Zhejiang Xinhua Chemical Co.,Ltd
603867.SS · SHH
Company research
Zhejiang Xinhua Chemical Co., Ltd. (603867.SS) is a China-based specialty chemicals manufacturer founded in 1967 and listed on the Shanghai Stock Exchange in 2019, principally engaged in the research, development, production, and sales of fatty amines, organic solvents, synthetic fragrances, and other fine chemical products. The company's diverse product portfolio includes organic amine series (such as isopropylamine, monoethylamine, diethylamine, and triethylamine), aroma chemicals derived from turpentine oil (including sandalwood compounds and ester series), peroxide series, synthetic ammonia, and inorganic and custom chemicals, with applications spanning pesticides, pharmaceuticals, inks, new energy, and coatings. Operating four manufacturing bases across Zhejiang, Jiangsu, and Jiangxi provinces, Xinhua is recognized as one of China's leading manufacturers in C2–C8 organic amines and turpentine oil derivatives, holding over 60% domestic market share in these segments and exporting to more than 20 countries. The company holds ISO 9001, ISO 14001, and GB/T 28001 certifications and has been recognized among China's Top 500 Petroleum and Chemical Enterprises.
Research reports
This initiation report from Guotai Haitong views Zhejiang Xinhua Chemical as a leading producer of fatty amines, organic solvents and synthetic fragrances with significant capacity in partnership with Givaudan, forecasting 2026–2028 EPS of 1.47–2.13 CNY and assigning a 44.1 CNY target at 30x PE while highlighting risks from raw‑material price volatility, new capacity digestion and safety/environmental issues.
国泰海通证券（通过富途牛牛） · May 28, 2026新化股份(603867)首次覆盖报告：专注精细化工业务持续深耕技术创新领域This Futu-hosted version of Guotai Haitong’s initiation report emphasizes the company’s stable core earnings growth from fatty amines, solvents and fragrances, its leading low‑carbon fatty amine and electronic‑grade isopropanol technologies, and a 44.1 CNY target price based on 30x PE, while warning about raw‑material swings, capacity ramp-up risks and regulatory/environmental constraints.
富途牛牛研究 · May 3, 2026新化股份(603867)：业绩符合预期主业经营稳健新兴产业顺利推进This Futu research article reviews the 2025 annual and 2026Q1 results, noting that margins and net profit improved despite modest revenue growth as fatty amines and fragrances strengthened while solvents weakened, and attributes additional earnings to early lithium-extraction project revenue, with the company expanding into electronic-grade isopropanol, battery recycling and salt‑lake lithium while maintaining a positive earnings outlook.
招商证券（通过慧博投研/Microbell） · October 28, 2025招商证券-新化股份-603867-前三季度业绩同比略增，向高附加值产业链升级This China Merchants Securities report analyses the 2025 Q3 results, concluding that revenue and net profit grew modestly with slightly higher margins as the company shifts toward higher value‑added specialty products along the chemical value chain, and supports an “overweight” stance while flagging potential risks from raw‑material price fluctuations, new capacity utilization and environmental and safety compliance.
国金证券（通过新浪财经/研报虎） · August 28, 2025国金证券-新化股份-603867-业绩符合预期，推动新兴项目落地-250828This Guojin Securities report discusses the 2025 half‑year results, noting stable overall earnings with solid growth in fatty amines and fragrances but pressure on solvent margins, and highlights strategic projects in salt‑lake lithium extraction, battery recycling and electronic‑grade isopropanol; it maintains a buy rating with adjusted 2025–2027 profit forecasts and PE multiples and cautions about capacity ramp-up, raw‑material, lithium project and FX risks.