Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company's performance is under pressure due to downstream inventory destocking and price reductions, with expectations for demand recovery and new product ramp-up [1][7] - In 2024, the company achieved revenue of 2.28 billion yuan, a year-on-year decrease of 5.2%, and a net profit attributable to the parent company of 560 million yuan, down 23.3% year-on-year [7][10] - The forecast for net profit for 2025-2027 is adjusted to 410 million, 526 million, and 637 million yuan respectively, with year-on-year changes of -27.2%, +28.3%, and +21.2% [7][10] Financial Summary - The current stock price is 19.88 yuan, with a market capitalization of 6.755 billion yuan [3] - The company's revenue and net profit projections for 2025 and 2026 are 2.15 billion and 2.58 billion yuan, and 410 million and 526 million yuan respectively [10][12] - The gross margin for 2024 is 44.4%, down 4.43 percentage points year-on-year, while the net margin is 24.65%, down 5.92 percentage points year-on-year [9][10] Business Performance - The company's sunscreen product shipments have declined due to slowing market demand and customer inventory digestion, with some product prices also decreasing [7][8] - The revenue from cosmetic active ingredients and synthetic fragrances in 2024 is 1.9 billion and 350 million yuan, with year-on-year changes of -8.1% and +14.2% respectively [8] - The company is expanding its product lines and steadily progressing with new products, including a new high-end personal care product project with an annual capacity of 2,600 tons [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company reported a significant increase in Q1 performance, with both production and sales of potash fertilizer continuing to grow. The company is also advancing its potash production capacity expansion and non-potash business [1][5] - The 2024 annual report indicated a revenue of 3.548 billion yuan, a year-on-year decrease of 8.97%, while the net profit attributable to shareholders was 950 million yuan, down 23.05% year-on-year. However, Q1 2025 showed a revenue of 1.213 billion yuan, a year-on-year increase of 91.47%, and a net profit of 384 million yuan, up 373.53% year-on-year [4][5] Financial Summary - The company plans to maintain a non-dividend policy for 2024, with projected net profits for 2025-2027 being 1.822 billion yuan, 2.408 billion yuan, and 2.926 billion yuan respectively. The corresponding EPS for these years is expected to be 1.97 yuan, 2.61 yuan, and 3.17 yuan [4][7] - The company’s potash production in 2024 is expected to reach 1.8154 million tons, with a sales volume of 1.7415 million tons. The average price per ton is estimated at 1,989 yuan, reflecting a year-on-year decrease of 17.0% [5][9] - The company is benefiting from tax incentives in Laos, which will reduce the corporate income tax rate from 35% to 20% and the export tariff from 7% to 1.5% from 2024 to 2028 [5][10]

基础化工/化学制品 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 24.74 | | 一年最高最低(元) | 26.72/14.25 | | 总市值(亿元) | 667.92 | | 流通市值(亿元) | 667.92 | | 总股本(亿股) | 27.00 | | 流通股本(亿股) | 27.00 | | 近 3 个月换手率(%) | 49.07 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 巨化股份 沪深300 相关研究报告 《2025Q1 经营情况超预期，制冷剂主 升行情徐徐展开—公司信息更新报 告》-2025.4.9 《2024 业绩预计符合预期，蓄势双击， 期 待 主 升 — 公 司 信 息 更 新 报 告 》 -2025.1.23 《制冷剂景气延续上行趋势，公司利 润释放或将不断向好—公司信息更新 报告》-2024.10.25 ——公司信息更新报告 巨化股份（600160.SH） 2024 业绩符合预期，趋势仍在延续，双击终会到来 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is experiencing pressure on overall performance due to increased product volume but decreased prices in 2024. The revenue for 2024 is projected at 26,692 million yuan, a year-on-year increase of 0.41%, while the net profit attributable to shareholders is expected to be 1,740 million yuan, a decrease of 33.64% year-on-year [4][5] - The company anticipates gradual recovery in profitability within the silicon industry chain, maintaining a "Buy" rating despite downward adjustments in profit forecasts for 2025-2027 [4][5] Financial Performance Summary - In 2024, the company achieved a revenue of 26,692 million yuan, with a net profit of 1,740 million yuan, reflecting a year-on-year decline of 33.64%. The fourth quarter of 2024 saw a net profit of 286 million yuan, down 34.73% year-on-year and 39.97% quarter-on-quarter [4][5] - For Q1 2025, the company reported a revenue of 5,228 million yuan, a decrease of 3.47% year-on-year and 17.30% quarter-on-quarter, with a net profit of 260 million yuan, down 50.81% year-on-year and 9.21% quarter-on-quarter [4][5] - The company forecasts net profits of 2,005 million yuan in 2025, 3,097 million yuan in 2026, and 4,004 million yuan in 2027, with corresponding EPS of 1.70, 2.62, and 3.39 yuan respectively [4][5] Product and Price Trends - In 2024, the production of industrial silicon and organic silicon reached 1,871,000 tons and 1,621,000 tons, respectively, with year-on-year increases of 38% and 19%. Sales volumes were 1,230,000 tons and 949,000 tons, reflecting year-on-year increases of 21% and 11% [5] - The average prices for industrial silicon, silicone rubber, silicone oil, and cyclic siloxane in 2024 were 11,175 yuan, 12,405 yuan, 10,013 yuan, and 13,000 yuan per ton, showing year-on-year changes of -16.36%, -4.30%, +7.18%, and -2.23% respectively [5] - In Q1 2025, the average prices for these products further declined, with industrial silicon at 9,342 yuan per ton, down 29.80% year-on-year [5] Cost and Raw Material Trends - The procurement prices for key raw materials in 2024 showed significant decreases, with prices for ore, petroleum coke, and coal down by 4.24%, 44.27%, and 20.68% respectively [5] - The company expects that the current prices of industrial silicon and organic silicon are at the bottom of the cycle, with limited downward price pressure due to strong cost support [5]

基础化工/化学制品 巨化股份（600160.SH） 2024 业绩符合预期，趋势仍在延续，双击终会到来 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 24.74 | | 一年最高最低(元) | 26.72/14.25 | | 总市值(亿元) | 667.92 | | 流通市值(亿元) | 667.92 | | 总股本(亿股) | 27.00 | | 流通股本(亿股) | 27.00 | | 近 3 个月换手率(%) | 49.07 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 巨化股份 沪深300 相关研究报告 《2025Q1 经营情况超预期，制冷剂主 升行情徐徐展开—公司信息更新报 告》-2025.4.9 《2024 业绩预计符合预期，蓄势双击， 期 待 主 升 — 公 司 信 息 更 新 报 告 》 -2025.1.23 《制冷剂景气延续上行趋势，公司利 润释放或将不断向好—公司信息更新 报告》-2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][15] Core Views - The company is a leading player in the domestic AI sector, and the report maintains a "Buy" rating due to its increased investment in R&D [4] - The company has revised its profit forecasts for 2025-2027, expecting net profits of 709 million, 920 million, and 1.184 billion yuan respectively, with corresponding EPS of 0.31, 0.40, and 0.51 yuan [4] - The current stock price corresponds to a PE ratio of 147.3, 113.6, and 88.3 for the years 2025, 2026, and 2027 respectively [4] Financial Performance Summary - In 2024, the company achieved operating revenue of 23.343 billion yuan, a year-on-year increase of 18.79%, and a net profit attributable to shareholders of 560 million yuan, a decrease of 14.78% [5] - The company reported a net cash flow from operating activities that increased by 613.4% year-on-year [5] - For Q1 2025, the company recorded operating revenue of 4.658 billion yuan, a year-on-year growth of 27.74%, but a net loss attributable to shareholders of 193 million yuan [5] R&D and Product Development - The company has significantly increased its R&D investment in AI, amounting to 740 million yuan, which has led to a rise in R&D expenses by 410 million yuan [6] - The company launched a major upgrade of its X1 deep reasoning model, which now competes with leading models from OpenAI and DeepMind, marking a significant advancement in its AI capabilities [7] - The commercial application of the company's large model has accelerated, with a reported revenue of 643 million yuan from AI solutions, reflecting a year-on-year growth of 122.56% [7] Financial Projections - The company forecasts operating revenues of 28.868 billion, 36.334 billion, and 45.388 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23.7%, 25.9%, and 24.9% [8] - The projected net profit for 2025 is 709 million yuan, with a growth rate of 26.6% compared to 2024 [8] - The gross margin is expected to remain stable at around 42.6% for the forecasted years [8]

通信/通信服务 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 普天科技 沪深300 相关研究报告 普天科技（002544.SZ） 业绩短期扰动，卫星+低空前景光明 《卫星互联网和低空通信前景光明— 公司信息更新报告》-2024.8.29 《业绩短期波动，前瞻布局卫星和低 空蓝海 — 公 司 信 息 更 新 报 告 》 -2024.4.26 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 中国电科通信板块上市平台，维持"买入"评级 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 20.21 | | 一年最高最低(元) | 26.25/15.60 | | 总市值(亿元) | 137.54 | | 流通市值(亿元) | 137.25 | | 总股本(亿股) | 6.81 | | 流通股本(亿股) | 6.79 | | 近 3 个月换手率(%) | 89.84 | 股价走势图 考虑到公司新兴业务战略 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is experiencing pressure on overall performance due to increased product volume but decreased prices in 2024. The revenue for 2024 is projected at 26,692 million yuan, a year-on-year increase of 0.41%, while the net profit attributable to shareholders is expected to be 1,740 million yuan, a decrease of 33.64% year-on-year [4][5] - The company anticipates gradual recovery in profitability within the silicon industry chain, maintaining a "Buy" rating despite downward adjustments in profit forecasts for 2025-2027 [4][5] Financial Performance Summary - In 2024, the company achieved a revenue of 266.92 billion yuan, with a net profit of 17.40 billion yuan, reflecting a significant decline in profitability [4][5] - For Q1 2025, the company reported a revenue of 52.28 billion yuan, a year-on-year decrease of 3.47%, and a net profit of 2.60 billion yuan, down 50.81% year-on-year [4][5] - The projected net profits for 2025, 2026, and 2027 are 2,005 million yuan, 3,097 million yuan, and 4,004 million yuan respectively, with corresponding EPS of 1.70, 2.62, and 3.39 yuan [4][5][6] Production and Pricing Insights - In 2024, the production of industrial silicon and organic silicon reached 1,871,000 tons and 1,621,000 tons respectively, with year-on-year increases of 38% and 19%. However, the prices for these products have seen a decline [5] - The average selling prices for industrial silicon and organic silicon in 2024 were 11,175 yuan/ton and 12,405 yuan/ton, reflecting year-on-year decreases of 16.36% and 4.30% respectively [5] Cost and Margin Analysis - The cost of raw materials has decreased, with procurement prices for key inputs like petroleum coke and coal dropping significantly in 2024 [5] - The gross margin for 2024 is projected at 20.5%, with a net margin of 6.5%, indicating a challenging profitability environment [6][8]

通信/通信服务 普天科技（002544.SZ） 业绩短期扰动，卫星+低空前景光明 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 20.21 | | 一年最高最低(元) | 26.25/15.60 | | 总市值(亿元) | 137.54 | | 流通市值(亿元) | 137.25 | | 总股本(亿股) | 6.81 | | 流通股本(亿股) | 6.79 | | 近 3 个月换手率(%) | 89.84 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 普天科技 沪深300 相关研究报告 《卫星互联网和低空通信前景光明— 公司信息更新报告》-2024.8.29 《业绩短期波动，前瞻布局卫星和低 空蓝海 — 公 司 信 息 更 新 报 告 》 -2024.4.26 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 中国电科通信板块上市平台，维持"买入"评级 考虑到公司新兴业务战略 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][15] Core Views - The company is a leading player in the domestic AI sector, and due to increased R&D investments, the profit forecasts for 2025-2027 have been adjusted downwards. The expected net profits for 2025, 2026, and 2027 are 709 million, 920 million, and 1,184 million respectively, with corresponding EPS of 0.31, 0.40, and 0.51. The current stock price corresponds to P/E ratios of 147.3, 113.6, and 88.3 for the respective years [4][5] - In Q1 2025, the company reported a revenue of 4.658 billion, representing a year-on-year growth of 27.74%. However, the net profit attributable to the parent company was -193 million, showing a year-on-year increase of 35.68% [5][6] Financial Performance Summary - In 2024, the company achieved an operating revenue of 23.343 billion, a year-on-year increase of 18.79%. The net profit attributable to the parent company was 560 million, a decrease of 14.78%. The net cash flow from operating activities increased by 613.4% year-on-year [5][6] - The company has significantly increased its R&D investment in AI, amounting to 740 million, which has led to a rise in R&D expenses by 410 million [6] - The company’s revenue projections for 2025, 2026, and 2027 are 28.868 billion, 36.334 billion, and 45.388 billion respectively, with year-on-year growth rates of 23.7%, 25.9%, and 24.9% [8][11] Key Developments - The company has upgraded its Starfire X1 model, which now competes with leading models from OpenAI and DeepMind in reasoning, text generation, and language understanding tasks. The commercialization of the Starfire model has accelerated, with significant revenue growth in various sectors [7]