Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.48 CNY, based on a 21X valuation of the estimated EPS for 2025-2027 [3][5]. Core Insights - The company is focusing on continuous investment in core businesses and innovation to enhance operational quality. The precious metals business includes manufacturing, recycling, and trading, with a significant portion of revenue coming from recycling and trading, which has lower profitability [8]. - The new materials manufacturing segment is expected to contribute significantly to profitability, with a projected 30% of revenue contributing to 56% of gross profit in 2024. The company is investing in high-margin projects, including a catalyst production line, to further enhance profitability [8]. - The global shift in the chemical industry is anticipated to benefit the company's catalyst business, as production capacity is expected to increase significantly, allowing the company to capture growing domestic demand for high-margin products [8]. Financial Summary - Revenue is projected to grow from 45,086 million CNY in 2023 to 65,789 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [4]. - Net profit attributable to the parent company is expected to increase from 468 million CNY in 2023 to 825 million CNY in 2027, reflecting a CAGR of about 8.2% [4]. - The EPS is forecasted to rise from 0.62 CNY in 2023 to 1.08 CNY in 2027, indicating a steady growth trajectory [4].

Core Viewpoint - Guizhou Yanfeng Platinum Industry Co., Ltd. (贵研铂业) is enhancing its competitiveness through strategic investments and a focus on high-quality development in the precious metals sector, with a total investment of 384 million yuan in a new industrial catalyst project [1][2]. Investment and Expansion - The company plans to invest 384 million yuan in a precious metal industrial catalyst project in Anning, Yunnan, to increase production capacity and strengthen its competitive position in the market [2]. - Guizhou Yanfeng Platinum has been expanding its asset scale, with total assets reaching 16.942 billion yuan as of March 2025, a year-on-year increase of 19.48% [1][7]. Financial Performance - In 2024, the company achieved a revenue of 47.504 billion yuan, a year-on-year growth of 5.36%, and a net profit of 579 million yuan, up 23.74%, marking the ninth consecutive year of double growth in revenue and profit [4][5]. - The company aims to reach a revenue target of 50 billion yuan in 2025 [7]. Business Segments - The precious metal secondary resource recycling segment showed significant growth in 2024, with platinum group metal recovery increasing by over 20%, gold recovery by over 200%, and silver recovery by over 10% [5]. - The precious metal new materials manufacturing segment also saw breakthroughs, with production of precursor products increasing by over 20% and automotive exhaust purification catalysts by 22% [5]. Research and Development - The company has a strong focus on R&D, with 615 R&D personnel accounting for 30.80% of the total workforce, and R&D expenses exceeding 300 million yuan annually from 2022 to 2024 [6][7]. - In the first quarter of 2025, R&D expenses grew by 12.83% year-on-year to 64.84 million yuan [7]. Strategic Initiatives - Guizhou Yanfeng Platinum is committed to the development of high-end materials and the circular economy, while also deepening its international presence to address challenges from price fluctuations and increased competition in the precious metals industry [7].

Group 1 - The company held its 14th meeting of the 8th Board of Directors on June 11, 2025, where all 8 participating directors voted unanimously on several proposals [1][3][4] - The company approved a donation of 1.56 million yuan to Shangjiang Township in Xianggelila City for various support initiatives [2][3] - The company plans to invest in the construction of a precious metal industrial catalyst project with a total investment of 383.91 million yuan [11][13][15] Group 2 - The company intends to acquire a 25% stake in Guoyan Industrial Catalyst (Yunnan) Co., Ltd. from Lanzhou Xinlian Environmental Technology Co., Ltd., valued at approximately 19.59 million yuan [3][4][9] - The financial audit committee and strategic investment development committee reviewed the proposals before the board meeting, ensuring compliance and protection of minority shareholders' rights [5][6] - The investment in the catalyst project aligns with the company's strategic goals for high-quality development in the precious metals industry [16][17] Group 3 - The company provided a guarantee for its wholly-owned subsidiary, Sino-Platinum Metals (Singapore) Pte. Ltd., with a maximum credit limit of 100 million yuan and 6 million USD [22][24] - The total assets of the Singapore subsidiary were reported at approximately 41.44 million USD, with a net asset of about 22.27 million USD as of December 31, 2024 [26] - The guarantee is deemed necessary and reasonable to support the subsidiary's hedging business and working capital needs [31][32]