Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 4.47 billion RMB in 2024, representing a year-over-year increase of 20%, but the net profit attributable to shareholders decreased by 45% to 180 million RMB [1] - The company plans to distribute a cash dividend of 0.1 RMB per share for 2024, with a payout ratio of 49% [1] - The company’s Q4 2024 net profit was lower than expected due to price pressure on certain products and increased management expenses [1] - In Q1 2025, the company reported a net profit of 90 million RMB, an increase of 81% year-over-year, although it was below the forecast of 100 million RMB [1][3] - The report highlights the successful expansion of the company's electronic materials and optical film products, with significant sales growth in both segments [2][3] Summary by Sections Financial Performance - In 2024, the company’s revenue was 4.47 billion RMB, with a net profit of 180 million RMB, and a non-recurring net profit of 120 million RMB [1] - The Q4 2024 net profit was -60 million RMB, a significant decline of 368% year-over-year [1] - For Q1 2025, the company’s net profit was 90 million RMB, showing a quarter-over-quarter increase of 267% [1][3] Product Performance - The electronic materials segment saw a sales volume increase of 51% year-over-year to 59,000 tons, despite a 14% decrease in average price to 18,000 RMB per ton [2] - The optical film segment optimized its product structure, achieving a sales volume increase of 11% year-over-year to 98,000 tons, with a 6% increase in average price to 12,000 RMB per ton [2] - The new energy materials segment added 1,500 tons/year of production capacity for ultra-thin electronic polypropylene film, with a sales volume increase of 11% year-over-year [2] Profit Forecast and Valuation - The report adjusts the net profit forecast for 2025 and 2026 to 470 million RMB and 570 million RMB, respectively, reflecting a decrease of 13% and 12% [4] - The estimated earnings per share (EPS) for 2025 is projected at 0.52 RMB, with a target price set at 10.92 RMB based on a 21x PE valuation for 2025 [4][8]

数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 成都展翔投资有限公司 | 676.41 | 8.85 | 不变 | | 严建林 | 560.18 | 7.33 | 不变 | | 栗工 | 384.14 | 5.03 | 不变 | | 许皓 | 152.79 | 2.00 | -2.94 | | 许金林 | 120.37 | 1.57 | 35.32 | | 西藏星瑞企业管理服务有限公司 | 110.00 | 1.44 | 不变 | | 拉萨鑫宏雅科技有限公司 | 54.60 | 0.71 | 不变 | | 周丽萍 | 52.69 | 0.69 | 不变 | | 韩靓 | 49.00 | 0.64 | -47.41 | | 邹丽 | 47.57 | 0.62 | 不变 | 一、主要会计数据和财务指标 三、分红送配方案情况 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | -- ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The company, a leading player in the polyurethane sector, continues to experience growth in production and sales, although profitability has declined, impacting overall performance [5][8]. - In 2024, the company achieved total revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while net profit attributable to shareholders fell by 22.49% to 13.03 billion yuan [4][5]. Summary by Sections Market Performance - The company's stock price is currently at 54.45 yuan, with a market capitalization of 171 billion yuan and a 52-week price range of 54.08 to 93.75 yuan [1]. Revenue and Profitability - The company is the largest global supplier of MDI and TDI, with current capacities of 3.8 million tons/year and 1.11 million tons/year, respectively. Future expansions will increase these capacities to 4.5 million tons/year and 1.44 million tons/year [5]. - In 2024, the production and sales of polyurethane products increased by 16.22% and 15.40%, respectively, contributing to a revenue growth of 13% in this segment [5]. - The petrochemical segment also saw production and sales growth of 14.37% and 15.69%, with a revenue increase of 5% [5]. - The fine chemicals and new materials segment experienced a production increase of 26.87% and sales growth of 27.65%, leading to a revenue rise of 19% [5]. Cost and Cash Flow - The overall expense ratio has increased due to rising employee costs and depreciation, with sales, management, finance, and R&D expense ratios rising by 0.12, 0.26, 0.19, and 0.17 percentage points, respectively [6]. - The net cash flow from operating activities for 2024 was 30.05 billion yuan, an increase of 32.56% year-on-year, primarily driven by increased product sales [6]. Future Outlook - Despite short-term performance pressures, the company's unique position in the domestic polyurethane market is expected to remain strong, with new capacity set to further solidify its leading status [8]. - Forecasted net profits for 2025, 2026, and 2027 are 15.27 billion yuan, 18.11 billion yuan, and 19.50 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.2, 9.4, and 8.8 times [8][10].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved revenue of 8.178 billion yuan in 2024, a year-on-year increase of 6.10%, and a net profit attributable to shareholders of 533 million yuan, up 28.62% year-on-year [1][4]. - The fertilizer and ammonium production segments both saw increases in volume and profitability, contributing to overall performance growth [2][4]. - The company is actively expanding its upstream resource layout, particularly in lithium and phosphate mining, which is expected to enhance its production capacity significantly by 2028 [3][4]. Summary by Sections Financial Performance - In 2024, the fertilizer business generated revenue of 3.861 billion yuan, a slight increase of 0.3%, with a gross margin improvement of 2.3 percentage points. The ammonium business saw revenue of 2.058 billion yuan, a 14.7% increase, with a gross margin improvement of 6.3 percentage points [2]. - The company reported a total sales volume of 1.65 million tons for fertilizers, up 23.8% year-on-year, and an ammonium sales volume of 386,000 tons, up 9.6% year-on-year [2]. Cost Management - The company successfully reduced management, research and development, and financial expenses by 3.5%, 24.4%, and 40.1% respectively, while sales expenses increased by 7.7%. Overall, the selling and administrative expense ratio decreased by 1.2 percentage points to 6.7% [2]. Resource Expansion - The company is set to achieve an annual phosphate production capacity of 4.1 million tons following the completion of several mining projects. Additionally, it has acquired a 51% stake in a lithium mining company, enhancing its resource base [3]. - The company has initiated production at its lithium iron phosphate project, with further expansions underway [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward due to lower-than-expected sales prices for some products, with projected net profits of 657 million yuan, 817 million yuan, and 964 million yuan respectively [4][5]. - The company’s overall industry chain is expected to optimize further as it continues to expand its resource layout [4].

每股收益下降基本每股收益：基本每股收益为1.01元，较上年的1.21元减少0.2元，降幅达16.53%。这主 要是由于净利润减少，而股本变动相对较小（报告期内股份总数由208,192,000股变更为208,087,600 股），导致每股收益相应下降，对股东的回报有所减少。扣非每股收益：扣除非经常性损益后的基本每 股收益为0.97元，较去年的0.98元略有下降，降幅为1.02%。这一数据进一步反映了公司主营业务盈利 能力的微幅下滑，需要关注公司在提升核心业务竞争力方面的举措。 费用有增有减销售费用：2024年销售费用为15,100,345.55元，较上年的15,568,388.33元下降3.01%。其 中，人员费用6,970,338.62元，略有下降；运杂及仓储费2,349,480.75元，降幅较为明显。销售费用的下 降可能是公司优化销售策略、提高费用使用效率的结果，但也需关注是否会对市场推广和销售业绩产生 潜在影响。管理费用：管理费用为72,971,700.49元，比上年的67,920,709.20元增长7.44%。增长的主要 原因可能是职工薪酬、固定资产折旧等费用的增加，如职工薪酬从25,630,472.0 ...

重要新闻 外交部、商务部表示，目前中美之间未进行任何经贸谈判。 2．据《华尔街日报》23日报道，美方高级官员透露，特朗普政府正考虑多种方案。第一种方案，对中国 商品征收的关税税率可能降至大约50%—65%。第二种方案则被称为"分级方案"，美方将把进口自中国的 商品分为所谓"对美国国家安全不构成威胁"和所谓"对美国国家利益具有战略意义"的商品。美媒称， 在"分级方案"里，美方将对前一类商品征收35%的关税，对第二类商品的关税税率至少为100%。白宫新闻 秘书莱维特称，特朗普在对华关税问题上的立场"没有软化"。 3．沪深北交易所发布2025年劳动节休市安排的通知，5月1日（星期四）至5月5日（星期一）休市，5月6 日（星期二）起照常开市。另外，4月27日（星期日）为周末休市。 4．2025年4月25日（周五），中国人民银行将以固定数量、利率招标、多重价位中标方式开展6000亿元 MLF操作，期限为1年期。 5．日前，海关总署会同中央网信办、外交部、国家发展改革委、公安部、财政部、生态环境部、交通运 输部、商务部等20个部门（单位），联合部署开展跨境贸易便利化专项行动。专项行动为期5个月，政策 举措涵盖货物贸易、数 ...

调研纪要：天赐材料表示，美国加征关税政策对公司直接影响较小，2024年直接销售至美国的产品收入 占总营收比例较低，约1%左右。公司在美国积极推动本土化产能建设，与Honeywell合作组建合资公 司，加速电解液及六氟磷酸锂在北美市场的规模化生产。2024年LIFSI在电解液中的添加比例约为 1.9%，其在快充电池电解液配方中的用量正在持续提升。PEEK材料处于产品中试验证阶段，主要应用 于电芯结构件改性材料。3月份公司发布5V体系电解液，具备高安全性能与稳定性能，正加快客户验 证。公司开发了硫化锂路线的固态电解质，处于中试阶段。公司已有钠离子电池电解液的解决方案和技 术储备，现有产线可实现材料体系的快速切换。磷酸铁产品拥有33万吨的前驱体磷酸铁产能，具备显著 的成本优势。磷酸铁三代产品处于客户验证阶段。未来几年，国内产能投放节奏将放缓，重心转向海外 市场。 根据市场公开信息及4月24日披露的机构调研信息，知名私募淡水泉近期对2家上市公司进行了调研，相 关名单如下： 1）天赐材料 （淡水泉(香港)投资管理有限公司参与公司业绩说明会） 淡水泉成立于 2007 年，是中国领先的私募证券基金管理人之一，专注于与中国相 ...

Group 1: Company Overview - Star Stone Investment Management Co., Ltd. is one of the top private equity investment fund management companies in China, established in 2007 [2] - The company has won numerous awards, including the "Morningstar China Hedge Fund Award" and the "China Private Equity Golden Bull Award" [2] - Star Stone focuses on long/short equity strategies and has a strong research team of 40 professionals [2] Group 2: Recent Company Research - Tianqi Materials reported that the impact of U.S. tariffs on its business is minimal, with only about 1% of total revenue coming from direct sales to the U.S. in 2024 [1] - The company is actively promoting local production capacity in the U.S. and has formed a joint venture with Honeywell to accelerate the production of electrolytes and lithium hexafluorophosphate in North America [1] - The company has developed a solid electrolyte based on lithium sulfide, which is currently in the pilot testing stage [1]

Financial Performance - The company reported a basic earnings per share of -0.0544 yuan for Q1 2025, a decrease of 69.47% compared to -0.0321 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.15 billion yuan, reflecting a decline of 66.67% from -0.09 billion yuan in Q1 2024 [1] - Operating revenue decreased by 34.53% to 0.91 billion yuan in Q1 2025, down from 1.39 billion yuan in Q1 2024 [1] - The return on equity was -3.52% in Q1 2025, a significant drop of 94.48% compared to -1.81% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 50.373 million shares, accounting for 23.02% of the circulating shares, with a decrease of 4.8299 million shares from the previous period [1] - Notable shareholders include Jiang Yan with 21.3877 million shares (9.78%) and the single asset management plan with 14.3306 million shares (6.55%), both remaining unchanged [2] - New entrants among the top shareholders include Wang Qiyu with 2.1514 million shares (0.98%) and China Minsheng Bank's fund with 1.8425 million shares (0.84%) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [4]

4月24日百傲化学发布2024年度分配预案，拟10转增4派6元（含税）。 证券时报·数据宝统计显示，公司今日公布了2024年报，共实现营业收入13.12亿元，同比增长23.09%， 实现净利润3.45亿元，同比增长5.14%，基本每股收益为0.68元，加权平均净资产收益率为20.51%。 截至发稿，共有2384家公司公布了2024年度分配方案，其中分配方案中包含送转的有222只，送转方案 公布当日股价上涨的有122只，涨停的有电工合金、美能能源、振邦智能等，方案公布后5日股价上涨的 有122只，累计涨幅居前的有星图测控、峆一药业、雷尔伟等，累计涨幅为37.05%、25.21%、23.16%。 （数据宝） 百傲化学上市以来分配方案概览 | 日期 | 每10股送转（股） | 每10股派现（元） | 净利润（万元） | 净利润同比（%） | | --- | --- | --- | --- | --- | | 2024.12.31 | 4.00 | 6.00 | 34525.64 | 5.14 | | 2023.12.31 | 4.00 | 6.00 | 32837.51 | -18.43 | | 2022.12.3 ...