圣泉集团（605589）：Q1业绩高增，新材料持续放量

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant increase in Q1 2025 performance, achieving revenue of 2.46 billion yuan (up 15.1% year-on-year) and a net profit attributable to shareholders of 210 million yuan (up 50.5% year-on-year) [2][5]. - The growth in advanced electronic materials and battery materials is driven by the rapid development of AI computing power, high-frequency communication, and increased demand for high-energy-density batteries [9]. - The company is a leader in synthetic resin, with stable profit contributions, while electronic chemicals and biomass chemicals show promising growth potential [9]. Summary by Sections Q1 Performance - In Q1 2025, the company achieved a sales volume of 17,600 tons for advanced electronic materials, a year-on-year increase of 11.1%, generating sales revenue of 360 million yuan (up 31.3%) [9]. - Synthetic resin products saw a sales volume of 166,000 tons (up 10.2%) and revenue of 1.28 billion yuan (up 10.3%) [9]. - Biomass products recorded a sales volume of 56,900 tons (up 36.6%) and revenue of 240 million yuan (up 14.1%) [9]. Business Segments - The company’s two main business segments, phenolic resin and casting materials, continue to see stable growth in market share, with phenolic resin sales reaching 529,000 tons (up 8.4%) and casting resin sales at 174,000 tons (up 10.4%) in 2024 [9]. - The company is enhancing its competitive edge through R&D and market expansion despite industry challenges [9]. Advanced Electronic Materials - The demand for high-frequency and high-speed resins is increasing, with the company accelerating the production of high-value-added products [9]. - New production lines for PPO and hydrocarbon resins are expected to meet domestic supply needs [9]. Biomass Project - The Daqing biomass project is set to resume production in June 2024, with expectations of achieving production and sales balance by the end of 2024 [9]. Financial Forecast - The company forecasts net profits of 1.29 billion yuan, 1.62 billion yuan, and 2.05 billion yuan for the years 2025, 2026, and 2027 respectively [9].