呈和科技（688625）：Q1业绩创新高，成核剂国产替代进程有望加速

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [4]. Core Insights - The company achieved record high performance in Q1 2025, with revenue of 2.20 billion yuan, a year-on-year increase of 14.97%, and a net profit of 0.71 billion yuan, up 15.82% year-on-year [1]. - The sales volume of nucleating agents increased by 26.53% in 2024, contributing to the company's historical high performance across various metrics [1]. - The domestic substitution process for nucleating agents is expected to accelerate due to tariff countermeasures, with the import substitution rate projected to rise from 30% in 2023 to 34% in 2025 [1]. Financial Summary - In 2024, the company reported a revenue of 8.82 billion yuan, a 10.31% increase from the previous year, and a net profit of 2.50 billion yuan, reflecting a 10.68% growth [3]. - The projected net profits for 2025, 2026, and 2027 are 3.10 billion yuan, 3.74 billion yuan, and 4.15 billion yuan, respectively, with corresponding P/E ratios of 21.83X, 18.09X, and 16.29X [2][3]. - The company's design capacity for nucleating agents reached 25,760 tons by the end of 2024, with significant production capacity expansions planned [1]. Acquisition Plans - The company plans to acquire at least 51% of Yingri Technology, which specializes in high-performance sputtering targets, aiming for synergies in customer resources and brand influence [2].