风险提示：下游需求不及预期；房产业务现金流风险；原材料价格大幅波动。 浙江龙盛于4 月25 日发布一季报：Q1 实现营业收入32.4 亿元，同环比-7.2%/-38.7%， 归母净利润4.0 亿 元（ 扣非后2.9 亿元）， 同环比+100.4%/-41.5%（扣非后同环比+3.5%/-57.7%）。公司Q1 归母净利润 超出我们的前瞻预期（3.0 亿元），主要系房产业务步入兑现期。伴随染料及中间体产品景气回暖，叠 加房产业务持续创收，维持"增持"评级。 盈利预测与估值 我们维持公司25-27 年归母净利润21.5/23.6/24.7 亿元，对应EPS 为0.66/0.72/0.76 元，参考可比公司25 年 Wind 一致预期15xPE，考虑公司染料行业龙头优势以及地房产项目有序推进，给予公司25 年18xPE， 目标价11.88 元（前值11.22 元，对应25 年17xPE，可比公司25 年13xPE），维持"增持"评级。 成本压力缓解带动综合毛利率提升，静待印染行业景气修复据百川盈孚，4 月25 日分散/活性染料价格 为16.5/20.0 元/kg，处于2016年以来的相对低位，未来伴随纺服终端需求持 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][5][7]. Core Views - The company reported a total revenue of RMB 15.88 billion for 2024, a year-on-year increase of 3.79%, with a net profit attributable to shareholders of RMB 2.03 billion, up 32.36% year-on-year. The fourth quarter alone saw a revenue of RMB 5.27 billion, reflecting a 17.90% increase year-on-year and a 44.29% increase quarter-on-quarter [5][10][11]. - The dye industry is expected to recover, and the company is anticipated to benefit from increased sales of various chemical products and ongoing real estate projects, supporting the "Buy" rating [5][7][10]. Financial Summary - The company’s revenue for 2024 was RMB 15,883.86 million, with a growth rate of 3.79% compared to 2023. The EBITDA for 2024 was RMB 2,900 million, and the net profit was RMB 2,354.86 million, marking a 35.88% increase year-on-year [11][15]. - The earnings per share (EPS) for 2024 is projected at RMB 0.62, with a slight adjustment in forecasts for 2025-2026, expecting EPS of RMB 0.63 and RMB 0.71 respectively [7][15]. - The company’s gross margin for 2024 was 27.87%, an increase of 1.74 percentage points year-on-year, indicating improved profitability despite challenges in the dye market [10][11]. Business Segments - The dye and intermediate business showed resilience, with revenue from the dye segment reaching RMB 75.91 billion in 2024, a 0.94% increase year-on-year, despite a 5.81% decline in average price per ton [10][11]. - The real estate segment saw significant growth, with revenue of RMB 24.82 billion, up 87.26% year-on-year, driven by project deliveries [10][11]. - The company has a strong market position in the dye industry, with a production capacity of 300,000 tons per year, and is expanding its intermediate product offerings to enhance its competitive edge [10][11].

Investment Rating - The investment rating for the company is maintained at "Accumulate" with a target price of RMB 11.88 [6][4]. Core Views - The company's Q1 net profit improved year-on-year, primarily due to the realization of revenue from its real estate business, which is entering a monetization phase [1]. - The dye and intermediate product market is showing signs of recovery, contributing positively to the company's performance [2]. - The real estate business is expected to continue generating revenue, with a significant portion of inventory already sold [3]. Summary by Sections Financial Performance - In Q1, the company achieved operating revenue of RMB 3.24 billion, with a year-on-year decline of 7.2% and a quarter-on-quarter decline of 38.7%. The net profit attributable to the parent company was RMB 400 million, exceeding expectations [1]. - The sales volume for dyes, additives, and intermediates in Q1 was 56,000 tons, 15,000 tons, and 27,000 tons respectively, with year-on-year growth of 0.8%, 0.3%, and 7.8% [2]. Cost and Margin Analysis - The company's comprehensive gross margin improved to 28.6%, up 1.5 percentage points year-on-year, due to a decrease in raw material prices [2]. - The company reported a decrease in construction projects in progress, down RMB 260 million year-on-year to RMB 570 million [2]. Real Estate Business - The real estate project "Huaxing New City" has fully topped out, with a sales rate exceeding 90%, indicating strong future revenue potential [3]. - Non-recurring gains increased by RMB 180 million year-on-year to RMB 100 million, primarily due to changes in the fair value of financial assets and liabilities [3]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 2.15 billion, RMB 2.36 billion, and RMB 2.47 billion respectively, with corresponding EPS of RMB 0.66, RMB 0.72, and RMB 0.76 [4]. - The target price of RMB 11.88 corresponds to an 18x PE for 2025, reflecting the company's leading position in the dye industry and orderly progress in real estate projects [4].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 11.88 RMB [6][7]. Core Views - The company's Q1 net profit improved year-on-year, primarily due to the realization of revenue from its real estate business, which is entering a monetization phase [1]. - The dye and intermediate product markets are showing signs of recovery, contributing positively to the company's performance [2]. - The real estate business is expected to continue generating revenue, with a significant inventory of 291.8 billion RMB as of Q1 [3]. - The company has a strong competitive position in the dye industry, which supports its valuation [4]. Summary by Sections Financial Performance - In Q1, the company achieved an operating income of 3.24 billion RMB, with a year-on-year decline of 7.2% and a quarter-on-quarter decline of 38.7%. The net profit attributable to the parent company was 400 million RMB, exceeding expectations [1]. - The sales volume for dyes, additives, and intermediates in Q1 was 56,000 tons, 15,000 tons, and 27,000 tons respectively, with year-on-year growth of 0.8%, 0.3%, and 7.8% [2]. Real Estate Business - The real estate segment is entering a monetization phase, with the "Bay Up" project achieving over 90% sales rate. The inventory as of Q1 increased by 350 million RMB year-on-year [3]. - Non-recurring gains increased by 180 million RMB to 100 million RMB in Q1, mainly due to fair value changes in financial assets and liabilities [3]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 2.15 billion RMB, 2.36 billion RMB, and 2.47 billion RMB, respectively, with corresponding EPS of 0.66 RMB, 0.72 RMB, and 0.76 RMB [4]. - The target price is set at 11.88 RMB, based on a 18x PE ratio for 2025, reflecting the company's leading position in the dye industry and orderly progress in real estate projects [4].

Core Viewpoint - The company has released its first quarter report for 2025, ensuring the accuracy and completeness of the information provided, and has extended the duration of its employee stock ownership plan until May 18, 2030 [1][2][14]. Financial Data Summary - The first quarter financial statements for 2025 have not been audited [3]. - The company reported that there were no significant changes in the net profit from merged entities, with both the current and previous periods showing a net profit of 0.00 yuan [5][6]. Shareholder Information - The total number of shareholders and the situation of the top ten shareholders have not changed significantly [4]. - The company confirmed that the employee stock ownership plan holds 25,000,070 shares, accounting for 0.77% of the total share capital [15]. Board Meeting Details - The ninth board meeting was held on April 25, 2025, with all nine directors present, and the meeting complied with relevant laws and regulations [7]. - The board approved the first quarter report and the extension of the employee stock ownership plan [8][10]. Operational Data - The company disclosed its main operational data for the first quarter of 2025, including production, sales, and revenue figures [16]. - There were no significant impacts on production and operations during the reporting period [17].

证券代码：600352 证券简称：浙江龙盛 公告编号：2025-020 号 浙江龙盛集团股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》要 求，公司 2025 年第一季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（元） | | --- | --- | --- | --- | | 染料 | 56,405 | 55,910 | 1,772,124,923.54 | | 助剂 | 10,760 | 15,448 | 241,810,199.35 | | 中间体 | 27,353 | 26,503 | 806,829,892.47 | 注：上述产品销量包含了部分外购成品再销售的量。 二、主要产品和原材料的价格变动情况 （一）主要产品价格(不含增值税)波动情况 第 3页 共 4 页 第 4页 共 4 页 第 1页 共 4 页 （二）主要原料 ...

鉴于上述存续期即将届满，根据《2020 年员工持股计划（草案）》的规定： "本员工持股计划的存续期届满前 2 个月，经出席持有人会议的持有人所持 2/3 以上份额同意并提交公司董事会审议通过后，本员工持股计划的存续期可以延 长"。全体员工持股计划持有人于 2025 年 4 月 25 日召开 2025 年第一次持有人会 议，基于对公司未来持续稳定发展的信心及公司股票价值的判断，同时为了维护 员工持股计划持有人的利益，一致同意延长 2020 年员工持股计划存续期五年， 即延长至 2030 年 5 月 18 日。该事项已经公司第九届董事会第十八次会议决议通 过。 特此公告。 第 1页 共 2 页 公司于 2025 年 4 月 25 日召开的第九届董事会第十八次会议审议通过了《关 于延长 2020 年员工持股计划存续期的议案》，现将公司延长 2020 年员工持股计 划存续期的相关情况公告如下： 一、本员工持股计划持有公司股份情况 公司于 2020 年 5 月 7 日、2020 年 5 月 18 日召开了公司第八届董事会第八 次会议和 2019 年年度股东大会，审议通过了《关于 2020 年员工持股计划（草案） 的议案 ...

《关于延长2020年员工持股计划存续期的议案》 参加表决的持有人以33,670万份同意，0份反对，0份弃权，审议通过了《关 于延长2020年员工持股计划存续期的议案》，同意延长2020年员工持股计划存续 期五年，即延长至2030年5月18日。本议案已经公司第九届董事会第十八次会议 决议通过。 特此公告。 浙江龙盛集团股份有限公司 二 O 二五年四月二十六日 证券代码：600352 股票简称：浙江龙盛 公告编号：2025-019 号 浙江龙盛集团股份有限公司 2020 年员工持股计划 2025 年第一次 持有人会议决议的公告 浙江龙盛集团股份有限公司（以下简称"公司"）于2025年4月25日在办公 大楼401会议室以现场结合远程视频的方式召开了2020年员工持股计划2025年第 一次持有人会议。本次会议有7名员工持股计划份额持有人出席，代表员工持股 计划份额33,670万份，占公司2020年员工持股计划总份额的100.00%。会议由管 理委员会负责召集，管理委员会主任卢邦义主持，本次会议的召集、召开及表决 程序符合《浙江龙盛集团股份有限公司2020年员工持股计划》和《浙江龙盛集团 股份有限公司2020年员工持股 ...

证券代码：600352 证券简称：浙江龙盛 公告编号：2025-017 号 浙江龙盛集团股份有限公司 第九届董事会第十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 浙江龙盛集团股份有限公司于 2025 年 4 月 20 日以专人送达、邮件的方式向 全体董事、监事和高级管理人员发出关于召开董事会会议的通知和材料，通知定 于 2025 年 4 月 25 日以通讯表决方式召开公司第九届董事会第十八次会议。会议 应出席的董事 9 人，实际出席会议的董事 9 人。公司监事、高级管理人员列席本 次会议，公司董事长阮伟祥主持会议。会议符合《公司法》等有关法律、法规、 规章以及《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《2025 年第一季度报告》 《2025 年第一季度报告》已经公司董事会审计委员会事前认可并同意提交 董事会。 同意本议案的 9 票，反对 0 票，弃权 0 票。具体内容详见在上海证券交易所 网站披露的公司《2025 年第一季度报告》。 （二）审议通过《关于延长 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,235,274,132.07, a decrease of 7.21% compared to the same period last year[3]. - Net profit attributable to shareholders increased by 100.44% to CNY 395,920,422.86, primarily due to last year's losses from other non-current financial assets[3][6]. - Basic earnings per share rose by 94.41% to CNY 0.1217, reflecting the significant improvement in net profit[3][6]. - The company reported a significant increase in pre-sale funds for commercial housing, contributing to the positive cash flow from operating activities[6]. - Total operating revenue for Q1 2025 was approximately ¥3.24 billion, a decrease of 7.2% compared to ¥3.49 billion in Q1 2024[17]. - Net profit for Q1 2025 reached approximately ¥471.23 million, an increase of 91.0% from ¥246.70 million in Q1 2024[18]. - Operating profit for Q1 2025 was approximately ¥593.42 million, up 94.3% from ¥305.54 million in Q1 2024[17]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.1217, compared to ¥0.0626 in Q1 2024[18]. - The company reported a comprehensive income total of ¥80,559,010.11 for Q1 2025, down from ¥137,904,138.72 in Q1 2024[27]. Cash Flow - The net cash flow from operating activities was CNY 2,507,278,904.25, a substantial increase from a negative cash flow of CNY -176,577,603.91 in the previous year[3]. - Cash flow from operating activities for Q1 2025 was approximately ¥2.51 billion, compared to a negative cash flow of ¥176.58 million in Q1 2024[20]. - In Q1 2025, the net cash flow from operating activities was ¥5,028,453,700.58, a significant improvement compared to a net outflow of ¥4,981,779,244.62 in Q1 2024[29]. - Total cash inflow from operating activities reached ¥10,916,345,688.12, up from ¥9,773,674,096.75 in the same period last year, indicating a growth of approximately 11.7%[29]. - Cash outflow from operating activities decreased to ¥5,887,891,987.54 from ¥14,755,453,341.37, reflecting a reduction of about 60%[29]. - The cash flow from other operating activities was ¥10,223,092,877.98, an increase from ¥9,463,590,735.78, reflecting a growth of about 8%[29]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 76,313,161,534.38, representing a 5.97% increase from the end of the previous year[4]. - As of March 31, 2025, the total assets of Zhejiang Longsheng Group Co., Ltd. amounted to RMB 76.31 billion, an increase from RMB 72.01 billion as of December 31, 2024, representing a growth of approximately 6.5%[12]. - The company's current assets reached RMB 56.85 billion, up from RMB 52.31 billion, indicating a growth of about 8.5%[12]. - The total liabilities of the company were RMB 38.59 billion, up from RMB 34.76 billion, which is an increase of about 11.3%[14]. - The total assets as of March 31, 2025, amounted to ¥34,389,011,132.44, up from ¥32,368,287,511.63 at the end of 2024, reflecting a growth of 6.3%[23]. - The total liabilities rose to ¥27,222,171,073.80, an increase of 7.7% from ¥25,282,038,327.66 at the end of 2024[23]. Shareholder Information - The top two shareholders, 阮伟祥 and 阮水龙, hold 13.09% and 11.98% of the shares, respectively[8]. - The total number of ordinary shareholders at the end of the reporting period was 124,473[8]. Investment and Financing Activities - Investment activities generated a net cash outflow of approximately ¥3.32 billion in Q1 2025, compared to a net outflow of ¥1.62 billion in Q1 2024[21]. - Financing activities generated a net cash inflow of approximately ¥673.98 million in Q1 2025, down from ¥7.59 billion in Q1 2024[21]. - Cash inflow from financing activities was ¥5,125,805,125.05, slightly down from ¥5,237,659,741.83 in Q1 2024[29]. - The net cash flow from financing activities turned negative at ¥-435,558,445.17, contrasting with a positive flow of ¥1,296,155,838.81 in the previous year[29]. Research and Development - Research and development expenses for Q1 2025 were ¥26,710,302.40, up 51.6% from ¥17,630,545.32 in Q1 2024[26].