上 市 公 司 公 司 研 基础化工 2025 年 10 月 12 日 江南化工 (002226) ——拟公开摘牌重庆顺安爆破，外延内生持续推进 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 10 日 | | --- | --- | | 收盘价（元） | 7.14 | | 一年内最高/最低（元） | 7.61/4.28 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 1.05 | | 流通 A 股市值（百万元） | 18,913 | | 上证指数/深证成指 | 3,897.03/13,355.42 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 3.68 | | 资产负债率% | 41.00 | | 总股本/流通 A 股（百万） | 2,649/2,649 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-10 11-10 12-10 01-10 02-10 03-10 04-10 05-10 0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in H1 2025, with revenue and net profit increasing by 7% and 3% year-on-year, respectively, driven by the stable growth of the automotive industry [7] - The acquisition of Wuxi Tongyi and the establishment of a surface treatment subsidiary are expected to enhance the company's competitive advantage and profitability [7] - The company maintains a leading position in the comprehensive capability of automotive metal parts, with a focus on high-end technology [7] Financial Performance Summary - Revenue for 2023 is projected at 2.7572 billion, with a year-on-year growth of 18.82% [1] - Net profit attributable to the parent company for 2023 is estimated at 515.1 million, reflecting a year-on-year increase of 36.15% [1] - The latest diluted EPS for 2023 is projected at 0.44 yuan per share [1] Revenue Breakdown - Revenue from new energy vehicle components in H1 2025 increased by 8.06% to 69 million, accounting for 41.86% of total revenue [7] - Revenue from traditional fuel vehicle components grew by 28.27% to 43 million, with a 26.10% share of total revenue [7] - General automotive components revenue rose by 7.49% to 38 million, representing 22.91% of total revenue [7] Future Projections - The company forecasts total revenue of 4.085 billion for 2025, with a year-on-year growth of 27.11% [1] - Net profit attributable to the parent company is expected to reach 672.1 million in 2025, with a growth rate of 24.22% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 36.52, 27.02, and 22.54, respectively [1]

Core Viewpoint - Haofan Bio plans to acquire 100% equity of Hangzhou Foster Pharmaceutical for 160 million RMB to overcome production capacity constraints and enhance supply capabilities [1][2][3] Group 1: Acquisition Details - The acquisition will be conducted in two phases, with the first phase granting Haofan Bio 85% equity, making it the controlling shareholder [3] - Hangzhou Foster is a mature production base with complete production and supporting facilities, certified by GMP, ISO9001, ISO14001, and OHSAS18001 [3][4] - The acquisition aims to leverage Hangzhou Foster's existing surplus capacity to improve Haofan Bio's supply capabilities and product structure [4] Group 2: Financial Performance - Hangzhou Foster reported a revenue of 204 million RMB in 2024 with a net loss of 28.44 million RMB, and a revenue of 26.18 million RMB in Q1 2025 with a net loss of 8.44 million RMB [5] - Haofan Bio experienced significant growth in 2024, achieving a revenue of 452 million RMB, a 16.22% increase year-on-year, and a net profit of 134 million RMB, a 35.44% increase [7] Group 3: Market Context - Haofan Bio has been facing production capacity shortages due to increased market demand, which has hindered its ability to fulfill customer orders [6] - The company is actively working on expanding its production capacity through new projects and collaborations, aiming to increase its self-owned capacity over the next 2-3 years [7]