Group 1 - The core viewpoint of the news is that Matsui New Materials Group Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable increase in stock price year-to-date but a significant decline in net profit for the first half of 2025 [1][2]. - As of September 10, Matsui's stock price was 43.10 CNY per share, with a market capitalization of 6.742 billion CNY. The stock has increased by 54.41% year-to-date and 6.71% over the past five trading days [1]. - The company's main business revenue composition includes coatings (90.98%), inks (4.97%), and adhesives and others (4.05%), focusing on high-end consumer electronics and automotive sectors [1]. Group 2 - As of June 30, the number of shareholders for Matsui was 3,175, an increase of 5.03% from the previous period, while the average circulating shares per person decreased by 4.79% to 35,192 shares [2]. - For the first half of 2025, Matsui reported operating revenue of 348 million CNY, a year-on-year increase of 7.48%, but the net profit attributable to shareholders decreased by 69.84% to 12.2795 million CNY [2]. - The company has distributed a total of 131 million CNY in dividends since its A-share listing, with 75.1715 million CNY distributed over the past three years [3].

Company Overview - Matsui New Materials Group Co., Ltd. is located in Ningxiang Economic and Technological Development Zone, Hunan, and was established on March 20, 2009. The company went public on June 9, 2020. Its main business focuses on high-end consumer electronics and passenger vehicles in the 3C industry, providing systematic solutions such as coatings and specialty inks through "interactive" independent research and "customized flexible manufacturing" [1]. Financial Performance - As of June 30, Matsui reported a total of 3,175 shareholders, an increase of 5.03% from the previous period. The average circulating shares per person decreased by 4.79% to 35,192 shares [2]. - For the first half of 2025, Matsui achieved operating revenue of 348 million yuan, representing a year-on-year growth of 7.48%. However, the net profit attributable to shareholders decreased by 69.84% to 12.28 million yuan [2]. Stock Performance - On September 9, Matsui's stock price fell by 2.01% to 44.42 yuan per share, with a trading volume of 55.35 million yuan and a turnover rate of 0.79%. The total market capitalization stood at 6.949 billion yuan [1]. - Year-to-date, Matsui's stock price has increased by 59.14%, with a 10.06% rise over the last five trading days, a 1.69% increase over the last 20 days, and a 57.37% increase over the last 60 days [1]. Revenue Composition - The revenue composition of Matsui is as follows: coatings account for 90.98%, inks for 4.97%, and adhesives and others for 4.05% [1]. Dividend Distribution - Since its A-share listing, Matsui has distributed a total of 131 million yuan in dividends, with 75.17 million yuan distributed over the past three years [3].

机构评级来看，近5日共有3家机构给予该股评级，预计目标价最高的是华创证券，9月3日华创证券发布 的研报预计公司目标价为43.50元。（数据宝） 9月8日松井股份大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘折 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 20.60 | 697.93 | 33.88 | -25.26 | 申万宏源证券有限公司长沙 | 德邦证券股份有限 | | | | | | 芙蓉中路证券营业部 | 公司湖南分公司 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 松井股份9月8日大宗交易平台出现一笔成交，成交量20.60万股，成交金额697.93万元，大宗交易成交价 为33.88元，相对今日收盘价折价25.26%。该笔交易的买方营业部为申万宏源证券有限公司长沙芙蓉中 路证券营业部，卖方营业部为德邦证券股份有限公司湖南分公司。 证券时报·数据宝统计显示，松井股份 ...

| 025-09-08 | 松井腔份 | 688157 | 33.88 697.93 | 20.6 | 申万宏源证券有限 公司长沙美营中路 bear cases come of the may | 德邦证券股份有限 公司湖南分公司 | ко | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商标 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 美出营业部 | 是否为专场 | 9月8日，松井股份大宗交易成交20.6万股，成交额697.93万元，占当日总成交额的2.97%，成交价33.88 元，较市场收盘价45.33元折价25.26%。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The passenger car coating business has seen significant revenue growth, doubling year-on-year, while overall profitability is under pressure due to changes in product and customer structure [2] - The company is actively expanding into new markets and innovating technologically, with a strong focus on the passenger vehicle sector and emerging fields such as solid-state batteries and aerospace [7] - The company is expected to achieve net profits of 0.96 billion, 1.56 billion, and 2.24 billion for the years 2025 to 2027, with corresponding PE ratios of 68.9, 42.4, and 29.4 [8] Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 348 million, a year-on-year increase of 7.48%, and a net profit of 12 million, a decline of 69.84% [1] - The second quarter of 2025 saw revenue of 194 million, up 3.35% year-on-year and 26.97% quarter-on-quarter, with a net profit of 8 million, down 70.40% year-on-year but up 122.72% quarter-on-quarter [1] Business Segments - The passenger vehicle segment generated revenue of 98 million, a remarkable growth of 109.6%, contributing 28.15% to total revenue, an increase of 13.71 percentage points from the previous year [2] - The high-end consumer electronics segment generated revenue of 244 million during the same period [2] Cost and Expenses - The company experienced increased expenses in sales, management, finance, and R&D, with financial expenses rising by 80.46% due to increased exchange losses [3] - The net cash outflow from operating activities was 4 million, a decrease of 21 million from the previous year, primarily due to increased cash payments to employees and taxes [3] Growth Strategy - The company is implementing a dual strategy of market diversification and technological innovation, successfully expanding from high-end consumer electronics to the passenger vehicle sector [7] - The company is also focusing on developing environmentally friendly processes and high-performance materials, with R&D expenses increasing by 6.73% [7]

Group 1 - Matsui New Materials Group Co., Ltd. is located in Ningxiang Economic and Technological Development Zone, Hunan, and was established on March 20, 2009, with its listing date on June 9, 2020 [1] - The company focuses on high-end consumer electronics and passenger vehicles in the 3C industry, providing systematic solutions such as coatings and specialty inks through interactive R&D and customized flexible manufacturing [1] - The revenue composition of the company is as follows: coatings account for 90.98%, inks for 4.97%, and adhesives and others for 4.05% [1] Group 2 - Southern Fund's Southern Specialized and New Mixed A Fund (014189) holds 193,800 shares of Matsui, representing 4.05% of the fund's net value, making it the third-largest holding [2] - The fund has achieved a year-to-date return of 28.08% and a one-year return of 54.45%, ranking 2453 out of 8248 and 2086 out of 8051 respectively [2] Group 3 - The fund manager, Luo An'an, has a tenure of 10 years and 64 days, with a total asset scale of 4.225 billion, achieving a best return of 204.05% during his tenure [3] - Co-manager Lei Jiayuan has a tenure of 5 years and 20 days, managing assets of 1.631 billion, with a best return of 77.17% during his tenure [3]

Company Overview - Matsui New Materials Group Co., Ltd. is located in Ningxiang Economic and Technological Development Zone, Hunan, established on March 20, 2009, and listed on June 9, 2020 [1] - The company focuses on high-end consumer electronics and passenger vehicles, providing systematic solutions including coatings and specialty inks through interactive R&D and customized flexible manufacturing [1] - The main business revenue composition includes coatings (90.98%), inks (4.97%), and adhesives and others (4.05%) [1] Financial Performance - As of June 30, the number of shareholders increased by 5.03% to 3,175, while the average circulating shares per person decreased by 4.79% to 35,192 shares [2] - For the first half of 2025, the company achieved operating revenue of 348 million yuan, a year-on-year increase of 7.48%, while the net profit attributable to shareholders decreased by 69.84% to 12.28 million yuan [2] Stock Performance - On September 8, Matsui's stock price increased by 2.20% to 43.15 yuan per share, with a total market value of 6.75 billion yuan [1] - Year-to-date, the stock price has risen by 54.59%, with a 2.96% increase over the last five trading days, 4.89% over the last 20 days, and 53.06% over the last 60 days [1] - The net outflow of main funds was 1.07 million yuan, with large orders buying 6.71 million yuan (19.37%) and selling 9.49 million yuan (27.40%) [1] Dividend Information - Since its A-share listing, Matsui has distributed a total of 131 million yuan in dividends, with 75.17 million yuan distributed over the past three years [3]

Market Performance - The low-altitude economy sector increased by 2.37% on September 5, with Aerospace Hongtu leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Highlights - Aerospace Hongtu (688066) closed at 36.28, up 15.17% with a trading volume of 515,900 shares and a transaction value of 1.79 billion [1] - Fenghua Hi-Tech (000636) closed at 15.57, up 10.04% with a trading volume of 695,000 shares and a transaction value of 1.05 billion [1] - Wolong Electric Drive (600580) closed at 38.50, up 10.00% with a trading volume of 2,853,200 shares and a transaction value of 10.43 billion [1] - Other notable stocks include Songjing Co. (688157) up 9.38%, Yingliu Co. (603308) up 9.23%, and Longsheng Technology (300680) up 8.50% [1] Capital Flow - The low-altitude economy sector saw a net inflow of 1.633 billion in main funds, while retail funds experienced a net outflow of 499 million [2][3] - Major stocks like Wolong Electric Drive and Fenghua Hi-Tech attracted significant main fund inflows, while retail investors showed net outflows [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 350 million yuan for the first half of 2025, representing a year-on-year increase of 7.5%, while the net profit attributable to shareholders was 12 million yuan, down 69.8% year-on-year [2][5]. - In Q2 2025, the company achieved a revenue of 190 million yuan, which is a 3.3% increase year-on-year and a 27.0% increase quarter-on-quarter. The net profit attributable to shareholders for the same period was 8 million yuan, down 70.4% year-on-year but up 122.7% quarter-on-quarter [2][5]. Summary by Sections Company Overview - The company focuses on high-end consumer electronics and passenger vehicles, providing a range of systematic solutions including coatings, inks, and adhesives through its proprietary "interactive" R&D and "customized flexible manufacturing" model [10]. Financial Performance - In Q2 2025, the company generated 130 million yuan in revenue from the high-end consumer electronics sector, a year-on-year decrease of 17.8% but a quarter-on-quarter increase of 16.4%. The passenger vehicle sector saw a revenue increase of 136.0% year-on-year and 57.7% quarter-on-quarter, reaching 60 million yuan [10]. - The ink business experienced a revenue growth of 107.2% year-on-year in the first half of 2025 [10]. Market Position and Future Outlook - The company is positioned as a leading domestic high-end 3C coating manufacturer and is actively expanding into the automotive coating market, benefiting from the rapid development of new energy vehicles. It is expected to achieve net profits of 70 million, 120 million, and 200 million yuan for the years 2025, 2026, and 2027 respectively [10].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [17]. Core Insights - The company reported a significant increase in revenue from the automotive sector, with a year-on-year growth of 109.60% in the first half of 2025. The total revenue for H1 2025 reached 348 million yuan, a 7.48% increase compared to the previous year, while the net profit attributable to the parent company decreased by 69.84% to 12 million yuan [1][7]. - The report highlights the acceleration of the commercialization of all-solid-state battery insulation glue frame printing solutions, which is expected to enhance operational efficiency and innovation [7]. - The company is experiencing a decline in net profit primarily due to the increasing proportion of lower-margin automotive business and rising depreciation and operational costs from ongoing projects [7]. Financial Summary - For the first half of 2025, the company achieved a gross profit margin of 42.63% and a net profit margin of 3.61%. In Q2 2025, revenue was 194 million yuan, reflecting a 3.35% year-on-year increase and a 26.97% quarter-on-quarter increase [1]. - The projected total revenue for 2025-2027 is estimated at 951 million, 1,214 million, and 1,522 million yuan, respectively, with year-on-year growth rates of 27.5%, 27.7%, and 25.3% [3][7]. - The forecasted net profit for the same period is expected to be 66 million, 135 million, and 172 million yuan, with a notable rebound in 2026 and 2027 after a projected decline in 2025 [3][7]. Segment Performance - The 3C segment generated 244 million yuan in revenue during H1 2025, with a 3.27% increase in mobile phone and accessories sales. The company has expanded its collaboration with major North American consumer electronics clients [7]. - The automotive segment's revenue in H1 2025 was 98 million yuan, with a significant increase in orders due to the successful development of exterior parts for mainstream vehicle models [7]. - The new energy segment has made progress with the development of integrated solutions for all-solid-state battery insulation glue frame printing, which is currently in the joint verification phase with leading downstream manufacturers [7].