格隆汇2月10日丨凯盛新材(301069.SZ)在互动平台表示，凯盛新材作为国内领先的PEKK生产商，我们 的产品已经广泛应用于通用型材、喷涂、新能源汽车、军工航空航天等多个领域，并且正在积极向电子 信息（半导体）、康复医疗器械、机器人等新兴市场拓展。公司PEKK产品产能为1000吨/年，目前可以 满足市场需求。 ...

Core Viewpoint - The company is actively expanding its domestic and international market presence for its core product PEKK, which is one of its main products and is being compared to PEEK in terms of market potential by investors [2] Group 1: Product Information - PEKK is identified as a key product of the company [2] - The company is focusing on increasing its market development efforts for PEKK [2] Group 2: Market Outlook - Investors are inquiring about the market prospects for PEKK in 2026 and its potential to exceed the application range of PEEK [2]

Summary of Conference Call Notes Company Overview - **Company**: 苏博特 (Subote) - **Industry**: Construction materials, specifically functional materials for infrastructure projects Key Points Industry and Market Trends - **Infrastructure Demand**: The demand for functional materials in the infrastructure sector remains robust, with products like accelerators, crack-resistant agents, and cement-based materials achieving approximately 20% growth in the first three quarters. The growth rate in Q4 is expected to remain consistent with Q3 due to positive infrastructure growth [2][5] - **Real Estate Market Outlook**: The outlook for real estate demand is pessimistic, with new construction and land acquisition indicators showing a double-digit decline. Without new policies to stimulate the market, uncertainty in the real estate sector is expected to persist into next year [2][10] - **Infrastructure Investment**: Overall infrastructure investment is not expected to see significant improvement next year, but major projects like the Yunnan-Tibet Railway are anticipated to provide substantial growth opportunities for the company [2][11] Financial Performance - **Gross Margin**: The gross margin decreased in Q3 due to a decline in sales influenced by the real estate market, fixed cost dilution, and tight profit margins for civilian customers. Future gross margins are expected to recover if pricing and costs remain stable and collections improve [2][6][7] - **Operating Cash Flow**: The company expects to maintain positive operating cash flow for the year, potentially slightly better than last year, benefiting from improved cash flow from state-owned enterprises. However, the final outcome will depend on year-end collection performance [2][8] - **Credit Impairment**: Credit impairment is expected to be better than last year due to the peak accumulation of accounts receivable having passed, with an increase in large infrastructure projects leading to better collection situations [2][9] Product and Project Insights - **Functional Materials Growth**: The growth in functional materials is primarily driven by accelerators, crack-resistant agents, and cement-based materials, which are essential for infrastructure projects [2][5] - **Major Projects**: The company is involved in significant projects like the Yunnan-Tibet Railway, which is expected to contribute to revenue growth. Other projects such as the Lalin and Qinghai-Tibet Railways are also anticipated to provide incremental revenue [2][11][12] - **New Projects**: Potential projects for 2026 include large-scale transportation infrastructure in Tibet and Xinjiang, with significant investments expected in energy and transportation sectors [2][13] International Expansion - **Overseas Business Growth**: The company anticipates a 25%-30% growth in overseas business, focusing on markets in the Middle East and Southeast Asia, with Southeast Asia being the largest market. The company is actively expanding into Singapore, the Philippines, and Saudi Arabia [2][3][15] - **Challenges in Overseas Investment**: While there are plans for overseas expansion, strict approval processes for foreign investments pose challenges. However, the company remains optimistic about its international market prospects [2][15][16] Research and Development - **PEKK Patent**: The company has applied for a PEKK patent, currently in the public notice stage, with plans to explore market applications in sectors like healthcare, robotics, and drones [2][17] - **PEEK Material Development**: The decision to develop PEEK materials is based on the chemical similarity to existing products, with cautious investment planned to avoid excess capacity [2][18] - **Aerated Cement Project**: The company is collaborating on an aerated cement project, which shows promise in modern green building applications, although market launch will depend on demand recovery [2][19][20] Financial Instruments and Borrowing - **Convertible Bonds**: The company has announced that it will not revise the terms of its convertible bonds in the near term, with sufficient funds available for repayment if necessary [2][21] - **Increased Borrowing**: The increase in borrowing is attributed to proactive lending from banks and the utilization of low-interest loans for investment purposes [2][22]

证券日报网讯12月23日，凯盛新材（301069）在互动平台回答投资者提问时表示，今年以来，公司 PEKK产品的良品率不断提升，市场开拓正在按计划进行。关于成本方面，PEKK相较于PEEK具有成本 优势。PEKK采用低成本的间/对苯二甲酰氯、二苯醚等大宗量产品，通过亲电取代方法制备二醇，而 PEEK采用二氟酮、对苯二酚采用高温亲核方法制备，其生产成本高于PEKK。因此，PEKK在成本控制 方面确实具有一定优势。 ...

Summary of Key Points from the Conference Call Company Overview - The company discussed is **凯盛新材 (Kaisheng New Materials)**, focusing on the chlorosulfonic acid and lithium battery materials sectors. Industry Insights - **Chlorosulfonic Acid Pricing**: Prices are expected to remain high, influenced by sustained demand and rising sulfur costs. Current pricing is above **3,000 RMB** per ton, with some exceeding **4,000 RMB** [2][6] - **Sulfur Costs**: The cost of sulfur is a significant factor, with each ton of chlorosulfonic acid requiring approximately **700-800 RMB** in sulfur costs [2][7] - **Lithium Battery Market**: Demand for cobalt chloride in lithium batteries is projected to increase, with prices for lithium battery-grade products reaching **7,000 RMB** per ton by 2025 [2][8] - **Agricultural Products**: The agricultural sector is performing well, with significant increases in export volumes expected in 2025. The company anticipates a positive outlook for the agricultural segment in Q1 2026 [2][14][16] Financial Performance - **Gross Margin**: The gross margin for chlorosulfonic acid is estimated to be around **20%-30%**, with potential for higher margins if prices remain above **3,000 RMB** [2][18] - **Convertible Bonds**: The company may save on financial costs through the redemption of convertible bonds or large-scale conversions, potentially releasing at least **30 million RMB** in profits [2][19] Production and Capacity - **Production Capacity**: The company currently operates at nearly **100%** capacity with no immediate plans for expansion in chlorosulfonic acid production [2][17] - **PEKK Production**: The company maintains a production yield of over **80%** for PEKK, with plans to increase production capacity to **1,000 tons** next year [2][30] Market Dynamics - **Demand Drivers**: Recent demand increases are attributed to market supply shortages and issues with certain manufacturers, enhancing the company's pricing power [2][9] - **Stability in Food Additives**: Demand for food additives remains stable, categorized as a necessity [2][13] - **PEKK Market Position**: The company is a leading domestic producer of PEKK, with limited competition in large-scale production [2][27] Future Outlook - **Q4 Profit Expectations**: The company expects improved profitability in Q4 compared to previous quarters, although financial adjustments may affect final results [2][25] - **Investment in Lithium Battery Sector**: The company is focusing on the lithium battery and green chemical sectors, postponing investments in less attractive projects [2][24] Additional Considerations - **Market Trends**: The company is observing trends in the sulfur market, with potential impacts from refinery output and stockpiling by certain firms [2][11] - **Specialty Robotics**: The demand for high-end materials in specialty robotics applications is increasing, driven by the need for materials that meet specific performance criteria [2][29]

Core Viewpoint - Kaisheng New Materials (301069) has highlighted its production capabilities and applications of PEKK, a high-performance thermoplastic engineering plastic, which is similar to PEEK and belongs to the polyether ketone family, showcasing excellent mechanical properties and various industrial applications [1] Group 1: Product Characteristics - PEKK exhibits superior mechanical performance, wear resistance, corrosion resistance, self-lubrication, insulation stability, biocompatibility, and high-temperature usage [1] - The material is primarily used in lightweight applications to replace steel in industries such as automotive, robotics, low-altitude aircraft, aerospace materials, and high-end medical sectors [1] Group 2: Production Capabilities - The company possesses thousand-ton level production facilities for PEKK products, including processing and modification equipment to meet customer demands [1] - Customizable PEKK products are available in raw powder, granules, or modified forms, with capabilities to combine PEKK with glass fibers and carbon fibers for tailored composite materials [1] Group 3: Research and Development - Continuous investment in research and development allows the company to optimize the preparation process of PEKK, enhancing product quality and yield, thereby strengthening market competitiveness [1]

Core Viewpoint - The company is experiencing an increase in the yield rate of its PEKK production line and is expanding its domestic and international markets as planned [1] Group 1: Production and Market Expansion - The yield rate of the PEKK production line has been continuously improving this year [1] - The company is actively working on expanding its market presence both domestically and internationally [1] Group 2: Strategic Development - The company will adhere to its "one chain, two wings" development strategy [1] - The strategy focuses on leveraging the existing chlorosulfonic acid industry chain to explore higher value-added new materials and new energy products [1]

Core Viewpoint - Kaisheng New Materials, a leading global producer of thionyl chloride, is positioned for future growth with strong financial performance and technological advancements in its product offerings [2][5]. Group 1: Company Overview - Established on December 20, 2005, Kaisheng New Materials was listed on the Shenzhen Stock Exchange on September 27, 2021, with its headquarters in Zibo, Shandong Province [1]. - The company specializes in fine chemical products and new polymer materials, leveraging its technological and industrial chain advantages [1]. Group 2: Financial Performance - For Q3 2025, Kaisheng New Materials reported revenue of 774 million yuan, ranking 10th in the industry, significantly lower than the top competitor, Satellite Chemical, which had revenue of 34.77 billion yuan [2]. - The company's net profit for the same period was 116 million yuan, ranking 2nd in the industry, only behind Satellite Chemical's 3.76 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 29.18%, down from 32.70% year-on-year, and below the industry average of 46.56%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 27.78%, an increase from 23.87% year-on-year, and higher than the industry average of 11.02%, reflecting robust profitability [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.54% to 31,400, while the average number of circulating A-shares held per shareholder increased by 4.55% to 12,500 [5]. - Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 2.6049 million shares, a decrease of 647,300 shares from the previous period [5]. Group 5: Future Outlook - Analysts at Huazheng Securities project that Kaisheng New Materials will achieve net profits of 145 million yuan, 190 million yuan, and 250 million yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 69, 53, and 40 times [5]. - The company is expected to benefit from the upcoming ramp-up of PEKK production, filling a domestic technological gap, and has already commenced 1,000 tons/year production capacity [5].

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]

Core Viewpoint - Suobote (603916.SH) is advancing in the development of PEKK, a high-performance thermoplastic engineering plastic similar to PEEK, which has significant applications in various industries [1] Group 1: Product Characteristics - PEKK belongs to the polyether ketone family and exhibits excellent mechanical properties, wear resistance, corrosion resistance, self-lubrication, insulation stability, biocompatibility, and high-temperature usage [1] - The primary application areas for PEKK include lightweight alternatives to steel in industries such as automotive, robotics, low-altitude aircraft, aerospace materials, and high-end medical applications [1] Group 2: Development and Challenges - The synthesis of PEKK involves high technical difficulty, but the company has made progress in mastering the synthesis technology [1] - The next steps involve refining the related processes to achieve large-scale synthesis, although the cultivation of new products requires a certain period and faces various risks and uncertainties [1]