Core Viewpoint - The A-share market shows a mixed performance with 476 stocks breaking through the five-day moving average, indicating potential investment opportunities in certain sectors [1] Group 1: Market Overview - As of 10:29 AM, the Shanghai Composite Index is at 3432.93 points, below the five-day moving average, with a fluctuation of 0.25% [1] - The total trading volume of A-shares today is 693.146 billion yuan [1] Group 2: Stocks with Significant Deviation - The stocks with the largest deviation from the five-day moving average include: - Morningstar Aviation (晨曦航空) with a deviation of 15.14% and a price increase of 19.99% [2] - Qifeng Precision (七丰精工) with a deviation of 11.69% and a price increase of 15.15% [2] - Awatech (阿为特) with a deviation of 10.02% and a price increase of 14.90% [2] - Other notable stocks with significant price increases and deviations include: - Xiongtai Technology (雄帝科技) with an 11.52% increase and an 8.85% deviation [2] - Songsheng Co. (崧盛股份) with a 10.85% increase and an 8.36% deviation [2] Group 3: Additional Stocks with Positive Performance - Other stocks showing positive performance and deviations include: - Lijun Co. (利君股份) with a 9.97% increase and a 7.69% deviation [2] - Xiangyu Medical (翔宇医疗) with a 10.41% increase and a 7.66% deviation [2] - Chengfei Integration (成飞集成) with a 10.00% increase and a 7.58% deviation [2]

Core Viewpoint - The report highlights a significant increase in China's nitrocellulose exports, with a total export value of 327 million yuan from January to May 2025, representing a 99% year-on-year growth, and an average price of 33,700 yuan per ton, up 37% year-on-year [2][3]. Group 1: Export Performance - In May 2025, the monthly export value of nitrocellulose reached 78 million yuan, further increasing month-on-month, with a price of 36,600 yuan per ton, setting a new recent high [3]. - The total export value for the first five months of 2025 was 327 million yuan, with a year-on-year increase of 99%, and an average price of 33,700 yuan per ton, reflecting a 37% increase year-on-year [2][3]. Group 2: Market Dynamics - The increase in prices is attributed to expanding demand and shrinking supply, influenced by ongoing global conflicts, leading to a growing need for energetic nitrocellulose [3]. - Global nitrocellulose production capacity is projected to decrease from 261,000 tons in 2023 to 198,000 tons in 2024, a reduction of 24% [3]. Group 3: Future Outlook - It is anticipated that in June 2025, domestic nitrocellulose exports may see a rise in price but a decrease in volume due to further contractions in production capacity following an explosion at a domestic facility [3]. - The core target in the nitrocellulose industry is Beihua Co., which maintains a leading position in production and sales globally, with over 50% market share domestically and around 15% internationally [4][5].

Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The report highlights a significant increase in China's nitrocellulose exports, with a total export value of 327 million yuan from January to May 2025, representing a year-on-year growth of 99%. The average price per ton reached 33,700 yuan, up 37% year-on-year [5][6] - The demand for nitrocellulose is driven by ongoing global conflicts, leading to increased military applications and a strategic supply shortage. The total global production capacity of nitrocellulose is projected to decrease from 261,000 tons in 2023 to 198,000 tons in 2024, a reduction of 24% [6][7] - Nitrocellulose is characterized as a non-cyclical chemical product with long-term growth potential, particularly in military applications and environmentally friendly fireworks. The fireworks industry in Liuyang is significant, with a total output value of 50.22 billion yuan in 2024, and nitrocellulose is expected to replace traditional black powder in this market [7][8] - The core player in the nitrocellulose industry is Beihua Co., which maintains a leading position globally, with over 50% market share domestically and around 15% internationally. The company aims to enhance its product structure and profitability in 2025 [8]

证券代码：002246 证券简称：北化股份 公告编号：2025-032 北方化学工业股份有限公司 2024 年年度权益分派实施公告 1、公司于 2025 年 5 月 15 日召开 2024 年年度股东大会，审议通过了《2024 年度利润分配预案》。公司 2024 年度利润分配方案为：以 2024 年度末总股本 549,034,794 股为基数，向全体股东每 10 股派发现金红利 0.20 元（含税），送 红股 0 股（含税），不以公积金转增股本。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 北方化学工业股份有限公司（以下简称"公司"），2024 年年度权益分派方 案已获 2025 年 5 月 15 日召开的 2024 年年度股东大会审议通过，现将权益分派 事宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本方案的情况 2、自分配方案披露至实施期间公司股本总额未发生变化，按分配总额保持 不变的原则实施。 3、公司本次实施的分配方案与股东大会审议通过的分配方案一致。 4、公司本次实施分配方案距股东大会审议通过的时间未超过两个月。 二、权益分派方案 ...

Market Performance - As of June 24, the nuclear pollution prevention concept sector declined by 1.11%, ranking among the top declines in concept sectors [1] - Within this sector, companies such as Jieqiang Equipment, Beihua Co., and Zhongjin Irradiation experienced significant declines, while 27 stocks saw price increases, with Hanwei Technology, Shengshi Technology, and Antai Technology leading the gains at 13.49%, 4.17%, and 2.89% respectively [1] Concept Sector Overview - The top-performing concept sectors today included: - Reducers: +4.82% - Solid-state batteries: +4.45% - Humanoid robots: +4.30% - Automotive thermal management: +4.02% - Sodium-ion batteries: +3.92% [2] - Conversely, the underperforming sectors included: - Combustible ice: -5.37% - Shale gas: -3.04% - Nuclear pollution prevention: -1.11% [2] Capital Flow Analysis - The nuclear pollution prevention sector saw a net outflow of 436 million yuan, with 37 stocks experiencing net outflows, and 5 stocks exceeding 50 million yuan in outflows [2] - The stock with the highest net outflow was Zhongchuan Emergency, with a net outflow of 76.27 million yuan, followed by Beihua Co. and Jihua Group with outflows of 76.22 million yuan and 56.99 million yuan respectively [2] Individual Stock Performance - Notable stocks with significant net outflows in the nuclear pollution prevention sector included: - Zhongchuan Emergency: -4.94% with a turnover rate of 7.28% and a net outflow of 76.27 million yuan - Beihua Co.: -9.68% with a turnover rate of 14.05% and a net outflow of 76.22 million yuan - Jiekang Equipment: -17.84% with a turnover rate of 28.66% and a net outflow of 39.86 million yuan [3][4]

Group 1 - The A-share nuclear pollution prevention sector experienced a significant decline at the opening, with Jieqiang Equipment hitting the 20% limit down [1] - Zhongjin Irradiation fell over 9%, indicating a broader negative sentiment in the sector [1] - Other stocks such as Hujiang Materials and Beihua Co. also followed the downward trend, reflecting a widespread impact on the industry [1]

Group 1 - The core viewpoint of the news is that Beihua Co., Ltd. (002246) has shown significant financial growth in its latest quarterly report, with a notable increase in revenue and net profit [1] - As of June 20, 2025, Beihua Co., Ltd. closed at 13.58 yuan, with a trading volume of 583,500 lots and a transaction amount of 778 million yuan [1] - The company's total operating revenue for Q1 2025 was 444 million yuan, representing a year-on-year growth of 49.50%, while the net profit attributable to shareholders was 29.51 million yuan, up 365.32% year-on-year [1] Group 2 - Beihua Co., Ltd. has a current liquidity ratio of 2.243 and a quick ratio of 1.973, indicating strong short-term financial health [1] - The company's debt-to-asset ratio stands at 33.78%, suggesting a moderate level of financial leverage [1] - The company has made investments in three enterprises and has participated in 4,215 bidding projects, showcasing its active engagement in the market [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has established a performance turning point with the growth in nitrocellulose demand and a contraction in supply. In the first four months of 2025, China's nitrocellulose export volume reached 7.6 million tons, a year-on-year increase of 39%, with export value rising by 86% to 250 million yuan [5][8]. - The company's revenue target for 2025 is set at 2.6 billion yuan, representing a 34% year-on-year growth, with a projected net profit of 140 million yuan, indicating a significant increase of 412% [6][9]. Company Overview - The latest closing price of the company's stock is 14.49 yuan, with a total market capitalization of 8 billion yuan. The company has a total share capital of 549 million shares, and its debt-to-asset ratio stands at 34.3% [4][6]. - The company experienced a revenue decline of 9.83% in 2024, with a net loss of 28 million yuan, primarily due to the return of overpaid prices for special order products [6][9]. Business Performance - Nitrocellulose business achieved a revenue of 703 million yuan in 2024, with a gross margin of 31.24%. Despite a revenue decline due to the shutdown of a production line, the gross margin reached a new high in recent years [6][7]. - The company is expected to benefit from the global increase in ammunition demand, with significant growth in both military and civilian applications for nitrocellulose [7][8]. Financial Projections - The company forecasts revenues of 2.61 billion yuan in 2025, 3.21 billion yuan in 2026, and 3.87 billion yuan in 2027, with corresponding net profits of 137 million yuan, 300 million yuan, and 428 million yuan respectively [12][13]. - The projected price-to-earnings ratios for the next three years are 58, 26, and 19 times [9][12].

Core Viewpoint - The report highlights the growth in nitrocellulose demand and the contraction in supply, establishing a performance turning point for Beihua Co., Ltd. (002246) with a "buy" rating recommended [1] Group 1: Nitrocellulose Market Performance - Nitrocellulose business achieved record high gross profit margins, indicating a performance turning point. In 2024, the company reported revenue of 1.947 billion yuan, a year-on-year decrease of 9.83%, and a net profit of -28 million yuan, a decline of 150.99% due to the return of overpaid special order products [3] - The company aims for a revenue target of 2.6 billion yuan in 2025, expecting a year-on-year growth of 34%, with a projected total profit of 140 million yuan, a year-on-year increase of 412% [3] - In Q1 2025, the company achieved revenue of 444 million yuan, a year-on-year increase of 50%, and a net profit of 30 million yuan, a year-on-year increase of 365%, primarily due to increased revenue from nitrocellulose and protective products [3] Group 2: Supply and Demand Dynamics - Global demand for nitrocellulose is increasing, driven by rising ammunition needs. The acquisition of Hagedorn-NC by Rheinmetall is expected to shift production towards military applications, addressing strategic supply shortages [4] - Nitrocellulose total production capacity is projected to decrease from 261,000 tons in 2023 to 198,000 tons in 2024, a reduction of 24%. Domestic production capacity is also significantly declining due to various incidents and the company's decision to shut down its Xi'an production line [4] - With increasing demand and reduced supply, the profitability of nitrocellulose companies is expected to improve significantly. In 2024, China's nitrocellulose exports reached 4.12 billion yuan, with an average price of 26,500 yuan per ton, reflecting a year-on-year price increase of 12% [4] Group 3: Long-term Growth Prospects - The export market for military nitrocellulose and the application of civilian nitrocellulose in the fireworks market present significant growth opportunities. The company has developed environmentally friendly nitrocellulose for fireworks, tapping into a large new market [5] - The protective equipment and industrial pump sectors are also expected to grow, driven by increased demand for activated carbon, catalysts, and environmental equipment as the domestic economy recovers [5] Group 4: Financial Position and Future Projections - As of March 31, 2025, the company had cash reserves of 1.296 billion yuan and trading financial assets of 247 million yuan, indicating a strong financial position to support strategic development [6] - The company is projected to achieve revenues of 2.610 billion, 3.212 billion, and 3.872 billion yuan from 2025 to 2027, with net profits of 137 million, 300 million, and 428 million yuan respectively, suggesting a favorable valuation with corresponding PE ratios of 58, 26, and 19 times [7]

Group 1 - The concept stocks related to nuclear pollution prevention have seen a significant rise, with Jihua Group hitting the daily limit up [1] - China Nuclear Technology previously reached the daily limit up, indicating strong market interest [1] - Other companies such as Jieqiang Equipment and China General Nuclear Power Technology have increased by over 5% [1] Group 2 - Additional stocks that experienced gains include Sandam Membrane, China Electric Environmental Protection, Construction Repair, and Beihua Co., Ltd [1]