呈和科技(688625)：Q1业绩同环比增长 成核剂正国产替代

Core Viewpoint - The company is expected to benefit from the expanding nucleating agent industry, maintaining a "buy" rating due to its growth in Q1 2025 and overall positive performance outlook [1] Financial Performance - In Q4 2024, the company achieved revenue of 882 million yuan, a year-on-year increase of 10.31%, and a net profit attributable to shareholders of 250 million yuan, up 10.68% year-on-year [3] - For Q1 2025, the company reported revenue of 220 million yuan, a year-on-year increase of 14.97%, and a net profit attributable to shareholders of 71 million yuan, up 15.82% year-on-year [4] Market Outlook - The nucleating agent market is projected to grow significantly, with the global market size expected to reach approximately 1.2 billion USD by 2030, driven by increasing demand for high-performance resin materials [4] - The company is capitalizing on domestic market opportunities due to rising demand amid U.S.-China trade tensions, enhancing its market share through product innovation and differentiated competition strategies [3]