[Table_Main] 证券研究报告 | 公司点评 桐昆股份(601233.SH) 2025 年 05 月 12 日 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：10.83 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 研究助理 市场表现 -43% -34% -26% -17% -9% 0% 9% 17% 26% 2024-05 2024-09 2025-01 桐昆股份 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 8.30 | -11.95 | -11.16 | | 相对涨幅(%) | 3.98 | -9.47 | -9.96 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《桐昆股份(601233.SH)：静待桐花 映日开，方得昆玉照朝晖》，2025.1.27 桐昆股份(601233.SH)：盈利水 平显著提升，稳步扩产龙头巩固 投资要点 事件： 点评： 郝逸璇 邮箱：haoyx＠tebon.com.cn 盈 ...

上 市 公 司 基础化工 2025 年 04 月 28 日 润丰股份 (301035) —— 25Q1 业绩改善显著，to C 业务占比持续提升，中 长期价值值得期待 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,296 | 2,686 | 14,579 | 15,860 | 18,093 | | 同比增长率（%） | 15.8 | -0.3 | 9.6 | 8.8 | 14.1 | | 归母净利润（百万元） | 450 | 257 | 929 | 1,116 | 1,419 | | 同比增长率（%） | -41.6 | 68.0 | 106.5 | 20.0 | 27.2 | | 每股收益（元/股） | 1.61 | 0.91 | 3.31 | 3.97 | 5.06 | | 毛利率（%） | 19.8 | 19.3 | 20.2 | 20.6 | 21.0 | | RO ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" with a target price of RMB 11.88 [6][4]. Core Views - The company's Q1 net profit improved year-on-year, primarily due to the realization of revenue from its real estate business, which is entering a monetization phase [1]. - The dye and intermediate product market is showing signs of recovery, contributing positively to the company's performance [2]. - The real estate business is expected to continue generating revenue, with a significant portion of inventory already sold [3]. Summary by Sections Financial Performance - In Q1, the company achieved operating revenue of RMB 3.24 billion, with a year-on-year decline of 7.2% and a quarter-on-quarter decline of 38.7%. The net profit attributable to the parent company was RMB 400 million, exceeding expectations [1]. - The sales volume for dyes, additives, and intermediates in Q1 was 56,000 tons, 15,000 tons, and 27,000 tons respectively, with year-on-year growth of 0.8%, 0.3%, and 7.8% [2]. Cost and Margin Analysis - The company's comprehensive gross margin improved to 28.6%, up 1.5 percentage points year-on-year, due to a decrease in raw material prices [2]. - The company reported a decrease in construction projects in progress, down RMB 260 million year-on-year to RMB 570 million [2]. Real Estate Business - The real estate project "Huaxing New City" has fully topped out, with a sales rate exceeding 90%, indicating strong future revenue potential [3]. - Non-recurring gains increased by RMB 180 million year-on-year to RMB 100 million, primarily due to changes in the fair value of financial assets and liabilities [3]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 2.15 billion, RMB 2.36 billion, and RMB 2.47 billion respectively, with corresponding EPS of RMB 0.66, RMB 0.72, and RMB 0.76 [4]. - The target price of RMB 11.88 corresponds to an 18x PE for 2025, reflecting the company's leading position in the dye industry and orderly progress in real estate projects [4].

公司于4 月14 日发布24 年年报：实现营业收入158.8 亿元，同比+4%，归母净利润20.3 亿元（扣非净利 润18.4 亿元），同比+32%（扣非后同比+13%）；其中24Q4 营业收入52.7 亿元，同比/环比 +18%/+44%，归母净利润6.8 亿元，同比/环比+7%/+50%。据年报，公司末期拟每股派息0.25元（含 税），结合中期分红，股利支付率为72.1%。公司Q4 业绩超出我们的前瞻预期（3.9 亿元），主要系地 产业务超预期兑现。伴随染料及中间体产品景气回暖，叠加地产业务持续创收，维持"增持"评级。 染料及中间体以"量"发力，印染行业景气有望修复24 年公司染料及中间体业务实现高负荷生产，染料/ 中间体销量yoy+7.2%/+16.6%至23.8/10.6 万吨，营收yoy+0.9%/+4.6%至75.9/32.8 亿元，毛利率 yoy+3.8/-2.6pct 至31.7%/29.4%；助剂/无机产品营收yoy+7.6%/-29.5%至10.0/8.9 亿元，毛利率 yoy+5.0/-12.8pct 至28.8%/-2.1%，染料及助剂毛利率提升主因原材料成本下滑，而无机产品受行业竞争 ...