Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant revenue growth driven by its biodiesel and related products, with a 26.73% year-on-year increase in revenue for 2024, reaching 3.563 billion yuan [5] - The net profit for 2024 increased by 89.57% year-on-year, amounting to 149 million yuan, indicating strong profitability [5] - The company is expanding its production capacity with new projects, including a 50,000-ton natural fatty alcohol project and a 100,000-ton hydrocarbon-based biodiesel project, which are expected to enhance future earnings [7][9] Financial Performance Summary - In 2024, the company reported a total revenue of 3.563 billion yuan, with a net profit of 149 million yuan, and a gross profit margin of 7.1% [8] - The projected revenue for 2025 is 4.783 billion yuan, with net profits expected to rise to 634 million yuan, reflecting a growth rate of 325.2% [9] - The earnings per share (EPS) is forecasted to increase significantly from 1.24 yuan in 2024 to 5.28 yuan in 2025 [10] Market Position and Strategy - The company is leveraging its sales network in Europe and Asia to enhance its market presence, particularly in biodiesel and high-value bio-based materials [6][9] - The strategic focus on cost-effective production through internal sourcing of raw materials is expected to improve profit margins [6][9] - The company is also exploring opportunities in the palm oil and waste oil price differential, which has seen significant increases recently [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant profit growth, with a 102.03% year-on-year increase in net profit for 2024, driven by rising alumina prices and production increases [6] - The company is expected to continue benefiting from its full industry chain layout, which mitigates the impact of fluctuating alumina prices [6] - New projects in Guinea and Guangxi are set to enhance the company's resource base and production capacity, contributing to future profit growth [6] Financial Performance Summary - In 2024, the company achieved total operating revenue of 280.89 billion yuan, a decrease of 3.06% year-on-year, while net profit reached 44.55 billion yuan [6] - The company's projected net profits for 2025, 2026, and 2027 are 60 billion yuan, 64 billion yuan, and 62 billion yuan respectively, indicating a strong growth trajectory [6] - The company's gross margin is expected to improve, with projections of 28.6% in 2025 and 26.0% in 2026 [7] Market Comparison - The company's stock has underperformed compared to the CSI 300 index, with absolute returns of -19.93% over the past month [4] - The report highlights the company's resilience in maintaining profitability despite market fluctuations, particularly in the alumina and electrolytic aluminum sectors [6] Production and Capacity - The company produced 1.1759 million tons of electrolytic aluminum in 2024, a 1% increase year-on-year, and 2.2789 million tons of alumina, a 7.55% increase [6] - New mining projects in Guinea and Guangxi are expected to significantly boost the company's production capacity and resource availability [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant profit growth, with a 102.03% year-on-year increase in net profit for 2024, driven by rising alumina prices and production increases [6] - The company is expected to continue benefiting from its full industry chain layout, which mitigates the impact of fluctuating alumina prices [6] - New projects in Guinea and Guangxi are set to enhance the company's resource base and production capacity, contributing to future profit growth [6] Financial Performance Summary - In 2024, the company achieved total operating revenue of 280.89 billion yuan, a decrease of 3.06% year-on-year, while net profit reached 44.55 billion yuan [6] - The company's projected profits for 2025, 2026, and 2027 are 60 billion yuan, 64 billion yuan, and 62 billion yuan respectively, indicating a strong growth trajectory [6] - The gross profit margin is expected to rise significantly, with estimates of 28.6% in 2025 and 26.0% in 2026 [7] Production and Market Trends - The company produced 1.1759 million tons of electrolytic aluminum in 2024, a 1% increase year-on-year, and 2.2789 million tons of alumina, a 7.55% increase [6] - Alumina prices have shown a gradual increase in 2024, with average prices rising from 3,365 yuan/ton in Q1 to 5,312 yuan/ton in Q2 [6] - Despite a recent decline in alumina prices, the company is expected to maintain profitability due to improved margins in other segments of the industry [6]

[Table_Main] 证券研究报告 | 行业周报 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -22% -15% -7% 0% 7% 15% 22% 29% 2024-04 2024-08 2024-12 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《江南化工（002226.SZ）：外延 收购增厚业绩，海外拓疆助力成长》， 2025.4.18 2.《聚氨酯行业更新：万华收购康睿 HDI 工厂，关注行业格局优化》， 2025.4.13 3.《涤纶长丝行业更新：油价风险释 放&需求预期改善，龙头估值有望修 复》，2025.4.13 4.《春潮涌动！关注脂肪醇投资机 会》，2025.4.13 5.《宝丰能源（600989.SH）：一季 度业绩高增，烯烃量利齐升！》， 2025.4.10 基础化工 2025 年 04 月 20 日 外部环境扰动，重申民爆板块的 机遇性！ [Table_Summary] 投资要点： 本周基础化工板块表现弱于大盘。根据 Wind，本周（4/10-4/18）上证 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 29% 2024-04 2024-08 2024-12 有色金属 沪深300 资料来源：德邦研究所，聚源数据 2025 年 04 月 20 日 有色金属 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 相关研究 1.《有色金属周报：避险资金狂飙， 黄金破新高后仍为主线》，2025.4.12 2.《关税政策变化，工业金属修复》， 2025.4.11 3.《有色金属周报：对美关税反制， 战略金属价值显现，黄金再迎布局良 机》，2025.4.7 4.《黄金：万里长征方起步》， 2025.4.1 5.《赤峰黄金：提产降本推动利润提 升》，2025.4.1 有色金属周报：特朗普连续喊话 美联储，关注贵金属表现 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 贵金属：周内金 ...

煤炭 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -34% -26% -17% -9% 0% 9% 17% 26% 2024-04 2024-08 2024-12 煤炭开采 沪深300 资料来源：聚源数据、德邦研究所 相关研究 1.《煤炭行业月报：3 月进口同比转 负，静待后续需求改善》， 2025.4.18 2.《煤炭周报：煤价底部企稳，回 购增持彰显板块价值》，2025.4.12 3.《煤炭周报：成本支撑显现，煤 价止跌企稳》，2025.4.6 4.《中国旭阳集团（1907.HK）： 传统业务显韧性，新兴领域迎发 展》，2025.4.3 5.《兖矿能源（600188.SH）：成 本管控优异，成长空间广阔》， 2025.3.30 煤炭开采 2025 年 04 月 20 日 煤炭周报：煤价震荡寻底，关注 板块红利属性 [Table_Summary] 投资要点： 投资建议：2024 年 9 月政治局会议开启经济支持新篇章，结合近两年供给持续弱 化，煤炭板块基本面 ...

基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn [Table_Main] 证券研究报告 | 行业周报 2025 年 04 月 20 日 外部环境扰动，重申民爆板块的 机遇性！ 市场表现 -22% -15% -7% 0% 7% 15% 22% 29% 2024-04 2024-08 2024-12 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《江南化工（002226.SZ）：外延 收购增厚业绩，海外拓疆助力成长》， 2025.4.18 2.《聚氨酯行业更新：万华收购康睿 HDI 工厂，关注行业格局优化》， 2025.4.13 3.《涤纶长丝行业更新：油价风险释 放&需求预期改善，龙头估值有望修 复》，2025.4.13 4.《春潮涌动！关注脂肪醇投资机 会》，2025.4.13 5.《宝丰能源（600989.SH）：一季 度业绩高增，烯烃量利齐升！》， 2025.4.10 基础化工 [Table_Summary] 投资要点： 本周基础化工板块表现弱于大盘。根据 Wind，本周（4/10-4/18）上证 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 2025 年 04 月 20 日 有色金属 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 29% 2024-04 2024-08 2024-12 有色金属 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《有色金属周报：避险资金狂飙， 黄金破新高后仍为主线》，2025.4.12 2.《关税政策变化，工业金属修复》， 2025.4.11 3.《有色金属周报：对美关税反制， 战略金属价值显现，黄金再迎布局良 机》，2025.4.7 4.《黄金：万里长征方起步》， 2025.4.1 5.《赤峰黄金：提产降本推动利润提 升》，2025.4.1 有色金属周报：特朗普连续喊话 美联储，关注贵金属表现 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 贵金属：周内金 ...

煤炭 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -34% -26% -17% -9% 0% 9% 17% 26% 2024-04 2024-08 2024-12 煤炭开采 沪深300 资料来源：聚源数据、德邦研究所 相关研究 1.《煤炭行业月报：3 月进口同比转 负，静待后续需求改善》， 2025.4.18 2.《煤炭周报：煤价底部企稳，回 购增持彰显板块价值》，2025.4.12 3.《煤炭周报：成本支撑显现，煤 价止跌企稳》，2025.4.6 4.《中国旭阳集团（1907.HK）： 传统业务显韧性，新兴领域迎发 展》，2025.4.3 5.《兖矿能源（600188.SH）：成 本管控优异，成长空间广阔》， 2025.3.30 煤炭开采 2025 年 04 月 20 日 煤炭周报：煤价震荡寻底，关注 板块红利属性 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 投资建议：2024 年 9 月政治局会议开启经济支持新篇章， ...

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Insights - The report highlights that the effectiveness of the "Trump 2.0" tariff measures is diminished, as China's self-sufficiency in consumer electronics and semiconductors has shown significant progress, making it increasingly irreplaceable on a global scale [10][11] - The report notes that the recent U.S. restrictions on chip exports have intensified the supply-demand imbalance in the domestic market, presenting opportunities for domestic supply chains [11][12] - The report emphasizes the ongoing improvement in China's chip self-sufficiency, with a target of 70% by 2025, and highlights significant developments in domestic computing power [13][14] Summary by Sections Investment Strategy - **Tariff Measures**: The impact of the "Trump 2.0" tariffs is less significant compared to previous trade tensions, as China's electronics and semiconductor sectors have become more self-reliant [10] - **Domestic Opportunities**: U.S. restrictions on chip exports are creating a vacuum in the domestic market, leading to potential investment opportunities in local supply chains [11] - **Chip Self-Sufficiency**: China's chip self-sufficiency is improving, with current rates exceeding 25% and a target of 70% by 2025 [13] Industry News - **Tariff Updates**: The Chinese government has imposed an 84% tariff on U.S. imports, while some exemptions have been granted for specific products, indicating ongoing trade tensions [14] - **Cloud Computing Standards**: The first national standard for cloud supercomputing (GB/T 45400-2025) has been released, which is expected to enhance the infrastructure for high-performance computing in China [15] - **Telecom Procurement**: China Telecom's recent procurement results show a 67.5% localization rate for servers, indicating significant progress in domestic alternatives [16][17] Weekly Review and Focus - **Market Performance**: The telecommunications sector outperformed the broader market, with a 1.39% increase compared to the Shanghai Composite Index's 1.19% rise [19] - **Investment Focus**: The report suggests focusing on domestic computing power and AIDC-related companies for potential investment opportunities [23]