Company Overview - Hubei Zhenhua Chemical Co., Ltd. is the only listed company in the chromium salt industry in China, with a design capacity of approximately 150,000 tons/year for sodium dichromate as of the end of 2024 [5][22] - The company achieved a production volume of approximately 260,000 tons for chromium salt series products in 2024, with plans to increase production to over 350,000 tons following the completion of the Chongqing production base relocation [5][22] Financial Performance - The company's total assets are projected to reach 517.5 billion yuan in 2025, with equity attributable to shareholders at 280.6 billion yuan [4] - The net profit for 2024 is expected to be 3.699 billion yuan, with a significant increase in operating income compared to previous years [4][14] - The company has maintained a stable gross profit margin of 26.41% in 2024, reflecting its strong market position and operational efficiency [14] Industry Dynamics - The chromium salt industry has seen an overall improvement in market conditions due to emerging demand and supply constraints, particularly in high-growth sectors such as aerospace and gas turbines [10][11] - The domestic chromium salt industry contributes approximately 45% of the global production, with Zhenhua Chemical accounting for over 60% of China's chromium salt capacity [11][12] - The industry is characterized by high barriers to entry due to environmental regulations, limiting the expansion of new production capacity [12] Raw Material Dependency - The company relies heavily on imported chromium ore, with approximately 80% sourced from South Africa, making it vulnerable to geopolitical risks and price fluctuations [6][12][18] - The price of chromium ore has increased by 11.63% year-on-year, while the price of soda ash has decreased by 23.27% due to market dynamics [20][18] Production and Cost Management - The company has optimized production costs through technological upgrades, achieving a reduction in processing costs for key products such as sodium dichromate and chromium oxides [19] - The company has implemented multiple price increases for its products in response to rising raw material costs, resulting in improved gross margins [19] Future Outlook - The company is focused on expanding its production capacity and enhancing its environmental compliance, with ongoing projects aimed at increasing production efficiency and product diversification [22][23] - The company is exploring new applications for chromium chemicals in emerging sectors, including energy storage, although the commercialization of these projects remains uncertain [23]

疆沈宏集团股份有限公司合并重整案重整投资人招募公告》和管理人的要求，报 送了《新疆沈宏集团股份有限公司等七家公司合并破产重整案投资方案》（以下 简称"《重整投资方案》"）。公司本次报送的《重整投资方案》已经公司总经 理办公会批准，无需提交公司董事会和股东会审议。本次交易不构成振华股份的 关联交易，本次交易不属于《上市公司重大资产重组管理办法》规定的重大资产 重组。后续若公司被确定为重整投资人，公司将与管理人进一步磋商，并确定是 否签订正式投资协议。 人参与，公司能否被确定为最终的重整投资人存在不确定性。 能否得到标的公司债权人会议审议通过并经法院裁定批准也具有较大不确定性。 行其他审批程序，该等审批程序能否获得通过尚存在不确定性。 证券代码：603067 证券简称：振华股份 公告编号：2025-029 债券代码：113687 债券简称：振华转债 湖北振华化学股份有限公司 关于参与新疆沈宏集团股份有限公司等七家公司 破产重整投资人公开招募进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要提示： 一、相关情况介绍 ...

基础化工 基础化工 2025 年 06 月 08 日 投资评级：看好（维持） 行业走势图 -19% -10% 0% 10% 19% 29% 2024-06 2024-10 2025-02 基础化工 沪深300 数据来源：聚源 相关研究报告 《光引发剂供需格局有望改善，行业 底 部 回 暖 可 期 — 行 业 深 度 报 告 》 -2025.6.2 《山东高密化工厂发生爆炸事故，相 关行业落后产能有望加速出清—行业 周报》-2025.6.2 《发改委新闻发布会再次强调反内 卷，高质量化工龙头企业市场份额有 望进一步提升—行业周报》-2025.5.25 2025 年印度钾肥大合同价敲定 349 美元/吨，有望提 振钾肥景气 ——行业周报 | 金益腾（分析师） 蒋跨跃（分析师） | | | | | --- | --- | --- | --- | | jinyiteng@kysec.cn jiangkuayue@kysec.cn | | | | | 证书编号：S0790520020002 证书编号：S0790523120001 | | | | |  本周行业观点：2025 年印度钾肥大合同价敲定 349 美元/吨， ...

2025 年 06 月 04 日 晨会纪要 ——2025 年第 93 期 观点精粹: 最新报告摘要 氧化铬绿涨价，化工安全问题多发，关注化工行业去产能--行业周报 2024 年我国氢能消费规模世界第一，星舰第九次试飞失败--行业周报 2025Q1 毛利率环比提升，纯电智驾潜力大--理想汽车-W/乘用车(02015/212805) 点评报告（港股美股） 等待破局--策略月报 铝行业周报：关税压力有望进一步缓和，淡季去库表现好--行业 PPT 报告 本周北交所流动性收缩，世昌股份/志高机械上会通过--北交所行业普通报告 乘用车座椅放量+格拉默整合向上，公司 2025 年有望进入收获期--继峰股份/汽车零部件(603997/212802) 公 司深度研究 HNB 行业专题：寡头垄断优质市场，新品迭代驱动持续增长——日本 HNB 市场研究--行业 PPT 报告 证券研究报告 1、最新报告摘要 研究所： 1.1、氧化铬绿涨价，化工安全问题多发，关注化工行业去产能--行业周报 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 分析师：李永磊 S03 ...

Group 1 - The report emphasizes a strategy of maintaining confidence in policies while lowering slope expectations, recommending a "4+1" investment approach focusing on domestic consumption, technology growth, cost improvement, and structural opportunities abroad, along with a stable dividend base [3][22][20] - The report identifies key sectors for investment in June, including transportation, non-bank financials, coal, environmental protection, construction decoration, beauty care, food and beverage, media, electric equipment, and social services based on an industry rotation model [4][25] Group 2 - In the media sector, Shanghai Film (601595.SH) is highlighted as a leading company benefiting from the recovery of the film market, with AI technology enhancing cost efficiency and expanding IP monetization opportunities [5][27] - In the communication sector, New Yi Sheng (300502.SZ) is recognized as a global leader in optical modules, with ongoing partnerships with major internet and communication equipment companies, driven by increasing demand for high-speed optical modules [6][30] - In the electric new energy sector, Daikin Heavy Industries (002487.SZ) is noted for being the only supplier in the Asia-Pacific region capable of delivering offshore products to Europe, with a robust order book and potential for profit growth as European offshore wind projects accelerate [7][32] - In the utilities sector, China Nuclear Power (601985.SH) is positioned as a domestic duopoly with significant cost advantages in nuclear power generation, promising future profits and dividends [8][34] - In the pharmaceutical sector, Sanofi Pharmaceutical (1530.HK) is recognized for its diverse product portfolio and strong commercialization capabilities, with promising new drug pipelines [9][36] - In the chemical sector, Zhenhua Co. (603067.SH) is highlighted as a leading global player in the chromium salt industry, expected to benefit from strong downstream demand [10][39] - In the automotive sector, XPeng Motors (9868.HK) is noted for its strong product lineup and potential for profitability as it expands its AI capabilities [11][42] - In the consumer discretionary sector, Ninebot (689009.SH) is projected to maintain high double-digit revenue growth in Q2, driven by strong sales of electric scooters and lawnmowers [12][44] - In the non-bank financial sector, Jiangsu Jinzhong (600901.SH) is expected to benefit from lower funding costs due to monetary easing, with projected earnings growth of 13% in 2025 [13][47] - In the computer sector, Zhuoyi Information (688258.SH) is recognized for its innovative AI programming products and potential benefits from high computing demand [14][50]

供给受限需求高增金属铬景气上行，重庆民丰搬迁项目增量可期。受安环、节能等政策限制，近十年 来，国内铬盐行业基本无新进入企业与新投产项目，行业供给增量主要来源于公司的技改。相较之下， 综合国际地缘政治冲突及冲突后期的政治、军事生态和国内高端机械领域的应用，以及国际形势对全球 厂商产能释放的影响，金属铬的应用在持续增加，军用、民用航空航天、高端装备制造等领域对金属铬 及铬盐需求日益增长。当前金属铬价格75000 元/吨，较25 年年初上涨25%，未来景气有望延续，而公 司凭借无钙焙烧等清洁生产技术，打通铬矿-铬化学品-金属铬全产业链，实现每个工艺环节都有产品进 入市场的一体化布局，随着民丰搬迁项目顺利推进，增量逐步落地，公司有望长期受益。 投资建议：预计2025-2027 年公司归母净利润为5.9/6.9/7.8 亿元。首次覆盖，给予"强烈推荐"评级。 风险提示：原料价格波动风险,项目进度不及预期，安全生产风险。 事件：公司发布2024 年年报和2025 年一季报，24FY 公司实现营收40.67亿元，同比+10%，归母净利润 4.73 亿元，同比+28%。25Q1 公司实现营收10.20 亿元，同比+8%，归母 ...

2025 年 04 月 29 日 沪深300 及创业板指数近1年走势 32% 48% 沪深300 创业板指 -32% -16% 0% 16% 2024-04 2024-08 2024-12 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 银行 | 0.976 | | 钢铁 | 0.533 | | 公用事业 | 0.391 | | 家用电器 | 0.168 | | 传媒 | 0.019 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 房地产 | -3.665 | | 综合 | -2.518 | | 社会服务 | -2.191 | | 汽车 | -1.588 | | 建筑材料 | -1.569 | | 数据来源：聚源 | | | 润——公司信息更新报告-20250428 | | --- | | 提升——公司信息更新报告-20250428 | | 转型——公司 2024 年报&2025 年一季报点评报告-20250428 | | 劲——公司信息更新报告-20250428 | | 菜赛道——公司信息更新报告 ...

振华股份 20250427 摘要 • 铬盐行业供需紧张，氧化铬绿价格上涨，2025 年 4 月 24 日均价达 3 万元， 较年初上涨 2000 元，当日再提价 1,000 元，氧化铬绿到铬矿价差较年初 增加 1,686 元/吨，显示产业链利润空间扩大。 • 振华股份拥有 1.2 万吨金属铬和约 25 万吨铬盐产能，受益于金属铬需求 增长和产业链价格上涨，公司弹性较大。铃业周期对其有显著影响，下游 需求涵盖飞机发动机、燃气轮机和军工等领域。 • 商用飞机发动机订单周期长达 13 年以上，燃气轮机订单周期为 4-5 年， 为上游技术进步提供持续动力，推动铃业周期发展，振华股份充分受益于 此趋势。 • 铃业价格传导机制影响市场各环节，氧化铬绿价格上涨反映供需趋紧，对 下游皮革、电镀、颜料等传统领域及金属铃等新兴领域产生影响。振华股 份作为优质企业，将受益于行业景气度提升及产品价格上涨。 • 商用飞机发动机和燃气轮机市场对铃业有重要推动作用，长期稳定的订单 确保上游供应链持续发展，并推动技术进步，为铃业提供强劲而持久的发 展动力。 Q&A 振华股份在铬盐行业的表现如何？其未来发展趋势如何？ 振华股份在铬盐行业表现出 ...

去年铬盐产销量创历史新高 2024年，振华股份实现归属于上市公司股东的净利润约4.7亿元，同比增长27.53%。 振华股份是全球规模最大的铬化学品和维生素K3（甲萘醌）生产商。"截至2024年年末，公司已成为全球前五大金属铬生产商之一。"振华股份表示。 每经记者 赵李南 每经编辑 张海妮 4月27日，振华股份（SH603067，股价22.61元，市值115.09亿元）披露了2024年年报和2025年一季报。 《每日经济新闻》记者注意到，今年一季度，振华股份前十大股东名单中出现了两只社保基金。 据振华股份年报，目前已知的全球铬盐产能约100万吨，中国贡献世界铬盐产量的45%左右。 "近十年来，国内铬盐行业基本无新进入企业与新投产项目，行业供给增量主要来源于公司的技改。随着国内经济持续快速发展，铬盐需求持续增长。中国 已成为全球最大的铬盐生产和消费国家。"振华股份表示。 振华股份2024年实现铬盐序列产品（折重铬酸钠）产量约26万吨，占全球铬盐产能约100万吨的26%，产销量创历史新高。 同时，2024年，振华股份实现海外销售收入约5.6亿元人民币，同比提升约18.2%。"2024年，公司产品远销近40个国家和地 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The price of metallic chromium has been continuously rising, benefiting the chromium salt industry chain. The average price of metallic chromium in China's non-ferrous market reached 73,060 RMB/ton as of April 22, 2025, an increase of 12,090 RMB/ton since the beginning of 2025. The demand for metallic chromium is driven by end-use sectors such as gas turbine markets for AI data centers and aviation engines, indicating a shift from traditional low-growth demand to emerging high-growth demand [5][6] - The chromium ore price has also been on the rise, providing support for the chromium salt industry's upward trend. As of April 22, 2025, the market price of chromium ore (Cr44%, South African concentrate) was 64 RMB/ton degree, up 17 RMB/ton degree since the beginning of 2025. The supply side is constrained by environmental regulations, making it difficult for production to expand significantly [6] Summary by Sections Industry Performance - The basic chemical industry has shown a relative performance of -4.1% over 1 month, 2.1% over 3 months, and 2.3% over 12 months. In comparison, the CSI 300 index has performed at -3.3% over 1 month, -0.3% over 3 months, and 7.2% over 12 months [4] Investment Strategy - The chromium salt industry is expected to enter a prosperous cycle due to tight supply, rising raw material prices, and increasing downstream demand. The report maintains a "Recommended" rating for the chromium salt industry. It specifically recommends Zhenhua Co., Ltd., which is projected to increase its chromium salt production capacity from approximately 250,000 tons to over 350,000 tons following upgrades at its Chongqing base [6][7] Key Companies and Earnings Forecast - Zhenhua Co., Ltd. is highlighted as a key company with a stock price of 19.39 RMB as of April 22, 2025. The earnings per share (EPS) forecast for 2023, 2024E, and 2025E are 0.74, 0.96, and 1.43 RMB respectively, with corresponding price-to-earnings (PE) ratios of 13.77, 20.12, and 13.61. The investment rating for Zhenhua Co., Ltd. is "Buy" [7]