zhenhua chemical(603067)2025-05-18 03:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for commercial jet engine materials is experiencing significant growth, leading to a revaluation of the chromium salt industry chain [3] - ATI's aerospace business is showing strong growth, driven by the demand for aircraft engines, which is expected to boost performance [4][5] - The MRO (Maintenance, Repair, and Overhaul) market for aircraft engines is becoming a new growth point for the industry, with strong demand anticipated [6] Financial Performance - As of May 16, 2025, the current stock price is 21.41 yuan, with a market capitalization of 10,898.20 million yuan [3] - In Q1 2025, ATI's revenue from the commercial jet engine sector grew by 33.8% year-on-year, with the HPMC department's revenue in the U.S. increasing by 31.45% [5][15] - The company expects to achieve revenues of 49.85 billion yuan, 59.54 billion yuan, and 66.63 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 7.11 billion yuan, 9.28 billion yuan, and 11.80 billion yuan [10][11] Market Trends - The MRO market is projected to grow at a rate of 40%-50%, with significant contributions from partnerships with major companies like Pratt & Whitney [6] - The global aerospace engine market is dominated by major players, with GE Aerospace and CFM International holding a combined market share of 69% [6] Production Capacity - The company anticipates an increase in chromium salt production capacity from approximately 260,000 tons to over 350,000 tons following the completion of its Chongqing base relocation and technological upgrades [11][20]