Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the overall improvement in the chromium salt industry chain and the company's increasing market share in chromium salts, maintaining a "Buy" rating [4][5] - In 2024, the company achieved a revenue of 4.067 billion yuan, a year-on-year increase of 9.95%, and a net profit attributable to shareholders of 473 million yuan, a year-on-year increase of 27.53% [4] - For Q1 2025, the company reported a revenue of 1.020 billion yuan, a year-on-year increase of 7.59%, and a net profit of 117 million yuan, a year-on-year increase of 37.27% [4] - The report projects net profits for 2025-2027 to be 728 million yuan, 849 million yuan, and 969 million yuan respectively, with corresponding EPS of 1.43 yuan, 1.67 yuan, and 1.90 yuan [4][5] Financial Summary - The company’s total market capitalization is 11.509 billion yuan, with a current stock price of 22.61 yuan [1] - The average selling prices for chromium products in 2024 were 10,539 yuan/ton for chromate, 21,011 yuan/ton for chromium oxides, and 11,929 yuan/ton for chromium salt co-products, with respective year-on-year changes of +5.53%, -0.08%, and +4.74% [5] - The report indicates that the price of metallic chromium has risen from 60,000 yuan/ton to 75,000 yuan/ton since January 2025, reflecting a 25% increase [6] - The company’s projected revenue for 2025 is 5.135 billion yuan, with a year-on-year growth of 26.3% [9]