Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the refrigerant market is experiencing a sustained upward trend, with a gradual emergence of a main bullish market [5] - The company achieved a revenue of 5.8 billion yuan in Q1 2025, representing a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 809 million yuan, up 160.64% year-on-year [5] - The report maintains profit forecasts for 2025-2027, expecting net profits of 5.128 billion, 7.285 billion, and 8.535 billion yuan respectively, with corresponding EPS of 1.90, 2.70, and 3.16 yuan [5] Financial Performance - In Q1 2025, the company's revenue from various segments included 3.26 billion yuan from fluorochemical raw materials, 26.18 billion yuan from refrigerants, and 4.20 billion yuan from fluoropolymer materials, with refrigerant sales volume at 69,800 tons, up 4.14% year-on-year [6] - The average price of refrigerants in Q1 2025 was 37,504 yuan/ton, reflecting a year-on-year increase of 58.08% [6] - The company’s financial summary shows projected revenues increasing from 20.655 billion yuan in 2023 to 33.297 billion yuan in 2027, with net profits expected to rise from 944 million yuan to 8.535 billion yuan over the same period [8] Market Trends - The report highlights a significant increase in domestic air conditioning production, with expected growth rates of 9.9%, 14.1%, and 14.3% from May to July 2025 [7] - International demand for air conditioning is also strong, with notable sales increases reported by major manufacturers [7]

Core Viewpoint - The market showed mixed performance with the three major indices fluctuating, while PEEK material concept stocks continued to strengthen significantly [1] Market Overview - The market experienced narrow fluctuations in the morning session, with the three major indices showing mixed results. The total trading volume in the Shanghai and Shenzhen markets reached 645.7 billion, a decrease of 70.1 billion compared to the previous trading day [1] - Over 3,700 stocks in the market rose, indicating a general upward trend among individual stocks [1] Sector Performance - PEEK material concept stocks surged again, with Xinhan New Materials hitting the daily limit of a 20% increase [1] - Chemical stocks showed strong fluctuations, with multiple stocks such as Suqian Liansheng also reaching the daily limit [1] - Robotics concept stocks rebounded, with Fangzheng Electric Machine hitting the daily limit [1] - On the downside, electric power stocks collectively adjusted, with Leshan Electric Power hitting the daily limit down [1] Index Performance - By the end of the session, the Shanghai Composite Index fell by 0.03%, while the Shenzhen Component Index rose by 0.09%, and the ChiNext Index increased by 0.05% [1]

Core Insights - The company reported a slight increase in revenue for 2024, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 2.554 billion, 787 million, and 745 million respectively, representing year-on-year growth of 2.62%, 9.79%, and 2.99% [1] - The company experienced a significant decline in Q4 2024 revenue and net profit compared to the previous quarter, with revenue down 27.4% year-on-year [1] - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 577 million, 193 million, and 190 million respectively, with year-on-year changes of -8.58%, +14.18%, and +15.17% [1] Revenue Breakdown - The company's non-lithium basic warehouse business showed strong growth, with total revenue excluding the lithium extraction project from salt lakes reaching 2.455 billion, a year-on-year increase of 24.71% [2] - The salt lake lithium extraction project generated only 99 million in revenue, down 81% year-on-year, impacting overall revenue growth [2] - Revenue from various application areas in adsorption materials included: 256 million from metal resources (+30%), 568 million from life sciences (+28%), 688 million from water treatment and ultrapure water (+34%), 181 million from energy conservation and environmental protection (-2%), 56 million from food processing (+28%), and 200 million from chemicals and catalysis (+42%) [2] Profitability and Margins - The company achieved a gross margin of 49.47% in 2024, an increase of 0.8 percentage points year-on-year, benefiting from a higher proportion of mid-to-high-end adsorption materials and a decrease in the proportion of lower-margin system device revenue [2] - In Q1 2025, the gross margin improved to 50.79%, up 5.37 percentage points year-on-year, with continued strong growth in the life sciences, metal resources, and water treatment sectors [2] International Expansion - The company saw a significant increase in overseas revenue, which reached 655 million in 2024, a year-on-year growth of 45.1%, accounting for 25.65% of total revenue [3] - The company established a wholly-owned subsidiary in the United States and set up warehousing units in North America and Europe to facilitate localized business development [3] Future Projections - Revenue projections for 2025-2027 are estimated at 3.085 billion, 3.824 billion, and 4.679 billion respectively, with year-on-year growth rates of 20.78%, 23.98%, and 22.34% [3] - Net profit attributable to shareholders is expected to reach 959 million, 1.204 billion, and 1.548 billion for the same period, with growth rates of 21.85%, 25.55%, and 28.53% respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23.34, 18.59, and 14.47 for 2025-2027, reflecting the company's strong growth potential as a leading platform for adsorption materials [3]

Core Viewpoint - The company reported a stable revenue growth in 2024, with a total revenue of 2.554 billion yuan, reflecting a year-on-year increase of 2.62%, while net profit attributable to shareholders reached 787 million yuan, up 9.79% year-on-year [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.554 billion yuan, with a net profit of 787 million yuan and a non-recurring net profit of 745 million yuan, showing year-on-year increases of 9.79% and 2.99% respectively [1] - The profit distribution plan for 2024 proposes a dividend of 6.00 yuan per 10 shares (including tax) [1] - For Q1 2025, the company reported a revenue of 577 million yuan, down 8.58% year-on-year and 12.91% quarter-on-quarter, while net profit attributable to shareholders was 193 million yuan, up 14.18% year-on-year [1] Group 2: Business Segments - The basic warehouse business showed robust growth, with a revenue of 2.45 billion yuan excluding the lithium extraction project, marking a 24.7% year-on-year increase and accounting for 96.1% of total revenue [2] - The ion exchange adsorption resin segment generated 1.99 billion yuan in revenue, a 27.6% increase year-on-year, with a gross margin of 52.85%, reflecting a 1.72 percentage point increase [2] - Revenue from water treatment, life sciences, metal resources, and chemical & catalysis segments grew by 34%, 28%, 30%, and 42% respectively [2] Group 3: Project and Market Dynamics - The revenue from the lithium extraction project was 100 million yuan, accounting for 3.9% of total revenue, which represents an 81.0% year-on-year decline due to cyclical downturns in the lithium resource industry [3] - The company has received 195 million yuan from a contract signed in March 2022 for the supply of adsorption equipment, indicating a discrepancy with the expected progress [3] Group 4: Research and Development - The company invested 146 million yuan in R&D in FY 2024, representing 5.72% of revenue, and 33 million yuan in Q1 2025, maintaining a similar ratio of 5.71% [4] - The ongoing antitrust investigation into DuPont may accelerate the company's penetration into high-end product markets [4] - In the life sciences sector, the company completed the scale-up validation of a new generation ProteinA affinity filler, receiving positive feedback from multiple clients [4] Group 5: Investment Outlook - The company is expected to achieve net profits of 1.012 billion yuan, 1.262 billion yuan, and 1.526 billion yuan for 2025-2027, with corresponding PE ratios of 22x, 18x, and 15x [4] - A target price of 59.70 yuan is set for 2025 based on a 30x PE valuation, maintaining a strong buy rating [4]

Group 1 - The company reported Q1 2025 revenue of 5.44 billion yuan, a year-on-year increase of 20.9% and a quarter-on-quarter decrease of 6.66% [1] - The net profit attributable to the parent company reached 1.88 billion yuan, a year-on-year increase of 116.2% and a slight quarter-on-quarter increase, achieving a new record high [1] - The significant growth in performance is primarily attributed to the rise in prices of Vitamin E (VE) and methionine, with expectations for sustained high prices due to improved supply and demand dynamics [1][3] Group 2 - The average prices for VA/VE/VC/methionine in Q1 were 112.3/136.4/28.3/20.9 yuan/kg, representing year-on-year increases of 37.4%/109.9%/15.6%/-4.2% [2] - The company maintained a stable operation with a period expense ratio of 7%, which has been decreasing both year-on-year and quarter-on-quarter [2] - The gross profit margin was 46.7%, an increase of 11.7 percentage points year-on-year, while the net profit margin was 34.7%, an increase of 13.3 percentage points year-on-year [2] Group 3 - The supply-demand improvement in the methionine and VE markets is expected to support high price levels, with DSM planning to exit the vitamin market and leading methionine producers reducing production [3] - Recent price increases for methionine and VE are anticipated to positively impact the company's performance, with each 1 yuan/kg increase in price expected to add approximately 280 million yuan and 45 million yuan to profits, respectively [3] - The new materials business is experiencing rapid growth, with investments in various projects expected to accelerate future growth [3] Group 4 - The company forecasts net profits attributable to the parent company of 7.87 billion, 9.38 billion, and 9.76 billion yuan for 2025-2027, with corresponding EPS of 2.56, 3.05, and 3.18 yuan [4] - The current price corresponds to a PE ratio of 8.7, 7.3, and 7.0 for the respective years, maintaining a "buy" rating [4]

Financial Performance - The company reported a basic earnings per share of 0.2231 yuan for 2024, a significant increase of 539.26% compared to 0.0349 yuan in 2023 [1] - Net profit for 2024 reached 2.57 billion yuan, up 542.5% from 0.4 billion yuan in the previous year [1] - Operating revenue decreased to 77.16 billion yuan, down 35.13% from 118.95 billion yuan in 2023 [1] - Return on equity improved to 2.46% from 0.38% in the previous year, marking a 547.37% increase [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 15,485.55 million shares, accounting for 14.64% of the circulating shares, with a decrease of 849.45 million shares compared to the previous period [1] - Notable shareholders include Zhang Ting with 4,190.00 million shares (3.96%) and Zheng Rong with 2,937.98 million shares (2.78%), both remaining unchanged [2] - New entrants among the top shareholders include China Life Insurance with 1,504.63 million shares (1.42%) and several funds, while South China CSI 500 ETF exited the top ten [2] Dividend Distribution - The company announced a dividend distribution of 0.4 yuan per share (tax included) [3]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1799 | -0.4915 | 63.4 | -0.5800 | | 每股净资产（元） | 0.16 | 0.35 | -54.29 | 0.83 | | 每股公积金(元) | 2.54 | 2.55 | -0.39 | 2.54 | | 每股未分配利润(元) | -3.45 | -3.27 | -5.5 | -2.78 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.31 | 5.74 | -7.49 | 5.85 | | 净利润(亿元) | -0.59 | -1.6 | 63.13 | -1.88 | | 净资产收益率(%) | -70.47 | -84.02 | 16.13 | -52.22 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 5944.84万股，累计占流通股比 ...

| 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.3539 | -0.0890 | -297.64 | -0.1798 | | 每股净资产（元） | 3.26 | 3.25 | 0.31 | 3.35 | | 每股公积金(元) | 1.46 | 0.98 | 48.98 | 0.98 | | 每股未分配利润(元) | 0.80 | 1.19 | -32.77 | 1.28 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 9.24 | 7.97 | 15.93 | 8.91 | | 净利润(亿元) | -1.82 | -0.46 | -295.65 | -0.93 | | 净资产收益率(%) | -10.32 | -2.42 | -326.45 | -4.69 | 数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 三、分红送配方案情况 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 ...

三、分红送配方案情况 不分配不转增 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 4468.19万股，累计占流通股比： 58.17%，较上期变化： -46.26万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 桐乡市顺昌投资有限公司 | 2983.55 | 38.84 | 不变 | | 桐乡中祥化纤有限公司 | 457.12 | 5.95 | 不变 | | 杨绍校 | 370.77 | 4.83 | 196.48 | | HOST VANTAGE ASIA LIMITED | 215.30 | 2.80 | 不变 | | 薛明 | 113.52 | 1.48 | 2.24 | | 邹杰 | 76.80 | 1.00 | 2.03 | | 吕强 | 75.00 | 0.98 | -58.17 | | 周晔 | 63.99 | 0.83 | 不变 | | 袁力 | 56.57 | 0.74 | 新进 | | 李峰 | 55.57 | 0.72 | 新进 | | 较上个报告期退出前十大股东有 | | | ...

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 前十大流通股东累计持有： 34251.77万股，累计占流通股比： 50.61%，较上期变化： -875.37万股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2500 | -0.3400 | 173.53 | -0.3000 | | 每股净资产（元） | 5.79 | 5.55 | 4.32 | 5.96 | | 每股公积金(元) | 1.6 | 1.65 | -3.03 | 1.64 | | 每股未分配利润(元) | 2.65 | 2.39 | 10.88 | 2.85 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 16.38 | 16.91 | -3.13 | 19.32 | | 净利润(亿元) | 1.7 | -2.41 | 170.54 | -2.1 | | 净资产收益率(%) | 4.39 | -5 ...