【私募调研记录】汐泰投资调研中岩大地、振华股份

Group 1: Zhongyan Dadi - Zhongyan Dadi provided insights on financial indicators for 2024 and Q1 2025, highlighting stable project progress in nuclear power, ports, and water conservancy sectors, with no order losses reported [1] - The company is involved in five nuclear power projects and has undertaken multiple port projects, with advancements in water conservancy and Belt and Road initiatives [1] - The core business gross margin in geotechnical engineering increased by 7 percentage points due to cost reduction, industry barriers, and technology premiums [1] - The company has a robust risk control mechanism, with no significant unrecoverable accounts receivable, and recognizes revenue and costs based on project progress [1] Group 2: Zhenhua Shares - Zhenhua Shares discussed the progress of the Chongqing base relocation and expansion, along with the supply and price transmission of metallic chromium [2] - The company reported that the relocation and expansion are on schedule, with new processes and devices already implemented at the old base [2] - The price of chromium oxide green has started to rise, while the front-end capacity migration in the chromium salt industry will take time [2] - The company is addressing overseas gross margin fluctuations due to export tax policies by expanding low-cost production [2] - The production of vanadium products is approximately 1,600 tons, with a sales strategy focused on limited sales [2]