振华股份（603067）：沈宏重整确认为唯一投资人，行业格局持续优化

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company has been confirmed as the sole investor in the restructuring of Xinjiang Shenhong Group, which is expected to optimize the industry landscape [7] - The demand for chromium salts is anticipated to surge in 2025, driven by increased needs in high-temperature alloys and special steel, as well as strong export demand [7] - The company is projected to achieve net profits of 703 million, 857 million, and 1,010 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE valuations of 19X, 16X, and 14X [7] Financial Data and Profit Forecast - Total revenue is expected to reach 4,461 million yuan in 2025, with a year-on-year growth rate of 9.7% [6] - The net profit attributable to the parent company is forecasted to be 703 million yuan in 2025, reflecting a significant year-on-year increase of 48.8% [6] - The gross margin is projected to improve to 31.0% in 2025, up from 25.2% in 2023 [6]