PRCO(SZ:002225) Tianfeng Securities·2025-07-26 11:37Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has signed a supplementary agreement with Grinmei to supply 500,000 tons of low-cost core precipitant products by the end of 2028, which will significantly reduce Grinmei's smelting costs by 10%-15% and enhance profitability [1] - The company is expected to benefit from the recovery in the steel industry and the expansion of its efficient precipitant production capacity, leading to an acceleration in performance release [3] - The company has established a production capacity of 110,000 tons per year for efficient precipitant products, with plans for further expansion [2] Financial Data and Valuation - Projected revenue for 2023 is 5,472.92 million yuan, with a growth rate of 10.88% [4] - Expected net profit attributable to the parent company for 2025 is 298.96 million yuan, reflecting a growth rate of 121.36% [4] - The company's earnings per share (EPS) is projected to be 0.30 yuan in 2025, with a price-to-earnings (P/E) ratio of 23.59 [4] Business Outlook - The company is positioned to meet the demand for precipitant products in the Indonesian nickel resource project, which will enhance its market presence and operational performance [1][2] - The recovery in the domestic steel industry is expected to improve the profitability of the company's refractory materials business [3] - The overseas production capacity in the U.S. and Serbia is anticipated to stabilize the company's performance in the refractory materials sector [3]