Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company achieved a revenue of 60.32 billion yuan and a net profit of 15.49 billion yuan in 2024, reflecting year-on-year growth of 16.44% and 39.58% respectively [1][7] - The company is expected to experience a slowdown in profit growth in 2025, with a projected net profit of 15.91 billion yuan [7] - The company has completed three new production capacities, which are anticipated to gradually release supply [7] Financial Performance - In 2024, the company's core products, human albumin and intravenous immunoglobulin, generated revenues of 25.10 billion yuan and 27.58 billion yuan, with year-on-year growth of 11.70% and 18.90% respectively [7] - The company’s total revenue is projected to grow from 51.80 billion yuan in 2023 to 72.38 billion yuan in 2025, representing a compound annual growth rate of approximately 20% [2][9] - The net profit is expected to increase from 11.10 billion yuan in 2023 to 15.91 billion yuan in 2025, with a growth rate of 3% [2][10] Production and Supply Chain - The company has expanded its plasma collection stations to a total of 107, with 85 currently operational, collecting 2,781 tons of plasma, a year-on-year increase of 15.15% [7] - The company has acquired a new blood product production enterprise and five additional operational plasma collection stations, increasing annual plasma collection by over 100 tons [7] Future Outlook - The company aims for a revenue target of 74.40 billion yuan and a net profit of 21.96 billion yuan for 2025 [7] - The report anticipates that the new production capacities will drive performance growth in the coming years [7]

丨证券研究报告丨 公司研究丨点评报告丨长海股份（300196.SZ） 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 [Table_Title] 新产能快速释放，效益逐步发挥 报告要点 [Table_Summary] 长海股份发布 2024 年年报及 2025 年一季报：2024 年实现收入 26.6 亿元，同比增长 2%；归 属净利润 2.75 亿元，同比下滑 7%；扣非净利润 2.45 亿元，同比下滑 13%。2024Q4 实现收 入 7.6 亿元，同比增长 23%，环比增长 12%；归属净利润 0.72 亿元，同比增长 787%，环比 下滑 10%；扣非净利润 0.63 亿元，同比增长 303%，环比下滑 4%。2025Q1 实现收入 7.6 亿 元，同比增长 31%，环比增长 1%；归属净利润 0.82 亿元，同比增长 62%，环比增长 14%； 扣非净利润 0.87 亿元，同比增长 93%，环比增长 39%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% ...

事件评论 事件描述 公司发布2025 一季报，2025Q1 实现收入77.7 亿元（同比-2.6%，环比-14.1%），实现归属净利润7.1 亿 元（同比-33.7%，环比-17.2%），实现归属扣非净利润7.0 亿元（同比-34.2%，环比-13.3%）。 公司具备领先的生产工程化能力，产品具备显著的成本优势，德州本部与荆州基地拟投项目支撑未来发 展，多元化产品组合，一定程度上或将平移经营波动。预计2025-2027 年归属净利润分别为 37.2/41.6/47.0 亿元，维持"买入"评级。 风险提示 1、下游需求恢复不及预期； 2、新项目进度低于预期。 一季度景气回落产品销量有所回落，季度业绩环比有所下滑。价格，公司主要产品25Q1市场价格环比 变化：尿素（-2.5%）、DMF（-1.7%）、己二酸（-2.1%）、醋酸（1.9%）、辛醇（-12.4%）、己内酰 胺（-3.8%）、尼龙6（-6.3%）、三聚氰胺（-10.7%）、DMC（-14.2%）、草酸（-6.5%）。销售， 24Q4 公司荆州基地52 万吨/年尿素产能投产放量，25Q1 有机胺系列产品、化学肥料、醋酸及衍生品、 新能源新材料相关产品销量 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 15.68 RMB [6]. Core Views - The company's Q1 2025 results show significant improvement in revenue and net profit, with year-on-year increases of 31.4% and 61.8%, respectively, driven by the recovery in glass fiber prices and the maturation of new production lines [1]. - The gross margin for Q1 2025 improved to 22.6%, up 1.0 percentage points year-on-year and 1.5 percentage points quarter-on-quarter, attributed to higher glass fiber prices and reduced production costs as new capacity comes online [2]. - The operating expense ratio decreased to 10.5%, down 2.4 percentage points year-on-year, with significant reductions in financial expenses due to favorable exchange rate changes [3]. - The company maintains its profit forecast for 2025-2027, projecting net profits of 4.0 billion, 6.0 billion, and 7.6 billion RMB, respectively, with a corresponding PE ratio of 16x for 2025 [4]. Summary by Sections Financial Performance - Q1 2025 revenue reached 760 million RMB, with a net profit of 80 million RMB, reflecting strong growth compared to the previous year [1]. - The gross margin for Q1 2025 was reported at 22.6%, showing improvements due to rising glass fiber prices [2]. Cost Management - The operating expense ratio improved significantly, with a notable decrease in financial expenses due to exchange rate gains [3]. Profit Forecast and Valuation - The company forecasts net profits of 4.0 billion RMB for 2025, with a target price set at 15.68 RMB, reflecting a PE ratio of 16x [4].