整合新疆沈宏发挥协同价值，铬盐行业结构有望优化

整合新疆沈宏发挥协同价值，铬盐行业结构有望优化 Integrationto leveragesynergism& Chromiumsalt industry structureto be optimized 最新动态 ➢整合新疆沈宏有望发挥三基地协同价值。公司与管理人及标的公司（新疆沈宏集团股份有限公司等七家公司）签订了《新疆沈宏集团等七家公司合并破产重整案重整投资框架协议》。根据《重整投资方案》和《框架协议》约定，公司以支付偿债资金方式参与本次破产重整投资，金额为2亿元，通过本次重整投资共取得标的公司100%股权。公司是目前全球最大的铬化学品和维生素K3生产商，为了进一步拓展公司业务渠道，推动铬盐行业整合升级，促进铬盐行业向更高质量、更环保、更高效的方向发展，结合铬盐行业“大型化、集中化、清洁化”的发展要求和规律，公司参与本次标的公司的破产重整投资人招募，符合公司战略发展方向和整体利益。该企业未来的经营也确实是机遇与挑战并存，只有在公司的主导下进行整合，才能产生三基地协同的增量价值 ➢重金属政策将有助于优化铬盐行业结构。根据振华股份10月15日在投资者互动平台回答，《关于进一步加强重金属污染防控的指导意见》，要求淘汰落后铬盐产能，这将有助于优化行业结构，对于采用先进清洁生产工艺的企业来说，市场份额可能会进一步扩大，从而提升企业的经济效益和行业地位。根据公司2025年半年度报告业绩交流会内容纪要，近10年来的行业实践中，只有公司的黄石工厂在未更新主装置、未改变主工艺的前提下，通过节能降耗的技术改造，在降低总排放量的基础上实现了产能的大幅提升。公司毛利率与行业其他主流厂商相比，有十三到十五个百分点的优势，因为行业本身需求有增量，竞争对手近年来也在努力成长，公司认为未来市场竞争格局有进一步优化和再平衡的必要。 动向解读 ➢上半年金属铬量价齐升，预计下半年市场有较好表现。根据公司2025年半年度报告业绩交流会内容纪要，2025年上半年金属铬产品是量价齐升的，出货量超过5400吨。公司金属铬产线短期的产能极限在1200吨左右。从出货节奏来看，欧美是全球高温合金的主要市场，海外下游市场目前受夏休影响，开工率不是很足，7月以来公司产品售价没有下降，出货量有所减少。进入到八月之后，市场之前预期的需求增量在逐步兑现。二季度末三季度初，金属铬的行情有观望情绪，市场普遍预期四季度会有比较好的表现。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别为7.06/8.44/9.80亿元，参考可比公司估值，给予公司2026年19倍PE，给予目标价格为22.61元，给予买入评级。 风险提示 铬化学品价格波动、原材料价格波动、环保政策压力的风险。 What’s New ➢The integration ofXinjiang Singhornis expected to leverage the synergistic value of the three bases.Thecompany has signed a restructuring investment framework agreement with the manager and target company(includingXinjiang Singhorn.and seven other companies)for the merger, bankruptcy and reorganization of sevencompaniesincluding Xinjiang Singhorn Group. According to the"Restructuring Investment Plan"and the"Framework Agreement", the company will participate in this bankruptcy restructuring investment by paying debtrepayment funds, with an amount of 200 million yuan. Through this restructuringinvestment, the company hasobtained 100% equity of the target companies. The company is currently the world's largest producer of chromiumchemicals and vitamin K3. In order to further expand the company's business channels, promote the integrationand upgrading of the chromium salt industry, and promote the development of the chromium salt industry towardshigher quality, environmental protection, and efficiency, combined with the development requirements and laws of"large-scale, centralized, and clean" chromium salt industry, the company participates in the recruitment of investorsfor the bankruptcy reorganization of the target company, which is in line with the company's strategic developmentdirection and overall interests. The future operation of this enterprise is indeed a combination of opportunities andchallenges. Only by integrating under the leadership of the company can incremental value be generated throughthe synergy of the three bases ➢The heavy metal policy will help optimize the structure of the chromium salt industry.According to ZhenhuaCorporation's response on the investor interaction platform on October 15th, the "Guiding Opinions on FurtherStrengthening the Prevention and Control of Heavy Metal Pollution" requires the elimination of outdated chromiumsalt production capacity, which will help optimize the industry structure. For enterprises that adopt advanced cleanproduction processes, their market share may further expand, thereby enhancing their economic benefits andindustry status. According to the minutes ofthe performance exchange meeting for the company's 2025semiannualreport, in the past 10 years of industry practice, only the Huangshi factory of the company has achieved a significantincrease in production capacity through energy-saving and consumption reducing technological transformationwithout updating the main equipment or changing the main process, while reducing total emissions. Compared withother mainstream manufacturers in the industry, the company's gross profit margin has an advantage of 13 to 15percentage points, because the industry's demand has increased and competitors have been striving to grow inrecent years. The company believes that there is a need to further optimize and rebalance the future marketcompetition pattern. What’s Different ➢In2025H1, both the quantity and price of chromium metal increased, and it is expected that the market willperform well in2025H2.According to the minutes of the performance exchange meeting for the company's 2025semiannualreport, in2025H1, the quantity and price of chromium metal products will both increase, with shipmentsexceeding 5400 tons. The short-term production capacity limit of the company's metal chromium production line isaround 1200 tons. From the perspective of shipment pace,Europe and America are the main markets for high-temperature alloys worldwide. The downstream overseas market is currently affected by the summer break, andthe operating rate is not very high. Since July, the company's product prices have not decreased,and the shipmentvolume has decreased. After entering August, the expected increase in demand in the market is gradually beingrealized. At the end of the second quarter and th