Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

瑞联新材 2024 年年度股东大会会议文件 证券代码：688550 证券简称：瑞联新材 西安瑞联新材料股份有限公司 2024 年年度股东大会会议文件 2025年5月12日 瑞联新材 2024 年年度股东大会会议文件 目 录 | | 西安瑞联新材料股份有限公司 | 2024 年年度股东大会会议须知 | 2 | | --- | --- | --- | --- | | | 西安瑞联新材料股份有限公司 | 2024 年年度股东大会会议议程 4 | | | | 西安瑞联新材料股份有限公司 | 2024 年年度股东大会会议议案 6 | | | 议案 | 关于 1 2024 | 年度董事会工作报告的议案 7 | | | 议案 | 关于 2 2024 | 年度监事会工作报告的议案 | 12 | | 议案 | 3 关于 2024 | 年度财务决算及 2025 年度财务预算的议案 | 18 | | 议案 | 4 关于 2024 | 年年度报告及其摘要的议案 | 23 | | 议案 | 关于 5 2024 | 年度独立董事述职报告的议案 | 24 | | 议案 | 关于 6 2024 | 年度利润分配预案的议案 | 25 | | ...

科创投资研究 . 原【PE早餐】，升级聚焦为【科创投资研究】，宗旨为"关注科创动态，专注科创研究，聚焦科创项目，共享科创投资"。 作 者 | 科创投资研究 来源 | 科创投资研究 导 语：原股东套现离场，暴露出财务资本与产业资本在风险偏好上的根本分歧。 近日，青岛开发区投资建设集团（下称"开投集团"）通过股权划转及表决权委托，正式控股科创板上市公司瑞联新材（688550.SH）。 这场交易的特殊性在于：标的公司账面现金超10亿元，年营收近15亿元，净利润常年稳定在1.5亿-2亿元区间，但原控股股东却以7.5亿元对价出让控 制权。一时间，"原股东卖飞了"的质疑声四起。 表面看，这似乎是一场违背商业常识的交易：买方以低于标的净现金的价格拿下控制权，卖方主动放弃优质资产。 但穿透交易细节可以发现，从青岛国资的新材料产业布局，到原股东的资本困局，再到科创企业转型压力，多重因素交织下，这场交易的商业逻辑 远比账面数字复杂。 2025年3月20日，青岛开投集团通过协议受让及表决权委托，以总对价7.5亿元获得瑞联新材（688550.SH）31.58%的表决权，成为实际控制人。 以下文章来源于科创投资研究 ，作者深度的 这一 ...

事件: 2025 年4 月19 日，公司发布一季报：2025Q1 单季度，公司实现营业收入3.44 亿元，同比+4.83%，环 比-5.83%；实现归母净利润为0.46 亿元，同比+32.90%，环比-31.30%；扣非后归母净利润0.42亿元，同 比+32.48%，环比-33.82%；销售毛利率为42.48%，同比+6.28 个pct，环比-4.40 个pct；销售净利率为 13.27%，同比+2.81个pct，环比-4.91 个pct；2025 年Q1 季度末，公司存货金额为4.84亿元，同比 +1.43%，环比-0.19%；2025Q1 单季度公司经营活动产生的现金流净额为0.31 亿元，同比-21.95%，环 比-69.40%。 投资要点: 下游终端消费电子需求回暖，2024 年归母净利润同比大幅提升2024 年公司实现营业收入14.59 亿元，同 比增长20.74%；归属于上市公司股东的净利润2.52 亿元，同比增长87.60%，扣非后净利润2.37 亿元， 同比增长103.43%；经营活动产生的现金流量净额4.19 亿元，同比减少6.79%。分业务板块看，显示材 料板块实现销售收入12.76 亿元 ...

Core Insights - The company's net profit growth in 2024 is significantly higher than the revenue growth, primarily due to an increase in the sales proportion of high-margin products and effective cost reduction measures [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.459 billion yuan, representing a year-on-year growth of 20.74%. The net profit attributable to shareholders reached 252 million yuan, up 87.60%, while the net profit after deducting non-recurring items was 237 million yuan, reflecting a growth of 103.43% [3]. - The comprehensive gross margin for 2024 was 44.20%, an increase of 9.02 percentage points compared to 2023, driven by product structure optimization and significant cost control [3]. - In Q1 2025, the company reported a revenue of 344 million yuan, a year-on-year increase of 4.83%, and a net profit attributable to shareholders of 46 million yuan, up 32.9% [3]. Strategic Developments - The company has invested 76.4 million yuan to increase its stake in the wholly-owned subsidiary of Dainippon Screen, Dainippon Electronics, which is a leader in OLED blue light materials. This investment is expected to enhance strategic cooperation with clients and accelerate domestic substitution [4]. Future Projections - The company is expected to maintain positive growth in revenue and net profit in Q1 2025. Projections for net profit attributable to shareholders for 2025-2027 are 329 million yuan, 401 million yuan, and 493 million yuan, respectively, with corresponding EPS of 1.91, 2.33, and 2.86 yuan. A target price of 47.75 yuan is maintained, with a "buy" rating based on a 25X PE for 2025 [2].

2025 年 04 月 21 日 瑞联新材 (688550) ——25Q1 业绩符合预期，看好显示、医药、电子多板块 共振，业绩持续兑现 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 21 日 | | --- | --- | | 收盘价（元） | 35.19 | | 一年内最高/最低（元） | 40.42/18.23 | | 市净率 | 2.0 | | 息率（分红/股价） | 1.62 | | 流通 A 股市值（百万元） | 6,056 | | 上证指数/深证成指 | 3,291.43/9,905.53 | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 17.79 | | 资产负债率% | 10.80 | | 总股本/流通 A 股（百万） | 172/172 | | 流通 B 股/H 股（百万） | -/- | 周超 A0230123090004 zhouchao@swsresearch.com 联系人 周超 (8621)23297818× zhouchao@swsresearch.com 本研究报告仅 ...

事件1： 公司发布2024年报。2024年，公司实现营收14.59亿元，同比增长20.74%；实现归母净利润2.52亿元，同 比增长87.60%；实现扣非后归母净利润2.37亿元，同比增长103.43%。2024Q4，公司单季度实现营收3.65 亿元，同比增长32.25%，环比减少8.68%；实现归母净利润6642万元，同比增长83.86%，环比减少 26.18%。 事件2： 公司发布2025年一季报。2025Q1，公司单季度实现营收3.44亿元，同比增长4.83%，环比减少5.83%；实 现归母净利润4563万元，同比增长32.90%，环比减少31.30%；实现扣非后归母净利润4201万元，同比增 长32.48%，环比减少33.82%。 点评： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证 ...