Shengquan Group(605589) 开源证券·2025-04-18 08:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance met expectations with revenue of 2.459 billion yuan, a year-on-year increase of 15.14%, and a net profit attributable to shareholders of 207 million yuan, up 50.46% year-on-year [4][5] - The company is expected to become a global leader in biomass and chemical new material solutions, leveraging its advantages in the industrial chain for technological research and market expansion [4][5] Financial Performance Summary - Q1 revenue and net profit showed significant year-on-year growth, with revenue at 2.459 billion yuan and net profit at 207 million yuan [4] - The company forecasts net profits of 1.189 billion, 1.386 billion, and 1.659 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.40, 1.64, and 1.96 yuan per share [4][5] - The sales volume for synthetic resin, advanced electronic materials, and battery materials in Q1 was 166,300 tons, 17,600 tons, and 56,900 tons respectively, with year-on-year growth rates of 10.23%, 11.08%, and 36.55% [5] Business Segment Analysis - The sales revenue for synthetic resin, advanced electronic materials, and battery materials in Q1 was 1.282 billion, 360 million, and 236 million yuan respectively, with year-on-year growth rates of 10.33%, 31.30%, and 14.10% [5] - The average selling prices for these segments were 7,707.30, 20,433.09, and 4,149.54 yuan per ton, with year-on-year changes of +0.10%, +18.20%, and -16.44% respectively [5] Profitability Metrics - The gross margin and net margin for Q1 were 24.13% and 8.79%, showing a year-on-year increase of 0.52 percentage points and a slight decrease of 0.10 percentage points respectively [5] - The company maintains a strong operational performance with a stable dual business model of "chemical new materials + biomass materials" [5] Valuation Metrics - The current price-to-earnings (P/E) ratio is 17.8, 15.2, and 12.7 for the years 2025, 2026, and 2027 respectively [7] - The price-to-book (P/B) ratio is projected to decrease from 2.3 in 2023 to 1.6 by 2027 [7]