公司信息更新报告：VK3盈利好转，关注铬盐涨价与铁铬液流电池进展

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is a leader in the domestic chromium salt industry and is expected to benefit from the recovery in demand for chromium salts, which will enhance price elasticity. Additionally, the price rebound of the co-produced product VK3 is anticipated to contribute to the company's performance. The company is also deeply engaged with downstream customers and is advancing its iron-chromium flow battery project, which may open up long-term growth opportunities. The profit forecast for 2024-2026 is maintained, with expected net profits of 435 million, 513 million, and 587 million yuan, respectively, and corresponding EPS of 0.86, 1.01, and 1.15 yuan, leading to a current PE ratio of 12.0, 10.2, and 8.9 times [7][16][36] Supply and Demand Analysis - The supply side shows a stable competitive landscape in the domestic chromium salt industry, with a high concentration of firms and production levels likely at a high point, limiting short-term supply increases. On the demand side, the strong export demand for metallic chromium, a key downstream demand source for chromium salts, is expected to provide robust support for chromium salt demand. In this context, chromium salt prices are likely to continue rising [8][32][58] VK3 Price Rebound - VK3 prices have started to rebound from the bottom, which is expected to contribute positively to the company's performance. The average price of VK3 reached a low of 64,000 yuan per ton in Q4 2023 but rebounded to 79,000 and 86,000 yuan per ton in Q1 and Q2 2024, respectively, marking increases of 25% and 36% [33][60] Downstream Customer Engagement and Project Progress - The company is leveraging its position in the chromium salt industry to explore the iron-chromium flow battery project. As of April 2023, the company has delivered key stack materials in six batches, corresponding to an installed capacity of approximately 2 megawatts. The construction of the flow energy storage R&D center is progressing smoothly, with the testing line for the self-developed electrolyte solution completed and entering trial production [36][44]