受益于原料成本下跌以及产品结构优化，公司2024 年盈利能力已经出现修复。2024 年公司主要原材料 成本呈现下降趋势，报表端公司主要原材料中纯碱/乙烯焦油/蒽油/煤焦油下半年采购均价分别为 1443.06/3191.72/3720.86/3556.44 元/吨，较上半年分别下滑21.3%/11.5%/7.0%/11.5%。主要原材料价格下 行带动公司盈利能力改善，2024 年公司实现毛利率19.2%，同比23 年+4.3pct。 原料价格下行，有望推动公司盈利能力提升。2025 年二季度以来，纯碱价格在供需矛盾下快速下行， 根据 数据显示，截至5 月21 日，国内轻碱现货价格1370 元/吨，较年初下滑13.8%，2025 年二季度国内 轻碱现货均价1390 元/吨，环比Q1 下滑9.3%。同时，二季度能源价格走弱带动下游化工品价格下跌， 公司原料油价格均出现不同程度的下滑，以占公司2024 年原料采购额25%的蒽油为例，2025Q2 市场均 价3531 元/吨，环比Q1 下滑12.4%。原材料成本下跌有利于公司成本改善，看好公司盈利能力提升。 盈利预测与估值：综合考虑公司在建项目投产节奏，以及炭黑及二氧化 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a strong start in 2025, with Q1 revenue of 8.315 billion yuan, up 8.1% year-on-year, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year [5][6] - The company continues to expand its product categories and maintain robust growth in key regions, particularly in the eastern and southern markets [6][7] - The gross profit margin improved to 40.04%, an increase of 2.73 percentage points year-on-year, driven by cost reductions and enhanced production efficiency [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 83.15 billion yuan and a net profit of 22.02 billion yuan, with a year-on-year growth of 8.1% and 14.8% respectively [5] - The company’s revenue and net profit for Q4 2024 and Q1 2025 combined showed a year-on-year increase of 8.9% and 16.0% respectively [5] Product and Regional Growth - Revenue growth by product category in Q1 2025: soy sauce +8.20%, seasoning sauce +13.95%, oyster sauce +6.10%, and other products +20.83% [6] - Revenue growth by region in Q1 2025: eastern +14.17%, southern +16.13%, central +7.90%, northern +5.76%, and western +9.44% [6] Cost and Profitability - The company’s gross profit margin reached 40.04%, benefiting from economies of scale, lower raw material costs, and improved production efficiency [6][7] - The net profit margin for Q1 2025 was 26.49%, an increase of 1.54 percentage points year-on-year [7] Future Outlook - The company is expected to continue its steady growth in 2025 through channel expansion, product innovation, and efficiency improvements [7][8] - The profit forecasts for 2025-2027 have been slightly adjusted upwards, with expected net profits of 71.02 billion yuan, 78.89 billion yuan, and 86.89 billion yuan respectively [8]