在谈及公司铁钼法金属催化剂的特点及市场地位时，中触媒表示，公司铁钼法甲醇制甲醛催化剂的生产 成本较进口产品较低，同时具有反应效率高、供货周期短等优势，节省了下游甲醛相关企业的综合运营 成本。该产品已成功通过万华化学（600309）的验证测试，并签署了复购合同。随着下游客户的增加， 公司铁钼法甲醇制甲醛催化剂得到了市场的广泛认可，这也打破国外大型化工公司长期垄断的局面，为 实现国产替代奠定了良好的基础。 公司固定源脱硝分子筛产品主要应用于工业固定源尾气氮氧化物(NOx)净化领域。该产品可实现对钢 铁、电力、建材(玻璃、水泥、陶瓷等)、焦化等典型工业场景尾气污染物的高效催化脱除。随着国内生 产排放标准趋严，公司固定源脱硝分子筛产品市场将实现更多放量。 "预计2025年公司移动源脱硝分子筛系列产品、环氧丙烷催化剂以及甲醇制甲醛催化剂将会有较多增 量。"中触媒称。 中触媒(688267)6月13日披露投资者关系活动记录表，公司当天接待了华泰证券、长江证券、国信资管 等10家机构投资者的调研。 中触媒主要从事特种分子筛及催化新材料产品的研发、生产、销售及化工技术、化工工艺服务。公司主 要产品分类为特种分子筛及催化剂系列 ...

5月22日至25日，第四届中国—中东欧国家博览会暨国际消费品博览会在浙江省宁波市举办。广东省经 贸代表团组织近70家企业及商协会代表共140多人的代表团参加本届博览会，助力广东省企业开拓国内 外市场、畅通国内国际双循环、深化区域合作。 作为我国面向中东欧国家的唯一国家级展会，本届博览会聚焦深化经贸合作、促进人文交流、实现互利 共赢，全方位多层次挖掘合作机遇。 广东馆集中展示小鹏汽车、国瓷永丰源、珠江钢琴、广州酒家等30多家龙头企业的100余件创新成果和 优质产品，涵盖了智能制造、电子信息、家用电器、新能源汽车等战略新兴领域。 博览会期间，广东省还组织了包括永衡良品、原本生态、宠控创新科技、香港仲城贸易等在内的超30家 零售商贸、电商平台、进出口贸易采购商进馆观展采购，既丰富拓宽了企业的采购渠道，拓展市场份 额，也带旺了本地消费。 展馆特别设立的"广东省外贸转型升级基地（东凤小家电）"展区，既展现了产业集群与跨境电商生态相 融合，推动家电产业从"制造"向"智造""质造"跃升，又展示了广东企业拓内销市场新面貌，助力广货融 入全球价值链高端。 5月22日，广东省商务厅与宁波市商务局联合举办了"粤贸全国·广东—浙江（ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced rapid revenue growth in the 3C and passenger vehicle sectors, driven by new coating solutions [6][8] - The company reported a revenue of 746 million yuan in 2024, a year-on-year increase of 26.41%, and a net profit attributable to shareholders of 86.4 million yuan, up 6.52% year-on-year [5] - The company is focusing on high-end consumer electronics and passenger vehicle markets, with significant partnerships with major clients [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 746 million yuan, with a net profit of 86.4 million yuan, and a quarterly revenue of 2.19 billion yuan in Q4 2024, reflecting a 25.23% year-on-year growth [5] - For Q1 2025, the company reported a revenue of 1.53 billion yuan, a 13.24% year-on-year increase, but a net profit of 381 thousand yuan, down 68.52% year-on-year [5][6] Revenue Growth Drivers - The 3C sector saw a revenue increase of 26.9% in 2024, attributed to deepened cooperation with North American clients and expanded product offerings [6] - The passenger vehicle sector achieved a revenue of 1.28 billion yuan in 2024, a 29.6% increase, with Q4 2024 showing a 51.6% year-on-year growth [6] Strategic Initiatives - The company is advancing new coating solutions and has successfully launched a new molecular coating material solution [7] - The company is also expanding into strategic emerging fields such as aerospace, with ongoing collaborations and product development [7] Profitability and Valuation - The report projects net profits of 127 million yuan for 2025, down from a previous estimate of 154 million yuan, with continued growth expected in the 3C and passenger vehicle sectors [8][9] - The company’s gross margin is expected to decline to 48.9% in 2025, with an increase in operating expenses impacting profitability [12]

Core Viewpoint - 华菱线缆 reported strong financial performance in Q1 2025, with significant growth in revenue and net profit, driven by increased demand in various sectors, particularly aerospace and special engineering machinery [1][2]. Financial Performance - The company achieved operating revenue of 1.005 billion yuan, a year-on-year increase of 11.38% [1] - Net profit reached 32.16 million yuan, up 55.54% year-on-year [1] - Deducted non-recurring net profit was 27.95 million yuan, reflecting a substantial growth of 101.34% [1] Business Development - The company has secured contracts worth approximately 423 million yuan in the power and rail transit sectors, accounting for 10.18% of the audited revenue for 2024 [1] - In the power sector, contracts include 120 million yuan for 10kV copper core cross-linked polyethylene insulated power cables and 130 million yuan for low-voltage cables [1] - In the rail transit sector, contracts include 58.97 million yuan for fire-resistant cables and 114 million yuan for flame-retardant wires and cables [1] Market Recognition and Future Growth - The recent contract wins reflect market recognition of the company's product quality and service [2] - Key growth drivers identified include increased demand in aerospace and special equipment, safety requirements in metallurgy and mining, emerging strategic sectors like robotics, and potential from mergers and acquisitions [2] Order and Production Capacity - The company has a substantial backlog of orders, significantly higher than the previous year [3] - Four investment projects have been initiated to expand production capacity to meet growing business demands [3] - The theoretical production cycle for different products ranges from 7 to 15 days, subject to various operational factors [3]