Group 1: Research Basic Information - The research object is Zhongchumei, belonging to the chemical raw materials industry, and the reception time is September 15, 2025. The listed company's reception staff includes Jin Zhong, the director, deputy general manager, and board secretary, and Song Cheng, the securities affairs supervisor [17] Group 2: Detailed Research Institutions - The reception object is Western Securities, and the type of the reception object is a securities company [20] Group 3: Main Content - The reason for the increase in the company's gross profit margin compared with the same period last year is the increase in operating income during the reporting period and the decrease in the prices of important raw materials such as natural gas, resulting in a reduction in operating costs [22] - The company's products are mainly divided into special molecular sieve and catalyst series, non - molecular sieve catalyst series, and catalytic application process and chemical technology services. Special molecular sieve and catalyst series include mobile source denitration molecular sieve, etc.; non - molecular sieve catalyst series include metal dehydrogenation catalyst, etc.; catalytic application process and chemical technology services include HPPO method propylene oxide process package [23] - The company expects the sales volume of mobile source denitration molecular sieve series products to increase steadily because it has a long - term strategic cooperation agreement with BASF, BASF's market share in this series of products has been increasing in recent years, and the new model of mobile source denitration molecular sieve is the company's exclusive patented technology that can meet international emission standards [24][25] - The company's technological advantages lie in providing customized process route design and full - cycle technical service solutions for customers based on years of technological reserves, and the company's process package service has been verified by well - known domestic industrialization projects. It also has a professional team to provide full - process services from process diagnosis to production optimization [26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 461 million yuan in the first half of 2025, representing a year-on-year increase of 16.46%. The net profit attributable to shareholders was 127 million yuan, up 31.52% year-on-year, driven by increased sales and lower raw material and energy costs [5][8] - The company is expected to grow rapidly, with projected revenues of 1.026 billion yuan, 1.226 billion yuan, and 1.467 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 227 million yuan, 272 million yuan, and 324 million yuan for the same years [10][11] Financial Performance - In Q2 2025, the company reported a revenue of 262 million yuan, a year-on-year increase of 33.03%, and a net profit of 86 million yuan, up 40.34% year-on-year [6][15] - The gross profit margin for the first half of 2025 was 46.92%, an increase of 7.24 percentage points year-on-year, while the net profit margin was 27.50%, up 3.15 percentage points year-on-year [5][8] Product Performance - The sales of titanium-silicon series catalysts and pyridine catalysts contributed significantly to revenue growth in the first half of 2025, with the special molecular sieve and catalyst series generating 413 million yuan in revenue, a year-on-year increase of 19.53% [7][10] - The non-molecular sieve catalyst series, however, saw a revenue decline of 39.75%, generating 29 million yuan [7] Research and Development - The company invested approximately 23.44 million yuan in R&D in the first half of 2025, reflecting an increase of 11.43% year-on-year, focusing on enhancing product innovation and upgrading core technologies [9][10] Market Position and Strategy - The company is positioned as a leading domestic catalyst manufacturer, with a focus on expanding its product offerings and enhancing its competitive edge through vertical and horizontal integration strategies [10][11] - The company has successfully completed trial production of several projects, including special molecular sieves and environmental catalysts, which are expected to contribute to future revenue growth [10]