Investment Rating - The report maintains a "Buy" rating for the company [4][36]. Core Viewpoints - The company is entering a new growth phase driven by the completion of the Dukuda expansion project and improved profitability [3][35]. - The Dukuda base has significant tariff advantages, with profitability positively correlated to palm oil prices [1][15]. - Stable supply combined with growing demand is expected to push palm oil prices higher, benefiting the company's profitability [2][33]. Summary by Sections 1. Tariff Advantages and Profitability - The Dukuda base in Indonesia benefits from high export tariffs on crude palm oil while facing no tariffs on refined products, leading to a competitive cost advantage [1][15]. - Historical performance shows a clear positive correlation between the company's earnings and palm oil prices, with higher prices leading to increased profitability [16]. 2. Supply and Demand Dynamics - Indonesia's palm oil production is stabilizing due to slowed planting area growth and aging trees, which is expected to maintain overall production levels [2][28]. - Demand for palm oil is supported by food consumption and industrial uses, particularly in biodiesel, with significant growth expected in regions like India and Southeast Asia [30][33]. 3. Dukuda Expansion Project - The Dukuda expansion project, with an investment of 248 million yuan, is progressing towards full production, which is anticipated to significantly enhance the company's performance [3][35]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 399 million, 540 million, and 662 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.85, 1.15, and 1.41 yuan [4][36]. - The current price corresponds to P/E ratios of 11.99, 8.85, and 7.22 for the same years, indicating a favorable valuation outlook [4][36].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's net profit attributable to shareholders for 2024 is 757 million yuan, a decrease of 66% year-on-year; the net profit after deducting non-recurring gains and losses is 603 million yuan, down 72% year-on-year [2][5]. - In Q1 2025, the company achieved a net profit of 135 million yuan, a decrease of 47% year-on-year and 36% quarter-on-quarter; the net profit after deducting non-recurring gains and losses is 43 million yuan, down 81% year-on-year and 77% quarter-on-quarter [2][5]. Summary by Sections Financial Performance - The company reported a total revenue of 5.364 billion yuan in 2024, with a gross profit of 1.757 billion yuan, resulting in a gross margin of 33% [14]. - The lithium segment generated revenue of 3.129 billion yuan, down 26% year-on-year, with a gross profit of 583 million yuan and a gross margin of 18.62%, a decrease of 39.15 percentage points year-on-year [11]. - The cesium and rubidium segment achieved revenue of 1.395 billion yuan, an increase of 24% year-on-year, with a gross profit of 1.092 billion yuan and a gross margin of 78.29%, an increase of 13.91 percentage points year-on-year [11]. Business Segments - The lithium segment's production volume increased by 138% year-on-year to 43,700 tons, while sales volume increased by 145% year-on-year to 42,600 tons [11]. - The cesium and rubidium segment maintained stable growth, with sales volume of 843.97 tons, down 16% year-on-year, but revenue increased significantly due to price hikes [11]. - In Q1 2025, the lithium sales volume was 9,000 tons, impacted by maintenance during the holiday period [11]. Future Outlook - The company is focusing on expanding its lithium production capacity and exploring new metal resources such as gallium and germanium [11]. - The copper segment is expected to enhance its production capacity with ongoing exploration and project developments [11].

证券代码：603235 证券简称：天新药业 公告编号：2025-021 江西天新药业股份有限公司 关于 2025 年第一季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》的相关规定，现将江西天新药业股份有限公司（以下简称"公司"） 2025 年第一季度经营数据（未经审计）公告如下： 一、 2025年第一季度主要经营数据 1、主营业务分产品情况 单位：元 币种：人民币 | 产品分类 | 2025 | 年 1-3 | 月收入 | 2024 | 年 1-3 月收入 | 同比变动 | | --- | --- | --- | --- | --- | --- | --- | | B 族维生素 | | 508,399,113.57 | | | 409,717,324.36 | 24.09% | | 其他维生素 | | 65,866,984.56 | | | 57,064,938.52 | 15.42% | | 精细化工品 | | 38,60 ...