证券研究报告 安宁股份 (002978 CH) 经质矿产合并完成,钛矿规模优势巩固 据安宁股份 7 月 21 日公告，公司完成以 65.1 亿元现金收购经质矿产（以下 也称"标的公司"）及旗下全资子公司立宇矿业、鸿鑫工贸 100%股权。标 的公司主要资产为会理县小黑菁经质铁矿采矿权，保有矿石资源量 1.13 亿 吨，伴生 TiO2 量 1066 万吨。据评估报告，矿区铁含量 15-46%，TiO2 含 量 6.4-17.4%，铁钛比值 2.13，较攀枝花、白马、太和、路枯略低，表明矿 石中 TiO2 较高，资源禀赋较优。标的公司当前已取得 260 万吨/年工业铁矿 采矿权，并已于 25 年 4 月申请新增 240 万吨/年低品位铁矿石采矿权。 协同开采方案推进中，公司钛铁矿产能规模优势巩固 据重大资产购买报告书（草案），安宁股份的潘家田铁矿与标的公司小黑菁 铁矿属于一条矿脉，合并完成后，将制定协同开采方案，最大程度利用矿区 内资源，减少边界区域矿石的浪费。此外，标的公司下属立宇矿业拥有 640 万吨/年铁选矿厂，鸿鑫工贸拥有 760 万吨/年钛选矿厂，可充分利用已有设 备，加快标的公司复工复产。据公司 24 ...

Core Insights - The company reported Q1 2025 revenue of 7.162 billion yuan, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 234 million yuan, up 31.80% year-on-year [1] - The increase in domestic cement prices and a decrease in coal costs contributed to gross profit, despite slow recovery in domestic demand impacting sales [2] - The company expects continued profit growth from overseas cement operations and stable unit profitability from aggregates, with net profit projections for 2025-2027 being 2.438 billion, 2.504 billion, and 2.642 billion yuan respectively [3] Financial Analysis - The average price of high-standard cement in Q1 was 398 yuan/ton, reflecting a year-on-year increase of 35 yuan/ton, indicating a significant price recovery [2] - The difference between net profit and net profit attributable to shareholders is influenced by shareholding ratios in overseas operations, with minority interests exceeding 110 million yuan in Q1 [2] - Financial expenses increased by 70% year-on-year, primarily due to exchange rate impacts, with sales, management, and financial expense ratios reported at 5.30%, 6.41%, and 4.32% respectively [2] Profit Forecast and Valuation - The company maintains a "buy" rating, with expected net profit growth rates of 1%, 3%, and 6% for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 11, 11, and 10 [3] - The company is expected to manage exchange rate risks effectively as it expands overseas operations, learning from experiences to mitigate profit volatility [3]

Core Insights - The company achieved a revenue of 4.5 billion yuan in Q1, representing a year-on-year growth of 32%, and a net profit attributable to shareholders of 730 million yuan, up 109% year-on-year, with a non-recurring net profit of approximately 740 million yuan, reflecting a 342% increase year-on-year [1] Group 1: Financial Performance - The company's Q1 gross profit margin was approximately 30.5%, an increase of 10.4 percentage points year-on-year, driven by both price increases and a decrease in production costs for raw yarn and electronic fabrics [2] - The company's net profit margin for Q1 was approximately 16.3%, up 6 percentage points year-on-year, indicating improved operational efficiency [2] - The company's asset-liability ratio decreased to around 40% by the end of Q1, showing a trend of financial improvement over the past two years [2] Group 2: Market Dynamics - The increase in sales volume was primarily driven by the domestic market, while export sales weakened due to political and economic influences in Europe and the United States [2] - The average price of direct yarn in Q1 increased by 23% year-on-year, while the average price of electronic fabrics rose by approximately 0.6 yuan per meter year-on-year [2] - The company is expected to benefit from the global demand for fiberglass, particularly in the wind power sector, with an anticipated increase in global fiberglass demand of over 600,000 tons this year [4] Group 3: Industry Outlook - The fiberglass industry is expected to see a slight improvement in overall profitability, with the wind power sector driving demand in the first half of the year [4] - The company is projected to maintain a competitive edge due to its resource advantages, product structure, and scale, with estimated net profits of approximately 3.4 billion yuan and 4.3 billion yuan for 2025 and 2026, respectively [4] - The company’s export volume is projected to be around 202,000 tons in 2024, with a 27% export ratio, indicating a broad distribution in the export market despite challenges from tariffs [3]