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According to the AI Express of Every Economics, Minsheng Securities released a research report on April 26, giving a buy rating to Baowu Magnesium Industry (002182.SZ). The main reasons for the rating include: 1) The net profit attributable to the parent company in Q4 2024 decreased by 28.1 million yuan compared to the previous quarter, but the gross profit increased by 76.46 million yuan; 2) The net profit attributable to the parent company in Q1 2025 increased by 22.31 million yuan compared to the previous quarter, mainly due to impairment losses and expense increases, both of which are due to the low base of Q4; 3) Full industry chain coverage and significant resource advantages; 4) Planning a 300,000-ton ferrosilicon project, further strengthening cost advantages; 5) In 2024, the magnesium-to-aluminum ratio averaged 0.9, consistently lower than the historical reasonable range of 1.1-1.3, downstream acceptance increased, and magnesium demand diversified. (Every Economic News)