化工新材料周报（20250421-20250427）： 生物航煤、制冷剂价格稳中有涨，溴素、维生素价格走弱 2025 年 04 月 27 日 行业周报 看好/维持 基础化工 基础化工 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 基础化工 沪深300 相关研究报告 <<宝丰能源（600989.SH）：内蒙项目 进展顺利，原料价格下行助力盈利提 升>>--2025-04-24 <<恒力石化（600346.SH）：炼化板块 盈利有望修复，新材料产能逐步投 放>>--2025-04-23 <<万华化学 2024 年报及 2025 年一季 报点评：毛利率下滑拖累业绩，精细 化学品及新材料业务持续增长>>-- 2025-04-22 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点子行业及产品情况跟踪 生物航煤、制 ...

2025 年 04 月 27 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报（20250421-20250427）： 生物航煤、制冷剂价格稳中有涨，溴素、维生素价格走弱 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 基础化工 沪深300 相关研究报告 <<宝丰能源（600989.SH）：内蒙项目 进展顺利，原料价格下行助力盈利提 升>>--2025-04-24 <<恒力石化（600346.SH）：炼化板块 盈利有望修复，新材料产能逐步投 放>>--2025-04-23 <<万华化学 2024 年报及 2025 年一季 报点评：毛利率下滑拖累业绩，精细 化学品及新材料业务持续增长>>-- 2025-04-22 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 （2）低空经济/机器人产业链材料：我国低空经济、机器 ...

Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power systems [7]. Core Insights - The overall industry strategy emphasizes focusing on companies with strong Q1 reports and the acceleration of new globalization [3][4]. - The new energy vehicle supply chain has entered a new cycle, with companies like Weilan Lithium and Huayou Cobalt benefiting from strong Q1 performance [3]. - The overseas energy storage market shows robust order demand, with CATL holding a significant market share [5]. - The AI and new energy sectors are witnessing breakthroughs in new markets, with companies like XPeng and Zhejiang Rongtai benefiting from advancements in robotics [6]. Summary by Sections Industry Strategy - Focus on companies with good Q1 reports, particularly in high-barrier segments like lithium batteries, wind power, and energy storage [3]. - Companies with localized production overseas, such as EVE Energy, are expected to benefit from tariff changes [4]. New Energy Vehicle Supply Chain - Companies like Weilan Lithium and Huayou Cobalt reported significant profit increases in Q1 2025, with Weilan Lithium achieving a net profit of 142 million yuan, up 100.56% year-on-year [3]. - The new globalization trend is evident, with nine Chinese lithium battery companies establishing production in Malaysia [4]. Energy Storage Market - In Q1 2025, China's overseas energy storage orders exceeded 82 GWh, with CATL accounting for over half of these orders [5]. - Companies like Shangneng Electric reported a 16.78% increase in revenue and a 71.56% increase in net profit in Q1 2025, benefiting from the growth in the overseas energy storage market [5]. AI and New Energy Sectors - XPeng's humanoid robot IRON is set to be deployed in factories and stores, showcasing the integration of AI and robotics in the new energy sector [6]. - Companies like Guoda Special Materials and Daikin Heavy Industries reported substantial profit increases in Q1 2025, with Guoda's net profit rising by 1488.76% [6].

Investment Rating - The report maintains a "Buy" rating for Beijing Human Resources (600861) with a target price based on the last closing price of 22.32 [1][7]. Core Insights - The company reported a revenue of 430.32 billion yuan for 2024, representing a year-on-year growth of 12.32%, and a net profit attributable to shareholders of 7.91 billion yuan, up 44.42% year-on-year [4][5]. - In Q1 2025, the company achieved a revenue of 108.37 billion yuan, a growth of 2.72% year-on-year, and a net profit of 5.91 billion yuan, which is a significant increase of 180.41% year-on-year [4][5]. - The outsourcing business is identified as the core driver of revenue growth, accounting for 83.77% of total revenue, with a year-on-year growth rate of 13.96% [4][5]. - The company is focusing on digital upgrades to enhance operational efficiency through collaborations with technology firms [6]. Financial Performance Summary - For 2024, the company expects to achieve a revenue of 430.32 billion yuan, with a growth rate of 12.32%, and a net profit of 7.91 billion yuan, reflecting a growth rate of 44.42% [8]. - The projected net profits for 2025, 2026, and 2027 are 10.98 billion yuan, 10.1 billion yuan, and 11.47 billion yuan, with growth rates of 38.69%, -7.94%, and 13.52% respectively [7][8]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 1.94 yuan, 1.78 yuan, and 2.03 yuan, with corresponding price-to-earnings (PE) ratios of 12X, 13X, and 11X [7][8]. Cost Management and Efficiency - The company has shown significant improvement in cost management, with a decrease in selling, administrative, and research expenses as a percentage of revenue [6]. - The overall gross margin for 2024 was 5.89%, down 1.00 percentage point year-on-year, primarily due to the increased proportion of lower-margin outsourcing business [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 34.06 [1][15]. Core Insights - The company achieved a total revenue of 11.788 billion yuan in 2024, representing a year-on-year growth of 20.55%. The net profit attributable to shareholders was 205 million yuan, up 2.42% year-on-year [4][9]. - In Q1 2025, the company reported a revenue of 3.303 billion yuan, a year-on-year increase of 25.13%, and a significant net profit growth of 42.15% [4][5]. - The flexible employment business remains the core driver of revenue growth, with the number of outsourced positions increasing to 47,400 by the end of March 2025, contributing to a revenue growth rate of 22.42% in this segment [5][6]. Financial Performance - The company's total assets reached 4.025 billion yuan at the end of 2024, a 7.37% increase from the beginning of the year. The equity attributable to shareholders was 2.055 billion yuan, up 10.93% [4][6]. - The gross margin for 2024 was 6.36%, a decrease of 0.95 percentage points year-on-year, primarily due to the rapid expansion of lower-margin businesses [6][8]. - The net profit margin for 2024 was 1.74%, down 0.31 percentage points year-on-year, but the company effectively controlled various expense ratios [6][8]. Business Strategy - The company focuses on structural demand in the recruitment market, leveraging technological innovation and industry integration, particularly in high-end manufacturing, artificial intelligence, and digitalization [7][8]. - The report emphasizes the integration of platform products and the enhancement of AI-driven recruitment matching systems to improve operational efficiency [8][9]. - The company is expected to achieve net profits of 271 million yuan, 336 million yuan, and 395 million yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 31.99%, 24.03%, and 17.42% [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [1][7][16]. Core Views - The company shows steady revenue growth, achieving a revenue of 687.15 billion yuan in 2024, a year-on-year increase of 10.31%, and a net profit of 55.49 billion yuan, up 0.22% year-on-year [4][5]. - The company is expanding its presence in emerging markets and diversifying its product offerings, which is expected to drive future growth [6][10]. Revenue and Profitability - The company sold approximately 201 million mobile phones in 2024, contributing to revenue growth despite a decline in profit margins due to market competition and supply chain costs [5]. - The gross margin for the mobile phone business in 2024 was 20.62%, a decrease of 2.63 percentage points year-on-year [5]. Financial Projections - Revenue projections for 2025-2027 are 770.24 billion yuan, 882.33 billion yuan, and 1,008.80 billion yuan, respectively, with corresponding net profits of 63.56 billion yuan, 75.40 billion yuan, and 90.41 billion yuan [7][8]. - The expected growth rates for revenue are 12.09% in 2025, 14.55% in 2026, and 14.33% in 2027 [8]. Cost Management - The company effectively managed its operating expenses, with a sales expense ratio of 7.04%, a decrease of 0.82 percentage points year-on-year, and a management expense ratio of 2.52%, down 0.10 percentage points year-on-year [5][8]. Market Position and Strategy - The company maintains a strong position in the African mobile phone market and is actively pursuing a multi-brand strategy to enhance its ecosystem through mobile internet and digital accessories [6][10].

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector showed a slight increase of +0.25% on April 24, 2025, outperforming the CSI 300 index by 0.26 percentage points, ranking 7th among 31 sub-industries [4]. - Braintree's innovative small molecule therapy, Tegoprazan, achieved positive results in two pivotal Phase 3 clinical trials, targeting acid-related gastrointestinal diseases [5]. - Key financial results from various companies indicate strong growth, with Heng Rui Pharmaceutical reporting a 20.14% increase in revenue to 7.206 billion yuan and a 36.90% rise in net profit to 1.874 billion yuan [6]. Sub-industry Summary - Chemical Pharmaceuticals: No rating [3] - Traditional Chinese Medicine: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other Pharmaceuticals: Neutral [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][9][14] Core Views - The company experienced a revenue decline of 11.69% year-on-year in 2024, with total revenue of 3.696 billion yuan. However, Q1 2025 showed a revenue increase of 22.47% year-on-year, reaching 1.136 billion yuan [4][9] - The company is expected to benefit from new game launches, with two new games planned for release in 2025, which are anticipated to contribute positively to revenue [6][9] - The company has a strong commitment to returning cash to shareholders, with a proposed cash dividend of 35 yuan per 10 shares for 2024, totaling approximately 251 million yuan, representing a cash dividend payout ratio of 75.94% [7][9] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3.696 billion yuan, a decrease of 11.69% year-on-year, and a net profit of 945 million yuan, down 16.02% year-on-year. In Q1 2025, revenue was 1.136 billion yuan, up 22.47% year-on-year, with a net profit of 283 million yuan, an increase of 11.82% year-on-year [4][5][11] Game Development and Launches - The company has two new games in development, with plans to launch a Japanese fantasy-themed mobile game and a Three Kingdoms-themed SLG game in 2025. Additionally, the overseas version of "Wanjian Changsheng" is set to launch in various regions [6][9] Shareholder Returns - The company plans to distribute a total cash dividend of approximately 718 million yuan for 2024, which is 81.46% of the annual net profit. The board has also proposed a cash dividend plan for the first half and third quarter of 2025 [7][9] Revenue and Profit Forecast - The company forecasts revenues of 4.322 billion yuan, 4.631 billion yuan, and 4.855 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 16.95%, 7.16%, and 4.84%. Net profits are expected to be 1.046 billion yuan, 1.219 billion yuan, and 1.336 billion yuan for the same years, with growth rates of 10.68%, 16.58%, and 9.60% [9][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 8.35 [1][8]. Core Insights - The company achieved a revenue of 1.643 billion yuan in 2024, representing a year-on-year growth of 15.58%. The net profit attributable to shareholders reached 306.84 million yuan, an increase of 11.44% compared to the previous year [4][8]. - The company has demonstrated strong capabilities in the exhibition industry, with a significant increase in revenue from supporting services, which grew by 62.87% year-on-year, accounting for 21.71% of total revenue [5][6]. - The company is accelerating its international expansion, having registered a subsidiary in Hong Kong and exploring integrated operations in the Expo Exhibition Hall [7][8]. Financial Performance - The company reported a gross margin of 32.58% for 2024, a slight increase of 0.68 percentage points year-on-year. The net profit margin was 18.67%, showing a minor decline of 0.69 percentage points due to increased management expenses [6][9]. - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares for 2024, with a cash dividend payout ratio of 52.86% [7][8]. - Forecasts indicate that the company will achieve net profits of 351 million yuan, 398 million yuan, and 452 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 14.3%, 13.6%, and 13.5% [8][9]. Market Position and Strategy - The company organized and participated in 59 exhibition projects in 2024, an increase of 18% from the previous year, with a total exhibition area of 1.24 million square meters [5][6]. - The sports segment generated revenue of 189 million yuan, reflecting a year-on-year growth of 21.7%, although the gross margin decreased due to high costs associated with new events [5][6]. - The company is investing 50 million yuan to establish an AI ecosystem service platform, enhancing its digital capabilities and exploring value-added services [6][7].

Investment Rating - The report maintains a "Buy" rating for Xiangcai Co., Ltd. (600095) with a target price based on the last closing price of 8.43 [1]. Core Views - Xiangcai Co., Ltd. is transitioning as a traditional brokerage firm while advancing in financial technology, aiming to create a differentiated competitive advantage [1][5]. - The company has optimized its governance structure and continues to operate under a light asset model, with a significant focus on securities business contributing 96.25% of net income [4][20]. - Financial performance has shown fluctuations due to proprietary business impacts, but there is a steady growth trend in revenue and operating profit [4][20]. Summary by Sections Company Governance and Business Model - Xiangcai Co., Ltd. was established in 1993 and went public in 2020 through a reverse merger, evolving into a comprehensive brokerage firm [15]. - The introduction of Zhejiang state-owned capital has optimized the shareholding structure, creating a mixed ownership model [16]. - The securities business has become the primary revenue source, with the industrial sector's contribution significantly reduced to less than 2% of total assets [20]. Financial Technology Empowerment - The brokerage business is being enhanced through financial technology, focusing on wealth management transformation [5][32]. - Credit business has shown stable growth, with margin financing increasing by 12.60% year-on-year, while stock pledge business has been eliminated [43]. - Proprietary business has shifted towards long-term value investment, increasing the proportion of fixed-income investments [49]. Financial Performance Forecast - Revenue projections for Xiangcai Co., Ltd. are estimated at 2.26 billion, 2.51 billion, and 2.83 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to reach 102.54 million, 195.12 million, and 255.48 million yuan [6][9]. - The diluted EPS is forecasted to be 0.04, 0.07, and 0.09 yuan for the same years, indicating a significant improvement in profitability [6][9]. Strategic Partnerships and Acquisitions - Xiangcai Co., Ltd. has a strong foundation in financial technology and plans to merge with Dazhihui to enhance its service capabilities [6][81]. - The collaboration with Yimeng Co. has been pivotal in developing AI-driven investment advisory services, enhancing customer engagement and service quality [76][81].