华龙证券给予振华股份增持评级：铬盐产能充分释放，龙头价值持续突显

Group 1 - The core viewpoint of the report is that Zhonghua Co., Ltd. (振华股份) is given a "buy" rating due to favorable changes in the demand structure for chromium salt products and effective capacity release [1] - The expansion of production capacity is expected to strengthen the scale effect, with a long-term positive outlook on the synergistic value of the three bases [1] Group 2 - The report highlights the potential risks including fluctuations in raw material prices, intensified industry competition, delays in new capacity construction, exchange rate risks, and significant economic downturns [1]