Core Viewpoint - Guoen Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international capital operation platform and accelerate the establishment of a dual circulation pattern in the domestic and international markets [1] Group 1: Company Overview - Guoen Co., Ltd. was established in 2000 and is headquartered in Qingdao, focusing on two core industries: large chemicals and health [1] - The company operates a vertically integrated industrial platform and implements a "one body, two wings" development strategy, forming a cluster of new chemical materials [1] - The company has a strong presence in the health sector through its subsidiary Dongbao Biological, which produces a variety of products including gelatin and collagen [1] Group 2: Chemical Industry Segment - The large chemical segment generated revenue of 17.369 billion yuan in 2024, accounting for 90.38% of total revenue, with a year-on-year growth of 11.62% [3] - The company has established long-term stable partnerships with major clients such as Hisense, Gree, TCL, Huawei, BOE, and CATL [3] - Current production capacities include 1.08 million tons for organic polymer modified materials, 400,000 tons for organic polymer composite materials, and 900,000 tons for green petrochemical materials [4] Group 3: Product Development and Market Strategy - The company is enhancing its market share in the new energy vehicle sector by improving the performance of modified materials such as PP, PC, ABS, and PA [2] - In the energy storage battery sector, the company is advancing the application of flame-retardant and anti-explosion materials [2] - Future plans include expanding production capacities for polystyrene and developing new products like high-performance polyolefin elastomers and biodegradable materials [5] Group 4: Financial Performance - In 2024, the health segment generated revenue of 885 million yuan, accounting for 4.6% of total revenue [5] - Overall, the company achieved a total revenue of 19.22 billion yuan in 2024, a year-on-year increase of 10.21%, with a net profit of 676 million yuan, up 45.18% [5] - The first quarter of 2025 reported total revenue of 4.412 billion yuan, a slight decrease of 0.23% year-on-year, with a net profit of 111 million yuan, down 9.79% [6]

事件描述 公司发布2024 年年报&2025 年一季报，业绩高速增长：2024 年公司收入约605.1 亿元（+26.2%），其 中，海外收入约87.9 亿元（+10.7%），中国大陆收入约513.1 亿元（+29.7%）。2024 年归母净利润约 8.2 亿元（+160.4%），扣非归母净利润约6.8 亿元（+240.1%）。经营现金流约28.5 亿元（+18.2%）。 2025 年Q1 公司实现收入约156.7 亿元（+49.1%），归母净利润和扣非归母净利润分别约2.5 亿元 （+138.2%）和2.2 亿元（+168.6%）；25 年Q1 公司改性塑料业务量利双增，绿色石化板块通过技改显 效实现产能爬坡，带动石化产品收入及毛利同步提升。 核心观点 四大块业务均实现较快增长，绿色石化毛利率明显改善：改性塑料业务2024 年收入约320.7 亿元 （+18.95%），毛利率22.07%（-1.44pcts）。 新材料业务2024 年收入约36.5 亿元（+15.73%），毛利率15.83%（-1.41pcts）。绿色石化业务2024 年收 入约114.4 亿元（+22.30%），毛利率-6.36%（+6. ...

证券分析师： 李永磊 S0350521080004 [Table_Title] 改性塑料及特种工程塑料表现亮眼， 业绩持续改善 证券分析师： 杨丽蓉 S0350524090008 yanglr@ghzq.com.cn ——金发科技（600143）公司动态研究 2025 年 05 月 05 日 公司研究 评级：买入(维持) 最近一年走势 投资要点： 改性塑料及特种工程塑料表现亮眼，2024 年业绩同比大幅增长 2024 年，公司实现营业收入 605 亿元，同比增长 26%；实现归母净 利润 8.25 亿元，同比增长 160%；经营活动现金流净额为 28.45 亿 元，同比增加 18%。毛利率 11.3%，同比-0.7 个 pct；净利率 0.4%， 同比提升 0.3 个 pct。2024Q4，公司实现营业收入 200.5 亿元，同 比+47%，环比+17%；实现归母净利润为 1.4 亿元，同比-55%，环 比-53%。毛利率为 9.5%，同比提升 1.8 个 pct，环比-1.3 个 pct；净 利率为-0.4%。2024 年公司业绩改善明显，一方面，公司改性塑料、 特种工程塑料业务在汽车、家电、电子电工、消费 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 12.24 CNY [1][7]. Core Views - The company has achieved significant growth in its financial performance, with a 2024 revenue of 60.514 billion CNY, representing a year-on-year increase of 26.23%, and a net profit of 0.825 billion CNY, up 160.36% year-on-year. The first quarter of 2025 continues this trend with a revenue of 15.666 billion CNY, a 49.06% increase, and a net profit of 0.247 billion CNY, up 138.20% year-on-year [1][3]. - The modified plastics, green petrochemicals, and new materials businesses have all seen growth in both sales and revenue, contributing to the overall performance improvement [1][3]. Financial Summary - **2024 Financial Performance**: Total revenue reached 60.514 billion CNY with a year-on-year growth of 26.23%. Net profit was 0.825 billion CNY, marking a 160.36% increase [1][3]. - **2025 Q1 Performance**: Revenue for the first quarter was 15.666 billion CNY, a 49.06% increase year-on-year, with net profit at 0.247 billion CNY, up 138.20% [1][3]. - **Sales Growth**: The modified plastics business sold 2.5515 million tons in 2024, a 20.78% increase, generating revenue of 32.075 billion CNY, up 18.95%. In Q1 2025, sales were 604,400 tons, a 25.26% increase, with revenue of 7.620 billion CNY, up 30.67% [1][7]. - **New Materials Business**: In 2024, sales reached 236,000 tons, a 32.51% increase, with revenue of 3.654 billion CNY, up 15.73%. Q1 2025 saw sales of 56,000 tons, a 26.13% increase, and revenue of 0.867 billion CNY, up 32.41% [1][7]. - **Green Petrochemicals**: Revenue for 2024 was 11.436 billion CNY, a 22.30% increase, with a gross margin improvement to -6.36%. In Q1 2025, sales were 447,500 tons, a 118.51% increase, with revenue of 3.289 billion CNY, up 126.79% [1][7]. Investment Recommendations - The company is expected to maintain rapid growth in modified plastics and new materials, supported by its global expansion and new market opportunities. Projected net profits for 2025-2027 are 1.414 billion CNY, 1.902 billion CNY, and 2.379 billion CNY, with corresponding year-on-year growth rates of 71.5%, 34.5%, and 25.1% respectively [1][7].

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company is expected to see significant profit growth in 2024, with a projected net profit of 676 million yuan, representing a year-on-year increase of 45.2% [5] - The company plans to initiate a listing process on the Hong Kong Stock Exchange to enhance its global strategic layout [5] - The company has experienced a decline in profit margins despite an increase in sales volume for modified plastics and composite materials [5] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 19.22 billion yuan, with a year-on-year growth rate of 10.2% [4] - The net profit for 2025 is estimated at 706 million yuan, with an expected growth rate of 4.4% [4] - Earnings per share (EPS) are forecasted to be 2.60 yuan for 2025, 3.45 yuan for 2026, and 3.94 yuan for 2027 [5][4] Sales Performance - In 2024, the company achieved sales of 1.0632 million tons of organic polymer modified materials, a year-on-year increase of 7% [5] - The sales volume of organic polymer composite materials reached 349,600 tons in 2024, reflecting a year-on-year growth of 23% [5] - The company has made advancements in the development of composite materials for the new energy sector, including breakthroughs in lightweight materials for eVTOL structures [5] Strategic Acquisitions - The company acquired 99.99% of Hong Kong Petrochemical and 67% of Guoen Dongming, enhancing its integrated advantages in the industry [5] - The acquisition of these assets is expected to significantly contribute to the company's production capacity and revenue growth in the future [5] Health Industry Performance - The health sector subsidiary, Dongbao Biological, reported a net profit of 86 million yuan in 2024, a decrease of 28% year-on-year due to price reductions in downstream pharmaceuticals [5] - The company is expanding its production capacity in the health sector, with plans to increase capsule production significantly [5]