zhenhua chemical(SH:603067) Guohai Securities·2024-10-21 23:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The relocation project of Chongqing Minfeng Chemical, a wholly-owned subsidiary, aims to enhance the company's leading position in the chromium salt industry through a green and intelligent manufacturing upgrade [3][4] - The relocation is expected to proceed smoothly, with potential government subsidies enhancing profits [4] - The company's chromium salt production capacity is projected to double to 350,000 tons per year after the completion of the new facility, further solidifying its industry leadership [5] Financial Projections - The company is expected to achieve revenues of 4.386 billion, 4.629 billion, and 5.143 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 528 million, 585 million, and 678 million yuan [6][9] - The projected P/E ratios for the years 2024, 2025, and 2026 are 11, 10, and 9 respectively, indicating a favorable valuation outlook [6][9] - The report highlights a significant expected growth rate in revenue of 19% for 2024, followed by 6% and 11% in the subsequent years [6][9]