丨证券研究报告丨 行业研究丨点评报告丨化工 [Table_Title] 光引发剂行业：供给事件频出，景气有望修复 报告要点 [Table_Summary] 近日，光引发剂行业供给端扰动频发，扬帆新材江西子公司因火灾事故被责令停产停业整顿， 重要生产企业宁夏沃凯珑经营面临困境；光引发剂行业集中度水平较高，近年需求持续增长， 近期供给扰动频出，景气有望回暖，建议关注相关标的投资机会。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 [Table_Title2] 光引发剂行业：供给事件频出，景气有望修复 [Table_Summary2] 事件描述 马太 李禹默 SAC：S0490516100002 SAC：S0490525060002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% 1）2025 年 6 月 10 日晚间，扬帆新材发布《关于全资子公司发生火灾事故的公告》，全资子公 司江西扬帆的 109 车间发生火灾，造成一名员工轻度烧伤；并收到应急管理局下发的《现场处 理措施决定书》，责令江西扬帆停产停业整顿，待验收合格审查同意后，方可恢复生产经营 ...

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The company faced a loss in Q4 2024 due to the involution in the photovoltaic industry, price declines in the industrial chain, and the impact of foreign trade on the photovoltaic business's gross profit margin, along with an impairment provision of about 39.92 million yuan for photovoltaic backsheet assets [24]. - The company is working on improving its market - value management, including promoting its business highlights and investment value, interacting with institutional investors, and optimizing its internal control system [25]. - The company is seeking new performance breakthroughs by stabilizing and increasing market share in major business areas and exploring new products in high - growth tracks such as automotive electronics, lithium - battery negative electrode glue, and consumer electronics [27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Huitian New Materials [17]. - Industry: Chemical products [17]. - Reception time: June 12, 2025 [17]. - Company reception staff: Board Secretary Zhang Hongjian, Financial Controller Shi Changyin, and Securities Affairs Representative Zhang Yan [17]. 3.2. Detailed Research Institutions - Reception object type: Investor online questions and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Financial and Stock - related Questions** - The company clarified that the description of annual Q4 losses was inaccurate, and the 2024 Q4 loss was due to the photovoltaic industry situation [24]. - The company emphasized that it values the capital - market performance and is taking measures to improve market - value management [25]. - Stock price fluctuations are affected by multiple external factors, and the company is working to reflect its enterprise value through compliance means [26]. - **Business Goal and Performance Questions** - The company stated that its business goals and performance should be based on official announcements [26]. - The company is aiming to break through in performance by expanding market share in major fields and exploring new products in high - growth tracks [27]. - **New Business and Product Questions** - The company is making new product layouts in automotive electronics, lithium - battery negative electrode glue, consumer electronics, and photovoltaic fields [27]. - In emerging technology fields like low - altitude economy and AI, the company's products are in the initial layout stage and have not achieved stable mass supply [28]. - **Other Questions** - Regarding the fifth - phase equity incentive, the company asked investors to follow its information disclosure [29]. - The company's photovoltaic business maintained growth during the industry involution, with measures to enhance product competitiveness [29]. - For the 2025 semi - annual report performance, the company asked investors to follow the subsequent disclosure [29]. - The Jun'an Huitian Fund has completed filing and is promoting relevant projects related to the Huitian industry [29].