截至3月31日，中自科技股东户数7458.00，较上期减少1.41%；人均流通股9448股，较上期增加1.43%。 2025年1月-3月，中自科技实现营业收入4.03亿元，同比增长7.52%；归母净利润770.16万元，同比减少 46.91%。 8月25日，中自科技涨0.08%，成交额9243.44万元。两融数据显示，当日中自科技获融资买入额1582.37 万元，融资偿还1013.31万元，融资净买入569.05万元。截至8月25日，中自科技融资融券余额合计1.36 亿元。 融资方面，中自科技当日融资买入1582.37万元。当前融资余额1.36亿元，占流通市值的4.38%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，中自科技8月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，中自科技股份有限公司位于四川省成都市高新区古楠街88号，成立日期2005年7月15日，上 市日期2021年10月22日，公司主营业务涉及环保催化剂的研发、生产和销售。主营业务收入构成为：内 燃机尾气净 ...

Core Viewpoint - The company, Zhongzi Technology, has been recognized as a supplier of exhaust purification catalysts for new energy vehicles by a state-owned automotive group, which is expected to positively impact its business expansion and future performance [1] Group 1: Business Development - Zhongzi Technology has received a notification for designated development of exhaust purification catalysts, indicating client recognition of its R&D capabilities, supply chain efficiency, and product quality [1] - The company has achieved significant sales milestones, with gasoline vehicle exhaust purification catalyst sales surpassing one million sets for the first time in 2024 [2] - The company has successfully won bids for industrial catalysts and has entered multiple overseas project orders in the energy storage sector, indicating the effectiveness of its globalization strategy [2] Group 2: Financial Performance - The internal combustion engine exhaust purification catalyst segment is projected to generate revenue of 1.453 billion yuan in 2024, accounting for approximately 93% of total revenue [1] - Other business segments, while smaller in revenue, are experiencing substantial growth, with the industrial catalyst segment expected to reach 13.88 million yuan in 2024, a year-on-year increase of 65.73% [1] - The energy storage and storage+ business is anticipated to generate 80.17 million yuan in revenue, reflecting a remarkable year-on-year growth of 309.47% [1] Group 3: Product Innovation - The company has launched seven core technologies covering various advanced fields, including environmental catalysts and hydrogen fuel cell catalysts, during its 20th anniversary celebration [2] - New products aimed at meeting the next stage of emission standards have been introduced, including catalysts for natural gas vehicles, diesel vehicles, and industrial waste gas purification [2]

Core Viewpoint - Zhongzi Technology (688737) has been recognized as a supplier of exhaust purification catalysts for a state-owned automotive group, indicating strong R&D and supply chain capabilities, which is expected to positively impact future performance [1] Group 1: Company Developments - Zhongzi Technology has received a notification for designated development of exhaust purification catalysts for new energy vehicles, although this does not constitute a formal order [1] - The company has achieved significant sales milestones in 2024, with gasoline vehicle exhaust purification catalyst sales surpassing one million sets and entering the supply chain of a joint venture brand [2] - The company has successfully won a bid for a major project involving metal honeycomb precious metal catalysts for a petrochemical facility, indicating strong performance in the industrial catalyst sector [2] Group 2: Financial Performance - The internal combustion engine exhaust purification catalyst segment is projected to generate revenue of 1.453 billion yuan in 2024, accounting for approximately 93% of total revenue [1] - Other business segments, while smaller in scale, are experiencing substantial growth, with the industrial catalyst segment expected to see a 65.73% year-on-year increase in revenue, reaching 13.88 million yuan [1] - The energy storage and related business is anticipated to grow by 309.47% year-on-year, reaching 80.17 million yuan, while hydrogen energy business revenue is expected to increase by 1273% [1] Group 3: Industry Trends - The implementation of the National VI emission standards is expected to increase the complexity of exhaust after-treatment technologies, driving the industry towards higher technology and value-added products [3] - The rapid development of new energy vehicles is anticipated to create new demand for hydrogen catalysts, indicating a shift in market needs [3]

Core Viewpoint - The recent surge in the stock price of Zhongzi Technology (688737.SH) appears disconnected from its financial performance, as the company reported a significant decline in net profit for Q1 2025 and a loss in 2024, despite optimistic forecasts from brokerage reports for future profitability [1][3][4]. Financial Performance - In Q1 2025, Zhongzi Technology reported a net profit of 7.70 million yuan, a year-on-year decline of 46.91% [1][3]. - The company experienced a loss of 26.21 million yuan in 2024, while its revenue for the previous year was 1.565 billion yuan, reflecting a growth of 1.35% [3][4]. Stock Price Movement - From April 9 to May 9, Zhongzi Technology's stock price increased by 60.17%, rising from a low of 13.89 yuan per share [3]. - The company's market capitalization reached 2.852 billion yuan, positioning it among the notable stocks in Sichuan [1]. Brokerage Expectations - Brokerage reports, such as those from Everbright Securities, project a significant increase in net profit, forecasting 57 million yuan for 2025, 238 million yuan for 2026, and 302 million yuan for 2027, surpassing the historical peak of 218 million yuan in 2020 [3][4]. Business Segments - The traditional internal combustion engine exhaust purification catalysts account for 92.88% of the company's revenue, raising questions about the growth potential in hydrogen energy, power batteries, and composite structural components [4][6]. - The company is involved in various sectors, including environmental catalysts, new energy storage, and advanced aerospace materials, emphasizing the foundational role of materials in industrial production [6][11]. Research and Development - Zhongzi Technology maintains a strong focus on R&D, investing around 10% of its revenue annually, supported by a close partnership with Sichuan University [11]. - The company is developing high-performance composite materials, including carbon fiber PEEK prepreg, which is crucial for applications in humanoid robots and aerospace [8][9]. Market Position and Competition - Zhongzi Technology aims to break into markets dominated by foreign companies, focusing on domestic substitution of key materials in environmental catalysts and hydrogen fuel cells [6][7]. - The company has made significant strides in market share for natural gas vehicle catalysts, increasing from 11.10% in 2019 to 20.69% in 2020, and in heavy-duty natural gas vehicles from 30.55% to 48.55% during the same period [7].

Core Views - The report outlines the continuous supervision work conducted by Shenwan Hongyuan Securities for Zhongzi Technology Co., Ltd. after its listing, emphasizing compliance with relevant regulations and the establishment of a robust supervision system [1][2]. Continuous Supervision Work - Shenwan Hongyuan has established and effectively implemented a continuous supervision system, including a work plan [2]. - The institution has signed a rights and obligations agreement with Zhongzi Technology, which has been filed with the Shanghai Stock Exchange [2]. - Continuous supervision includes regular communication, site inspections, and due diligence to ensure compliance with laws and regulations [2][3]. Compliance and Governance - The institution supervises Zhongzi Technology's compliance with laws, regulations, and commitments made by its management [3][4]. - The company has been urged to establish effective internal control systems and governance structures [3][4]. - Information disclosure practices are closely monitored, ensuring that all documents submitted to regulatory bodies are accurate and complete [4][5]. Financial Performance - For the fiscal year 2024, Zhongzi Technology reported a revenue of CNY 1,564,932,497.13, reflecting a 1.35% increase from the previous year [12]. - The net profit attributable to shareholders was a loss of CNY 26,218,438.81, a significant decline of 161.95% compared to the previous year [12]. - The company’s cash flow from operating activities was negative at CNY -156,880,149.19, indicating financial strain [12]. Research and Development - The company increased its R&D expenditure by 26.13% to CNY 109,693,350.33, representing 7.01% of its total revenue [17]. - During the reporting period, Zhongzi Technology applied for 47 new domestic patents, enhancing its innovation capabilities [17][18]. Market Position and Risks - The environmental catalyst industry is characterized by intense competition, with significant market share held by foreign companies [9]. - The company faces risks related to core competitiveness, operational challenges, and fluctuations in precious metal prices, which are critical for its production [6][8][9]. - The transition to stricter emission standards and the growth of the new energy vehicle market may impact the demand for traditional fuel vehicle catalysts [10][11]. Use of Proceeds - The company raised CNY 1,407,189,683.51 from its IPO, with funds allocated for various projects, including the development of new catalysts and enhancing production capabilities [20][21]. - As of December 31, 2024, the company ensured compliance with regulations regarding the use of raised funds, with no violations reported [20][21].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 1.565 billion yuan in 2024, a year-on-year increase of 1.35%, but reported a net loss of 26 million yuan. In Q1 2025, revenue reached 403 million yuan, up 7.52% year-on-year, with a net profit of 8 million yuan, down 46.91% [1][2] - The catalyst business has shown significant market expansion, with the internal combustion engine exhaust purification catalyst revenue at 1.453 billion yuan in 2024, a decline of 3.90%. However, the industrial catalyst revenue surged by 65.73% to 13.8786 million yuan. The hydrogen energy product revenue was 732.06 thousand yuan, indicating continuous breakthroughs in business development [2] - The high-end composite material business is expected to become a new growth point, with the company actively developing carbon fiber PEEK prepreg technology. The composite structure project is under construction, with a planned annual production capacity of 1 million square meters of prepreg and 80 tons of aerospace composite materials [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1,565 million yuan, with a growth rate of 1.35%. The net profit attributable to the parent company was -26 million yuan. For 2025, the estimated revenues are projected to be 2,270 million yuan, with a net profit of 57 million yuan [4][10] Revenue Growth - The company is expected to see significant revenue growth in the coming years, with projections of 2,906 million yuan in 2026 and 3,544 million yuan in 2027, reflecting growth rates of 27.98% and 21.96% respectively [4][10] Profitability Metrics - The report forecasts a return to profitability with net profits of 238 million yuan in 2026 and 302 million yuan in 2027, indicating a strong recovery from the current losses [4][10] Research and Development - The company has increased its R&D investment to 110 million yuan in 2024, a year-on-year increase of 26.44%, highlighting its commitment to innovation and development in new technologies [1][4] Market Positioning - The company has successfully entered new markets, including hydrogen energy and energy storage, with the latter showing a remarkable revenue increase of 309.47% in 2024 [2][3]