demand. Besides BOPA films, PA6 chips have various applications in textiles, industrial fibers, and engineering plastics [5] - The integrated supply chain for PA6 and BOPA films enhances cost competitiveness, quality control, and innovation capabilities, aligning with green production trends [5]

己内酰胺市场近况与展望 20251210 摘要 行业限产政策推动己内酰胺价格上涨，自 11 月 5 日以来吉林市场价格 上涨 1,400 元/吨至 9,450 元/吨，但下游 P6 产品未能持续跟涨，整体 行业进入博弈阶段，上游涨价导致终端需求疲软。 酰胺产业链呈现"头大尾小"结构，上游装置规模远大于下游，导致供 应错配。受终端需求不振和季节性因素影响，下游企业库存压力增加， 采购意愿降低，压制上游生产。 国内己内酰胺最大开工产能达 805 万吨，实际开工率在 70%-72%之间， 但国产装置超负荷能力强，实际产量可观。限产措施预计维持 3-6 个月， 旨在减少亏损，维持供应紧张局面。 酰胺行业利润受产业链长短和原材料成本影响，硫磺价格上涨显著增加 成本。大型装置基本实现盈亏平衡，小型装置仍在亏损；自产辅料企业 竞争力更强。 下游需求对市场影响显著，中美贸易摩擦和锦纶 6 价格波动导致下游对 替代涤纶持谨慎态度。PA6 切片库存增加，主要集中在半光和消光切片 环节。 Q&A 请介绍一下近期国内酰胺行业的开工率情况及其影响因素。 近期国内酰胺行业的开工率受多方面因素影响。首先，响应国务院发布的反内 卷政策，吉林 ...

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry. Core Insights - The report highlights the impact of production cuts in caprolactam on pricing stability, while the price spread for nylon fibers has narrowed [2]. - Domestic key refining project price spread increased to 2425.48 CNY/ton, a week-on-week rise of 29.04 CNY/ton (+1.21%), while international key refining project price spread decreased to 1277.36 CNY/ton, a decline of 151.77 CNY/ton (-10.62%) [3]. - Brent crude oil weekly average price was reported at 63.18 USD/barrel, reflecting a decrease of 1.05% [2]. Refining Sector Summary - The report discusses the geopolitical situation regarding the Russia-Ukraine peace plan, which has led to fluctuations in international oil prices. Brent and WTI crude prices were reported at 63.20 and 58.55 USD/barrel respectively, with slight increases from the previous week [14]. - Domestic refined oil prices showed minor fluctuations, with diesel, gasoline, and aviation kerosene averaging 6787.00, 7603.14, and 5905.76 CNY/ton respectively [14]. Chemical Sector Summary - The chemical products market experienced a general decline in prices due to weak demand, with notable decreases in polyethylene price spreads [2]. - The report indicates that the nylon fiber price spread has narrowed significantly due to rising costs in the caprolactam market, despite being in a traditional demand off-season [2]. Polyester & Nylon Sector Summary - Polyester cost remained stable, while nylon costs increased significantly, leading to a notable narrowing of the price spread for nylon fibers [2]. - The report mentions that the polyester upstream prices for PX and MEG have slightly decreased, while PTA prices have shown a slight increase [2]. Key Refining Companies Performance - The report provides stock performance data for six major refining companies, with notable weekly changes including Rongsheng Petrochemical (-0.92%) and Xin Fengming (+7.08%) [2].

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company's performance in Q3 2025 met expectations, with total revenue of 4.367 billion yuan, a year-on-year decrease of 18%, and a net profit attributable to shareholders of 140 million yuan, down 40% year-on-year [6] - The supply-demand dynamics for PA6 slices are under pressure, with a decline in apparent consumption by 4% year-on-year in Q3 2025, influenced by external factors and inventory accumulation in downstream nylon fiber factories [6] - The company is advancing into high-end nylon slices, with a project to produce 5.08 million tons of new nylon materials, enhancing product variety and value [6] - A strategic partnership with China Tianchen is being established to share interests in the PA66 sector, with plans for an 80,000-ton PA66 project [6] - The company's profitability forecast has been adjusted downwards for 2025-2027, with net profit estimates of 183 million, 403 million, and 516 million yuan respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 6.242 billion yuan, with a year-on-year decrease of 12.9% [5] - The projected net profit for 2025 is 183 million yuan, reflecting a 38.9% decline year-on-year [5] - The company's gross margin is expected to be 6.6% in 2025, down from 8.1% in 2024 [5] - The earnings per share (EPS) for 2025 is forecasted at 0.58 yuan [5] - The company's return on equity (ROE) is projected to be 8.8% in 2025 [5]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to fluctuations in raw material prices and weak downstream demand [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.03 billion yuan, a year-on-year decrease of 13.87% [1] - The net profit attributable to shareholders was 111 million yuan, down 27.60% year-on-year [1] - The net profit after deducting non-recurring items was 109 million yuan, a decrease of 26.01% year-on-year [1] - In Q2 2025, revenue was 1.47 billion yuan, a year-on-year decline of 21.93% and a quarter-on-quarter decline of 6.11% [1] - The net profit attributable to shareholders in Q2 was 30 million yuan, down 63.87% year-on-year and 63.07% quarter-on-quarter [1] - The net profit after deducting non-recurring items in Q2 was 32 million yuan, a decrease of 61.33% year-on-year and 58.41% quarter-on-quarter [1] Industry Dynamics - The fluctuation in raw material prices, particularly the increase in pure benzene prices, led to a rise in caprolactam prices, which subsequently weakened procurement willingness in the downstream market [2] - In Q2 2025, the average price of caprolactam was 9,193 yuan/ton, a decrease of 12.65% compared to Q1 [2] - The PA6 chip average price in Q2 2025 was 10,270 yuan/ton, also down 12.65% from Q1 [2] - The nylon chip industry is expected to reach a production capacity of 8.5 million tons and a production volume of 7 million tons by the end of 2025, with demand at 6.4 million tons [2] - The company has a competitive edge in high-end nylon chip segments and has adjusted its production projects to align with market conditions [2] Future Outlook - The company is expected to enhance its competitiveness with the completion of new production bases and capacities [2] - The company has a long-term positive outlook despite current industry pressures, supported by its experience in nylon 6 polymerization and the introduction of nylon 66 products [3] - Projected net profits for 2025, 2026, and 2027 are estimated at 350 million, 456 million, and 553 million yuan, respectively, with corresponding PE ratios of 11, 9, and 7 [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [7] Core Views - The company reported its 2025 half-year results, which were generally in line with expectations, with a revenue of 3.03 billion yuan (YoY -14%) and a net profit attributable to shareholders of 111 million yuan (YoY -28%) [7] - External challenges and declining raw material prices have put short-term pressure on the company's PA6 chip production and profitability [7] - The company is advancing into high-end nylon chips, enhancing its product structure and value [7] - The company is strategically positioning itself in the PA66 market through a partnership with China Tianchen, aiming for long-term growth [7] - The profit forecast for 2025 has been adjusted down to 285 million yuan due to external factors, while maintaining forecasts for 2026 and 2027 at 507 million yuan and 613 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 7.168 billion yuan - 2025: 6.366 billion yuan - 2026: 8.425 billion yuan - 2027: 8.956 billion yuan [3][9] - Net profit attributable to shareholders is projected as follows: - 2024: 300 million yuan - 2025: 285 million yuan - 2026: 507 million yuan - 2027: 613 million yuan [3][9] - Earnings per share (EPS) estimates are: - 2024: 0.95 yuan - 2025: 0.91 yuan - 2026: 1.61 yuan - 2027: 1.95 yuan [3][9] - The company's gross margin is expected to improve from 8.1% in 2024 to 10.9% in 2027 [3] Market Data - As of August 26, 2025, the closing price of the company's stock was 12.53 yuan, with a market capitalization of 3.944 billion yuan [4] - The company has a price-to-earnings (PE) ratio projected at 14 for 2025, compared to an average PE of 32 for comparable companies [7]

Group 1: Financial Performance - The revenue from new energy vehicle interior components accounts for 46.58% of total revenue, with a slight difference in gross margin compared to traditional fuel vehicle business [2] - The company achieved a consolidated revenue of 599.4 million yuan in 2024, representing a year-on-year growth of 22.2% [4] Group 2: Customer Concentration and Risk Management - The top five customers account for 41.93% of total revenue, indicating a potential risk of high customer concentration [2] - The company plans to optimize customer structure and enhance strategic cooperation to mitigate risks and increase market share [3] Group 3: Raw Material Costs and Supply Chain Management - PA6 chips and other raw materials constitute 68.5% of production costs, with strategies in place to manage price fluctuations [3] - The company focuses on establishing strategic partnerships with suppliers and improving raw material utilization to reduce risks associated with price volatility [3] Group 4: Research and Development - R&D expenses increased by 38.9%, focusing on eco-friendly and high-quality carpet materials, among other areas [4] - The company is actively working on R&D projects, with plans to convert research outcomes into customer orders [4] Group 5: Market Outlook and Strategic Initiatives - The automotive industry is expected to grow, with production and sales projected to reach 31.28 million and 31.44 million vehicles in 2024, respectively, reflecting year-on-year growth of 3.7% and 4.5% [5] - The company aims to expand its overseas market presence, particularly with the full-scale production of its Mexican facility [4]