近日，长华化学董事长顾仁发在接受中国证券报记者采访时表示，化工行业近期出现局部回暖迹象，但 整体还没有真正触底反弹，化工行业"内卷"现象整体仍然比较严重。在真正企稳回升之前，预计化工行 业要经历一轮较为明显的并购整合。 在顾仁发看来，长华化学所在的精细化工行业，如果和新兴产业产生强关联，比较容易产生爆发式增 长。为此，长华化学一直重视新品研发，目前的研发方向主要集中在可持续发展领域。 对于归母净利润同比翻倍的原因，长华化学在三季报中提到，公司POP产品受原材料价格变动影响，毛 利率显著回升。同时，新产品逐步投放市场、高附加值产品销售占比提高，公司客户结构、产品结构持 续优化，提升公司整体毛利水平。 "公司非常重视新产品的研发，公司目前的研发方向主要集中在可持续发展领域。例如，公司在产品研 发之初，就会考虑到未来的可降解性。"顾仁发对记者表示。 顾仁发表示，企业要想长足发展，首先要满足客户的要求，还要满足股东、员工的要求，履行好纳税义 务。另外，必须要重视可持续性发展。"用最少的资源去实现最大的价值，是一个企业精神文明的标 志，也是商业精神首要思考的问题。企业扩张的标准不能单一是赚多少钱，如果是依靠大量浪费资源 ...

顾仁发对记者表示，"化工行业整体来说，仍然是中低端产能过剩的。但对于一些涉及新兴产业的精细 化工品而言，下游需求还是比较旺盛的。新产品投入市场一般会有一段时间的红利期，公司前三季度业 绩大幅回暖也和新产品逐步投入市场有关。" 近日，长华化学（301518）董事长顾仁发在接受中国证券报记者采访时表示，化工行业近期出现局部回 暖迹象，但整体还没有真正触底反弹，化工行业"内卷"现象整体仍然比较严重。在真正企稳回升之前， 预计化工行业要经历一轮较为明显的并购整合。 在顾仁发看来，长华化学所在的精细化工行业，如果和新兴产业产生强关联，比较容易产生爆发式增 长。为此，长华化学一直重视新品研发，目前的研发方向主要集中在可持续发展领域。 ● 本报记者董添 业绩大幅回暖 依据长华化学三季报，2025年前三季度，长华化学共实现营业收入约为19.91亿元，同比下降9.31%；实 现归属于上市公司股东的净利润约为7606.7万元，同比增长127.81%。 对于归母净利润同比翻倍的原因，长华化学在三季报中提到，公司POP产品受原材料价格变动影响，毛 利率显著回升。同时，新产品逐步投放市场、高附加值产品销售占比提高，公司客户结构、产品结 ...

Core Viewpoint - Longhua New Material, established in 2011 and listed in 2021, is a leading domestic producer of polyether polyols, with significant production capacity and recognized as a champion in Shandong's manufacturing sector [1] Group 1: Business Performance - In Q3 2025, Longhua New Material reported revenue of 4.455 billion yuan, ranking 6th in the industry out of 79 companies, surpassing the industry average of 1.994 billion yuan and median of 0.775 billion yuan [2] - The net profit for the same period was 100 million yuan, placing the company 27th in the industry, above the average of 74.4382 million yuan and median of 53.2537 million yuan, but still behind the top competitors [2] Group 2: Financial Ratios - As of Q3 2025, Longhua New Material's debt-to-asset ratio was 34.01%, down from 42.09% year-on-year, slightly below the industry average of 34.74% [3] - The gross profit margin for Q3 2025 was 4.23%, significantly lower than the industry average of 19.93% [3] Group 3: Executive Compensation - The chairman, Han Zhigang, received a salary of 2.0819 million yuan in 2024, an increase of 141,400 yuan from 2023 [4] - The general manager, Zhang Ping, earned 1.625 million yuan in 2024, up by 231,900 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.60% to 18,900, while the average number of circulating A-shares held per account increased by 3.72% to 13,800 [5] - Zhongyin International Securities initiated coverage on Longhua New Material, rating it as a buy, citing stable business performance and growth potential in the polyether industry [5]

Core Viewpoint - 隆华新材 is identified as a high-quality target in the polyether industry, with rapid growth in production and sales, and a positive outlook on its product advantages and new material business development [1] Group 1: Company Performance - 隆华新材's existing polyether production capacity is 970,000 tons per year, with an additional 330,000 tons per year under construction, positioning it among the industry leaders [1] - The company has achieved a compound annual growth rate (CAGR) of 22.65% in operating revenue and 12.93% in net profit attributable to shareholders from 2019 to 2024 [1] - In the first quarter of 2025, 隆华新材 reported operating revenue of 1.509 billion yuan, a year-on-year increase of 11.52%, and a net profit attributable to shareholders of 57.1247 million yuan, up 19.52% year-on-year [1] Group 2: Product and Market Position - 隆华新材's polyether amine and polyamide products are entering a capacity release phase, indicating potential for further growth [1] - The company's POP products have been recognized as a single champion in the manufacturing industry in Shandong Province, highlighting its competitive edge [1]

Group 1: Financial Performance - In 2024, the company achieved a sales volume of 325,000 tons, an increase of 18.61% year-on-year, with revenue of 3.05 billion yuan, up 12.47% year-on-year [2] - The net profit attributable to shareholders was 58.1551 million yuan, a decrease of 49.90% year-on-year, primarily due to market factors and fluctuations in raw material prices [2] - In Q1 2025, the company reported revenue of 579 million yuan, a decline of 12.51% year-on-year, and a net profit of 18.6976 million yuan, down 15.10% year-on-year [3] Group 2: Industry Context and Challenges - The global macroeconomic environment is complex, leading to reduced downstream demand and increased price sensitivity [3] - Geopolitical conflicts have hindered exports and raised shipping costs, while continuous capacity expansion in the polyether industry has intensified competition [3] - The company faces significant operational pressure due to these factors, but government policies aimed at economic recovery may increase demand for polyether products [3] Group 3: Product and Market Strategy - The company's POP products accounted for the largest sales share in 2024, with a domestic market share of 24.92% [4] - To enhance profitability, the company is focusing on cost reduction and efficiency improvements, alongside continuous technological innovation [4] - The company is expanding its overseas market presence, with significant growth in exports to Southeast Asia, India, Europe, and the Middle East [5] Group 4: Research and Development - The company has restructured its research institute to enhance innovation capabilities, with a 10.74% increase in R&D investment in 2024 [6] - New projects, such as the carbon dioxide polyether and high-performance polyol project, are expected to provide significant economic benefits upon completion in Q4 2025 [6] - The company has filed 15 new patent applications and received 6 new patents during the reporting period [6] Group 5: Sustainability and Future Outlook - The company is committed to sustainable development, integrating ESG principles into its operations and focusing on green supply chain upgrades [7] - The rapid growth of the electric vehicle industry presents new opportunities for the company, particularly in high-performance polyether applications [8] - The company plans to continue developing special polyethers and expand its market share in the electric vehicle sector [8]

Core Viewpoint - 隆华新材 is focused on enhancing its core competitiveness and expanding its market presence through innovative product development and strategic investments in production capacity [2][7]. Company Performance - In Q1 2025, 隆华新材 reported a main revenue of 1.509 billion yuan, an increase of 11.52% year-on-year; net profit attributable to shareholders was 57.1247 million yuan, up 19.52% year-on-year; and net profit after deducting non-recurring items was 48.5165 million yuan, an increase of 9.42% year-on-year [8]. Product Development and Innovation - 隆华新材 emphasizes "energy-saving, high efficiency, and high quality" in its product research and development, with a focus on creating green and low-carbon smart factories [2]. - The company has developed a high-performance polyether production line with a capacity of 150,000 tons per set, featuring innovative production processes that fill domestic gaps [2][5]. Market and Application - The company's polyether products are primarily used in soft home furnishings, automotive, footwear, sports, and construction waterproofing sectors [3]. - 隆华新材's polyamide resin products are widely applied in mechanical manufacturing, automotive, electronics, and textiles [3]. Strategic Projects - The company is planning a high-performance modified polymer materials project and is in the commissioning phase for its nylon 66 phase one project, which is expected to contribute significantly to revenue and profit once fully operational [2][3]. Financial Management and Shareholder Returns - 隆华新材 has a history of stable cash dividends, with plans to distribute 0.80 yuan per 10 shares for the 2024 fiscal year [7]. - The company maintains a debt ratio of 44.86% and has implemented measures to manage credit risk effectively, ensuring no bad debts have occurred [8]. Market Expansion - 隆华新材 is actively exploring overseas markets, with its polyether products already sold in over 60 countries and regions, including Southeast Asia and Europe [6].