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【公司研究】中洲特材-国内高温耐蚀合金领跑者有望持续受益于下游需求加速增长-210318(38页).pdf
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图3.2:2021—2025年信用债发行人加权平均发行利率情况
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2026-04-27
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图3.3:2021一2025年产业债发行人加权平均发行利率情况
fCDlubTku70gfCBBQUEgIHwgQUErICB8IEFBICAgfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS18LS0tLS0tfAp8IDIwMjEgfCAzLjI4IHwgMy4wMSB8IDQuOTEgfAp8IDIwMjIgfCAzLjA0IHwgMy41NiB8IDQuNjUgfAp8IDIwMjMgfCAzLjUwIHwgMy45MCB8IDQuODkgfAp8IDIwMjQgfCAyLjU4IHwgMi45MSB8IDMuMTMgfAp8IDIwMjUgfCAyLjMxIHwgMi43NCB8IDMuMTUgfAoK6LWE5paZ5p2l5rqQ77yaV2luZO+8jOWkp+ays+i0oueri+aWueaVtOeQhg==
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2026-04-27
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表 2.2 2025年末河南存量信用债发行人最新主体级别情况
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2026-04-27
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表3.7:2021一2025年城投债发行人发行时主体级别情况
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2026-04-27
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图3.4:2021一2025年城投债发行人加权平均发行利率情况
fCDlubTku70gfCBBQUEgfCBBQSsgfCBBQSB8CnwtLS0tLS18LS0tLS18LS0tLS18LS0tLXwKfCAyMDIxIHwgNC4xMSB8IDQuNDAgfCA1Ljk1IHwKfCAyMDIyIHwgNC4wNSB8IDMuOTcgfCA1LjM1IHwKfCAyMDIzIHwgNC43MiB8IDQuNjMgfCA1Ljc0IHwKfCAyMDI0IHwgMi44MSB8IDIuOTEgfCAzLjM5IHwKfCAyMDI1IHwgMi41MSB8IDIuNjEgfCAyLjkyIHwKCui1hOaWmeadpea6kO+8muWbvuS4reaJgOekuuaVsOaNruadpea6kOS6juebuOWFs+e7n+iuoeaKpeWRig==
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2026-04-27
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表3.5:2021一2025年信用债发行人发行时主体级别情况
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2026-04-27
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图20.近年发行人主要产品毛利率
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2026-03-13
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图21.2022-2025H1发行人期间费用率
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2026-03-13
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图14.2022-2025H1发行人营收结构
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2026-03-13
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图16.发行人股权架构
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2026-03-13
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图29.2025H1发行人客户结构
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2026-03-13
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图20.发行人存货周转率(次)
fCDlubTku70gfCDlrZjotKflkajovaznjofvvIjmrKHvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDIyIHwgMC43NiAgICAgICAgICAgICB8CnwgMjAyMyB8IDAuNzcgICAgICAgICAgICAgfAp8IDIwMjQgfCAwLjc5ICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muaLm+iCoeivtOaYjuS5pu+8jOWbveaKleivgeWIuOivgeWIuOeglOeptuaJgA==
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2026-01-27
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发行人2016年以来每年新增终端客户数量与代表客户
fCDpobnnm67lkI3np7AgICAgICAgICAgICAgICB8IOmihOiuoeaKlei1hOmHkeminSAgIHwg5ouf5oqV5YWl5Yuf6ZuG6LWE6YeR6YeR6aKdIHwKfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IOacuuWZqOinhuinieS6p+WTgeS6p+S4muWMluWfuuWcsOmhueebriB8IDcwLDUwOS45NCAgICAgIHwgNzAsNTA5Ljk0ICAgICAgICAgIHwKfCDmnLrlmajop4bop4nnoJTlj5HkuK3lv4Ppobnnm64gICAgIHwgNDAsOTIxLjUyICAgICAgfCA0MCw5MjEuNTIgICAgICAgICAgfAp8IOihpeWFhea1geWKqOi1hOmHkSAgICAgICAgICAgICB8IDEwLDAwMC4wMCAgICAgIHwgMTAsMDAwLjAwICAgICAgICAgIHwKfCDlkIjorqEgICAgICAgICAgICAgICAgICAgfCAxMjEsNDMxLjQ2ICAgICB8IDEyMSw0MzEuNDYgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrmi5vogqHor7TmmI7kuabvvIzlm73mipXor4HliLjor4HliLjnoJTnqbbmiYA=
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2026-01-27
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图13.发行人主营业务收入分模式(万元)
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2026-01-27
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图13.中资美元债2025年到期分布(已违约发行人除外)
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2026-01-14
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7.2. 相对估值 选取图南股份、钢研高纳、应流股份、通裕重工和抚顺特钢作为可比公司。中洲特材是民用领域内的高温耐蚀合金龙头企业,主要聚焦于石化、石油天然气钻采、化工、核电、新能源、汽车配件、模具等领域,本投资价值研究报告在选择可比公司方面,主要选取与公司业务相近的企业,故我们选取与公司所在高温耐蚀合金领域具有竞争关系的图南股份、钢研高纳、应流股份、通裕重工和抚顺特钢作为可比公司。
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【公司研究】中洲特材-国内高温耐蚀合金领跑者有望持续受益于下游需求加速增长-210318(38页).pdf
发行人目前通过多项质量管理体系认证
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高温合金和耐蚀合金对比
盈利预测敏感性分析(百万元)
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