SPM(SH:600459) Ge Long Hui A P P·2025-08-01 07:26Core Viewpoint - The report from Dongfang Securities highlights Guiyan Platinum's ongoing investment focus on core business and innovation-driven improvements in operational quality [1] Investment and Projects - The company is continuously investing in new material manufacturing projects, including the establishment of a precious metal green material industrial park, a Shanghai rare precious metal innovation platform, and a Shanghai Sheshan precious metal new material industrial base [1] - In June, the announcement of an industrial catalyst project, which is one of the highest gross margin segments in the new material manufacturing sector, will help the company further concentrate on high-margin precious metal manufacturing [1] Capacity and Market Outlook - As the announced industrial projects are completed, the company's industrial catalyst production capacity is expected to significantly increase, which is anticipated to better meet the growth in domestic demand resulting from the global chemical industry transfer [1] - This is expected to lead to sales growth of high-margin products in the medium to long term [1] Valuation and Rating - Based on comparable companies' 2025 PE valuation levels, the company is given a 21X valuation, corresponding to a target price of 18.48 yuan, maintaining a "buy" rating [1]