铬盐行业点评之五：金属铬价格持续上涨，铬盐产业链受益

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The price of metallic chromium has been continuously rising, benefiting the chromium salt industry chain. The average price of metallic chromium in China's non-ferrous market reached 73,060 RMB/ton as of April 22, 2025, an increase of 12,090 RMB/ton since the beginning of 2025. The demand for metallic chromium is driven by end-use sectors such as gas turbine markets for AI data centers and aviation engines, indicating a shift from traditional low-growth demand to emerging high-growth demand [5][6] - The chromium ore price has also been on the rise, providing support for the chromium salt industry's upward trend. As of April 22, 2025, the market price of chromium ore (Cr44%, South African concentrate) was 64 RMB/ton degree, up 17 RMB/ton degree since the beginning of 2025. The supply side is constrained by environmental regulations, making it difficult for production to expand significantly [6] Summary by Sections Industry Performance - The basic chemical industry has shown a relative performance of -4.1% over 1 month, 2.1% over 3 months, and 2.3% over 12 months. In comparison, the CSI 300 index has performed at -3.3% over 1 month, -0.3% over 3 months, and 7.2% over 12 months [4] Investment Strategy - The chromium salt industry is expected to enter a prosperous cycle due to tight supply, rising raw material prices, and increasing downstream demand. The report maintains a "Recommended" rating for the chromium salt industry. It specifically recommends Zhenhua Co., Ltd., which is projected to increase its chromium salt production capacity from approximately 250,000 tons to over 350,000 tons following upgrades at its Chongqing base [6][7] Key Companies and Earnings Forecast - Zhenhua Co., Ltd. is highlighted as a key company with a stock price of 19.39 RMB as of April 22, 2025. The earnings per share (EPS) forecast for 2023, 2024E, and 2025E are 0.74, 0.96, and 1.43 RMB respectively, with corresponding price-to-earnings (PE) ratios of 13.77, 20.12, and 13.61. The investment rating for Zhenhua Co., Ltd. is "Buy" [7]