凯盛新材成立于2005年12月20日，于2021年9月27日在深圳证券交易所上市，注册及办公地址均为山东省 淄博市。公司是全球氯化亚砜头部企业，主营精细化工产品及新型高分子材料，具备技术与产业链优势。 经营业绩：营收行业第十，净利润第二 2025年三季度，凯盛新材营业收入7.74亿元，行业排名10/16，远低于行业第一名卫星化学的347.71亿元和 第二名金能科技的126.93亿元，低于行业平均数42.81亿元和中位数11.09亿元。主营业务中，羧基氯化物 3.13亿元占比59.25%，无机化学品1.38亿元占比26.23%，羟基氯化物7353.66万元占比13.93%，其他(补 充)308.43万元占比0.58%。当期净利润1.16亿元，行业排名2/16，仅次于卫星化学的37.55亿元，高于行业 平均数2亿元和中位数884.47万元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度凯盛新材资产负债率为29.18%，较去年同期的32.70%有所下降，且低于行业 平均的46.56%，显示出较好的偿债能力。从盈利能力看，2025年三季度公司毛利率为27.78%，较去年同期 的23.87 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 774 million yuan for the first three quarters of 2025, representing a year-on-year growth of 11.22%, and a net profit attributable to shareholders of 116 million yuan, up 121.56% year-on-year [5][6] - In Q3 2025, the company achieved a revenue of 242 million yuan, a year-on-year increase of 19.96%, but a quarter-on-quarter decrease of 8.21% [5] - The demand for chlorosulfonic acid and intermediates was weak in the off-season, leading to a narrowing of price spreads, while the aramid monomer business remained stable [6] - The company is set to increase production of PEKK, a high-value material, which is crucial for national strategic development and industrial upgrading [7] - The company has successfully implemented a one-step production method for PEKK, providing a significant cost advantage over the two-step method used by foreign competitors [7] - The company is expanding its product line and has made significant progress in the development of new products, which are expected to support future growth [8] Financial Summary - For 2025, the company is projected to achieve a net profit of 145 million yuan, with corresponding P/E ratios of 69 times [12] - Revenue is expected to grow from 928 million yuan in 2024 to 1614 million yuan in 2027, with a compound annual growth rate of 17.7% [12] - The gross profit margin is anticipated to improve from 23% in 2024 to 31.2% in 2027 [12] - The return on equity (ROE) is expected to rise from 3.4% in 2024 to 11.9% in 2027 [12]

格隆汇8月21日丨苏博特(603916.SH)在互动平台表示，PEKK是一种高性能热塑性工程塑料，与PEEK相 似，均属于聚醚芳酮类材料，具有优异的力学性能、耐磨性、耐腐蚀性、自润滑性、绝缘稳定性、生物 相容性以及较高的使用温度，其应用领域主要实现"以塑代钢"轻量化，如汽车工业、机器人、低空飞行 器、航空航天材料、高端医疗等。PEKK的制备技术存在较高难度，目前公司通过积极攻关，已初步掌 握了PEKK的合成技术，下一步将完善相关工艺以实现规模放大合成，新产品培育需要一定周期且面临 诸多风险，尚存在不确定性。 ...

格隆汇8月15日丨凯盛新材(301069.SZ)在互动平台表示，公司PEKK产品暂未直接用于脑机接口领域。 ...

Summary of Conference Call Notes Industry and Companies Involved - **Industry**: Explosives, Cement, and Admixtures - **Key Companies**: - High Hope Explosives - Yipuli - Guangdong Hongda - Poly United - Tibet Tianlu - Huaxin Cement - Qilian Mountain Cement - Conch Cement - Subote Core Insights and Arguments - **Yajiang Project Impact**: - Estimated total explosive usage for the Yajiang project is between 700,000 to 800,000 tons, significantly higher than the Three Gorges project [3][4] - The project will generate approximately 300 billion CNY in blasting service value, with demand expected to peak from the second half of 2026 to 2031 [3][4] - Annual average explosive usage is projected at 50,000 tons for packaged explosives and 100,000 tons for onsite mixed explosives [1][3] - **Beneficiaries in Explosives Sector**: - High Hope Explosives: Expected annual net profit increase of 300 million CNY - Yipuli: Expected annual net profit increase of 470 million CNY - Guangdong Hongda: Expected annual net profit increase of 150 million CNY - Poly United: Expected annual net profit increase of 70 million CNY [1][5] - **Cement Demand from Mottuo Hydropower Station**: - Anticipated cement demand of 20 to 30 million tons, with an average annual demand of 2.5 million tons over a ten-year construction period [1][6][7] - Peak demand could reach 4 million tons annually [1][7] - **Supply-Side Reform in Cement Industry**: - The cement industry is likely to undergo supply-side reforms due to: - Established experience from previous reforms in steel and coal sectors - High proportion of state-owned enterprises facilitating government coordination - Willingness of companies to reduce production during off-peak seasons to improve prices [9][10] - **Investment Recommendations**: - Focus on companies with stable performance and fundamental changes, such as Huaxin Cement A-shares - Target companies with strong profitability at value bottoms, like Conch Cement, which has a PB of 0.7 and cash reserves of approximately 70 billion CNY - Consider companies with strong safety margins and upward elasticity, such as Tapai Group and Shandong Shangfeng, which have high dividend yields [11][12] Other Important Insights - **Subote's Market Position**: - Subote holds a 90% market share in recent large infrastructure projects, with an estimated 60% to 70% share in the Mottuo Hydropower Station project, potentially increasing annual revenue by 200 to 300 million CNY [15][16] - The company has reversed a three-year decline in revenue and profit, outperforming the cement industry due to its high market share and technological advantages [16] - **Technological Innovations**: - Subote is developing new materials, including PEKK and energy-storing concrete technology, which could revolutionize the construction industry by enabling buildings to self-charge [17][18][19] - **Market Value of Admixtures**: - The overall market value for admixtures, including water-reducing agents, is estimated between 2 billion to 5 billion CNY, with a median of 3.5 billion CNY [14][12] This summary encapsulates the key points from the conference call, highlighting the expected impacts of the Yajiang project and Mottuo Hydropower Station on the explosives and cement industries, along with investment recommendations and insights into Subote's market position and technological advancements.