研报掘金丨国海证券：维持振华股份“买入”评级，新工艺推动铬绿工艺+产能双升

Group 1 - The core viewpoint of the article is that Zhenhua Co., Ltd. plans to issue convertible bonds to fund a new chromium salt base in Chongqing, which will enhance both the production capacity and the new chromium green process [1] - The company has pioneered a vitamin K3 co-production chromium green process, which will further increase the production capacity of chromium green [1] - The product structure of the company is gradually shifting towards metallic chromium and the military-industrial chain, which will continuously enhance the company's profitability and position it to benefit from the chromium salt market cycle [1] Group 2 - Based on the price increase of chromium salt and metallic chromium since October 2025, the company's profit forecast has been revised upward [1] - The impact of the company's participation in the bankruptcy reorganization of Xinjiang Shenhong Group Co., Ltd. and six other companies is not currently considered [1] - The company is expected to benefit preferentially from the booming chromium salt market cycle, maintaining a "buy" rating [1]