【私募调研记录】彤源投资调研振华股份

Group 1 - The private equity firm Tongyuan Investment recently conducted research on the listed company Zhenhua Co., discussing various topics including the progress of the Chongqing base relocation and expansion, supply and demand of metallic chromium, price transmission, and strategies to cope with fluctuations in domestic and international profit margins [1] - Zhenhua Co. reported that the relocation and expansion of the Chongqing base is proceeding as planned, with new processes and facilities already implemented at the old base [1] - The price of chromium oxide green has started to rise, while the capacity migration in the upstream chromium salt industry will take a long time [1] Group 2 - The company indicated that fluctuations in overseas profit margins are due to the lack of export tax rebates, which has led to price disadvantages, and it is responding through low-cost expansion [1] - New processes can improve the conversion rate of chromium elements and reduce raw material consumption [1] - The expansion of metallic chromium is relatively easy but must consider environmental policies, while the expansion of chromium salts is limited by the approval of hexavalent chromium [1] Group 3 - By 2024, the proportion of products related to metallic chromium is expected to reach nearly 10%, with Q1 already exceeding 10% [1] - The production of vanadium products is approximately 1,600 tons, with a sales strategy of withholding supply [1] - The integration of qualified enterprises is seen as a necessary path, and the technical difficulty of expanding from sodium dichromate to metallurgical-grade chromium oxide green requires years of technical reserves and process exploration [1]