Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant achievements in cost reduction and efficiency improvement, with a notable increase in net profit margin quarter-on-quarter [6] - Emerging businesses have shown a strong recovery with over 80% year-on-year revenue growth [6] - The company maintains its profit forecast, expecting revenue and net profit growth for the years 2025 to 2027 [6] Financial Performance Summary - For Q1 2025, the company achieved total operating revenue of 1.541 billion yuan, a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 327 million yuan, up 15.83% year-on-year [5] - The gross profit margin for Q1 2025 was 42.54%, a decrease of 0.98 percentage points year-on-year, while the net profit margin recovered to 21.06%, an increase of 1.09 percentage points year-on-year and 6.91 percentage points quarter-on-quarter [6] - The company’s small molecule business maintained stable development, with revenue remaining flat and a gross margin of 45.17% [6] Profit Forecast and Valuation - The company’s projected operating revenue for 2025, 2026, and 2027 is 6.5 billion, 7.3 billion, and 8.2 billion yuan respectively, with net profits of 1.164 billion, 1.410 billion, and 1.673 billion yuan respectively [8][9] - Corresponding P/E ratios are expected to be 23x, 19x, and 16x for the years 2025, 2026, and 2027 [6][9]

2025 年 04 月 25 日 行业研究 评级：推荐(维持) | | | | 研究所： | | | | --- | --- | --- | | 证券分析师： | 李永磊 | S0350521080004 | | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 | S0350521080009 | | | | dongbj@ghzq.com.cn | | 证券分析师： | 李振方 | S0350524080003 | | | | lizf@ghzq.com.cn | | 联系人 ： | 仲逸涵 | S0350123070022 | | | | zhongyh@ghzq.com.cn | [Table_Title] 轮胎行业深度之十一：美国关税对中国轮胎企业 的影响有多大？ ——轮胎行业深度研究 最近一年走势 | 行业相对表现 | | 2025/04/25 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | -4.7% | 2.5% | 2.3% | | 沪深 300 | -3.7% | -1.2% | 7. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown impressive performance with a new growth curve driven by its overseas business [1] - In 2024, the company reported total revenue of 1146.01 billion, a year-on-year decrease of 1.31%, while net profit attributable to shareholders increased by 64.3% to 45.04 billion. For Q1 2025, revenue grew by 10.6% to 256.29 billion, and net profit rose by 48.99% to 12.82 billion [5] Summary by Sections Performance Overview - The company's feed sales reached 26.52 million tons in 2024, a year-on-year increase of approximately 9%, with market share further improving. Breakdown includes poultry feed sales of 12.65 million tons (up 12%), pig feed sales of 5.64 million tons (down 3%), and aquaculture feed sales of 5.85 million tons (up 11%). Domestic feed sales were 22.06 million tons (up 5%), while overseas sales were 2.36 million tons (up 40%) [5] Business Segments - The company maintains an advantage in its breeding and animal health segments. The breeding business generated 1.4 billion in revenue, with significant advancements in shrimp breeding and tilapia varieties. The animal health segment achieved approximately 800 million in revenue, focusing on product innovation and integration with feed products [5] Financial Projections - Revenue forecasts for 2025-2027 are adjusted to 1321.57 billion, 1485.4 billion, and 1688.58 billion respectively, with net profits projected at 49.68 billion, 60 billion, and 75.35 billion. Corresponding P/E ratios are 18, 15, and 12 [5][7]

Investment Rating - The report maintains a "Buy" rating for the company [1][6][9] Core Insights - The company achieved a revenue of 2.17 billion yuan in Q1 2025, representing a year-on-year increase of 35.4% and a quarter-on-quarter decrease of 38.9% [5][6] - The net profit attributable to the parent company was 313 million yuan, up 25.7% year-on-year but down 55.4% quarter-on-quarter [5][6] - The company’s R&D expenses surged by 116.8% year-on-year, indicating a strong commitment to innovation despite pressure on profit margins [6] - The gross margin for Q1 2025 was 41.5%, a decrease of 3.4 percentage points year-on-year, primarily due to changes in accounting standards affecting warranty costs [6] - The company’s inventory and contract liabilities increased by 5.8% and 18.6% respectively compared to the end of 2024, reflecting future growth potential [6] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 11.7 billion yuan, 15.1 billion yuan, and 19.3 billion yuan, with year-on-year growth rates of 29%, 29%, and 28% respectively [6][8] - Net profit forecasts for the same period are 2.4 billion yuan, 3.3 billion yuan, and 4.3 billion yuan, with growth rates of 50%, 35%, and 32% respectively [6][8] - The corresponding price-to-earnings ratios (PE) for these years are projected to be 48 times, 36 times, and 27 times [6][8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on significant product sales growth and steady progress in new material projects [11][22][29]. Core Insights - The company achieved a revenue of 886 million yuan in 2024, representing a year-on-year growth of 14.9%, and a net profit attributable to shareholders of 145 million yuan, up 5.2% year-on-year [6][18]. - The revenue from radiation protection materials doubled, significantly contributing to overall revenue growth, while the gross profit margin improved to 37.38% [7][19]. - The company is expanding its product offerings, including transparent radiation protection materials, which have broken overseas monopolies, and is developing new projects to create a second growth curve [10][11]. Financial Performance - In Q1 2025, the company reported a revenue of 207 million yuan, an increase of 8.6% year-on-year, but a decline in net profit by 16.0% year-on-year due to rising raw material costs and other operational challenges [8][20]. - The gross profit margin for Q1 2025 was 35.17%, reflecting a decrease compared to the previous year [8][19]. - The company anticipates revenues of 1.11 billion yuan, 1.48 billion yuan, and 2.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 189 million yuan, 260 million yuan, and 368 million yuan [12][22]. Segment Performance - The adsorption functional materials segment generated 600 million yuan in revenue, growing 7.0% year-on-year, while the electronic ceramic components segment saw a 19.0% increase to 153 million yuan [7][14]. - The high-energy radiation protection materials segment achieved a remarkable 112.3% growth in revenue, reaching 72 million yuan, with a gross margin of 55.9% [7][14]. - The other functional materials segment experienced a decline in revenue by 29.6%, totaling 56 million yuan, primarily due to the reclassification of high-energy radiation protection materials [7][14]. Future Outlook - The company plans to accelerate the industrialization of new projects, including MIM precision parts and high-performance magnetic powders, to capture growth in high-demand sectors such as renewable energy and smart wearables [10][11]. - The acquisition of Guangzhou Jinnan Magnetic Materials Co., Ltd. is expected to enhance the company's capabilities in the magnetic materials sector, further strengthening its product portfolio [11][22].

2025 年 04 月 25 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 wangx15@ghzq.com.cn ——天山铝业（002532）2025 年一季报&2024 年年报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/24 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 天山铝业 | | -16.8% | -16.4% | 12.5% | | 沪深 300 | | -3.8% | -1.3% | 7.5% | | 市场数据 | 2025/04/24 | | --- | --- | | 当前价格（元） | 7.57 | | 52 周价格区间（元） | 6.08-9.88 | | 总市值（百万） | 35,214.77 | | 流通市值（百万） | 31,264.14 | | 总股本（万股） | 465,188.54 | | 流通股本（万股） | 413,000. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth, with 2024 revenue reaching 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit of 394 million yuan, up 68.89% [5] - In Q1 2025, the company achieved revenue of 1.101 billion yuan, a year-on-year increase of 25.41%, and a net profit of 91 million yuan, up 62.13% [5] - The company is focusing on building its domestic brands, with a notable increase in profitability and a comprehensive profit structure optimization in its domestic business [7] Summary by Sections Recent Performance - The company's stock performance over the last 12 months has increased by 117.9%, significantly outperforming the CSI 300 index, which only increased by 7.5% [3] - The current stock price is 53.44 yuan, with a 52-week price range of 17.92 to 53.44 yuan [3] Revenue and Profitability - The company's overseas business revenue for 2024 was 3.051 billion yuan, a year-on-year increase of 14.61%, with a gross margin of 24.9% [7] - Domestic business revenue reached 1.414 billion yuan, a year-on-year increase of 30.2%, with a gross margin of 35.18% [7] - Pet food revenue was 2.471 billion yuan, up 5.1%, while pet canned food revenue was 662 million yuan, up 4.23% [7] - Pet staple food revenue surged to 1.107 billion yuan, a remarkable increase of 91.85% [7] Future Projections - Revenue projections for 2025-2027 are adjusted to 5.269 billion yuan, 6.437 billion yuan, and 7.849 billion yuan, respectively, with corresponding net profits of 449 million yuan, 555 million yuan, and 697 million yuan [9] - The company is expected to maintain a high growth rate in the pet sector, supported by a stable supply chain and continuous R&D capabilities [7]

2025 年 04 月 25 日 公司研究 评级：买入(维持) 相关报告 《广钢气体（688548）2024 年报点评：氦气价格 波动压制利润，长期竞争优势凸显（买入）*电子 化学品Ⅱ*王宁，张婉姝》——2025-03-31 《广钢气体（688548）动态研究：中标 27 亿项目， 内资电子大宗气龙头稳步向前（买入）*电子化学 品Ⅱ*王宁，张婉姝》——2024-12-28 《广钢气体（688548）公司动态研究：利润短期承 压，存量项目陆续投运（增持）*电子化学品Ⅱ*王 宁，张婉姝》——2024-11-03 《广钢气体（688548）2024 年中报点评：存量项 目陆续商业化，通用工业领域获新突破（增持）* 电子化学品Ⅱ*王宁，张婉姝》——2024-07-31 研究所： 证券分析师： 王宁 S0350522010001 wangn02@ghzq.com.cn 证券分析师： 张婉姝 S0350522010003 zhangws@ghzq.com.cn [Table_Title] 短期业绩承压，经营性净现金流大幅增长 ——广钢气体（688548）2025 年一季报点评 最近一年走势 | 相对沪深 300 | 表现 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The supply and demand for metallic chromium are tightening, leading to price increases, which is expected to benefit the chromium salt industry [4][5] - The company is well-positioned to benefit from the structural changes in the chromium salt industry due to its comprehensive coverage of the chromium salt supply chain [7][10] Summary by Sections Market Performance - As of April 24, 2025, the company's stock has outperformed the CSI 300 index with a 1-month increase of 13.8%, a 3-month increase of 66.3%, and a 12-month increase of 100.5% [3] Industry Dynamics - The global production capacity of metallic chromium is currently between 75,000 to 80,000 tons, with demand driven by sectors such as AI data centers and aerospace [4] - The average price of metallic chromium in China as of April 24, 2025, is 73,060 CNY/ton, reflecting an increase of 12,090 CNY/ton since the beginning of 2025 [5] Company Overview - The company has two major chromium salt production bases in Huangshi and Chongqing, with a production capacity of approximately 250,000 tons in 2023, expected to increase to over 350,000 tons after the completion of the Chongqing base's technical transformation [7] - The company is extending its product line to include metallic chromium, with a designed production capacity of 12,000 tons/year for chromium alloy additives by July 2024 [7] Financial Projections - Projected revenues for 2024, 2025, and 2026 are 4.05 billion CNY, 4.985 billion CNY, and 5.667 billion CNY respectively, with corresponding net profits of 491 million CNY, 725 million CNY, and 822 million CNY [10] - The company is expected to maintain a favorable P/E ratio of 22, 15, and 13 for the years 2024, 2025, and 2026 respectively, indicating strong growth potential [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company is executing a globalization strategy and developing a diversified business system to create a new growth curve [2][5] - The company has shown steady improvement in profitability, with a significant increase in net profit and gross margin in recent quarters [5][8] - The company is expanding its overseas market presence, achieving record sales and establishing a robust global service network [5][6][8] Financial Performance - In 2024, the company achieved revenue of 16.5 billion, a year-on-year increase of 1.3%, and a net profit of 2 billion, up 18% year-on-year [5] - For Q1 2025, the company reported revenue of 4.51 billion, a year-on-year increase of 8%, and a net profit of 440 million, up 15% year-on-year [5] - The gross margin for Q1 2025 was 20.5%, a slight decrease compared to the previous year, while the net profit margin improved to 10% [5] Market Expansion - The company achieved domestic and overseas revenues of 9.4 billion and 6.8 billion respectively in 2024, with overseas revenue growing by 4.8% year-on-year [5] - The company has established over 10 overseas subsidiaries in key markets, enhancing its global marketing and after-sales service network [5][6] R&D and Innovation - The company invested 770 million in R&D in 2024, a year-on-year increase of 4.6%, focusing on integrating global technology resources [5][8] - The company has developed 52 marketable R&D projects and 25 technology applications in 2024 [5][6] Future Projections - Revenue projections for 2025-2027 are 18.45 billion, 20.47 billion, and 22.51 billion respectively, with corresponding net profits of 2.23 billion, 2.43 billion, and 2.68 billion [7][9] - The company is expected to maintain a stable gross margin and leverage its competitive product offerings to sustain growth [8][9]