Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 21.61 billion yuan, a year-on-year increase of 42.95%, and a net profit attributable to shareholders of 5.87 billion yuan, up 117.01% year-on-year [4] - The first quarter of 2025 is expected to see a net profit of 1.8 billion to 1.9 billion yuan, representing a year-on-year growth of 107% to 118% [5] - The nutrition segment's performance was boosted by the release of new production capacity for methionine and a recovery in demand from the aquaculture industry, alongside supply constraints from major international manufacturers [6][7] Summary by Sections Financial Performance - In 2024, the nutrition segment generated revenue of 15.06 billion yuan, a 52.58% increase year-on-year, accounting for 69.67% of total revenue [6] - The average market prices for key products such as vitamins A, E, C, and methionine saw significant increases, supporting revenue growth [6] - The company expects net profits for 2025-2027 to be 6.52 billion, 7.33 billion, and 8.03 billion yuan respectively, with corresponding P/E ratios of 10, 9, and 8 [10] Production Capacity and Projects - The company has fully released its 300,000-ton methionine production capacity, contributing to profit growth [7] - Ongoing projects include an 18,000-ton liquid methionine project and various expansions in the flavor and fragrance segment [9] Market Dynamics - The recovery in the pig farming industry and significant export growth have notably increased demand for vitamins A, E, and C, with export volumes rising by 28.96%, 35.82%, and 5.58% respectively [6] - The company is actively expanding its product matrix and enhancing its core competitiveness through various projects [9]

证券研究报告 证券研究报告 证券研究报告 全球大储维系高增长，工商储户储需求回暖 华安电新 张志邦 SAC职业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年4月21日 敬请参阅末页重要声明及评级说明 华安证券研究所 敬请参阅末页重要声明及评级说明 证券研究报告 证券研究报告 要点总结 ➢需求侧 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 • 低ROE市场 • 国内：1）量：25年2月国内装机1.24GW/2.89GWh，工商储规模上升；2）先导指标：招标：25年3月国内储能招标规模为7.5GW/38.1GWh，容量同/环比+258%/+156%； 3）国内边际变化：百兆瓦时工商储表现亮眼，上量明显。 • 印度：1）量：3月底，储能系统装机0.4GWh；2）先导指标：招标：独储25年招标19GWh，光储项目招标2.65GWh；3）政策：光伏开启强制配储；4）展望：预计到 2025年Q2有1GWh容量并网，印度全年装机超2GWh；5） 2025-26财年印度要求并网4GW/17GWh的电化学储能项目，且不能有任何拖延。 • ...

华安电新 张志邦 SAC职业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年4月21日 证券研究报告 证券研究报告 证券研究报告 全球大储维系高增长，工商储户储需求回暖 敬请参阅末页重要声明及评级说明 华安证券研究所 证券研究报告 证券研究报告 要点总结 ➢需求侧 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 敬请参阅末页重要声明及评级说明 • 低ROE市场 • 国内：1）量：25年2月国内装机1.24GW/2.89GWh，工商储规模上升；2）先导指标：招标：25年3月国内储能招标规模为7.5GW/38.1GWh，容量同/环比+258%/+156%； 3）国内边际变化：百兆瓦时工商储表现亮眼，上量明显。 • 印度：1）量：3月底，储能系统装机0.4GWh；2）先导指标：招标：独储25年招标19GWh，光储项目招标2.65GWh；3）政策：光伏开启强制配储；4）展望：预计到 2025年Q2有1GWh容量并网，印度全年装机超2GWh；5） 2025-26财年印度要求并网4GW/17GWh的电化学储能项目，且不能有任何拖延。 • ...

[Table_IndNameRptType] 基础化工 行业专题 以生物造万物，构建 AI+新质生产力新业态 ——合成生物深度系列报告之一 | [Table_IndRank] 行业评级：增持 | | --- | | 报告日期： 2025-04-21 | [Table_Chart] 行业指数与沪深 300 走势比较 -27% -15% -4% 8% 19% 31% 4/24 7/24 10/24 1/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com [Table_Report] 相关报告 1.合成生物学周报：科技部发 布重点新材料研发与科技专项 通知，中科院发布合成生物 AI 大语言模型 2025-04-20 主要观点： ⚫[Table_Summary] 合成生物学是生产力转型升级新方向 合成生物学是一门基于工程化的设计理念，结合生物学、化学、医 学、农学、 ...

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a revenue of 182.07 billion yuan for 2024, an increase of 3.83% year-on-year, while the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [7] - The polyurethane segment achieved a revenue of 75.84 billion yuan, up 12.55% year-on-year, with a gross margin of 26.15% [8] - The petrochemical segment generated a revenue of 72.52 billion yuan, a year-on-year increase of 4.60%, with a gross margin of 3.52% [9] - The company expects continued growth in production and sales in the polyurethane sector, supported by new projects coming online in 2025 and 2026 [12] - The projected net profits for 2025, 2026, and 2027 are 14.36 billion yuan, 16.50 billion yuan, and 17.37 billion yuan respectively, with corresponding P/E ratios of 12.02, 10.46, and 9.94 [13] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 43.07 billion yuan, a decrease of 6.70% year-on-year, while the net profit attributable to shareholders was 3.08 billion yuan, an increase of 25.87% year-on-year [7] - The company faced challenges in Q4 2024, with a revenue drop of 19.49% year-on-year and a net profit decline of 52.83% [7] Production and Sales - The total production and sales of polyurethane products reached 5.8 million tons and 5.64 million tons respectively, showing an increase of 810,000 tons and 750,000 tons year-on-year [8] - The petrochemical segment's production and sales were 5.44 million tons and 5.47 million tons, respectively, with year-on-year increases of 690,000 tons and 750,000 tons [9] Future Outlook - The company is set to complete the construction of a new TDI project in Fujian by May 2025, which will add 330,000 tons of annual capacity [8] - The company plans to introduce a strategic investor with rich LPG resources to ensure a stable supply of raw materials [9]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a revenue of 182.07 billion yuan for 2024, an increase of 3.83% year-on-year, while the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [7] - The polyurethane segment achieved a revenue of 75.84 billion yuan, up 12.55% year-on-year, with a gross margin of 26.15% [8] - The petrochemical segment generated a revenue of 72.52 billion yuan, a year-on-year increase of 4.60%, with a gross margin of 3.52% [9] - The company expects continued growth in production and sales in the polyurethane sector, supported by new projects coming online in 2025 and 2026 [12] - The projected net profits for 2025, 2026, and 2027 are 14.36 billion yuan, 16.50 billion yuan, and 17.37 billion yuan respectively, with corresponding P/E ratios of 12.02, 10.46, and 9.94 [13] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 43.07 billion yuan, a decrease of 6.70% year-on-year, while the net profit attributable to shareholders was 3.08 billion yuan, an increase of 25.87% year-on-year [7] - The company faced significant impairment losses and non-current asset write-offs, impacting overall profitability [8] Production and Sales - The company’s production and sales volumes for polyurethane and petrochemical segments showed steady growth, with total production volumes of 580,000 tons and 544,000 tons respectively in 2024 [8][9] - The company is expanding its production capacity with new projects, including a 33,000-ton TDI project expected to be operational in May 2025 [8][12] Market Outlook - The company anticipates that the polyurethane and new materials sectors will continue to grow, driven by new capacity and favorable market conditions [12] - The company is also exploring strategic partnerships to ensure stable supply of raw materials [9]

[Table_IndNameRptType]2 固定收益 固收周报 30Y 国债波动的背后 ——债市机构行为周报（4 月第 3 周） 报告日期： 2025-4-20 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com 本周综述： ⚫[Table_Summary] "螺蛳壳里做道场"——本周利率震荡，但 30Y 走势偏弱 本周 30Y 国债的走势更加值得关注。周内长端利率在 1.65%附近震荡， 而超长债陆续上行约 5bp，当前 30Y 国债到期收益率达到 1.90%。30Y 走势为何相对疲软？一是关税反复、经济预期有所扰动，二是超长特别 国债发行计划落地，单券发行规模超预期。 [Table_Author] 研究助理：洪子彦 执业证书号：S0010123060036 电话：15851599909 邮箱：hongziyan@hazq.com 本周机构行为点评：30Y 国债"砸盘"或已接近尾声。从本周的二级现 券交易数据，对于 30Y 国债买入机构数量较多，农商行、保险、其他产 品类与理财是 4 大卖盘，而大行 ...

策略研究 周度报告 消费行业轮动，行至何阶段？ [Table_RptDate] 报告日期： 2025-04-20 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 分析师：任思雨 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略周报《科技是否迎来主线契机， 哪些消费行业尚未轮动？—20250413 第 15 周》2025-04-13 2.策略周报《关税加征能否改变市场 结构？—20250406 第 14 周》2025-04- 06 3.策略月报《风起浪动—2025 年 4 月 A 股市场研判及配置机会》2025-03-30 4.策略周报《历年二季度哪些板块容 易出现行情？—20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report indicates that the company has successfully navigated challenges and is now poised for recovery, with a focus on growth through various channels including membership and wholesale supermarkets, as well as overseas markets [2][11] - The company reported a revenue of 5.04 billion yuan in Q1 2025, a decrease of 13.99% year-on-year, and a net profit of 0.53 billion yuan, down 42.21% [9] - The report highlights that the company’s revenue from membership and wholesale supermarkets continues to grow, with monthly sales reaching 55 million yuan and 25 million yuan respectively, reflecting year-on-year growth of 20% and 16% [9] Financial Performance Summary - For the fiscal year 2024, the company achieved a total revenue of 22.57 billion yuan, representing a year-on-year increase of 22.18%, and a net profit of 3.76 billion yuan, up 14.32% [9] - The gross margin for Q1 2025 was reported at 34.32%, a decline of 1.1 percentage points year-on-year, primarily due to rising palm oil costs [9] - The company’s net profit margin for Q1 2025 was 10.47%, down 5.1 percentage points year-on-year, with increased sales and management expenses contributing to this decline [9] Growth Forecast - The report projects that the company will achieve total revenues of 26.70 billion yuan, 32.18 billion yuan, and 39.37 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.3%, 20.5%, and 22.3% [11] - The forecasted net profit for the same years is 4.25 billion yuan, 5.16 billion yuan, and 6.32 billion yuan, with corresponding growth rates of 13.0%, 21.4%, and 22.5% [11] Key Financial Metrics - The company’s projected gross margin for 2025 is 35.0%, with a slight decline expected in subsequent years [13] - The return on equity (ROE) is expected to increase from 21.9% in 2024 to 28.9% by 2027 [13] - The price-to-earnings (P/E) ratio is projected to decrease from 22.59 in 2024 to 11.30 by 2027, indicating a potentially attractive valuation [13]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a 2024 annual revenue of 766 million yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 40 million yuan, up 0.28% year-on-year. The net profit after deducting non-recurring items was 39 million yuan, reflecting a growth of 5.98% [4] - The company has been actively expanding its market presence across various divisions, with the Environmental Engineering Division achieving a revenue of 405 million yuan, a year-on-year increase of 36.39% [5] - The company is focusing on enhancing its R&D capabilities and concentrating resources on its core fluid machinery business, having authorized 23 patents in 2024 [6] - The long-term development outlook for the company is positive, with revised revenue forecasts for 2025-2027 set at 867 million, 991 million, and 1.137 billion yuan respectively, and net profit forecasts of 44 million, 50 million, and 57 million yuan [7] Financial Summary - The company’s total assets are projected to grow from 1,343 million yuan in 2024 to 1,687 million yuan by 2027, with total liabilities increasing from 634 million yuan to 888 million yuan over the same period [11] - The gross profit margin is expected to improve from 14.1% in 2024 to 14.8% in 2027, while the return on equity (ROE) is forecasted to rise from 5.7% to 7.1% [13] - The earnings per share (EPS) is projected to increase from 0.27 yuan in 2024 to 0.39 yuan in 2027, with corresponding P/E ratios decreasing from 55.45 to 37.19 [12]