国海证券研报指出，振华股份拟发行可转债用于重庆铬盐新基地，新工艺推动铬绿工艺+产能双升。公 司首创维生素K3联产铬绿工艺，将实现铬绿产能的进一步提升，公司产品结构逐渐像金属铬及"两 机"、军工产业链条调整，将持续提升公司盈利能力，有望在铬盐大周期优先受益。基于2025年10月以 来铬盐及金属铬价格上涨，上调公司盈利预测，暂不考虑公司参与新疆沈宏集团股份有限公司等七家公 司破产重整案影响，考虑到公司有望优先受益于铬盐景气大周期，维持"买入"评级。 ...

| | | | 研究所： | 证券分析师： | 李永磊 | S0350521080004 | | | --- | --- | --- | --- | --- | | liyl03@ghzq.com.cn | 证券分析师： | 董伯骏 | S0350521080009 | | | dongbj@ghzq.com.cn | 证券分析师： | 陈云 | S0350524070001 | | | cheny17@ghzq.com.cn | 联系人 | ： | 于畅 | S0350124080008 | | yuc02@ghzq.com.cn | | | | | | [Table_Title] 拟发行可转债用于重庆铬盐新基地， | | --- | | 新工艺推动铬绿工艺+产能双升 | | ——振华股份（603067）公司点评 | 《振华股份（603067）2025 年三季报点评：Q3 需求季节性波动，持续看好铬盐景气大周期（买入） *化学原料*李永磊，董伯骏，陈云》——2025-10-28 《振华股份（603067）2025 中报点评：铬盐放量 显著，行业景气上行（买入）*化学原料*李永磊， 董伯骏，陈云》——2025 ...

Core Viewpoint - The demand for chromium metal is rapidly increasing in the overseas aerospace and military sectors, which may significantly impact the supply of sodium chromate, a critical upstream raw material, thereby affecting the production capacity of high-end manufacturing abroad [1] Industry Summary - The expansion barriers and technological advantages of Zhuhai Company in sodium chromate production are expected to position the company favorably in the market as the chromium salt industry enters a major cycle [1] - The chromium salt industry's prosperity is anticipated to rise along the industrial chain from chromium metal to chromium oxide green to sodium chromate [1] - The demand for AI data centers, enhanced energy-saving requirements, and the growth in global military and commercial aerospace demands are expected to sustain high growth in orders for aerospace and military applications [1] - The chromium salt industry is a key upstream sector for aerospace and military applications, with strong demand growth and rigid supply expected to significantly enhance the industry's prosperity [1] - The company is likely to be a primary beneficiary of the chromium salt industry's major cycle, maintaining a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a significant increase in metal chromium production, indicating that the chromium salt industry is entering a prosperous cycle [6][9] - The company achieved a revenue of 4.067 billion yuan in 2024, representing a year-on-year growth of 9.9%, and a net profit attributable to shareholders of 473 million yuan, up 27.5% year-on-year [4][6] - The first quarter of 2025 saw a revenue of 1.02 billion yuan, a year-on-year increase of 7.6%, and a net profit of 117 million yuan, up 37.3% year-on-year [5][22] Summary by Sections Recent Performance - In 2024, the company produced approximately 7,650 tons of metal chromium, achieving a balance between production and sales [6] - The revenue from chromium oxide products was 2.16 billion yuan, with a gross margin of 25.85% [6] - The revenue from heavy chromium salt increased by 33.04% year-on-year, reaching 341 million yuan, driven by higher sales volume and prices [6] Financial Forecast - The company is expected to achieve revenues of 4.985 billion yuan, 5.954 billion yuan, and 6.663 billion yuan for the years 2025, 2026, and 2027, respectively [10] - The net profit attributable to shareholders is projected to be 711 million yuan, 928 million yuan, and 1.18 billion yuan for the same years [10] - The report anticipates a PE ratio of 16, 12, and 10 for the years 2025, 2026, and 2027, respectively [10] Market Position and Strategy - The company has become one of the top five global producers of metal chromium, enhancing its brand reputation [9] - The strategic initiative of integrating the entire chromium chemical industry chain is yielding significant results, with production capacity expected to increase to over 350,000 tons per year after the completion of the Chongqing base relocation [9]