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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 548 million yuan in Q1 2025, representing a year-on-year increase of 18.95%, while the net profit attributable to shareholders decreased by 15.95% to 56 million yuan [4] - The company signed a long-term helium procurement agreement with Qatar Energy, ensuring a stable supply of helium for the next 20 years, which is expected to support the company's helium business development [4] - Despite a decline in gross margin and net margin, the operating cash flow significantly increased by 78.38% year-on-year to 156 million yuan in Q1 2025 [4] - The company is projected to achieve revenues of 2.527 billion yuan, 3.117 billion yuan, and 3.903 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 340 million yuan, 476 million yuan, and 621 million yuan [4][5] Summary by Sections Recent Performance - In Q1 2025, the company achieved total revenue of 548 million yuan, up 18.95% year-on-year, while net profit decreased by 15.95% to 56 million yuan [4] Financial Metrics - The company's gross margin was 25.75%, down 4.99 percentage points year-on-year, and the net margin was 10.23%, down 4.39 percentage points year-on-year [4] - The operating cash flow reached 156 million yuan, reflecting a year-on-year growth of 78.38% [4] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 2.527 billion yuan, 3.117 billion yuan, and 3.903 billion yuan, respectively, with net profits of 340 million yuan, 476 million yuan, and 621 million yuan [5][6] - The projected P/E ratios for 2025, 2026, and 2027 are 43, 31, and 24 times, respectively [4][5]

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]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The automotive industry is expected to enter a phase of high sales prosperity, event-driven catalysts, and resonance with industrial trends. The "old-for-new" policy in 2024 is anticipated to boost passenger car sales beyond expectations, with continued support for automotive consumption in 2025. The automotive sector is projected to experience a high sales boom in April, driven by improved year-on-year sales, numerous new car launches, and the development of advanced driving technologies and robotics [8]. Summary by Sections Recent Trends - The automotive sector has shown a performance of -6.3% over the last month, 3.8% over the last three months, and 22.2% over the last year, compared to the CSI 300 index which has seen -3.8%, -1.3%, and 7.5% respectively [6]. Event Highlights - The 21st Shanghai International Automobile Industry Exhibition opened on April 23, 2025, attracting nearly 1,000 well-known enterprises from 26 countries and regions, with an exhibition area exceeding 360,000 square meters [4]. Investment Opportunities - The report identifies several investment opportunities: 1. Domestic brands are entering a new phase of high-end development, with companies like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors expected to benefit significantly [8]. 2. The "affordability" of advanced driving technologies is likely to enhance penetration rates, with companies such as Xpeng Motors, Huayang Group, and Desay SV benefiting [8]. 3. The mass production of robotics is anticipated to achieve a breakthrough, with companies like Top Group, Sanhua Intelligent Control, and Beite Technology recommended [8]. 4. In the commercial vehicle sector, the heavy truck market is expected to recover in 2025, with recommendations for leading companies like China National Heavy Duty Truck Group and Yutong Bus [8].

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Insights - The semiconductor sector is benefiting from China's subsidy policies and urgent orders due to tariff uncertainties, leading to strong performance among Taiwanese IC design companies [3][11] - The PC and server sectors are experiencing good revenue performance driven by preemptive orders ahead of potential tariffs, although visibility for the second half of 2025 remains unclear [14][15] - The PCB manufacturing sector is facing challenges due to unresolved tariff issues, impacting cost structures and supply chain dynamics [17] - The optical components market has not yet seen significant changes in customer behavior due to tariffs, but there are discussions about diversifying production locations [18] - The passive components sector is showing healthy inventory levels, with companies reporting positive revenue growth [19][20] - The storage sector is witnessing a reduction in old process capacity as manufacturers shift focus to higher-end products, with short-term price support expected from inventory adjustments [21] Summary by Sections Semiconductor - In March 2025, MediaTek reported revenues of NT$56 billion, a month-on-month increase of 21.3% and a year-on-year increase of 10.9%, marking a 30-month high [11] - TSMC's revenue for March 2025 reached NT$286 billion, with a year-on-year increase of 46.5% [12] PC/Server - Hon Hai's revenue in March 2025 was NT$5,521 billion, reflecting a year-on-year increase of 23.4% [14] - Quanta's revenue surged by 89.3% year-on-year to NT$1,925 billion in March 2025 [14] PCB - Overall revenue for PCB manufacturing companies in March 2025 increased by 13.4% month-on-month and 17.1% year-on-year [17] Optical Components - Largan Precision reported March revenue of NT$49 billion, a year-on-year increase of 41.8% [18] Passive Components - Passive component companies reported a month-on-month revenue increase of 14.4% in March 2025 [19] Storage - The storage supply chain companies reported varying degrees of month-on-month revenue growth in March 2025, with Phison Electronics seeing a 25.9% increase [21]

Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Views - The company is expected to turn profitable in 2024, driven by AI empowerment in cybersecurity [1]. - The cybersecurity market in China is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a CAGR of 9.2% [5]. - The company is positioned to benefit from the growth in AI and cybersecurity demand, with adjusted revenue forecasts for 2025-2027 being 32.19 billion, 37.14 billion, and 41.99 billion yuan respectively [11]. Summary by Sections Recent Performance - For Q1 2025, the company expects revenue between 320 to 340 million yuan, a year-on-year decline of 24.17% to 19.43%, with a net loss of 65 to 75 million yuan, a reduction in loss compared to the previous year [4]. Cybersecurity Business - The cybersecurity revenue for 2024 is projected to be 2.55 billion yuan, a decline of 11.49% year-on-year, but the long-term outlook remains positive due to increasing demand driven by domestic substitution and policy compliance [5]. Cloud Computing - The cloud computing segment is expected to generate 256 million yuan in 2024, reflecting a growth of 10.09% year-on-year, supported by advancements in hyper-converged infrastructure and user experience improvements [6]. Profitability Improvement - The company has improved its net profit margin by 14.84 percentage points year-on-year, with a sales gross margin of 61.04% and a net profit margin of 2.59% [7]. New Product Development - The company is leveraging AI technologies to enhance its product offerings, including the launch of the Tianwen large model system and various AI-enabled products, which are expected to support sustainable growth [9]. Financial Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.15, 0.20, and 0.26 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 48, 36, and 28 [10][11].