齐翔腾达（002408）：一季度业绩企稳向好，景气度有望改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a first-quarter revenue of 5.618 billion yuan in 2025, representing a year-on-year increase of 2.53% but a quarter-on-quarter decrease of 18.18%. The net profit attributable to the parent company was 0.05 billion yuan, down 83.18% year-on-year but turning profitable quarter-on-quarter. The non-recurring net profit attributable to the parent company was 0.06 billion yuan, down 80.38% year-on-year but also turning profitable quarter-on-quarter [2][6]. Summary by Sections Company Overview - The company is a leader in the C4 industrial chain, focusing on deep processing of raw material carbon four, with four product lines including butene, isobutylene, butane, and isobutane. It has a strong market position with a 70% share in the domestic market for its main product, methyl ethyl ketone [12]. Industry Analysis - The butadiene chain is maintaining a good level of prosperity, with the industry capacity utilization rate around 70% due to supply constraints. The company uses the largest butene oxidation method in the country to produce butadiene, which aligns with its existing industrial chain [12]. Financial Performance - The company expects significant improvement in operating conditions due to a decrease in raw material prices starting from the second quarter of 2025. The projected net profits for 2025, 2026, and 2027 are 0.32 billion yuan, 0.76 billion yuan, and 1.21 billion yuan, respectively, with corresponding price-to-earnings ratios of 39.4, 16.6, and 10.4 [12][19].