Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Views - The company's overall performance is driven by the growth in sales of titanium silicate molecular sieves, with significant revenue increases noted in the first half of 2025 [2]. - The company is expected to see continued revenue growth, with projected revenues of 8.81 billion, 10.04 billion, and 11.22 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 32.1%, 14.0%, and 11.8% [9]. - The report highlights the successful expansion of the product matrix and market presence, particularly through strategic partnerships and new product developments [8]. Financial Performance Summary - Revenue for 2023 is projected at 5.50 billion yuan, with a year-on-year decline of 19.2%, followed by a recovery in 2024 with a projected increase of 21.2% [10]. - The net profit attributable to the parent company is expected to rise from 770 million yuan in 2023 to 3.06 billion yuan by 2027, with significant growth rates of 89.2% in 2024 and 53.6% in 2025 [10][9]. - The company's return on equity (ROE) is projected to improve from 2.9% in 2023 to 9.1% in 2027, indicating enhanced profitability [10]. Cash Flow and Operational Efficiency - The company reported a significant increase in cash flow from operating activities, with a net cash flow of 1.55 billion yuan in the first half of 2025, up 318.73% year-on-year [3]. - Accounts receivable increased by 21.00% year-on-year, while inventory decreased by 11.24%, indicating improved operational efficiency [3]. Market Position and Future Outlook - The company is actively expanding its product offerings and market reach, with ongoing projects expected to enhance production capacity and profitability [8]. - The report emphasizes the importance of the company's two major fundraising projects, which are anticipated to significantly boost production scale and overall profitability [9].

证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 138 期 观点精粹: 2025 年 08 月 12 日 晨会纪要 研究所： 最新报告摘要 纵向深化+横向延伸，2025 年上半年公司业绩同比增长--中触媒/化学制品(688267/212203) 科创板公司动态 研究 8 月会出现债市拐点吗？--固定收益点评 反内卷政策下的行业比较——发掘格局优化与盈利修复的机会--策略 PPT 中煤能源(601898)深度报告：低估值央企背景龙头煤企，资源久期长+资产结构优化共同催化--中煤能源/煤炭 开采(601898/217401) 公司 PPT 报告 聚合 MDI、代森锰锌价格上涨，反内卷有望带动化工景气反转--行业周报 证券研究报告 1、最新报告摘要 1.1、纵向深化+横向延伸，2025 年上半年公司业绩同比增长--中触媒/化学制 品(688267/212203) 科创板公司动态研究 分析师：李永磊 S0350521080004 分析师：董伯骏 S0350521080009 分析师：李振方 S0350524080003 事 ...