Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, indicating resilience and potential for continued profitability in the automotive glass sector [1][2]. Financial Performance - Q1 2025 revenue reached 9.97 billion yuan, with a year-on-year increase of 12.2% and a quarter-on-quarter decrease of 9.4% [1] - Gross profit was 3.508 billion yuan, reflecting a year-on-year increase of 7.8% and a quarter-on-quarter decrease of 0.2%, with a gross margin of 35.40% [1] - Net profit attributable to shareholders was 2.03 billion yuan, up 46.3% year-on-year and 0.5% quarter-on-quarter, with a net margin of 20.48% [1] - Non-GAAP net profit was 1.987 billion yuan, representing a year-on-year increase of 30.9% and a quarter-on-quarter increase of 4.8% [1] Business Segment Performance - The automotive glass business generated revenue of 9.91 billion yuan in Q1 2025, a year-on-year increase of 12.16%, with sales volume up 7.84% and average selling price (ASP) up 3.36% [1] - High-value-added products accounted for 49.13% of total sales, an increase of 4.5 percentage points year-on-year, indicating an ongoing optimization of product structure [1] Regional Performance - Domestic automotive glass revenue increased by 11.73% year-on-year, and after accounting for unrecognized sales to car manufacturers, the revenue growth was 17.1% [1] - Overseas automotive glass revenue grew by 11.15% year-on-year, both figures outperforming the overall automotive industry growth rates [1] Margin and Cost Outlook - Q1 2025 gross margin was 35.4%, with a year-on-year decline of 1.42 percentage points, primarily due to accounting adjustments and new capacity ramp-up [2] - Financial expenses contributed 350 million yuan in revenue, significantly higher than the 70 million yuan from the same period last year, mainly due to substantial foreign exchange gains [2] - The company is expected to benefit from declining prices of raw materials and shipping costs throughout the year, which may offset the impact of new capacity ramp-up [2] Competitive Landscape and Capacity Expansion - The competitive landscape is improving as the penetration of high-value-added glass products and aluminum components in new energy vehicles increases [2] - The company is expanding capacity, with new production lines in the U.S. and China expected to enhance market share [2] - New projects in Fujian and Anhui are entering the capacity release phase, supporting overall capacity optimization and export expansion [2] Profit Forecast and Investment Rating - The company is projected to strengthen its competitive position, with expected EPS of 3.28, 3.89, and 4.51 yuan for 2025-2027 [3] - The target price is set at 62.27 yuan, based on a 19x PE ratio for 2025, maintaining an "outperform" rating [3]

风险提示：政策风险，棕榈油价格大幅波动风险，汇率大幅波动风险，新产能爬坡低于预期风险等。 公司是国内表面活性剂、油脂化工领先企业，OEM/ODM 项目稳步推进。目前公司表面活性剂产能达 120 万吨/年（在建产能22 万吨/年），油脂化学品产能达108 万吨/年（在建产能21 万吨/年），洗护用 品OEM/ODM 加工服务能力达到110 万吨。目前公司在江苏镇江建有年产能10 万吨液体洗涤剂 OEM/ODM 生产线，河南鹤壁年产能50 万吨洗护用品OEM/ODM 项目、四川眉山年产能50 万吨洗护用 品OEM/ODM 项目已陆续投产。公司依托表活技术优势、规模布局优势、物流包装配套优势，开展 OEM/ODM 加工业务，在生产工艺、技术、设备上能为下游客户提供更有针对性的服务，进一步提升 公司表面活性剂的市场份额。 主要原材料价格上涨带动公司利润同比增长。2025 年4 月21 日晚，公司发布2024 年年报及2025 年一季 报。根据公司公告，2024 年度，公司实现营业收入107.92 亿元，同比增长12.27%；实现归母净利润 1.35 亿元，同比增长53.99%。截止至2024 年底，公司资产总额79. ...

| 预计关税影响有限，期待阿迪放量 | | --- | ——华利集团 24 快报点评 纺织制造 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 基本状况 | 总股本(百万股) | 1,167.00 | | --- | --- | | 流通股本(百万股) | 1,166.99 | | 市价(元) | 56.14 | | 市值(百万元) | 65,515.38 | | 流通市值(百万元) | 65,514.95 | 1、《收入符合预期，阿迪放量可期》 2025-03-14 放量》2024-10-30 2024-08-23 华利集团（300979.SZ） 证券研究报告/公司点评报告 2025 年 04 月 14 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E ...

Financial Performance - In 2024, the company achieved total operating revenue of 6.579 billion CNY, a year-on-year increase of 22.52% [1] - The net profit attributable to shareholders was -192 million CNY due to various factors including decreased gross profit margins and increased financial expenses [1] Aluminum Processing Business - The aluminum processing segment generated operating revenue of 4.732 billion CNY, a 40% increase year-on-year [2] - Aluminum foil sales reached 107,600 tons, up 22% year-on-year, while aluminum plate and strip sales totaled 189,300 tons, a 69% increase [2] - The company is focusing on high-value-added products to enhance profitability in the aluminum processing segment [2] Production Capacity - The total aluminum foil production capacity is projected to reach 255,000 tons after the completion of ongoing projects [3] - The combined production capacity for aluminum plate and strip is 260,000 tons [3] Paper Packaging Materials Business - The paper packaging materials segment achieved operating revenue of 490 million CNY, with a sales volume of 38,000 tons, both reflecting a 13% year-on-year growth [4] Functional Film Business - The functional film segment reported operating revenue of 52.48 million CNY with a sales volume of 5.59 million square meters [5] - The company plans to expand its market presence for high-value products such as high barrier films and smart films [6] Export and Tariff Impact - In 2024, overseas sales revenue amounted to 1.18 billion CNY, primarily from aluminum foil exports [6] - The company has adjusted processing fees in response to the cancellation of aluminum foil export tax rebates and U.S. tariffs, maintaining stable export volumes [6]

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]

Investment Rating - The investment rating for Luoyang Molybdenum Co., Ltd. is "Buy" (maintained) [1][13] Core Views - The company achieved a revenue of 213 billion yuan in 2024, representing a year-on-year growth of 14%, and a net profit attributable to shareholders of 13.5 billion yuan, up 64% year-on-year [3][6] - The copper production for 2024 was 650,200 tons, exceeding initial guidance of 520,000 to 570,000 tons, with a significant increase in both production and sales of cobalt [6][7] - The company is entering a capacity release phase, with projected net profits for 2025-2027 expected to be 14.68 billion, 16.38 billion, and 17.42 billion yuan respectively [7][11] Summary by Sections Financial Performance - Revenue for 2023 was 186.27 billion yuan, with projections of 211.86 billion yuan for 2025 and 220.73 billion yuan for 2027 [1] - Net profit attributable to shareholders was 8.25 billion yuan in 2023, expected to rise to 14.68 billion yuan in 2025 and 17.42 billion yuan in 2027 [1] - Earnings per share (EPS) is projected to increase from 0.38 yuan in 2023 to 0.68 yuan in 2025 and 0.81 yuan in 2027 [1] Production and Sales - Copper production in 2024 reached 650,200 tons, a 65.02% increase year-on-year, while cobalt production was 114,200 tons, up 105.61% [6][7] - The average price of copper on the LME was $9,268 per ton in 2024, reflecting an 8.72% increase year-on-year [6] Profitability - The copper segment achieved a gross profit of 21.037 billion yuan in 2024, with a gross margin increase from 45.3% to 50.26% [6] - The tungsten segment saw a gross profit of 1.187 billion yuan, up 34.71% year-on-year, with a gross margin increase from 59.54% to 65.15% [6] Future Outlook - The company aims to produce 600,000 to 660,000 tons of copper and 100,000 to 120,000 tons of cobalt in the Democratic Republic of Congo by 2025 [7] - The projected net profits for 2025-2027 are 14.68 billion, 16.38 billion, and 17.42 billion yuan, with corresponding P/E ratios of 11.1, 10.0, and 9.4 [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].

汽柴油消费疲软拖累业绩，中国石化2024年净利润 同比跌近17% "2024年，国内新增产能持续释放，化工毛利大幅缩窄；受境内汽、柴油经营量及价差下降影响，全年 成品油销售板块息税前利润同比下降23.9%至223亿元。"在3月24日召开的业绩说明会上，中国石化财 务总监寿东华描述了公司过去一年主要经营表现。 2024年，中国石化营业收入同比降低4.3%至3.07万亿元，归母净利润同比下降16.8%至503.13亿元。公 司称，国际原油价格震荡下行，国内交通行业新能源替代加速，化工市场新增产能持续释放，毛利大幅 收窄。由于成品油等产品量价齐跌，公司主营业务收入同比降低4.2%至30152亿元。 中国石化将经营活动分为勘探及开发事业部、炼油事业部、营销及分销事业部、化工事业部四个事业部 和本部及其他。其中，炼油事业部和营销及分销事业部为公司贡献了超过六成经营收入。 由于成品油消费疲软，以及成品油价格随原油价格下降，2024年中国石化炼油事业部和营销及分销事业 部经营收入分别同比下滑3.2%、5.7%，降至1.48万亿元和1.71万亿元，经营收益更是显著下滑67.4%、 28.1%，至67.14亿元和186.46亿 ...