Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The supply and demand for metallic chromium are tightening, leading to price increases, which is expected to benefit the chromium salt industry [4][5] - The company is well-positioned to benefit from the structural changes in the chromium salt industry due to its comprehensive coverage of the chromium salt supply chain [7][10] Summary by Sections Market Performance - As of April 24, 2025, the company's stock has outperformed the CSI 300 index with a 1-month increase of 13.8%, a 3-month increase of 66.3%, and a 12-month increase of 100.5% [3] Industry Dynamics - The global production capacity of metallic chromium is currently between 75,000 to 80,000 tons, with demand driven by sectors such as AI data centers and aerospace [4] - The average price of metallic chromium in China as of April 24, 2025, is 73,060 CNY/ton, reflecting an increase of 12,090 CNY/ton since the beginning of 2025 [5] Company Overview - The company has two major chromium salt production bases in Huangshi and Chongqing, with a production capacity of approximately 250,000 tons in 2023, expected to increase to over 350,000 tons after the completion of the Chongqing base's technical transformation [7] - The company is extending its product line to include metallic chromium, with a designed production capacity of 12,000 tons/year for chromium alloy additives by July 2024 [7] Financial Projections - Projected revenues for 2024, 2025, and 2026 are 4.05 billion CNY, 4.985 billion CNY, and 5.667 billion CNY respectively, with corresponding net profits of 491 million CNY, 725 million CNY, and 822 million CNY [10] - The company is expected to maintain a favorable P/E ratio of 22, 15, and 13 for the years 2024, 2025, and 2026 respectively, indicating strong growth potential [10]

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-013 | | --- | --- | --- | | 债券代码：113687 | 债券简称：振华转债 | | 湖北振华化学股份有限公司 公司股票交易于 2025 年 4 月 21 日、4 月 22 日、4 月 23 日连续三个交易日 内收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关 规定，属于股票交易异常波动。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营活动正常。市场环境或行业政策没有发生重 大调整、生产成本和销售等情况没有出现大幅波动、内部生产经营秩序正常。 股票交易异常波动公告 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个别及连带责任。 重要内容提示： 湖北振华化学股份有限公司（以下简称"公司"）股票于 2025 年 4 月 21 日、4 月 22 日、4 月 23 日连续三个交易日内收盘价格涨幅偏离值累计超过 20%， 属于股票交易异常波动。 经公司自查，并书面征询控股股东及实际控制人，本 ...

关于湖北振华化学股份有限公司股票交易 异常波动问询函的回复 湖北振华化学股份有限公司: 控股股东、实际控制人:蔡再华 2025 年 4 月 23 日 本人作为公司的控股股东及实际控制人,截至目前,不存在影响 公司股票交易价格异常波动的重大事宜,不存在应披露而未披露的重 大信息,包括但不限于重大资产重组、股份发行、收购、债务重组、 业务重组、资产剥离、资产注入、股份回购、股权激励、破产重整、 股份增持/减持计划、重大业务合作、引进战略投资者等重大事项。 特此回复。 (以下无正文) 本人于 2025年 4 月 23 日收到贵公司发来的《关于湖北振华化学 股份有限公司股票交易异常波动间询函》,经本人自查确认,现回复 如下: ...

Summary of the Conference Call on Zhenhua Co., Ltd. Industry Overview - The chromium salt market has seen a significant price increase since the beginning of the year, indicating a growing recognition of the chromium salt cycle, driven by supply constraints and sustained demand growth, particularly in emerging fields such as aerospace and gas turbines [1][2] - The chromium salt industry is characterized by a tight supply-demand relationship, primarily due to limited supply expansion and increasing demand across various sectors, including traditional applications and new emerging fields [3][4] Company Insights - Zhenhua Co., Ltd. is a leading global player in the chromium salt industry, holding nearly 60% market share domestically and over 25% globally, benefiting from strong environmental processing capabilities and technological innovation [1][4] - The company has effectively addressed chromium slag issues, allowing for expansion in a tightly regulated environment where only 6 to 8 companies operate in China [3][12] - Zhenhua's production capacity includes 245,000 tons of chromium salt, with a flexible multi-product approach that allows for demand-driven production across various segments [19] Market Dynamics - The price of metallic chromium has risen significantly, from 61,600 RMB/ton at the beginning of the year to 73,600 RMB/ton by April 22, 2025, reflecting a demand-driven market [2][17] - Key drivers for the increase in metallic chromium prices include rapid growth in demand from sectors such as gas turbines, aerospace engines, military applications, and humanoid robots, alongside rising upstream raw material costs [6][10] - The aerospace industry is experiencing a resurgence in demand due to post-pandemic recovery, leading to increased maintenance needs and a surge in high-temperature alloy demand [9][25] Emerging Opportunities - The gas turbine sector is witnessing growth driven by the construction of data centers in the U.S., with significant orders for high-temperature alloys, of which 20% is metallic chromium [10] - The military sector's demand has also increased due to geopolitical factors, further driving the need for metallic chromium [10] - Zhenhua's focus on environmental processes and technological innovations has strengthened its cost advantages, enhancing production efficiency and product quality [16][33] Future Outlook - The overall outlook for the chromium salt and metallic chromium industry remains positive, with a mismatch between supply and demand leading to sustained price pressures [34][35] - Zhenhua's commitment to R&D, with over 100 million RMB invested in 2023, supports its technological advancements and environmental initiatives, positioning the company for long-term growth [20][32] - The company is exploring new applications in the AI and electrification era, which are expected to drive further demand for chromium products [13][14] Competitive Landscape - Zhenhua's market position is bolstered by high technical barriers that limit competition, with a stable return on equity (ROE) between 15% and 20%, indicating strong financial performance [15] - The company is expected to maintain its leading position in the industry, benefiting from a favorable competitive landscape characterized by limited large-scale competitors [12][36] Conclusion - Zhenhua Co., Ltd. is well-positioned to capitalize on the growing demand for chromium products across various sectors, supported by its strong market share, technological innovations, and commitment to sustainable practices, indicating a promising future for the company and the industry as a whole [36]

Core Points - The announcement details the conversion results of the company's convertible bonds as of March 31, 2025, indicating a total conversion amount of 117,000 yuan and 10,039 shares converted, representing 0.0020% of the total shares before conversion [1][2] Group 1: Convertible Bond Issuance Overview - The company issued 406,210 convertible bonds on August 2, 2024, with a total value of 40,621,000 yuan and a face value of 100 yuan per bond [1] - The convertible bonds are listed under the code "113687" on the Shanghai Stock Exchange [1] Group 2: Conversion Status - As of March 31, 2025, a total of 117,000 yuan of the convertible bonds has been converted into 10,039 shares, with 2,403 shares coming from the company's repurchased securities account [2] - The conversion price for the bonds is set at 11.64 yuan per share [2] Group 3: Share Capital Changes - The total share capital increased from 509,016,166 shares to 509,023,802 shares due to the conversion of the bonds [2] - The increase in shares includes 7,636 shares resulting from the conversion of the bonds [2]

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-012 | | --- | --- | --- | | 债券代码：113687 | 债券简称：振华转债 | | 湖北振华化学股份有限公司 关于 2025 年第一季度可转债转股结果暨股份变动的公告 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意湖北振华化学股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2024〕900 号）核准，湖北 振华化学股份有限公司于 2024 年 8 月 2 日公开发行 40.621 万手（406.21 万张） 可转换公司债券，每张面值 100 元，发行总额人民币 40,621.00 万元，发行期限 6 年。 （二）可转债上市情况 经上海证券交易所自律监管决定书〔2024〕99 号文同意，公司发行的 40,621.00 万元可转换公司债券于 2024 年 8 月 2 日在上交所挂牌交易，债券简称 "振华转债"，债券代码"113687"。 （三）可转债转股情况 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 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The report highlights the increasing demand for chromium salt products driven by robust domestic and international needs, particularly in high-temperature alloys, which is expected to enhance the company's leading position in the industry [2][9]. - The company has demonstrated significant growth in both sales volume and pricing of chromium salt products, with a notable increase in production capacity due to the Chongqing Minfeng relocation project [3][9]. Summary by Relevant Sections Price Adjustments - On February 16, 2025, the company announced price increases for sodium dichromate and potassium dichromate by 500 CNY/ton, and for chromium trioxide and chromium oxide green by 1000 CNY/ton. Earlier, on February 11, the price of metallic chromium was raised by 3000 CNY/ton [1]. Market Demand and Pricing Trends - As of March 4, 2025, the average market price for metallic chromium was 62,500 CNY/ton, up 2,500 CNY/ton since the beginning of the year, reflecting a monthly increase of 4.17%. The average price for chromium oxide green was 29,000 CNY/ton, with a year-to-date increase of 1,000 CNY/ton, showing a monthly rise of 3.57% [2]. Production and Capacity - In 2023, the company produced approximately 245,000 tons of chromium salt (in terms of sodium dichromate). The total domestic production capacity is around 400,000 tons per year. The company is also the largest producer of vitamin K3 globally, leveraging its raw material advantages [2][3]. Future Growth Projections - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 480.64 million CNY, 549.30 million CNY, and 633.77 million CNY, respectively. The expected earnings per share (EPS) for the same years are projected to be 0.94 CNY, 1.08 CNY, and 1.25 CNY [9][11].

Group 1 - The company, Zhenhua Co., announced a price adjustment for metallic chromium, increasing the price by 2000 yuan per ton from the original price [1] - The company's representative indicated that the specific execution of the price increase is currently unclear, and future prices will fluctuate based on raw material costs and downstream demand [1] - Zhenhua Co. holds a market share of approximately 40% to 50% in the domestic chromium salt market, suggesting that other companies in the industry may also adjust their product prices accordingly [1]

Summary of the Conference Call on Zhenhua Co., Ltd. and the Chromium Salt Industry Industry Overview - The chromium salt industry is undergoing a value reassessment due to changes in downstream demand structure, with traditional sectors growing slowly while emerging fields like aerospace engines and high-temperature alloys are experiencing rapid growth. The rise of artificial intelligence is also increasing the demand for wear-resistant electrical equipment, further driving the application of metallic chromium [2][4][5]. Company Positioning - Zhenhua Co., Ltd. is a key supplier of sodium dichromate in the upstream of the global supply chain, holding a significant market position in China. The company collaborates with international firms like UK’s AMG and France’s De La Rue to serve high-temperature alloy companies such as ATI and Hainse International, ultimately supplying gas turbine and aircraft engine manufacturers [2][6]. Demand Growth - The demand for sodium dichromate in the gas turbine and aircraft engine sectors is expected to grow by approximately 3% and 2% annually, respectively, driven primarily by the increasing demand for high-temperature alloy materials used in gas turbine hot-end materials and core components of aircraft engines [2][7]. Emerging Applications - The artificial intelligence era is pushing the expansion of metallic chromium applications in various fields, including coatings for robotic joints, magnetic shielding materials for electric motors, and materials for rocket interiors, presenting new development opportunities for the chromium salt industry [2][5][9]. Supply Challenges - The supply side faces challenges related to the treatment of hexavalent chromium waste, with increasing environmental regulations. The industry is required to achieve no-calcium roasting and zero waste discharge, which raises the entry barriers and limits global production capacity [2][11]. Competitive Advantages - Zhenhua Co., Ltd. possesses significant competitive advantages, including scale, environmental processing capabilities, and cost advantages. The company is the largest producer in China, enhancing its technological innovation capabilities through waste treatment, by-product recovery, and vertical integration [12][14][29]. Financial Performance - From 2018 to 2020, Zhenhua's revenue ranged from 1 to 1.5 billion RMB. Following the acquisition of Minfeng Chemical, revenue exceeded 3 billion RMB from 2021 to 2023, with projections for further growth in 2024. Profit has increased from 100 million RMB to approximately 300-400 million RMB, although rising raw material prices have impacted profitability [19]. Research and Development - Zhenhua Co., Ltd. invests over 100 million RMB annually in R&D, accounting for 16% of its workforce. This investment has led to significant advancements in technologies such as zero-discharge processes and has enhanced cost advantages [20][33]. Market Demand Trends - Global demand for Zhenhua's products is on the rise, particularly in the high-temperature alloy market, which is growing at an annual rate of about 20%, translating to an increase of approximately 12,000 tons of metallic chromium demand each year [22]. Future Directions - Zhenhua plans to continue optimizing processes and reducing costs while increasing R&D investments to maintain its technological edge. The company will focus on emerging fields such as aerospace and high-temperature alloys to address challenges posed by slower growth in traditional application areas [23]. Conclusion - The chromium salt industry is poised for significant growth driven by emerging applications and increasing demand in high-temperature sectors. Zhenhua Co., Ltd. stands out as a leading player with strong competitive advantages and a commitment to innovation, positioning itself well for future opportunities in the market [15][32].

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-011 | | --- | --- | --- | | 债券代码：113687 | 债券简称：振华转债 | | 重要内容提示： 湖北振华化学股份有限公司（以下简称"振华股份"、"公司"）股票自 2025 年 2 月 19 日至 2025 年 3 月 11 日，已有 15 个交易日的收盘价格不低于"振 华转债"当期转股价格 11.64 元/股的 130%（含 130%）。根据《湖北振华化学 股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 的相关约定，已触发"振华转债"的有条件赎回条款。 湖北振华化学股份有限公司 关于不提前赎回"振华转债"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。 公司于 2025 年 3 月 11 日召开第五届董事会第四次会议，审议通过了《关于 不提前赎回"振华转债"的议案》，决定本次不行使"振华转债"的提前赎回权， 不提前赎回"振华转债"。 未来 12 个月内（即 2025 年 3 月 12 ...