Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][21]. Core Views - The increase in orders from BASF has significantly boosted the company's performance, and there is optimism regarding the continuous enrichment of the company's product matrix [1][2]. - The company is expanding its industrial chain both vertically and horizontally, enhancing existing product advantages while diversifying its product offerings [9][10]. Financial Performance - The company's revenue for 2024 is projected to be 667 million yuan, a year-on-year increase of 21.23%, with a net profit of 146 million yuan, up 89.21% year-on-year [1]. - For 2025, the company expects revenues of 783 million yuan and a net profit of 190 million yuan, representing year-on-year growth rates of 17.5% and 30.8%, respectively [11]. - The company's return on equity (ROE) is expected to improve from 2.9% in 2023 to 8.0% by 2027 [1][11]. Product and Market Development - The company has established a deep cooperation with BASF, which has led to a significant increase in sales of mobile source denitrification molecular sieves, contributing to a 50.03% year-on-year revenue growth from this segment [2][9]. - The company is actively developing new markets in Southeast Asia and India while strengthening its domestic market presence in regions like Northwest and South China [10][11]. Cost and Expense Management - In 2024, the company's sales expenses increased by 25.91%, while management expenses decreased by 18.60%, indicating a focus on cost control [3]. - The financial expenses saw a significant decline of 94.31%, reflecting improved financial management [3]. Cash Flow and Financial Health - The net cash flow from operating activities for 2024 is expected to be 188 million yuan, a year-on-year increase of 75.99% [4]. - The company's cash and cash equivalents at the end of the period are projected to be 153 million yuan, down 43.24% year-on-year, indicating a need for careful cash management [4].

Group 1 - The core viewpoint of the article highlights the recent research conducted by Renqiao Asset on a listed company, focusing on the growth potential of mobile source denitration molecular sieve products, particularly in the European and American markets under strict emission standards [1] - The company, Zhongchumei, reported a revenue of 199 million yuan in Q1 2025, representing a year-on-year growth of 0.05%, and a net profit of 40.71 million yuan, which is a 16.10% increase [1] - The research team at Zhongchumei consists of 143 members, including 5 PhDs and 13 Masters, and the company has implemented various incentive measures [1] Group 2 - Zhongchumei is actively managing its market value through share buybacks, increased holdings by controlling shareholders, and cash dividends [1] - The replacement cycle of mobile source denitration molecular sieve products depends on driving mileage and fuel quality, ensuring that exhaust emissions meet standards [1]

Group 1 - The epoxy propylene sector experienced a decline of 1.90%, ranking among the top losers in the concept sector, with notable declines from companies such as Hongqiang Co., Kent Catalysis, and Hongbaoli [1] - The top gainers in the epoxy propylene sector included Bohai Chemical, Guoen Co., and Zhongchumai, with increases of 3.05%, 0.95%, and 0.69% respectively [1] - The overall market saw a net outflow of 347 million yuan from the epoxy propylene sector, with 17 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [1] Group 2 - Hongbaoli led the net outflow with 198 million yuan, followed by Hangjin Technology, Hongqiang Co., and Kent Catalysis, with net outflows of 44.63 million yuan, 39.58 million yuan, and 24.99 million yuan respectively [1] - The top net inflows in the sector were seen in Bohai Chemical, Sinochem International, and China Chemical, with net inflows of 25.68 million yuan, 9.25 million yuan, and 1.62 million yuan respectively [2] - The trading volume for Hongbaoli was 21.49%, while the trading volume for Bohai Chemical was 9.36% [2]

Group 1 - The epoxy propylene sector experienced a decline of 3.41%, ranking among the top losers in the market, with notable declines in stocks such as Hongqiang Co., which hit the daily limit down, and others like Hongbaoli, Yida Co., and Bohai Chemical [1][2] - The sector saw a net outflow of 9.23 billion yuan in principal funds, with 18 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 30 million yuan. Hongbaoli led the outflow with 5.56 billion yuan, followed by Hangjin Technology, Wanhua Chemical, and Hongqiang Co. [2][3] - The top stocks with net inflows included Satellite Chemical, Zhongchumai, and Shida Shenghua, with inflows of 332.33 million yuan, 2.50 million yuan, and 1.99 million yuan respectively [2][3] Group 2 - The top losers in the epoxy propylene sector included Hongbaoli (-8.60%), Hangjin Technology (-3.77%), and Hongqiang Co. (-9.98%), with significant trading volumes and turnover rates [2][3] - The overall market sentiment reflected a bearish trend, with various sectors such as sodium-ion batteries and transgenic technology also experiencing declines, indicating a broader market pullback [2]

国浩律师（上海）事务所 关 于 中触媒新材料股份有限公司 2024 年年度股东大会 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 2025 年 5 月 国浩律师（上海）事务所 关于 中触媒新材料股份有限公司 2024 年年度股东大会之 法律意见书 致：中触媒新材料股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受中触媒新材料股份有限 公司（以下简称"公司"）委托，指派本所律师出席公司 2024 年年度股东大会（以 下简称"本次股东大会"）。本所根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东会 规则》（以下简称"《股东会规则》"）等法律、法规、 ...

证券代码：688267 证券简称：中触媒 公告编号：2025-022 中触媒新材料股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事8人，出席8人； 2、 公司在任监事3人，出席3人； 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 16 日 （二） 股东大会召开的地点：辽宁省大连普湾新区松木岛化工园区中触媒新材 料股份有限公司学术报告厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 33 | | --- | --- | | 普通股股东人数 | 33 | | 2、出席会议的股东所持有的表决权数量 | 110,504,491 | | 普通股股东所持有表决权数量 | 110,504,491 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 6 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

中触媒新材料股份有限公司 2024 年年度股东大会会议资料 证券代码：688267 证券简称：中触媒 中触媒新材料股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 中触媒新材料股份有限公司 2024 年年度股东大会会议资料 目录 | 2024 年年度股东大会会议须知 | | | | 3 | | --- | --- | --- | --- | --- | | 2024 年年度股东大会会议议程 | | | | 6 | | 议案一：关于公司 | 2024 | | 年度董事会工作报告的议案 | 8 | | 议案二：关于公司 | 2024 | | 年度监事会工作报告的议案 | 19 | | 议案三：关于公司 | 2024 | | 年度独立董事述职报告的议案 | 25 | | 议案四：关于公司 | 2024 | | 年年度报告及其摘要的议案 | 26 | | 议案五：关于公司 | 2024 | | 年度财务决算报告的议案 | 27 | | 议案六：关于公司 | 2025 | | 年度财务预算报告的议案 | 34 | | 议案七：关于公司 | 2024 | | 年度利润分配预案的议案 | 37 | | ...

Core Viewpoint - 中触媒 reported significant growth in revenue and net profit for the fiscal year 2024 and the first quarter of 2025, indicating a strong performance in the specialty molecular sieve and catalytic new materials sector [1] Financial Performance - For the fiscal year 2024, 中触媒 achieved revenue of 667 million yuan, a year-on-year increase of 21.23%, and a net profit of 146 million yuan, up 89.21% year-on-year [1] - In the first quarter of 2025, the company reported revenue of 199 million yuan, a slight increase of 0.05% year-on-year, and a net profit of approximately 40.71 million yuan, reflecting a year-on-year increase of 16.10% [1] Industry Overview - The catalyst industry, where 中触媒 operates, is experiencing growth both domestically and globally, with a promising market outlook, although it is significantly influenced by downstream chemical production [1][2] - Catalysts are considered the "chip" of the chemical industry, with applications across various sectors including petrochemicals, pharmaceuticals, and environmental protection, highlighting the industry's technological barriers and strong customer loyalty [2] Product and Market Strategy - 中触媒 has established a diverse product portfolio, including various catalysts and molecular sieves, and has developed strategic partnerships with major clients across regions such as Asia-Pacific, Europe, North America, and South Africa [3] - The company aims to break foreign monopolies in high-purity materials and contribute to the development of new strategic industries in China, such as photovoltaics and semiconductors [3] Research and Development - In 2024, 中触媒 invested 46.25 million yuan in R&D, accounting for 6.94% of its revenue, with total R&D investments over the past three years amounting to 143 million yuan, representing 7.56% of revenue [3] - The company plans to increase R&D intensity, focusing on green synthesis processes, catalyst material modification, and the development of new products to enhance profitability [3] Supply Chain and Trade Impact - 中触媒 indicated that its overseas procurement and sales to the U.S. are minimal, and the recent U.S. tariff policies have had a limited impact on its operations, with a sufficient backlog of orders [4]

Core Viewpoint - The catalyst industry has a promising future, being a core technology in the petrochemical sector and often referred to as the "chip" of the chemical industry [1] Industry Summary - Catalysts have high technical barriers and qualification certification barriers, with long product certification cycles and strong customer loyalty [1] - Research and innovation in catalysts, along with their industrial application, are crucial for technological upgrades in the chemical industry [1] - The catalyst industry serves as a core support for modern industry, indicating a broad development prospect in the future [1]