Since late September, industry chromium metal prices have risen by a cumulative 24,000 yuan/ton, with a 20,000 yuan/ton hike today and a 4,000 yuan/ton increase before the holiday. The broker calculates this translates to a 6,000 yuan/ton price increase for sodium dichromate, and projects annualized profit of 2.54 billion yuan for 2027, implying a current PE of only 12.3x.
Zhenhua Chemical is poised for a sustained earnings upcycle as chromium salt prices rise, with SOFC demand providing a long-term catalyst and current valuation appearing attractive.
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