Core Viewpoint - The company is expected to benefit from the expanding nucleating agent industry, maintaining a "buy" rating due to its growth in Q1 2025 and overall positive performance outlook [1] Financial Performance - In Q4 2024, the company achieved revenue of 882 million yuan, a year-on-year increase of 10.31%, and a net profit attributable to shareholders of 250 million yuan, up 10.68% year-on-year [3] - For Q1 2025, the company reported revenue of 220 million yuan, a year-on-year increase of 14.97%, and a net profit attributable to shareholders of 71 million yuan, up 15.82% year-on-year [4] Market Outlook - The nucleating agent market is projected to grow significantly, with the global market size expected to reach approximately 1.2 billion USD by 2030, driven by increasing demand for high-performance resin materials [4] - The company is capitalizing on domestic market opportunities due to rising demand amid U.S.-China trade tensions, enhancing its market share through product innovation and differentiated competition strategies [3]

证券代码：688625 证券简称：呈和科技 公告编号：2025-021 呈和科技股份有限公司 关于筹划重大资产重组的进展公告 本公司董事会及全体董事成员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。 一、本次重大资产重组的基本情况 呈和科技股份有限公司（以下简称"公司"） 及关联方正在筹划以现金方式收购芜湖映 日科技股份有限公司（以下简称"映日科技"）合计不低于51%股权（以下简称"本次交易"）， 本次交易完成后公司预计将实现对映日科技的控股。 经初步测算，本次交易预计构成《上市公司重大资产重组管理办法》规定的重大资产重 组情形。本次交易以现金方式进行，不涉及公司发行股份，也不会导致公司控制权的变更。 二、本次重大资产重组的进展情况 2025年4月7日，公司与映日科技股东张兵、天津美泰真空技术有限公司、罗永春、芜湖 映鑫企业管理合伙企业(有限合伙)签署了《收购意向协议》，具体内容详见公司于2025年4 月9日披露于上海证券交易所网站（www.sse.com.cn）的《呈和科技股份有限公司关于筹划重 大资产重组暨签署<收购意向协议>的提示性公告》（ ...

呈和科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688625 证券简称：呈和科技 呈和科技股份有限公司 2024 年年度股东大会 会议资料 二零二五年五月 呈和科技股份有限公司 2024 年年度股东大会会议资料 1 / 29 | 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 5 | | 2024 | | | | | 年年度股东大会会议议案 7 | | | 议案 | 1 | 关于公司《2024 | | 年年度报告》及摘要的议案 7 | | | 议案 | 2 | 关于公司《2024 | | 年度董事会工作报告》的议案 8 | | | 议案 | 3 | 关于公司《2024 | | 年度监事会工作报告》的议案 9 | | | 议案 | 4 | 关于公司《2024 | | 年度独立董事述职报告》的议案 10 | | | 议案 | 5 | 关于公司《2024 | | 年度财务决算报告》的议案 11 | | | 议案 | 6 | 关于公司 2024 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [4]. Core Insights - The company achieved record high performance in Q1 2025, with revenue of 2.20 billion yuan, a year-on-year increase of 14.97%, and a net profit of 0.71 billion yuan, up 15.82% year-on-year [1]. - The sales volume of nucleating agents increased by 26.53% in 2024, contributing to the company's historical high performance across various metrics [1]. - The domestic substitution process for nucleating agents is expected to accelerate due to tariff countermeasures, with the import substitution rate projected to rise from 30% in 2023 to 34% in 2025 [1]. Financial Summary - In 2024, the company reported a revenue of 8.82 billion yuan, a 10.31% increase from the previous year, and a net profit of 2.50 billion yuan, reflecting a 10.68% growth [3]. - The projected net profits for 2025, 2026, and 2027 are 3.10 billion yuan, 3.74 billion yuan, and 4.15 billion yuan, respectively, with corresponding P/E ratios of 21.83X, 18.09X, and 16.29X [2][3]. - The company's design capacity for nucleating agents reached 25,760 tons by the end of 2024, with significant production capacity expansions planned [1]. Acquisition Plans - The company plans to acquire at least 51% of Yingri Technology, which specializes in high-performance sputtering targets, aiming for synergies in customer resources and brand influence [2].

Summary of the Conference Call for Chenghe Technology Company Overview - Chenghe Technology achieved a revenue of 979 million yuan in 2024, marking a year-on-year growth of 10.37%, setting a historical record. The synthetic resin business was the main driver, generating 511 million yuan, a 25% increase year-on-year. In Q1 2025, revenue reached 220 million yuan, up 15%, with a net profit of 71 million yuan, also a record for a single quarter [2][4]. Key Points Industry Context - The ongoing US-China trade tensions have led to high tariffs on nucleating agents imported from the US, benefiting domestic producers like Chenghe Technology and accelerating the process of domestic substitution. Chenghe holds a 25%-30% market share in China, while the US company Milliken commands 60%-70% [2][5]. Performance Insights - Chenghe Technology maintains an optimistic outlook for future performance, expecting to sustain over 15% growth even without considering tariff impacts. The company views the tariffs as a historic opportunity for domestic substitution in the nucleating agent business, which will further drive growth [2][6][7]. - The nucleating agent production capacity is approximately 10,000 tons, with a total designed capacity of 25,760 tons and an operating rate of about 40%. The new Nansha factory will provide sufficient capacity [2][11][13]. Business Segment Performance - The synthetic resin business was the core driver in 2024, generating 511 million yuan, a 25% increase. The synthetic hydrotalcite business remained stable at around 117 million yuan, while the antioxidant business saw a slight decline due to production impacts from Tangshan Kaiao's upgrades [3][14]. - The company plans to expand its overseas channels significantly in 2025, particularly in the Middle East, Europe, Southeast Asia, and South America, expecting overseas business to become a key growth driver [3][16]. Acquisition Plans - Chenghe Technology plans to acquire 51% of Wuhu Yingri Technology for an estimated valuation of 1.8 billion yuan. This company specializes in target materials, with downstream clients including major panel manufacturers. The acquisition is expected to accelerate Chenghe's expansion in the display panel business and create synergies in efficiency materials [3][19]. Market Dynamics - The company anticipates that the antioxidant business will recover in 2025 following the completion of technical upgrades at Tangshan Kaiao, which had previously affected production [3][18]. - The stable revenue from hydrotalcite products over the past three years is attributed to the declining demand in the downstream PVC industry, influenced by the real estate market [3][14]. Financial Metrics - In 2024, the company achieved a net profit of 250 million yuan, a nearly 10% increase, marking the tenth consecutive year of double-digit growth. The first quarter of 2025 is expected to maintain a growth rate of 15% [3][22]. Challenges and Considerations - The company is currently in a wait-and-see mode regarding the impact of tariffs and potential price increases from Milliken, which may affect procurement costs and market dynamics [5][9][8]. - The procurement costs may rise due to increased tariffs, and the company is in discussions with customs to clarify operational details [9]. Future Outlook - Chenghe Technology is focusing on expanding its overseas business, which currently accounts for about 20% of its revenue, and aims to enhance its presence in key international markets [3][16][24]. - The company is also exploring new applications for hydrotalcite in cosmetics and spandex, with ongoing research and development efforts [25]. Conclusion Chenghe Technology is positioned to leverage the current market dynamics and trade policies to enhance its growth trajectory, with a strong focus on domestic substitution, international expansion, and strategic acquisitions. The company’s robust performance metrics and optimistic outlook for 2025 indicate a solid foundation for continued success in the industry.

Group 1 - The company has approved a guarantee agreement for its wholly-owned subsidiary to support its daily operations and business needs, with the board authorizing the chairman to make decisions and sign relevant documents [4][5][6] - The total amount of external guarantees provided by the company and its subsidiaries is currently zero, indicating no overdue guarantees or guarantees involving litigation [7] - The company plans to renew its audit contract with Lixin Certified Public Accountants for the fiscal year 2025, pending approval from the shareholders' meeting [10][12][20] Group 2 - Lixin Certified Public Accountants has a long history, established in 1927, and is a member of the international accounting network BDO, with a strong focus on securities services [12][13] - In 2024, Lixin reported a business income of RMB 4.748 billion, with audit services contributing RMB 3.672 billion and securities services RMB 1.505 billion [13] - The audit committee has reviewed Lixin's qualifications and capabilities, concluding that the firm meets the necessary standards for independence and professional competence [19][21]

Core Insights - The company reported a total revenue of 880 million yuan for 2024, representing a year-on-year increase of 10%, and a net profit attributable to shareholders of 250 million yuan, up 11% year-on-year [1] - In Q1 2025, the company achieved total revenue of 220 million yuan, with a year-on-year increase of 15% but a quarter-on-quarter decrease of 6%, and a net profit of 70 million yuan, reflecting a year-on-year increase of 16% and a quarter-on-quarter increase of 37% [1] Revenue and Market Performance - The company saw a continuous increase in market share, achieving record-high performance in 2024. The sales volume of nucleating agents reached 9,727.5 tons, up 32.0% year-on-year, generating revenue of 510 million yuan, a 24.0% increase year-on-year, with a gross margin of 55.91%, down 1.12 percentage points [2] - The sales volume of synthetic hydrotalcite was 7,037.4 tons, a 4.6% year-on-year increase, with revenue of 120 million yuan, down 1.0% year-on-year, and a gross margin of 47.02%, up 2.59 percentage points [2] - The sales volume of NDO composite additives reached 1,653.9 tons, up 16.9% year-on-year, with revenue of 60 million yuan, a 28.3% increase year-on-year, and a gross margin of 24.92%, down 1.30 percentage points [2] - The sales volume of antioxidants was 4,410.9 tons, up 15.3% year-on-year, generating revenue of 70 million yuan, down 20.2% year-on-year, with a gross margin of 14.93%, down 7.39 percentage points [2] - In Q1 2025, the company's gross margin improved significantly to 47.15%, with a year-on-year increase of 1.60 percentage points and a quarter-on-quarter increase of 7.89 percentage points, while the net margin was 32.46%, up 0.24 percentage points year-on-year and 10.07 percentage points quarter-on-quarter [2] Strategic Developments - The company is planning to acquire at least 51% of the shares of ITO target material leader Yingri Technology, which will facilitate resource sharing, brand enhancement, supply chain collaboration, cost optimization, and talent exchange, thereby enhancing core competitiveness and promoting high-quality development [3] - The completion and commissioning of the Nansha plant project at the end of 2024 significantly increased the company's production capacity, with optimized resource allocation further reducing costs and increasing efficiency [3] Investment Outlook - The demand for polymer material additives is expected to grow rapidly, with increasing self-sufficiency. The company forecasts net profits attributable to shareholders of 308 million yuan, 396 million yuan, and 478 million yuan for 2025-2027, corresponding to price-earnings ratios of 21.7, 16.9, and 14.0 times, respectively, maintaining a "buy" rating [3]

Core Insights - The company reported a revenue of 882 million RMB for 2024, representing a year-on-year growth of 10.31%, and a net profit attributable to shareholders of 250 million RMB, up 10.68% year-on-year [1][3] - In Q4 2024, the company achieved a revenue of 234 million RMB, with a year-on-year increase of 8.83%, but the net profit decreased by 10.51% to 52.34 million RMB [1] - For Q1 2025, the company generated a revenue of 220 million RMB, marking a 14.97% year-on-year growth, and a net profit of 71.46 million RMB, which is a 15.82% increase year-on-year [1] Financial Performance - The company has achieved record high profitability, with a continuous double-digit growth in performance for the tenth consecutive year [2][3] - The projected revenues for 2025-2027 are 1.138 billion RMB, 1.4 billion RMB, and 1.735 billion RMB respectively, with net profits of 283 million RMB, 337 million RMB, and 412 million RMB [5] Market Position and Strategy - The company is benefiting from the ongoing US-China trade disputes, with an increasing market share in high polymer material additives [3] - The company has over 180 different types of nucleating agents, synthetic hydrotalcite, and composite additives, enabling it to provide one-stop raw material supply to high-quality downstream customers [3] - The company is actively pursuing product innovation and expanding applications to enhance market share and steady growth [3] M&A Activity - The company signed an acquisition agreement to purchase at least 51% of a semiconductor materials company, with an estimated valuation of 1.8 billion RMB for the target company [4] - The target company specializes in high-performance sputtering targets, which are essential materials in the electronics manufacturing industry [4]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company has achieved record high quarterly profits, benefiting from domestic substitution amid the US-China trade dispute. In 2024, the company reported revenue of 882 million yuan, a year-on-year increase of 10.31%, and a net profit attributable to shareholders of 250 million yuan, up 10.68% [1][10]. - The company is actively pursuing mergers and acquisitions in the semiconductor materials sector to achieve synergistic development, with a planned acquisition of at least 51% of a target company valued at approximately 1.8 billion yuan [5][10]. Summary by Sections Company Profitability - The company has seen continuous improvement in profitability, with a market share increase and record high performance for ten consecutive years. The revenue for 2024 was 882 million yuan, with a net profit of 250 million yuan, both achieving historical highs [9][10]. - The company’s new production facility in Nansha has successfully commenced operations, significantly enhancing production capacity [12][13]. Core Products - The main products include nucleating agents, synthetic hydrotalcite, antioxidants, and composite additives, which are critical materials for achieving domestic production of high-performance resin materials [14][15]. Competitive Advantages - The company boasts a comprehensive product system and superior product performance, with over 300 different models of nucleating agents and other additives available for mass production [20]. - The company has strong R&D capabilities and continuous innovation, supported by a team of highly skilled professionals and partnerships with leading universities [21][22]. - The company has a robust patent portfolio, with 76 valid patents, including 59 invention patents, showcasing its commitment to technological advancement [23][24]. - The company adheres to green and efficient production processes, recognized as a "green factory" and a "zero-waste factory" [25]. - The company has established stable and reliable customer resources, including major energy and chemical companies, ensuring a strong market position [26]. Financial Data and Valuation - The company forecasts revenues of 1.138 billion yuan, 1.4 billion yuan, and 1.735 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 283 million yuan, 337 million yuan, and 412 million yuan for the same years [6][36]. - The current price-to-earnings (PE) ratios are projected to be 22.9, 19.2, and 15.8 for 2025, 2026, and 2027, respectively [6][36].

呈和科技688625 时间: 2025年4月30日星期三 53.15分综合得分 较强 趋势方向 主力成本分析 49.40 元 当日主力成本 48.70 元 5日主力成本 41.79 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 49.24 元 20日主力成本 0次 跌停 0 次 技术面分析 50.50 短期压力位 47.58 短期支撑位 53.90 中期压力位 41.03 中期支撑位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 暂无特殊形态 资金流数据 2025年04月30日的资金流向数据方面 | 主力资金净流入826.25万元 | | --- | | 占总成交额10% | | 超大单净流出191.97万元 | | 大单净流入1018.22万元 | | 散户资金净流出75.36万 | 关联行业/概念板块 2025年4月30日星期三 53.15 较强 49.40； 48.70； 49.24； 41.79； 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 826.25万; 10%; 191.97万; 101 ...