JHM(SH:603078) KAIYUAN SECURITIES·2024-04-30 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a steady revenue growth in Q1 2024, with ultra-pure reagents achieving sales revenue of 157 million yuan, up 8.39% year-on-year, and photoresist supporting reagents generating sales revenue of 78 million yuan, up 2.70% year-on-year [2][7] - The sales volume of ultra-pure reagents reached 24,600 tons, an increase of 21.81% year-on-year, while the sales volume of photoresist supporting reagents was 7,200 tons, up 6.90% year-on-year [2] - The average selling price of ultra-pure reagents was 7,200 yuan per ton, down 11.01% year-on-year, primarily due to increased sales in the photovoltaic solar panel sector, which has a relatively lower average price [2] - The company has made significant progress in product validation for G5 grade sulfuric acid, ammonia water, and hydrochloric acid, with successful testing at several leading domestic advanced process manufacturers [2][10] Financial Summary - In Q1 2024, the company achieved a net profit attributable to shareholders of 25 million yuan, down 5.29% year-on-year, but up 277.27% quarter-on-quarter [7] - The company maintains its profit forecast, expecting net profits of 118 million, 141 million, and 160 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 46.0, 38.6, and 33.9 times [7][9] - The company has a total capacity of 235,000 tons per year, with ongoing expansion projects expected to significantly enhance capacity utilization in 2024 [11]