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].

截至2025年4月30日收盘，星湖科技(600866)报收于7.56元，下跌1.05%，换手率3.45%，成交量38.24万 手，成交额2.92亿元。 董秘最新回复 投资者： 去年请问出口美国收入多少？ 董秘： 尊敬的投资者，您好！在国际市场上，公司产品远销欧洲、东南亚、韩国等50多个国家与地 区，公司2024年度国外整体销售收入情况请详见公司于2025年4月22日在上海证券交易所披露的临2025- 011号《2024年度主要经营数据公告》。感谢您的关注！ 投资者： 请问，截止4月25日收盘，股东户数多少？ 董秘： 尊敬的投资者，您好！关于公司的股东户数请详见公司于2025年4月22日在上海证券交易所披露 的《2025年第一季度报告》，感谢您的关注！ 投资者： 董秘您好，根据美国对中国的最新关税政策，对公司影响有多大，是否可以进行成本转移， 公司对美国出口的营业收入占比有多少，未来对美业务规划如何。 董秘： 尊敬的投资者，您好！在国际市场上，公司产品远销欧洲、东南亚、韩国等50多个国家与地 区，目前美国对中国的关税政策不会对公司的生产经营产生重大影响。公司将密切关注国际经济环境及 相关政策的变化，积极研究和制 ...

广东肇庆星湖生物科技股份有限公司 关于持股5%以上股东权益变动触及1%整数倍的 提示性公告 股票代码：600866 股票简称：星湖科技 公告编号：临 2025-020 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。 重要内容提示： ● 本次权益变动系广东肇庆星湖生物科技股份有限公司（以 下简称"公司"）持股5%以上的股东铁小荣履行此前披露的减持计 划，不触及要约收购。 ● 本次权益变动不会导致公司控股股东、实际控制人发生变 化。 ● 本次权益变动后，铁小荣及其一致行动人宁夏伊品投资集 团 有 限 公 司 （ 以 下 简 称 " 伊 品 集 团 " ） 合 计 持 有 公 司 股 份 265,250,180股，持股比例从17.03%减少至15.96%。 2025年4月23日，公司收到持股5%以上股东铁小荣及其一致行动 人伊品集团出具的《关于权益变动触及1%整数倍的告知函》，现将 本次权益变动的具体情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本信息 | 信息披露 | 名称 | 铁小荣及其一致行动人伊品集团 | ...

（文章来源：证券时报网） 证券时报·数据宝统计，4月22日共有49只个股现身大宗交易平台，累计成交量0.51亿股，累计成交额 5.72亿元，其中19只个股交易额超千万元。唯捷创芯交易额最高，大宗交易共1笔，成交额0.49亿元；其 次是星湖科技，大宗交易共1笔，成交额0.47亿元。（数据宝） 4月22日大宗交易成交额居前股票 | 证券代 | 证券简 | 涨幅 | 收盘价 | 成交量（万 | 成交额（万 | 笔 | 成交价 | 折溢价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （元） | 股） | 元） | 数 | （元） | （%） | | 688153 | 唯捷创 | -1.21 | 34.38 | 150.00 | 4875.00 | 1 | 32.50 | -5.47 | | | 芯 | | | | | | | | | 600866 | 星湖科 技 | 10.04 | 7.89 | 600.00 | 4734.00 | 1 | 7.89 | 0.00 | | 603266 | 天龙股 份 | 2.02 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4]. Core Views - The company has demonstrated strong profit growth, with a 39.12% year-on-year increase in net profit for 2024, driven by effective cost control and increased sales volume despite a slight decline in revenue [1][2]. - The market for feed amino acids is experiencing significant growth, with a compound annual growth rate (CAGR) of 12.7%, which is expected to benefit the company as it focuses on small variety amino acids [3]. - The company is investing 37.12 billion yuan in a corn deep processing project, which is anticipated to enhance its competitive edge in the amino acid market [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 173.34 billion yuan, a slight decrease of 0.23% year-on-year, while net profit reached 9.43 billion yuan, an increase of 39.12% [1]. - For Q1 2025, the company reported a revenue of 40.39 billion yuan, down 3.82% year-on-year, but net profit surged by 88.55% to 4.74 billion yuan [1][2]. - The gross profit margin improved significantly, reaching 22.46% in Q1 2025, compared to 17.19% in 2024, reflecting better cost management [2]. Business Segment Overview - In 2024, the company generated revenue from various segments: food additives (4.25 billion yuan), feed additives (11.73 billion yuan), and others, with respective gross margins of 12.24% and 16.97% [2]. - The company’s overall profit margins improved, with net profit margin reaching 5.48% in 2024, up from previous levels [2]. Future Earnings Forecast - The company is projected to achieve net profits of 13.05 billion yuan, 14.48 billion yuan, and 16.16 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.79 yuan, 0.87 yuan, and 0.97 yuan [3][5].

星湖科技4 月21 日发布24 年年报和25 年一季报：24 年营收173 亿元，同比-0.2%，归母净利9.4 亿元 （扣非后11.4 亿元），同比39%（扣非后同比57%），其中24Q4 归母净利2.7 亿元，同环比 +41%/+55%，24Q4 归母净利符合我们前瞻2.7 亿元的预期。拟每股派现0.38 元（含税），股利支付率 66.94%。25Q1 实现营收40 亿元，同环比-4%/-11%，归母净利4.7 亿元（扣非后4.6 亿元），同环比 89%/78%，25Q1 归母净利超过我们前瞻3亿元的预期，系成本改善、非经常性损益减少等影响。考虑豆 粕提价及减量替代需求下氨基酸景气有望改善，维持"买入"评级。 24 年氨基酸景气改善，味精跌价及非经常性损益拖累下全年净利仍创新高24 年饲料添加剂营收yoy+4% 至117 亿元，毛利率yoy+4.8pct 至17%，据博亚和讯，赖氨酸（98.5%）/赖氨酸（70%）/苏氨酸均价 10.5/5.3/11.0 元/kg ， yoy+11%/-9%/+1% ， 赖/ 苏氨酸综合价差2.4/3.8 元/kg ，yoy+94%/+60%；食品添 加剂营收yoy-13 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 9.60 [8][9]. Core Views - The company achieved a record net profit in 2024, with a net profit of RMB 9.4 billion, a year-on-year increase of 39% [1]. - In Q1 2025, the company reported a revenue of RMB 40 billion, with a net profit of RMB 4.7 billion, exceeding expectations due to cost improvements and reduced non-recurring losses [1][5]. - The amino acid market is expected to improve due to rising soybean meal prices and reduced substitution demand [1]. Summary by Sections Financial Performance - In 2024, the company's revenue was RMB 173 billion, a slight decrease of 0.2% year-on-year, while the net profit increased by 39% [1]. - The feed additive segment saw a revenue increase of 4% to RMB 117 billion, with a gross margin improvement of 4.8 percentage points to 17% [2]. - The food additive segment experienced a revenue decline of 13% to RMB 42 billion, with a gross margin decrease of 1.2 percentage points to 12.2% due to falling prices of monosodium glutamate [2]. Q1 2025 Performance - In Q1 2025, the feed additive revenue decreased by 1% year-on-year and 46% quarter-on-quarter to RMB 27.5 billion, while the food additive revenue decreased by 12% year-on-year but increased by 6% quarter-on-quarter to RMB 9.7 billion [3]. - The average market prices for lysine and threonine showed slight increases year-on-year, indicating a potential recovery in the amino acid market [3]. Market Outlook - The market prices for lysine and threonine are projected to improve, supported by rising soybean meal prices and the approach of peak season [4]. - The company is advancing its 600,000-ton corn deep processing project in Xinjiang, which is expected to contribute to future growth [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of RMB 13.2 billion, RMB 14.1 billion, and RMB 15.9 billion respectively [5]. - The estimated EPS for 2025 is RMB 0.80, with a target price based on a 12x PE ratio [5].

股票代码：600866 股票简称：星湖科技 公告编号：临 2025-006 广东肇庆星湖生物科技股份有限公司 监事会会议决议公告 本公司监事会及全体监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、监事会会议召开情况 广东肇庆星湖生物科技股份有限公司（以下简称"公司"）第十一 届监事会第七次会议于 2025 年 4 月 20 日召开，会议应参会监事 3 人， 实际参会监事 3 人。会议由监事会主席许荣丹主持。本次会议通知于 2025 年 4 月 10 日以电子邮件方式送达全体监事。会议的召集、召开 符合有关法律、法规和《公司章程》的规定。 二、监事会会议审议情况 会议逐项审议并表决通过以下议案： 1.2024 年度监事会工作报告 表决结果为 3 票同意，0 票反对，0 票弃权。 3.关于 2024 年年度报告（全文及摘要）的议案 公司监事会关于 2024 年年度报告的审核意见： （1）公司 2024 年年度报告的编制符合编制要求、公司章程和公 司内部管理制度的各项规定； （2）公司 2024 年年度报告的内容和格式符合中国证监会和上海 证券 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-005 广东肇庆星湖生物科技股份有限公司 董事会会议决议公告 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 广东肇庆星湖生物科技股份有限公司（以下简称"公司"）第十 一届董事会第十次会议于 2025 年 4 月 10 日发出会议通知，2025 年 4 月 20 日在公司会议室以现场结合通讯方式召开，应出席会议董事 9 人，实际出席会议董事 9 人。其中，董事闫晓林、闫小龙以通讯方式 参加本次会议。会议由董事长刘立斌先生主持，公司全体监事、高级 管理人员列席会议，会议的召开符合《中华人民共和国公司法》及本 公司章程的规定，会议决议有效。 二、董事会会议审议情况 （一）经全体董事审议表决，通过了以下议案： 1.2024 年度总经理工作报告 表决结果为 9 票同意，0 票反对，0 票弃权。 2.2024 年度董事会工作报告 表决结果为 9 票同意，0 票反对，0 票弃权。 3.关于公司 2024 年度计提资产减值准备的议案 1 公司本次计 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-008 广东肇庆星湖生物科技股份有限公司 2024 年年度利润分配预案的公告 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。 重要内容提示： 广东肇庆星湖生物科技股份有限公司（以下简称"公司"） 2024 年度拟向全体股东每股派发现金红利 0.38 元（含税），不进行 资本公积转增股本和送红股。 本次利润分配以实施权益分派股权登记日登记的总股本为 基数，具体日期将在权益分派实施公告中明确。在实施权益分派的股 权登记日前公司总股本发生变动的，公司拟维持每股分配比例不变， 相应调整分配总额，并将在相关公告中披露。 公司不触及《上海证券交易所股票上市规则（2024 年 4 月修 订）》（以下简称《股票上市规则》）第 9.8.1 条第一款第（八）项规 定的可能被实施其他风险警示的情形。 一、利润分配预案内容 （一）利润分配预案的具体内容 经信永中和会计师事务所（特殊普通合伙）审计，公司2024年度 1 实现归属于上市公司股东的净利润为94,315.28万元，截至20 ...