2025 年 03 月 28 日 公司研究●证券研究报告 肯特催化（603120.SH） 新股覆盖研究 投资要点 下周二（4 月 1 日）有一家主板上市公司"肯特催化"询价。 风险提示：已经开启询价流程的公司依旧存在因特殊原因无法上市的可能、公司内 交易数据 总市值（百万元） 流通市值（百万元） 总股本（百万股） 67.80 流通股本（百万股） 12 个月价格区间 / 分析师 李蕙 SAC 执业证书编号：S0910519100001 lihui1@huajinsc.cn 报告联系人 戴筝筝 daizhengzheng@huajinsc.cn 相关报告 华金证券-新股-新股专题覆盖报告（信凯科 技）-2025 年第 25 期-总第 551 期 2025.3.22 华金证券-新股-新股专题覆盖报告（泰禾股 份）-2025 年第 24 期-总第 550 期 2025.3.21 华金证券-新股-新股专题覆盖报告（泰鸿万 立）-2025 年第 23 期-总第 549 期 2025.3.21 华金证券-新股-新股专题覆盖报告（开发科 技）-2025 年第 22 期-总第 548 期 2025.3.18 华金证券-新股-新 ...

2025 年 03 月 28 日 公司研究●证券研究报告 肯特催化（603120.SH） 新股覆盖研究 投资要点 下周二（4 月 1 日）有一家主板上市公司"肯特催化"询价。 风险提示：已经开启询价流程的公司依旧存在因特殊原因无法上市的可能、公司内 交易数据 总市值（百万元） 流通市值（百万元） 总股本（百万股） 67.80 流通股本（百万股） 12 个月价格区间 / 分析师 李蕙 SAC 执业证书编号：S0910519100001 lihui1@huajinsc.cn 报告联系人 戴筝筝 daizhengzheng@huajinsc.cn 相关报告 华金证券-新股-新股专题覆盖报告（信凯科 技）-2025 年第 25 期-总第 551 期 2025.3.22 华金证券-新股-新股专题覆盖报告（泰禾股 份）-2025 年第 24 期-总第 550 期 2025.3.21 华金证券-新股-新股专题覆盖报告（泰鸿万 立）-2025 年第 23 期-总第 549 期 2025.3.21 华金证券-新股-新股专题覆盖报告（开发科 技）-2025 年第 22 期-总第 548 期 2025.3.18 华金证券-新股-新 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing stable and improving operations, with a focus on active dividend distribution [1] - The company has demonstrated a continuous improvement in financial data, with a significant increase in net profit year-on-year [5][9] - The company maintains a strong position in the market due to its integrated operations and resource advantages [9] Financial Performance - In 2024, the company achieved revenue of 61,537 million yuan, a year-on-year decrease of 10.89%, while net profit attributable to shareholders was 5,333 million yuan, an increase of 17.93% [5][8] - The gross profit margin improved to 17.5%, up by 2.32 percentage points year-on-year [5] - The company plans to produce and sell 4.92 million tons of phosphate fertilizer, 2.67 million tons of urea, and 1.64 million tons of compound fertilizer in 2025 [5] Operational Strategy - The company leverages its "mining integration" and full industry chain operational advantages, adhering to a strategy of "full load, fast turnover, low inventory, and risk prevention" [5] - The company has completed the buyback of an 18.6% minority stake in its subsidiary, making it a wholly-owned subsidiary, which has contributed to an increase in net profit [5] - The company is actively pursuing the development of its resources, including phosphate mining and coal resources, to strengthen its long-term industrial planning [6][9] Financial Management - The company has significantly improved its financial management, with a reduction in the asset-liability ratio from 89.13% in 2019 to 52.26% in 2024 [9] - The company has established a cash dividend plan for the next three years, aiming to distribute no less than 45% of the cumulative distributable profits [9] - The projected earnings per share (EPS) for 2025 is 3.06 yuan, with a price-to-earnings (P/E) ratio of 7.7x [8][9]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][8] Core Insights - The report highlights the ongoing deepening of national reading initiatives, which are expected to drive demand to new highs. The government is implementing strategies to promote reading, including the construction of public cultural facilities in residential areas [5] - The overall retail market for books in 2024 is projected to have a scale of 112.9 billion, reflecting a year-on-year decline of 1.52%, returning to 88% of the 2019 level. Traditional sales channels are experiencing contraction, while content e-commerce is showing positive growth [5] - The market structure is shifting from channel-driven growth to a new phase of competition and value reconstruction, with significant differences in the mechanisms of active search and interest recommendation [5] - The mobile reading market in China reached a scale of 30.892 billion in 2023, with a year-on-year growth of 11.18% expected in Q1 2024 [5] Summary by Sections Industry Performance - The report provides a comparative performance analysis over different time frames, indicating relative and absolute returns [4] Market Dynamics - The report discusses the evolution of mobile reading, highlighting its growth from 2003 to the present, with a focus on the impact of technology and market competition [5] - The educational support category holds a significant market share of 25.33% in the book retail market, with an impressive year-on-year growth of 18.73% [5] Investment Recommendations - The report suggests monitoring companies such as Read客文化, 学大教育, 读者传媒, 掌阅科技, 中国出版, 出版传媒, 南方传媒, 中文在线, and 安徽新传媒 as potential investment opportunities [5]

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [26]. Core Insights - The company, Xinkai Technology, primarily engages in the development, sales, and service of organic pigments and other coloring agents, boasting over 450 specifications of pigment products [6][11]. - The company has established itself as a core supplier in the global organic pigment market, maintaining the top position in China's organic pigment export industry for several consecutive years [16][18]. - The company has a well-developed global sales and service network, with subsidiaries in countries such as the Netherlands, the USA, Australia, Canada, Turkey, India, and the UK, covering over 70 countries and regions [6][16]. - The company has completed 89 REACH registrations for organic pigments and related chemicals, making it a leader in this regard within the domestic industry [6][18]. - The company anticipates a significant increase in revenue and net profit for the first quarter of 2025, with projected growth rates of 6.94% and 13.26%, respectively [7][22]. Financial Performance - The company achieved revenues of 1.192 billion yuan, 1.068 billion yuan, and 1.417 billion yuan for the years 2022, 2023, and 2024, with year-over-year growth rates of -1.10%, -10.37%, and 32.55% respectively [4][7]. - The net profit attributable to the parent company for the same years was 88 million yuan, 88 million yuan, and 111 million yuan, with year-over-year growth rates of -1.54%, 0.47%, and 26.31% respectively [4][7]. - The company’s revenue structure is stable, with azo pigments accounting for 65.78% of total revenue in the first half of 2024 [7]. Industry Overview - The global organic pigment industry has maintained stable development, with annual demand and production levels around 400,000 to 500,000 tons [12]. - In China, the organic pigment market has shown steady growth, with production levels remaining between 210,000 to 250,000 tons from 2013 to 2020 [12]. - The main applications for organic pigments include inks, coatings, and plastics, with inks being the largest segment, accounting for approximately 40%-50% of total consumption [14]. Competitive Positioning - Compared to peer companies, Xinkai Technology's revenue and gross margin are below the industry average, with peer companies showing an average revenue of 1.341 billion yuan and an average PE-TTM of 42.48X for 2023 [22][23]. - The company is expected to benefit from new production capacities coming online in 2024, which will enhance supply stability and reduce reliance on external sourcing [19]. Investment Projects - The company plans to invest in a research and development center and headquarters construction project, aimed at enhancing its competitive edge in the organic pigment industry [20][21].

Investment Rating - The investment rating for the company is "Buy," indicating that the stock is expected to outperform the market index by more than 15% over the next 6-12 months [25]. Core Viewpoints - The company, Taihong Wanli (603210.SH), specializes in the research, production, and sales of automotive structural and functional components, with a strong market position and long-term partnerships with major automotive manufacturers such as Great Wall Motors and Geely Group [2][6]. - The company has shown significant revenue growth, with projected revenues of CNY 1.478 billion, CNY 1.544 billion, and CNY 1.689 billion for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 46.13%, 4.50%, and 9.35% [7][21]. - The company is actively expanding into the new energy vehicle sector, with multiple components set to enter mass production between 2024 and 2025, establishing partnerships with notable companies in the industry [17][18]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 1.478 billion in 2022, CNY 1.544 billion in 2023, and is projected to reach CNY 1.689 billion in 2024, with corresponding net profits of CNY 126.5 million, CNY 160.8 million, and CNY 176.7 million [4][7]. - The revenue structure is stable, with over 80% of income derived from automotive structural components [7]. Industry Situation - The automotive parts industry is experiencing growth, with China's automotive parts sector showing a recovery trend, reaching CNY 4.41 trillion in revenue in 2023, a 5.08% increase from the previous year [14][15]. Company Highlights - The company has established itself as a key player in the automotive structural components sector, maintaining long-term relationships with major manufacturers and achieving over 60% of its revenue from top clients [16]. - The company is expanding its production capacity through several projects, including a significant expansion of its automotive functional components production [19][20]. Investment Projects - The company plans to invest CNY 115 million in three major projects, including the expansion of production capacity for automotive components [19][20]. Peer Comparison - Compared to its peers, the company has a lower revenue scale but maintains a competitive gross margin, with an average PE-TTM of 24.74X among comparable companies [21][22].

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of more than 15% compared to the relevant market index over the next 6-12 months [25]. Core Viewpoints - The company, Taihe Co., Ltd. (301665.SZ), primarily engages in the research, production, and sales of pesticide products and functional chemicals, with a strong market position in fungicides and herbicides [6][11]. - The company has shown significant revenue growth in 2022, with a reported revenue of 5.099 billion yuan, a year-on-year increase of 42.47%, although it faced a decline in 2023 [7][21]. - The company is recognized for its technological innovation and has established long-term strategic partnerships with major multinational corporations, enhancing its market presence globally [16][18]. Financial Performance - The company achieved revenues of 50.99 billion yuan in 2022, 38.68 billion yuan in 2023, and is projected to reach 42.14 billion yuan in 2024, with year-on-year growth rates of 42.47%, -24.14%, and 8.93% respectively [7][21]. - The net profit attributable to the parent company was 6.49 billion yuan in 2022, 3.46 billion yuan in 2023, and is expected to be 2.61 billion yuan in 2024, with corresponding year-on-year changes of 63.12%, -46.62%, and -24.59% [4][21]. Industry Overview - The global agricultural pesticide market has shown a recovery, with sales reaching 74.8 billion USD in 2023, reflecting a compound annual growth rate of 5.74% over the past five years [12][14]. - The company operates in a highly competitive environment dominated by major international players, with the top companies holding nearly 60% of the market share [12][14]. - The Chinese pesticide industry is becoming a significant global production base, benefiting from competitive cost structures and a diverse product range [14][15]. Company Highlights - Taihe Co., Ltd. is a leading supplier of agricultural fungicides and herbicides, holding significant market shares in key products such as Bacillus subtilis, 2,4-D, and pyraclostrobin [16][17]. - The company has developed proprietary products like cyhalofop-butyl, which have gained traction in the market, and has established exclusive supply agreements with major agricultural firms [18][19]. - The company plans to invest in two main projects through its IPO, focusing on expanding its fungicide production capacity and enhancing its research and development capabilities [20][21].

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [28]. Core Viewpoints - The company, Hengxin Life, specializes in the research, production, and sales of paper and plastic dining utensils, focusing on biodegradable products. It has shown significant revenue growth and profitability, with projected revenues of CNY 1.088 billion, CNY 1.425 billion, and CNY 1.594 billion for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 51.38%, 30.95%, and 11.87% [6][7][21]. - The company is a leading player in the biodegradable dining utensils market in China, benefiting from comprehensive industry advantages, including a complete supply chain and a wide product range. The increasing implementation of plastic bans enhances the market potential for biodegradable products [21][22]. - The company has established significant partnerships with major clients in the coffee and tea industries, which have contributed to a compound annual growth rate of 81.30% in revenue from these clients from 2021 to 2023 [22]. Summary by Sections Company Overview - Hengxin Life focuses on the development, production, and sales of biodegradable dining utensils made from raw materials such as paper and PLA particles. The main products include PLA-coated paper cups, bowls, and various utensils [6][11]. Financial Performance - The company achieved revenues of CNY 1.088 billion, CNY 1.425 billion, and CNY 1.594 billion for the years 2022, 2023, and 2024, with corresponding net profits of CNY 162.8 million, CNY 213.9 million, and CNY 219.9 million, indicating strong growth in both revenue and profit [4][7][25]. Industry Situation - The paper and plastic dining utensils industry is experiencing growth driven by increasing consumer demand for environmentally friendly products and the implementation of regulations against single-use plastics. The market for new-style tea drinks is also expanding rapidly, contributing to the demand for biodegradable utensils [16][19]. Company Highlights - Hengxin Life is recognized as a leader in the biodegradable dining utensils sector, with over 50% of its revenue derived from biodegradable products. The company has multiple production bases and a capacity to produce 9 billion units of dining utensils annually [21][22]. Comparable Company Analysis - Compared to similar companies in the industry, Hengxin Life's revenue is below the average, but its gross margin is positioned in the mid-to-high range. The average revenue for comparable companies in 2023 was CNY 1.587 billion, with an average PE-TTM of 41.02X [25][26].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant increase in Q4 2024 performance, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88% [4][5] - The company's annual revenue for 2024 was 3.733 billion yuan, a slight decrease of 0.50% year-on-year, while the net profit attributable to shareholders was 441 million yuan, down 12.28% year-on-year [4][5] - The Q4 net profit was 187 million yuan, showing a remarkable year-on-year increase of 85.86% and a quarter-on-quarter increase of 90.04% [4][5] - The company is experiencing a turnaround in profitability driven by overseas expansion and management reforms, despite overall industry demand decline [4][5] Financial Performance - The company achieved overseas revenue of 259 million yuan in 2024, a year-on-year increase of 122.74%, with a gross margin of 54.24% [4][5] - The gross margin for Q4 was 38.49%, higher than the annual gross margin of 37.86% [4][5] - The company expects net profits for 2025, 2026, and 2027 to be 614 million, 702 million, and 810 million yuan respectively, with corresponding EPS of 1.36, 1.56, and 1.80 yuan per share [5][6] Business Segments - The company is focusing on the synergy between wind, solar, and hydrogen energy, with significant growth in its engineering transmission business [4][5] - The data center power supply segment is being developed to meet the explosive demand driven by AI technology, with plans to innovate in high-capacity and multifunctional power systems [4][5] Market Position - The company maintains a strong market position in the wind power sector, with stable domestic market share and breakthroughs in overseas markets [4][5] - The company has made significant advancements in the hydrogen energy sector, particularly in high-power IGBT hydrogen production power supplies [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant increase in Q4 2024 performance, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88%. The net profit attributable to shareholders was 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [4][5] - The company faced overall pressure on annual performance due to a decline in demand in the new energy sector, but Q4 results confirmed a turnaround driven by overseas expansion and management reforms [4][5] - The company achieved overseas revenue of 259 million yuan in 2024, a year-on-year increase of 122.74%, with a gross margin of 54.24%, up 8.68 percentage points [4][5] - The company is focusing on the data center power supply market, developing high-capacity, multifunctional power systems to meet the explosive demand driven by AI technology [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 3.733 billion yuan, a decrease of 0.50% year-on-year, and a net profit of 441 million yuan, down 12.28% year-on-year. The gross margin for Q4 was 38.49%, higher than the annual gross margin of 37.86% [4][6] - The projected net profits for 2025, 2026, and 2027 are 614 million yuan, 702 million yuan, and 810 million yuan, respectively, with corresponding EPS of 1.36, 1.56, and 1.80 yuan per share [5][6] - The company’s revenue is expected to grow significantly in the coming years, with estimates of 4.780 billion yuan in 2025, 5.700 billion yuan in 2026, and 6.701 billion yuan in 2027, reflecting year-on-year growth rates of 28.0%, 19.2%, and 17.5% respectively [6][8]