新化股份：投资新存科技，布局新型存储

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1]. Core Views - The company is actively investing in the new storage chip sector through its industrial investment fund, which has committed RMB 30.5 million to a partnership for equity investment in a technology firm [1]. - The company has demonstrated strong operational stability, with its main business segments showing consistent performance and growth potential, particularly in the flavor and fragrance sector [1]. - The company has successfully launched its first high-capacity 3D storage chip, showcasing its R&D capabilities and contributing to the growth of the domestic storage chip industry [1]. Summary by Relevant Sections Investment Progress - The company has established a partnership with five parties to invest in a private equity fund, committing RMB 30.5 million, which represents 76.2405% of the fund's total shares [1]. Business Operations - The company is involved in the production of fine chemicals, including fatty amines and organic solvents, with stable sales performance. The fragrance segment is expanding, with new production capacities being released [1]. - The new production base in Ningxia is expected to gradually release an annual capacity of 16,650 tons, and an expansion project in Jiangsu is underway [1]. Financial Forecasts and Valuation - The company is projected to achieve net profits of RMB 334 million, RMB 451 million, and RMB 553 million for the years 2024 to 2026, respectively. The current market capitalization corresponds to PE ratios of 14.46, 10.71, and 8.73 for the same years [1]. - The company is recognized as a leader in low-carbon fatty amines, with a growing fragrance segment and promising lithium battery recycling business [1].