Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit attributable to shareholders of 4.663 billion yuan for 2024, a year-on-year decrease of 41%. The net profit excluding non-recurring items was 4.401 billion yuan, down 50% year-on-year [2][4]. - In Q4 2024, the net profit attributable to shareholders was 1.522 billion yuan, a decrease of 34% year-on-year but an increase of 64% quarter-on-quarter. The net profit excluding non-recurring items was 1.33 billion yuan, down 59% year-on-year but up 46% quarter-on-quarter [2][4]. - The company's potassium fertilizer business generated 11.713 billion yuan in revenue, a decrease of 20% year-on-year, while lithium carbonate revenue was 3.075 billion yuan, down 52% year-on-year [10]. Summary by Sections Financial Performance - For 2024, the total revenue was 15.134 billion yuan, with a gross profit of 7.848 billion yuan, resulting in a gross margin of 52% [15]. - The company achieved a potassium chloride production of 4.96 million tons, a year-on-year increase of 1%, while sales volume decreased by 17% to 4.6728 million tons [10]. - The average selling price for potassium chloride was approximately 2,507 yuan per ton, down 4% year-on-year, while the average selling price for lithium carbonate was about 74,000 yuan per ton, down 56% year-on-year [10]. Q4 Performance - In Q4 2024, the company produced 1.46 million tons of potassium chloride, a quarter-on-quarter increase of 17%, and sold 1.5072 million tons, a quarter-on-quarter increase of 62% [10]. - The gross margin for Q4 was 46.05%, with a net margin of 32.37% [10]. Future Outlook - The potassium fertilizer business is expected to maintain strong profitability, providing stable cash flow. The lithium business is projected to ramp up production in 2025 with the launch of a 40,000-ton lithium salt project [10]. - The entry of a state-owned enterprise as a major shareholder is anticipated to enhance the company's long-term growth potential through structural upgrades and resource integration [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.119 billion yuan in Q1 2025, representing a year-on-year increase of 14.5% but a quarter-on-quarter decrease of 33.43% [2][4]. - The net profit attributable to the parent company was 1.145 billion yuan, up 22.52% year-on-year but down 24.8% quarter-on-quarter [2][4]. - The company achieved a sales gross margin of 53.44%, an increase of 7.39 percentage points quarter-on-quarter, and a net profit margin of 40.41%, up 8.04 percentage points quarter-on-quarter [5]. Summary by Sections Financial Performance - In Q1 2025, the company produced 964,900 tons of potassium chloride, a decrease of 34% quarter-on-quarter, and sold 891,100 tons, down 41% quarter-on-quarter [5]. - The average price of potassium chloride in Q1 2025 was approximately 2,647 yuan per ton, reflecting a 7% increase quarter-on-quarter [5]. - The company produced 8,500 tons of lithium carbonate, an 11% increase quarter-on-quarter, while sales were 810 tons, down 32% quarter-on-quarter [5]. - The average price of battery-grade lithium carbonate in Q1 2025 was about 75,800 yuan per ton, a decrease of 1% quarter-on-quarter [5]. Strategic Outlook - The strategic significance of potassium and lithium resources is increasing, with expectations for the company to benefit from resource integration under the leadership of Minmetals Group [11]. - The company has a stable cash flow from its potassium fertilizer business and substantial cash reserves of 13.9 billion yuan as of Q1 2025, which supports future dividend expectations [11]. - The lithium business is projected to see a threefold increase in equity capacity with the launch of a 40,000-ton lithium salt project expected in 2025, enhancing long-term growth potential [11].

丨证券研究报告丨 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% 行业研究丨行业周报丨软件与服务 [Table_Title] Claude 4 正式发布，关注 AI Agent 投资机遇 2025 年第 21 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块持续回撤，大幅下跌 2.94%。在长江一级行业中排名第 32 位，两市成交额占 比为 7.64%，并购重组题材活跃。上周鸿蒙 PC 正式发布；美股量子计算股集体爆发；六部门 联合公布《国家网络身份认证公共服务管理办法》。本周重点推荐 AI coding 板块的持续机遇， 以及垂类场景下具有产品壁垒和数据壁垒的产品型厂商。 %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title Claude 4 正式发布，关注 2] AI Agent 投资机遇 2025 年第 21 周计算机行业周报 [Table_Summary2] 上周复盘：计算机板块大幅回调 上周大盘小幅回调，上 ...

丨证券研究报告丨 公司研究丨点评报告丨天齐锂业（002466.SZ） [Table_Title] 减值拖累业绩，轻装上阵成本优势有望体现—— 天齐锂业 2024 年报点评 报告要点 [Table_Summary] 公司 2024 年实现营业收入 130.63 亿元，同比-67.75%，实现归母净利-79.05 亿元，同比- 208.32%，实现扣非归母净利-79.23 亿元，同比-210.4%。2024Q4 实现营业收入 29.99 亿元， 同比-57.79%，环比-17.76%；实现归母净利-22.03 亿元，同比-174.98%，环比-344.51%；实 现扣非归母净利-21.86 亿元，同比-171.26%，环比-323.58%。 分析师及联系人 [Table_Author] 王鹤涛 王筱茜 许红远 肖百桓 周相君 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490520080021 SAC：S0490522080001 SFC：BQT626 %% %% %% %% research.95579.com 1 天齐锂业（002466.SZ） cjzqdt1111 ...

丨证券研究报告丨 公司研究丨点评报告丨赣锋锂业（002460.SZ） [Table_Title] 锂价下滑压制盈利，静待自有资源放量——赣锋 锂业 2024 年报点评 报告要点 [Table_Summary] 公司公布 2024 年报，全年实现归母净利-20.74 亿元，扣非归母净利-8.87 亿元；24Q4 实现归 母净利-14.34 亿元，扣非归母净利-5.3 亿元。 分析师及联系人 [Table_Author] 王鹤涛 王筱茜 许红远 肖百桓 周相君 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490520080021 SAC：S0490522080001 SFC：BQT626 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 锂价下滑压制盈利，静待自有资源放量 2] ——赣 锋锂业 2024 年报点评 [Table_Summary2] 事件描述 公司公布 2024 年报，全年实现归母净利-20.74 亿元，扣非归母净利-8.87 亿元；24Q4 实现归 母净利-14.34 亿元，扣非归母 ...

丨证券研究报告丨 公司研究丨点评报告丨赣锋锂业（002460.SZ） [Table_Title] 锂价下行，盈利持续承压——赣锋锂业 2025Q1 业绩点评 报告要点 [Table_Summary] 2025Q1 公司实现营收 37.72 亿元，同比-25.43%，环比-24.28%；实现归母净利-3.56 亿元， 同比+18.93%，环比+75.18%；实现扣非归母净利-2.42 亿元，同比+4.72%，环比+54.28%。 分析师及联系人 [Table_Author] 王鹤涛 王筱茜 许红远 肖百桓 周相君 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490520080021 SAC：S0490522080001 SFC：BQT626 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赣锋锂业（002460.SZ） cjzqdt11111 [Table_Title 锂价下行，盈利持续承压——赣锋锂业 2] 2025Q1 业绩点评 [Table_Summary2] 事件描述 2025Q1 公司实现营收 37.72 亿元 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] MLF 投放 5000 亿元，同业存单利率上行 ——流动性和机构行为周度观察 报告要点 [Table_Summary] 2025 年 5 月 19 日-5 月 23 日，央行公开市场净投放资金，资金利率略有提升。2025 年 5 月 19 日-5 月 25 日，政府债净融资规模减少；同业存单延续净偿还，同业存单到期收益率有所上 行；银行间债券市场杠杆率小幅波动。2025 年 5 月 26 日-6 月 1 日政府债预计净融资 5522 亿 元。 分析师及联系人 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490125010043 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title MLF 投放 5000 2] 亿元，同业存单利率上行 ——流动性和机构行为周度观察 [Table_Summary2] 资金面 央行净投放资金。2025 年 5 月 19 日-5 月 23 日，央行逆回购投放 9460 亿元、回笼 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AI 产业速递：Claude 4 系列模型大幅提升自主 编码能力，Agent 走向下一程 报告要点 [Table_Summary] 美国时间 5 月 23 日，Anthropic 正式发布 Claude 4 系列模型，包括 Claude Opus 4 和 Claude Sonnet 4 两款混合模型。其中，Claude Opus 4 是其发布的最高性能的编码模型，在复杂、长 时间运行的任务和代理工作流上具有持续的性能。Claude Sonnet 4 是 Claude Sonnet 3.7 的 重大升级，提供卓越的编码和推理，并且增强了可控性，从来更好地实施控制，提供功能和实 用性的优质组合。该系列模型显著提升了 AI 的工具能力，核心提升了模型对工具使用、并行工 具执行和进行扩展思考的能力，并且减少了模型使用快捷方式或漏洞完成任务的行为。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][2]. Core Views - The company's Q1 2025 performance was impacted by a slower-than-expected consumer recovery and high expense ratios, but it is now considered to have investment value. Projected net profits for 2025-2027 are estimated at 480 million, 530 million, and 610 million yuan, with corresponding PE ratios of 11, 10, and 9 times [2][4]. Summary by Sections Revenue Performance - In Q1 2025, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.3 billion, 170 million, and 160 million yuan, respectively, reflecting year-on-year declines of 4%, 32%, and 30% [4]. Profitability - The gross margin remained stable with a year-on-year increase of 0.1 percentage points. However, the expense ratio increased by 5.8 percentage points year-on-year, driven by higher sales, management, and financial expenses. The net profit margin decreased by 5.4 percentage points to 13.1% [4][2]. Operational Efficiency - Inventory increased by 3.5% year-on-year but decreased by 8.2% quarter-on-quarter, totaling 1.11 billion yuan. The cash flow from operating activities saw a significant increase of 353% year-on-year, reaching 79 million yuan, mainly due to improved cash collection and reduced procurement payments [4][2]. Future Outlook - The report suggests that once the negative impacts of the consumer recovery and high expense ratios dissipate, the company will present investment opportunities. The projected net profits for 2025-2027 indicate a positive growth trajectory [2][4].

丨证券研究报告丨 行业研究丨专题报告丨银行 [Table_Title] 为何本轮重点推荐优质城商行？ ——银行股配置重构系列四 报告要点 [Table_Summary] 当前宏观环境下，政府扩杠杆是最清晰的银行业务方向，而国有行和城商行以政府类业务为核 心扩表抓手，头部城商行正在加速争抢市场份额，在本市及省内的贷款市占率持续提升。资产 质量方面，目前以政府类业务为主体的城商行拥有最稳定的资产质量，同时去年以来零售贷款 投放力度和风控收紧，今年不良净生成率有望回落。城商行的基本面优势中期维度内将持续， 看好城商行成为本轮机构增配银行股的核心方向，估值有望率先站上 1xPB。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 为何本轮重点推荐优质城商行？ 2] ——银行股配置重构系列四 [Table_Summary2] 当前银行业竞争格局角度，区域头部城商行正在加速抢占市场份额 近年来 ...