Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrated resilience with record high revenue and profit in 2024, achieving total revenue of 31.802 billion yuan, a year-on-year increase of 22.42%, and a net profit attributable to shareholders of 4.063 billion yuan, up 31.42% year-on-year [1] - In Q1 2025, the company reported revenue of 8.411 billion yuan, a year-on-year increase of 15.29%, and a net profit of 1.039 billion yuan, reflecting a year-on-year growth of 0.47% [1] - The company’s production capacity release has effectively supported performance, with sales volume reaching 72.16 million units in 2024, a 29.34% increase year-on-year, and 19.37 million units in Q1 2025, up 16.84% year-on-year [4] - The overseas factories in Vietnam and Cambodia have significantly contributed to profitability, with net profits of 1.585 billion yuan and 0.904 billion yuan respectively, accounting for 39% and 22% of total net profit [4] - The company has successfully launched several new products, enhancing its competitive edge in various market segments [4] Financial Summary - The company’s projected revenue for 2025-2027 is expected to reach 36.963 billion yuan, 43.028 billion yuan, and 49.708 billion yuan, with year-on-year growth rates of 16.2%, 16.4%, and 15.5% respectively [7] - The net profit attributable to shareholders is forecasted to be 4.172 billion yuan, 5.124 billion yuan, and 6.225 billion yuan for the same period, with growth rates of 2.7%, 22.8%, and 21.5% respectively [7] - The diluted EPS for 2025-2027 is expected to be 1.27 yuan, 1.56 yuan, and 1.89 yuan [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.258 billion in 2024, a decrease of 9.16% year-on-year, and a net profit attributable to shareholders of 267 million, down 19.17% year-on-year [2][4]. - The revenue for Q4 2024 was 178 million, reflecting a significant decline of 44.2% year-on-year and 48.87% quarter-on-quarter, with a net profit of 9 million, down 87.22% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 286 million, a decrease of 18.33% year-on-year but a substantial increase of 60.5% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 12.58 billion, with a net profit of 2.67 billion, and a non-recurring net profit also at 2.67 billion, indicating a decrease in profitability [2][4]. - The revenue breakdown shows that high-temperature alloy casting generated 420 million (down 33.3%), while deformation high-temperature alloys brought in 520 million (up 18.4%) [4]. - The overall gross margin for 2024 was 33.93%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 21.23%, down 2.63 percentage points year-on-year [4]. Investment Projects - The company’s fixed assets increased to 770 million by the end of 2024, with ongoing projects expected to enhance production capacity [4]. - The completion of the automated processing line for aviation components is expected to significantly contribute to the company’s production capabilities [4]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 363 million, 469 million, and 668 million respectively, with year-on-year growth rates of 36%, 29%, and 42% [4]. - The corresponding price-to-earnings ratios are projected to be 24, 18, and 13 times for the years 2025, 2026, and 2027 respectively [4].

证券代码：920016 证券简称：中草香料 公告编号：2025-048 安徽中草香料股份有限公司 三、 投资者关系活动主要内容 在本次投资者关系活动中公司向各位投资者简要介绍了公司的基本情况、 主营业务、产品特性等内容。本次投资者关系活动的主要问题及问题回复概要 如下： □业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 1、公司 2024 年度产品收入构成 关于投资者关系活动记录表的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 √特定对象调研 二、 投资者关系活动情况 活动时间：2025 年 4 月 26 日 活动地点：安徽中草新材料有限公司会议室、厂区 参会单位及人员：洪顺资本、申万宏源研究、东北证券（以上排名不分先后） 上市公司接待人员：董事、董事会秘书赵娅女士 回答：公司产品可以分为凉味剂系列、合成香料系列、天然香料系列，可 以应用于食品、饮料、日化、医药、烟草、饲料等领域，公司产品基本流向产 业链下游企业。 5、预计何时释放新 ...

（一）主要产品的价格变动情况 证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-034 中盐内蒙古化工股份有限公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中盐内蒙古化工股份有限公司（以下简称"公司"）根据上海证 券交易所《上市公司行业信息披露指引第七号-医药》《上市公司行 业信息披露指引第十八号-化工》及《关于做好上市公司 2025 年第一 季度报告披露工作的通知》要求，现将公司 2025 年第一季度主要经 营数据披露如下： | 主要行业 | 主要产品 | 2025 年第 | 2025 年第 | 营业收入（万 元） | | --- | --- | --- | --- | --- | | | | 一季度产量 | 一季度销量 | | | 精细化工行业 | 金属钠、氯酸钠 （万吨） | 3.40 | 3.29 | 21,343.68 | | 基础化工行业 | 纯碱（万吨） | 104.39 | 95.02 | 121,025.87 | | | 聚氯乙烯树脂 ...

本报讯 （记者王僖）4月21日晚，山东邦基科技股份有限公司（以下简称"邦基科技"）同步披露2024年 年报和2025年一季报，其中，公司今年一季度业绩表现亮眼，实现营业收入10.76亿元，同比增长 160.84%，实现归属于上市公司股东的净利润2800万元，同比增长37.71%。 邦基科技2024年年报显示，得益于直销渠道规模化养殖客户存栏量增加，报告期内公司实现营业收入 25.42亿元，同比大增54.36%，但是，由于募投项目产能爬坡阶段固定成本高企、客户结构向赊销模式 转型应收账款及坏账准备增加，以及低毛利率的配合料占比提升等因素，致使报告期内公司归属于上市 公司股东的净利润同比出现下滑。 公司有关人士表示，2024年饲料行业正处于提质增效转型期，面对行业整合，邦基科技加快全国产能布 局。随着公司在山西、云南、辽宁等地生产基地的建成投产，公司新增了数条浓缩料和配合料生产线， 扩大猪饲料的产能。建设项目全部完成后，公司每年可新增浓缩料产能24万吨，配合料产能66万吨，将 有效支撑公司抢占国内市场份额的战略，进一步提升品牌影响力，做大做强猪饲料业务。同时，公司同 步完善销售网络，通过"经销+直销"双模式下沉至 ...

投资要点： 事件 公司发布2024 年报。2024 年公司实现营收6.22 亿元，同比-22.76%，实现归母净利润1.12 亿元，同 比-31.79%，扣非净利润0.76亿元，同比-41.75%。24Q4 营收0.35 亿元，同比-85.8%，环比-82.04%，归 母净利润-0.4 亿元，同比-179.77%，环比-198.31%。 风险提示 铬矿量价齐升，毛利率显著提升 公司2025 年继续致力于扎布耶一期工艺的优化，并积极推进扎布耶二期建设及三期项目的策划工作。 扎布耶二期投产后，氯化钾即可实现销售。按可研报告，二期设计氯化钾产能15.6 万吨/年。公司2025 年计划生产铬铁矿10 万吨（富矿8 万吨，贫矿2 万吨），生产锂精矿5000 吨，生产碳酸锂产品7000 吨 和氯化钾产品93000 吨。 盈利预测与投资建议 我们预计公司2025-2027 年归母净利润为1.9/4.0/6.4 亿元（25-26年前值为4.0/6.3 亿元，主因二期投产慢 于预期，下调了锂和铬产量预测），同比+71%/111%/58%，公司作为中国少有的铬矿和西藏盐湖资源 拥有者，目前资源潜力未完全兑现，远期潜力巨大，维持" ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company Longtu Guozhao (688721.SH) [1][9] Core Views - The company's revenue for 2024 is projected to be 247 million yuan, representing a year-on-year growth of 12.92%, while the net profit attributable to the parent company is expected to reach 91.83 million yuan, a growth of 9.84% [2][4] - The growth rate of revenue and net profit for 2024 is significantly slower compared to 2023, primarily due to the saturation of production capacity at the Shenzhen factory. The new factory in Zhuhai is anticipated to release capacity and drive rapid growth in performance [4][5] - The company is focusing on the construction of a "high-end semiconductor chip mask manufacturing base" project, with major production equipment for the Zhuhai factory arriving and being installed since the end of Q1 2024 [4][5] Financial Performance Summary - In 2023, the company achieved revenue of 218 million yuan, a year-on-year increase of 35.13%, and a net profit of 83.61 million yuan, up 29.66% [4][11] - For 2024, the gross margin is expected to be 57.01%, slightly down by 1.86 percentage points from the previous year, while the net margin is projected at 37.25%, down by 1.05 percentage points [5][11] - The revenue contribution from quartz masks increased from 78.79% in 2023 to 81.31% in 2024, indicating a stable demand for this product line [5][11] Future Projections - The company is expected to achieve revenues of 348 million yuan, 509 million yuan, and 788 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41.0%, 46.6%, and 54.6% [7][11] - Net profits are projected to be 103 million yuan, 162 million yuan, and 263 million yuan for the same years, with growth rates of 12.3%, 57.0%, and 62.7% respectively [7][11]

Core Viewpoint - The report highlights the financial performance of Kaisheng Technology for the year 2024, indicating a slight decline in revenue but significant improvement in net profit, driven by better margins in display materials and strategic partnerships [2][3]. Financial Performance - In 2024, Kaisheng Technology achieved revenue of 4.89 billion and net profit of 140 million, with a year-on-year change of -2.3% and +30.8% respectively, while the net profit excluding non-recurring items showed a loss narrowing to -20 million [2]. - The operating cash flow for 2024 was 140 million, reflecting an increase of 8.2% year-on-year [2]. Profitability Improvement - The company's gross margin improved to 17.0%, up by 3.7 percentage points year-on-year, primarily due to higher margins in the display materials segment [3]. - The final net profit margin reached 4.0%, an increase of 1.0 percentage points year-on-year [3]. Segment Performance - Display materials revenue grew to 3.52 billion, a year-on-year increase of 7.7%, while application materials revenue declined to 1.16 billion, down 26.6% [4]. - Sales of new display material products reached 25.47 million units, marking a 22.5% increase year-on-year, with the company becoming a key supplier for flexible cover glass in foldable smartphones [4]. Subsidiary Performance - Shenzhen Guoxian, holding 75.6% stake, reported revenue and net profit of 3.08 billion and 140 million respectively, with net profit margin improving to 4.4% [4]. - The subsidiary Bengbu Zhongheng experienced a revenue decline of 7.6% to 900 million and a net profit decrease of 11.7% to 80 million, with a net profit margin of 8.4% [5]. - Kaisheng Yingcai, holding 62.6% stake, saw revenue drop by 10.6% to 580 million and net profit decrease by 51.7% to 60 million, with a net profit margin of 10.5% [5].