振华股份 20260108 摘要 振华股份投资 30 亿元在重庆新建铬盐基地，旨在成为全球单体最大铬 盐厂，提升装置先进性和优化产品结构，资金来源包括政府补偿、搬迁 补贴及公司自由现金流。 新建基地硫酸项目通过液体硫磺制硫酸，副产热蒸汽，降低生产成本并 实现热电联产，提高经济效益，未来将成为余热利用核心，提高生产效 率。 维生素 K3 连产氧化铬绿工艺是振华股份独有技术，将重铬酸钠废料提 纯为高纯度氧化铬绿，用于冶炼金属铬，实现资源最大化利用，提升经 济效益，年产量预计 7.4 万吨。 公司氧化铬绿生产具备规模和技术先发优势，计划年产 7.4 万吨，可制 备约 4.3 万吨金属铬，实际产量将根据市场情况调整，目前正通过再融 资分享该项目。 公司主要产品价格随市场基本面变化及时调整，通常降价迅速，涨价较 慢。12 月大部分化合物价格已达预期，但金属铬因社会库存和低价订单 尚未完全达到预期水平。 维生素 K3 连产氧化铬绿工艺有哪些独特之处？ 维生素 K3 连产氧化铬绿工艺具有独特优势，一吨维生素 K3 大约消耗 10 吨重 铬酸钠，但这些重铬酸钠并不直接附着在维生素 K3 上，而是在反应过程中作 为氧化剂使用后 ...

Q&A 近期金属铬价格在 12 月份有所回落，能否解释一下原因？ 近期金属铬价格的回落主要有几个原因。首先，国家收储的节奏略微比预期慢 一些，为了清理此前囤积的低价库存，一些企业进行了主动降价操作。其次， 四川银河公司在此次国储中仅获得 2000 吨份额，而其实际生产能力可达 1 万 吨，因此为了维持生产和销售，其产品价格有所下降。此外，由于部分企业未 能达到国储收购标准，这些产品流入市场，也导致了价格回落。 金属铬价格评析与后市研判 20260106 摘要 国储收储计划实际签订 1.8 万吨，低于计划量，振华股份获 9,000 吨份 额，部分企业因标准问题导致产品流入市场，对价格产生下行压力。 短期内，四川银河和振华股份的设备检修计划预计将支撑金属铬价格， 国储采购价 64,000 元/吨构成价格底部，预计未来几个月价格在 75,000-80,000 元/吨区间波动。 冶金级氧化铬绿和六价铬需求强劲，前者受益于高温合金领域，后者受 益于液流电池等新兴应用，市场前景看好，预计价格稳中有升。 2026 年全年，预计金属铬价格维持在 75,000-80,000 元/吨，新增产 能与需求同步增长。冶金级氧化铬绿和六 ...

国海证券研报指出，振华股份拟发行可转债用于重庆铬盐新基地，新工艺推动铬绿工艺+产能双升。公 司首创维生素K3联产铬绿工艺，将实现铬绿产能的进一步提升，公司产品结构逐渐像金属铬及"两 机"、军工产业链条调整，将持续提升公司盈利能力，有望在铬盐大周期优先受益。基于2025年10月以 来铬盐及金属铬价格上涨，上调公司盈利预测，暂不考虑公司参与新疆沈宏集团股份有限公司等七家公 司破产重整案影响，考虑到公司有望优先受益于铬盐景气大周期，维持"买入"评级。 ...

内容概要：铬盐是以铬酸等为核心的无机化工产品，以铬铁矿为原料，经多道工序制成，广泛应用于多 个国民经济支柱领域。中国铬盐产业链紧密且差异化明显，上游铬铁矿成本占比约30%，但国内储量稀 缺，对外依存度超95%，进口集中于南非等五国，头部企业正布局海外铬矿开发。中游正加速无钙焙烧 工艺替代，下游需求从传统领域向航空航天、新能源等高端制造领域拓展，拉动金属铬、高纯铬盐等供 需紧平衡。中国是全球最大铬盐生产消费国，产量占比45%左右，2024年市场规模达94.1亿元，预计 2030年突破150亿元。金属铬价格受高端需求拉动，2025年两轮显著上涨。未来，行业将围绕绿色转 型、需求升级与产业链整合演进，清洁工艺普及，高端产品成增长核心，头部企业缓解原料依赖，竞争 聚焦技术创新与资源掌控，整体呈现绿色化、高值化、集约化态势。 上市企业：振华股份（603067.SH）、西藏矿业（000762.SZ）、五矿发展（600058.SH）、中矿资源 （002738.SZ） 相关企业：四川省银河化学股份有限公司、中信锦州金属股份有限公司、重庆民丰化工有限责任公司、 山东朗晖石油化学股份有限公司、青海铬盐高新科技股份有限公司、内蒙古 ...

（编辑 任世碧） 证券日报网讯 12月18日，振华股份在互动平台回答投资者提问时表示，公司2024年度铬盐总产量26万 吨，金属铬等高端产品需求情况良好，公司具备三氯化铬电解液批量供货能力。公司正积极探索新能源 领域应用。 ...

格隆汇12月18日丨振华股份(603067.SH)在投资者互动平台表示，公司金属铬产品在高温合金、铜基、 铝基特种合金、高端焊接材料、溅射靶材等领域广泛应用，高温合金是燃气轮机的主要材料，单质铬的 添加量在15%~20%之间。 ...

[Table_scodeMsg1] 公司研究丨深度报告丨振华股份（603067.SH） [Table_Title] 铬盐全球龙头，规模效应逐步提升 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司作为全球铬盐全产业链一体化龙头企业，采取市场份额优先、低成本扩张的发展策略，规 模优势显著，同时清洁化生产技术使其跨越壁垒，一方面不断提高开工率实现铬盐产销增长， 另一方面公司产能即将再次扩张，抬高未来成长上限。铬盐需求增长驱动力从低速增长的革鞣、 电镀、颜料等行业逐渐转向金属铬、高端电镀添加剂等高增长行业，同时铬盐供给扩张受限， 预计供给趋向紧张，行业开启景气周期，公司有望充分受益。 分析师及联系人 [Table_Author] 马太 王呈 SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 请阅读最后评级说明和重要声明 2 / 34 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 振华股份（603067.SH） cjzqdt11111 ...

Core Viewpoint - Zhenhua Co., Ltd. is advancing its industry consolidation strategy by participating in the bankruptcy restructuring of Xinjiang Shenhong Group and acquiring 100% equity of the company for 200 million yuan, aiming to enhance its market position in the chromium salt industry [2][5][6]. Group 1: Company Actions and Investments - Zhenhua Co., Ltd. has signed a framework agreement with Shenhong Group and its management to invest in the bankruptcy restructuring, with a total investment amount of 200 million yuan [2][4]. - The restructuring plan has been approved by the Turpan Intermediate Court, allowing Zhenhua to proceed with the necessary procedures for payment and equity transfer [5][6]. - The investment will be used primarily for debt repayment, covering bankruptcy costs, and settling common benefit debts [4][5]. Group 2: Industry Context and Implications - Shenhong Group was a leading player in the chromium chemical industry, holding over 20% market share before facing bankruptcy due to overexpansion and mismanagement [3][4]. - The restructuring of Shenhong Group is expected to significantly alter the domestic chromium salt market landscape, potentially creating a duopoly between Zhenhua Co., Ltd. and Galaxy Chemical, which together could control over 90% of the market capacity [5][6]. - The current regulatory environment prohibits the establishment of new chromium salt plants, indicating that Zhenhua's acquisition could lead to a major shift in the industry dynamics [5][6]. Group 3: Company Performance and Market Position - Zhenhua Co., Ltd. has become the largest chromium salt producer globally, with a market share of 35% and over 50% of the domestic market [6][7]. - The company reported a revenue of 3.217 billion yuan in the first three quarters of the year, reflecting a year-on-year growth of 7.47%, and a net profit of 410 million yuan, up 12.56% [7][8]. - Zhenhua is focusing on expanding its product line into fine chemicals and enhancing its production capabilities, which aligns with the industry's trend towards larger, more concentrated, and cleaner production methods [8].

Investment Rating - The report maintains an "Add" rating for the company, indicating a positive outlook based on industry conditions and growth potential [2][5]. Core Views - The company reported a revenue of 3.217 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.47%, with a net profit of 410 million yuan, up 12.56% year-on-year. However, Q3 revenue decreased by 12.17% quarter-on-quarter due to price declines and demand fluctuations [4][5]. - The demand for chromium products is expected to recover post-September, which may lead to a rebound in prices. The average market price for chromium increased by 10,000 yuan to 77,500 yuan per ton by October 30, 2025, reflecting a 29.17% increase since the beginning of the year [4][5]. - The company is positioned to benefit from the growing demand for high-temperature alloys in both domestic and international markets, particularly in aerospace and energy sectors, which is expected to drive up the prices of chromium and upstream chromium salts [4][5]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.027 billion yuan, a 2.13% increase year-on-year but a 12.17% decrease quarter-on-quarter. The net profit for Q3 was 112 million yuan, down 9.15% year-on-year and 38.17% quarter-on-quarter [4][5]. - The company’s total market capitalization is approximately 20.036 billion yuan, with a 52-week price range of 33.20 to 11.60 yuan [4]. Industry Outlook - The report highlights a significant increase in the demand for chromium due to the rapid growth of high-temperature alloys, with a projected export volume of 22,551 tons for 2024, an 86% increase year-on-year [4][5]. - The company is also involved in a restructuring project that is expected to enhance its production capacity, potentially reaching 410,000 tons per year for chromium salts [4][5]. Profit Forecast - The profit forecast for the company indicates a net profit of 610 million yuan in 2025, 850 million yuan in 2026, and 1.028 billion yuan in 2027, with corresponding EPS of 0.86 yuan, 1.20 yuan, and 1.45 yuan respectively [5][6].

Core Viewpoint - The company, Zhenhua Co., Ltd., has made significant progress in participating in the bankruptcy reorganization of Xinjiang Shenhong Group and six other companies, with its reorganization plan approved by the Turpan Intermediate People's Court [1][2]. Group 1: Bankruptcy Reorganization Progress - The Turpan Intermediate People's Court has accepted the bankruptcy liquidation case of Xinjiang Shenhong Group and appointed a management firm for the reorganization process [1]. - The company submitted a reorganization investment plan and signed a framework agreement to invest 200 million yuan, acquiring 100% equity of the target companies through this reorganization [1][2]. Group 2: Strategic Business Expansion - As the largest producer of chromium chemicals and vitamin K3 globally, the company aims to expand its business channels and promote the integration and upgrading of the chromium salt industry through this investment [2]. - The company is the sole investor in this reorganization case, leveraging its successful experience in industry mergers and acquisitions to enhance the operational potential of the target companies [2]. Group 3: Market Performance and Financials - In the third quarter, the company reported a net profit attributable to shareholders of 112 million yuan, a year-on-year decrease of 9.15% due to various market disruptions [4]. - The company has observed a recovery in metal market demand since September, leading to adjustments in product pricing, and is currently operating at full production capacity in the fourth quarter [4]. Group 4: Industry Trends - The chromium chemicals industry is expected to face ongoing consolidation opportunities, with leading manufacturers benefiting from economies of scale [4]. - The market fundamentals will be influenced by both traditional demand and the expansion of new material applications, while vertical integration among major manufacturers will drive global operations of domestic capacities [4].