Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5]. Core Views - The company's performance in the first half of 2025 shows a year-on-year increase in net profit, with a significant rise in gross profit margin and a decrease in financial expenses [2][3]. - The company is making substantial progress in multiple key projects, particularly in electronic chemicals and new energy battery materials, which are expected to enhance long-term growth potential [10][11]. - The stability of major product prices is noted, providing support for the company's performance [4]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 2.444 billion, a decrease of 3.73% year-on-year, while net profit increased by 35.29% to 334 million [1]. - The overall gross margin for the first half of 2025 was 25.24%, an increase of 4.66 percentage points compared to the same period in 2024 [2]. - The company’s operating cash flow decreased by 5.83% year-on-year, while investment cash flow improved significantly by 96.42% [3]. Project Development Summary - The company has achieved significant milestones in its key projects, including the successful trial production of an 80,000-ton electronic-grade hydrogen peroxide project and the completion of regulatory procedures for a 71,000-ton wet electronic chemicals project [4][10]. - In the synthetic ammonia project, the company is progressing steadily with a production capacity of 101,800 tons of liquid ammonia and 66,400,000 Nm³ of hydrogen expected upon completion [10]. Future Earnings Projections - The company is projected to achieve revenues of 56.83 billion, 65.44 billion, and 72.04 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 7.46 billion, 9.86 billion, and 11.73 billion [12].

Strong Stocks - As of September 19, the Shanghai Composite Index fell by 0.3% to 3820.09 points, the Shenzhen Component Index decreased by 0.04% to 13070.86 points, and the ChiNext Index dropped by 0.16% to 3091.0 points [1] - A total of 60 stocks in the A-share market hit the daily limit, with the top three strong stocks being Qujiang Wenguang (600706), Kaimeteqi (002549), and Fujing Technology (002222) [1] - Detailed data for the top 10 strong stocks includes trading volume, turnover rate, and industry classification, with notable figures such as Kaimeteqi achieving a turnover of 2.93 billion and Fujing Technology reaching 30.55 billion [1] Strong Concept Sectors - The top three concept sectors with the highest gains are Lithography Machines, Civil Explosives, and Lithium Extraction from Salt Lakes, with respective increases of 2.09%, 1.7%, and 1.1% [2] - The detailed performance of the top 10 concept sectors shows that the Lithography Machines sector has a component stock increase rate of 62.79% and a decrease rate of 37.21% [2] - Other notable sectors include Hydropower with a gain of 1.01% and a component stock increase rate of 60.71%, and Metal Drilling with a gain of 0.93% and an increase rate of 67.57% [2]

Group 1 - In the past month (from August 20 to September 19), 70 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Naconor being the most popular, receiving attention from 114 institutions [1] - The types of institutions conducting the investigations include 70 from brokerages, 57 from funds, 49 from private equity, 33 from insurance, and 8 from overseas institutions [1] - The companies investigated belong to 17 different industries, with a concentration in machinery equipment, basic chemicals, and electronics, having 15, 10, and 10 companies respectively [1] Group 2 - The average stock price of the investigated BSE companies fell by 2.06% over the past month, with 23 companies experiencing price increases, notably KAIT and Better Ray, which rose by 53.42% and 34.50% respectively [2] - The average market capitalization of all BSE companies is 3.317 billion yuan, while the average market capitalization of the investigated companies is 4.617 billion yuan [2] - The companies with the highest market capitalization among those investigated include Better Ray, Shuguang Digital Innovation, and Tiangong Co., Ltd. [2] Group 3 - Naconor had the highest number of institutional investigations at 114, followed by Kelong New Materials with 67, Audiwei with 65, and Haidar with 64 [1] - Companies like Yuji Co. and Far航 Precision received the most frequent investigations, with 3 investigations each [1] - The average daily turnover rate for the investigated companies was 6.29%, with Gais Food, Wuhan Blue Electric, and Jiyang Precision leading with turnover rates of 20.17%, 15.12%, and 12.46% respectively [2]

Core Insights - The article highlights a trend of decreasing shareholder accounts among 803 companies, indicating a concentration of shares. Notably, 110 companies have seen a decline in shareholder accounts for more than three consecutive periods, with some like ST Huawen experiencing a drop for 12 periods, totaling a 14.42% decrease [1]. Group 1: Shareholder Account Trends - A total of 803 companies reported their latest shareholder account numbers as of September 10, with 110 companies showing a continuous decline for over three periods [1]. - ST Huawen has the highest decline, with 63,064 accounts, down 14.42% over 12 periods, while *ST Jinglun has 39,050 accounts, down 36.88% over 11 periods [1]. - Other companies with significant declines include Guotou Fengle, Su Yan Jingshen, and Dongfang Yuhong, indicating a broader trend of share concentration [1]. Group 2: Market Performance - Among the companies with declining shareholder accounts, 43 saw their stock prices increase, while 67 experienced declines. Notable gainers include Yanshang Yanshang, *ST Qingyan, and Dongfang Yuhong, with increases of 65.56%, 37.28%, and 31.03% respectively [2]. - 22 companies outperformed the Shanghai Composite Index, representing 20% of the declining shareholder accounts group, with Yanshang Yanshang, *ST Qingyan, and Lijure Neng showing relative returns of 57.48%, 28.43%, and 23.40% [2]. Group 3: Industry and Institutional Interest - The industries with the highest concentration of companies experiencing declining shareholder accounts include machinery equipment, basic chemicals, and pharmaceutical biology, with 21, 12, and 10 companies respectively [2]. - In terms of institutional interest, 17 companies with declining shareholder accounts were investigated by institutions in the past month, with Donggang Co., Dalian Heavy Industry, and Tengya Precision Engineering receiving the most attention [2].

Market Overview - The Shanghai Composite Index decreased by 0.03% at the close, with a trading volume of 979.60 million shares and a turnover of 15,108.13 billion yuan, representing a 12.16% decrease from the previous trading day [1] Industry Performance - The coal industry showed the highest increase at 1.97%, with a transaction amount of 111.71 billion yuan, up 41.65% from the previous day, led by Huayang Co., which rose by 8.09% [1] - The defense and military industry increased by 1.66%, with a transaction amount of 431.15 billion yuan, up 6.87%, led by Guorui Technology, which rose by 9.99% [1] - The non-ferrous metals sector rose by 1.42%, with a transaction amount of 597.97 billion yuan, down 14.34%, led by Ganfeng Lithium, which increased by 10.00% [1] - The automotive sector experienced the largest decline at 1.63%, with a transaction amount of 1,040.70 billion yuan, down 7.43%, led by Haon Automotive, which fell by 11.48% [2] - The pharmaceutical and biological sector decreased by 1.04%, with a transaction amount of 682.17 billion yuan, down 8.78%, led by Saily Medical, which fell by 6.22% [2] - The real estate sector declined by 0.97%, with a transaction amount of 242.96 billion yuan, down 8.46%, led by Suning Universal, which decreased by 10.12% [2]

证券研究报告 | 浙商早知道 报告日期：2025 年 09 月 19 日 浙商早知道 2025 年 09 月 19 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 ❑ 资金：周四沪深两市总成交额为 31352 亿元，南下资金净流入 62.9 亿港元。 重要推荐 ❑ 【浙商机械 邱世梁/王一帆】开普云（688228）公司深度：拟收购金泰克存储业务，打造软硬一体 AI 综合服务 供应商——20250917 重要观点 重要点评 ❑ 【浙商大制造中观策略 邱世梁/王华君/陈红】先导智能（300450）公司点评：业绩拐点确立，固态电池业务打开 全新增长空间 ——20250917 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 1 市场总览 1、大势：周四上证指数下跌 1.2%，沪深 300 下跌 1.2%，科创 50 上涨 0.7%，中证 1000 下跌 1.0%，创 业板指下跌 1.6%，恒生指数下跌 1.4%。 2、行业：周四表现最好的行业分别是电子（+0.9%) ...

Group 1: Federal Reserve and Market Reactions - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024 [2] - The market response was mixed, with U.S. stocks closing unevenly, gold prices fluctuating, and the dollar index experiencing volatility [2] - Analysts suggest that while the Fed has restarted rate cuts, it has not entered a rapid reduction phase, leaving future rate cut paths uncertain [2] Group 2: Currency and Investment Trends - The offshore RMB strengthened past 7.1, reaching an 11-month high, indicating a potential long-term appreciation cycle for RMB assets [2] - Southbound capital inflows into Hong Kong stocks exceeded 110 billion HKD, with internet leading companies attracting significant investment [2] - The Hang Seng Tech Index broke through the previous resistance level, reaching a four-year high of 6300 points [2] Group 3: Stock Market Dynamics - A-shares experienced a significant pullback after an initial surge, with the Shanghai Composite Index dropping 1.15% [2] - Over 4,300 stocks retreated, and trading volume exceeded 3.16 trillion yuan, indicating profit-taking behavior among investors [2] - The market is showing a strong sentiment for consecutive gains, but the weakening of heavyweight stocks is hindering index growth [2] Group 4: Corporate Developments - NVIDIA announced a $5 billion investment in Intel to jointly develop PC and data center chips, causing Intel's stock to surge over 30% [3] - This partnership may pose a threat to competitors like TSMC and AMD, potentially reshaping the semiconductor industry landscape [3] - Ten companies have pre-released their Q3 earnings forecasts, with eight expecting profit increases, signaling positive industry trends [4][5] Group 5: Cryptocurrency and Regulatory Changes - The U.S. approved its first Dogecoin ETF, marking a significant milestone for cryptocurrency ETFs [5] - Analysts predict that many of the 90 to 100 pending cryptocurrency ETF applications will likely be approved, despite concerns over the fundamental value of meme coins [5] Group 6: Corporate Restructuring and Strategy - *ST Nan Zhi announced plans to sell nearly 200 billion yuan in assets for just 1 yuan to shift towards a lighter asset model amid financial struggles [5] - Huawei unveiled its chip roadmap, aiming to enhance domestic computing power competitiveness with new product launches planned over the next three years [5]

Market Overview - The three major A-share indices collectively retreated on September 18, with a market turnover of 31,666.43 billion yuan, an increase of over 7,600 billion yuan compared to the previous trading day [1] - More than 1,000 stocks closed higher, with 65 stocks hitting the daily limit [1] - F5G concept, Co-packaged Optics (CPO), and copper cable high-speed connections were among the top gainers, while metals like lead and zinc saw significant declines [1] Stock Recommendations - According to statistics from Securities Times, 38 buy-rated reports were released today, with 6 stocks showing an upside potential of over 20% [2] - The stock with the highest upside potential is Haoneng Co., with a target price of 23.64 yuan, indicating a potential increase of 41.64% [2] - Other notable stocks with high upside include Huaibei Mining and Ruoyuchen, with potential increases of 38.20% and 26.89%, respectively [2] - The computer industry is the most favored, with five stocks including Langxin Group and Shensinfeng receiving buy ratings; the pharmaceutical and basic chemical industries also attracted attention with four and three stocks, respectively [2] Institutional Trading - In today's trading, 14 stocks saw net buying from institutions, with Huafeng Technology and Shijia Technology each exceeding 100 million yuan in net purchases [3] - Conversely, 10 stocks experienced net selling, with Dazhihui facing the largest net sell-off of 327 million yuan [3] - Northbound funds saw net buying in 16 stocks, led by Huasheng Tiancheng with a net purchase of 233 million yuan [3][4] Corporate Announcements - Fengshan Group signed a technical development contract with Tsinghua University to collaborate on sodium-ion battery electrolyte and solid-state lithium-ion battery electrolyte projects [5] - Fulian Precision signed a 1.5 billion yuan prepayment agreement with CATL to secure lithium iron phosphate supply and support raw material construction in Jiangxi [5] - Anhui Heli plans to acquire 51% of Jianghuai Heavy Industry for 274 million yuan [6] - Xiaxia Precision intends to invest 30 million yuan in Huaxia Zhuozhi [7] - Dongsoft Group will supply intelligent cockpit domain controllers to a well-known domestic automotive manufacturer, with a total amount of approximately 5.6 billion yuan [8] - Feile Audio has no plans to enter the lithography machine sector or major asset restructuring [9] - Dekeli has received overseas sample orders for silicon-based OCS but has not secured bulk orders from major overseas manufacturers [10] - Hongchang Technology's affiliated robotics company currently has a small order scale and revenue [11] - Wolong Electric Drive reported that its robotics-related products accounted for approximately 2.71% of total revenue in the first half of the year, indicating a low proportion [12]

Market Overview - The three major A-share indices collectively retreated on September 18, with a market turnover of 31,666.43 billion yuan, an increase of over 7,600 billion yuan compared to the previous trading day [1] - More than 1,000 stocks closed higher, with 65 stocks hitting the daily limit [1] Sector Performance - F5G concept, Co-packaged optics (CPO), and copper cable high-speed connections were among the top gainers [2] - Metals such as lead and zinc experienced significant declines [2] Institutional Ratings - A total of 38 buy ratings were issued by institutions today, with 6 stocks showing an upside potential exceeding 20% [3] - The stock with the highest upside potential is Haoneng Co., with a target price of 23.64 yuan, indicating a potential increase of 41.64% [4] - Other notable stocks with high upside potential include Huabei Mining (38.20%) and Ruoyuchen (26.89%) [3][4] Institutional Buying and Selling - In the Dragon and Tiger list, 14 stocks saw net buying, with Huafeng Technology and Shijia Technology each exceeding 100 million yuan in net purchases [5] - Conversely, 10 stocks were net sold by institutions, with Dazhihui facing the highest net sell of 327 million yuan [5] Notable Announcements - Fengshan Group signed a technical development contract with Tsinghua University for sodium-ion battery electrolyte and solid-state lithium-ion battery projects [9] - Fulian Precision signed a 1.5 billion yuan prepayment agreement with CATL to secure lithium iron phosphate supply [9] - Anhui Heli plans to acquire 51% of Jianghuai Heavy Industry for 274 million yuan [9] - Neusoft Group will supply intelligent cockpit domain controllers to a major domestic automotive manufacturer, with a total amount of approximately 5.6 billion yuan [11]

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [5]. Core Views - The company has shown significant growth in sales of methionine and vitamin products in the first half of 2025, indicating a strong long-term development potential [1][4]. - The company's financial performance is supported by a substantial increase in sales volume, particularly in the methionine segment, which has benefited from rising market penetration of liquid methionine products [4][11]. - The company is focusing on a "dual pillar strategy" to strengthen its leadership in the methionine industry while expanding its high-value specialty products [9][10]. Financial Summary - For the first half of 2025, the company reported a revenue of 8.512 billion yuan, a year-on-year increase of 17.23%, and a net profit attributable to shareholders of 740 million yuan, up 21.82% year-on-year [1]. - The projected revenue for 2025 is 17.288 billion yuan, with a net profit of 1.714 billion yuan, reflecting a year-on-year growth of 42.3% [11]. - The company's gross profit margin for the first half of 2025 was 28.41%, slightly down from the previous year, but the net profit margin improved to 8.71% [2][3]. Operational Performance - The company's cash flow from operating activities increased by 17.82% year-on-year, reaching 1.45 billion yuan in the first half of 2025 [3]. - The accounts receivable turnover ratio improved from 3.93 times in 2024 to 4.20 times in 2025, indicating better efficiency in collecting receivables [3]. - The inventory turnover ratio decreased from 2.52 times in 2024 to 2.37 times in 2025, suggesting a potential area for improvement in inventory management [3]. Market Position and Strategy - The company is enhancing its production capacity for solid methionine and expanding its liquid methionine production in Europe, with plans for full operation by the end of 2025 [9]. - The specialty products segment is diversified, with a strong focus on ruminant products, which account for over 50% of market share, and enzyme preparations aimed at improving feed digestibility [10]. - The company plans to accelerate local production capacity in China and Spain, integrating recent acquisitions to enrich its product matrix [10].