圣泉集团（605589）：Q1业绩同比高增，AI持续拉动高频高速树脂放量

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported Q1 2025 results that met expectations, with a year-on-year revenue increase of 15% and a net profit increase of 50% [7] - The growth in sales is driven by the demand for advanced electronic materials and battery materials, particularly benefiting from AI applications [7] - The company is expected to achieve profitability in its biomass project by the end of the year, contributing to sustained revenue growth from high-value products [7] Financial Data and Profit Forecast - Total revenue for Q1 2025 was 2,459 million yuan, with a projected total revenue of 11,556 million yuan for 2025, reflecting a 15.3% year-on-year growth [6] - The net profit for Q1 2025 was 207 million yuan, with an expected net profit of 1,225 million yuan for 2025, indicating a 41.1% year-on-year increase [6] - The gross margin for Q1 2025 was 24.1%, showing a year-on-year increase of 1.25 percentage points [7]