呈和科技(688625)：市占率持续提升 Q1利润创单季度历史新高

Core Insights - The company reported a total revenue of 880 million yuan for 2024, representing a year-on-year increase of 10%, and a net profit attributable to shareholders of 250 million yuan, up 11% year-on-year [1] - In Q1 2025, the company achieved total revenue of 220 million yuan, with a year-on-year increase of 15% but a quarter-on-quarter decrease of 6%, and a net profit of 70 million yuan, reflecting a year-on-year increase of 16% and a quarter-on-quarter increase of 37% [1] Revenue and Market Performance - The company saw a continuous increase in market share, achieving record-high performance in 2024. The sales volume of nucleating agents reached 9,727.5 tons, up 32.0% year-on-year, generating revenue of 510 million yuan, a 24.0% increase year-on-year, with a gross margin of 55.91%, down 1.12 percentage points [2] - The sales volume of synthetic hydrotalcite was 7,037.4 tons, a 4.6% year-on-year increase, with revenue of 120 million yuan, down 1.0% year-on-year, and a gross margin of 47.02%, up 2.59 percentage points [2] - The sales volume of NDO composite additives reached 1,653.9 tons, up 16.9% year-on-year, with revenue of 60 million yuan, a 28.3% increase year-on-year, and a gross margin of 24.92%, down 1.30 percentage points [2] - The sales volume of antioxidants was 4,410.9 tons, up 15.3% year-on-year, generating revenue of 70 million yuan, down 20.2% year-on-year, with a gross margin of 14.93%, down 7.39 percentage points [2] - In Q1 2025, the company's gross margin improved significantly to 47.15%, with a year-on-year increase of 1.60 percentage points and a quarter-on-quarter increase of 7.89 percentage points, while the net margin was 32.46%, up 0.24 percentage points year-on-year and 10.07 percentage points quarter-on-quarter [2] Strategic Developments - The company is planning to acquire at least 51% of the shares of ITO target material leader Yingri Technology, which will facilitate resource sharing, brand enhancement, supply chain collaboration, cost optimization, and talent exchange, thereby enhancing core competitiveness and promoting high-quality development [3] - The completion and commissioning of the Nansha plant project at the end of 2024 significantly increased the company's production capacity, with optimized resource allocation further reducing costs and increasing efficiency [3] Investment Outlook - The demand for polymer material additives is expected to grow rapidly, with increasing self-sufficiency. The company forecasts net profits attributable to shareholders of 308 million yuan, 396 million yuan, and 478 million yuan for 2025-2027, corresponding to price-earnings ratios of 21.7, 16.9, and 14.0 times, respectively, maintaining a "buy" rating [3]