（编辑 袁冠琳） 证券日报网讯 隆华科技9月8日在互动平台回答投资者提问时表示，公司实时关注银价波动风险，根据 行业趋势、订单情况等因素储备安全库存。同时，公司制定金融衍生品交易制度，根据业务需要开展金 融衍生品业务。 ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue growth and a positive shift in cash flow, indicating a robust operational capacity and potential for future expansion [4]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.515 billion yuan, representing a year-on-year growth of 23.95% [4]. - The net profit attributable to the parent company was 112 million yuan, with a year-on-year increase of 5.83% [4]. - The net cash flow from operating activities turned positive, amounting to 99 million yuan, a significant improvement from the previous year [4]. Group 2: Business Segments - The company operates in three main business segments: electronic new materials, polymer composite materials, and energy-saving environmental protection products and services [5]. - The energy-saving and environmental protection segment saw stable revenue growth, with income from energy-saving heat exchange equipment reaching 543 million yuan, up 11.90% year-on-year, although the gross margin slightly declined to 22.06% [5]. - The water treatment business experienced a substantial revenue increase of 41.56%, achieving 228 million yuan, but the gross margin decreased to 15.33% [5]. - The electronic new materials segment, particularly the target materials and ultra-high temperature special materials, generated 408 million yuan in revenue, a 49.44% increase year-on-year, with a gross margin of 22.22% [5]. - The target materials business made significant breakthroughs in overseas markets, with two product models passing quality audits by Samsung in South Korea, leading to bulk supply [5]. Group 3: Subsidiary Development - The subsidiary Zhaoheng Technology reported a revenue of 62 million yuan and a net profit of 30 million yuan, achieving a net profit margin of 48.39% [6]. - Zhaoheng Technology is implementing a "one body, two wings" strategy, focusing on core products like PMI foam materials while expanding into aerospace, military, and civilian markets [6]. - The company aims to develop stealth materials and carbon fiber composite materials, with the EPMI project recognized as "internationally advanced," indicating strong future growth potential [6].

2025 年 9 月 7 日 公司研究 靶材业务不断取得突破，隐身材料有望成为新的增长极 ——隆华科技（300263.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告，25H1 实现营业收入 15.15 亿元，同比增 长 23.95%；归母净利润 1.12 亿元，同比增长 5.83%。上半年，公司经营活动 现金流量净额为 0.99 亿元，同比实现由负转正。 传统业务节能环保取得稳步增长，电子新材料靶材业务不断取得突破。公司主要 分为电子新材料、高分子复合材料、节能环保产品及服务三大业务板块。上半年 传统业务板块节能环保收入实现稳定增长，毛利率小幅下滑。此板块中的节能换 热装备，上半年实现收入 5.43 亿元，同比增长 11.90%；毛利率为 22.06%，较 上一年度同期下降 2.06 个百分点。水处理业务，上半年实现收入 2.28 亿元，同 比增长 41.56%；毛利率为 15.33%，较上一年度同期下降 6.36 个百分点。电子 新材料板块下的靶材及超高温特种材料业务，上半年实现收入 4.08 亿元，同比 增长 49.44%；毛利率为 22.22%，较上一年度同期下降 5.69 ...

证券研究报告 非金融公司|公司点评|隆华科技（300263） 业绩符合市场预期，新材料业务高速增 长 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月05日 证券研究报告 |报告要点 隆华科技 2025H1 实现营业收入 15.1 亿元，同比增长 24.0%，实现归母净利润 1.1 亿元，同比 增长 5.8%，实现销售毛利率 22.4%，同比下降 2.1pct；其中 2025Q2 实现营业收入 8.8 亿元， 同比增长 50.9%，环比增长 37.2%，实现归母净利润 0.7 亿元，同比增长 31.9%，环比增长 48.1%，实现销售毛利率 22.8%，同比下降 4.2pct，环比提升 1.0pct。靶材下游需求起量推动 公司业绩快速增长，泡沫制品高毛利业务放量，公司多项业务新产能陆续释放，技术优势稳 固，维持"买入"评级。 |分析师及联系人 张磊 李灵雪 SAC：S0590524110005 SAC：S0590524120001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年09月05日 隆华科技(300263) 业绩符合市场 ...

Core Viewpoint - 隆华科技 reported strong revenue growth in H1 2025, with a revenue of 1.515 billion yuan, representing a year-over-year increase of 23.95% and a net profit of 112 million yuan, up 5.83% year-over-year [1] Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 876 million yuan, marking a year-over-year increase of 50.95% and a quarter-over-quarter increase of 37.16% [1] - The company's material business saw significant gross margin improvement, contributing to the overall positive revenue growth [2] - The revenue from traditional energy-saving products, target materials, ultra-high temperature special functional materials, water treatment systems, foam products, and extraction agents accounted for 35.87%, 26.91%, 13.49%, 9.44%, and 8.76% of total revenue, respectively [2] Group 2: Business Expansion - The company is expanding its electronic materials business beyond traditional display fields into areas such as foldable screens and various battery technologies [3] - The company is actively developing high-performance furnace components for high-temperature vacuum furnaces, targeting markets in aerospace, naval vessels, vehicles, radar communication, medical devices, and more [3] - The company’s subsidiary, Sanuo New Materials, achieved revenue of 133 million yuan in H1 2025, growing 6.22% year-over-year, focusing on rare earth separation and lithium extraction [3] Group 3: Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 232 million, 258 million, and 310 million yuan, respectively, with corresponding EPS of 0.26, 0.29, and 0.34 yuan [4] - The estimated PE ratios for comparable companies in 2025 are 30.2x and 30.6x, with a valuation premium applied to the new materials segment due to its broad application potential [4] - The target price for the company is set at 10.49 yuan, reflecting an increase from the previous value of 8.92 yuan [4]

Group 1 - The core viewpoint is that Longhua Technology (300263) is actively engaging with multiple low-altitude aircraft manufacturers for collaboration and product supply, indicating a proactive approach to the emerging low-altitude economy [1] - The low-altitude economy is still in its early development stage and has not yet achieved large-scale production, suggesting potential growth opportunities in the future [1] - The company is committed to closely monitoring the trends in low-altitude economic development and aims to seize industry opportunities to contribute to its growth [1]

人民财讯8月29日电，隆华科技（300263）8月29日午间公告，8月29日为"隆华转债"最后一个转股日， 当日收市前，持有"隆华转债"的投资者仍可进行转股，8月29日收市后，未实施转股的"隆华转债"将停 止转股，剩余可转债将按照100.22元/张的价格被强制赎回。若被强制赎回，投资者可能面临大额投资 损失。 ...

Core Viewpoint - Longhua Technology has communicated that Zhaoheng Technology is currently collaborating with multiple low-altitude aircraft manufacturers for testing and product supply, indicating that the low-altitude economy is still in its early stages and has not yet achieved large-scale output [1] Company Summary - Zhaoheng Technology is actively engaging with various low-altitude aircraft manufacturers to facilitate testing and development [1] - The company is focused on product supply in the low-altitude sector, which is characterized by its nascent development phase [1] Industry Summary - The low-altitude economy is in its initial development stage, lacking significant scale production at this time [1] - The company will closely monitor trends in the development of the low-altitude economy [1]

| 证券代码：300263 | 证券简称：隆华科技 | 公告编号：2025－060 | | --- | --- | --- | | 债券代码：123120 | 债券简称：隆华转债 | | 隆华科技集团（洛阳）股份有限公司 关于隆华转债即将停止转股 暨赎回前最后半个交易日的重要提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 8 月 29 日 2025 年 8 月 29 日为"隆华转债"最后一个转股日，当日收市前，持有"隆华转 债"的投资者仍可进行转股，2025 年 8 月 29 日收市后，未实施转股的"隆华转债" 将停止转股，剩余可转债将按照 100.22 元/张的价格被强制赎回。若被强制赎回， 投资者可能面临大额投资损失。 截至本公告披露时，距离"隆华转债"停止转股日（2025 年 9 月 1 日）仅剩半 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票适当 性管理要求的，不能将所持"隆华转债"转换为股票，特提请投资者关注不能转股 的风险。 3、特提醒"隆华转债"投资者仔细 ...

Core Viewpoint - 隆华科技 reported a significant increase in revenue and profit for the first half of 2025, indicating strong growth and improved profitability in its core business segments [1]. Business Performance - The company achieved an operating income of 1.515 billion yuan, a year-on-year increase of 23.95% [1]. - The net profit attributable to shareholders was 112 million yuan, up 5.83% year-on-year, while the net profit excluding non-recurring items reached 105 million yuan, reflecting a 13.29% increase [1]. Key Business Segments - The electronic new materials segment is a strategic focus, with breakthroughs in technology that challenge foreign monopolies. The subsidiary Fenglian Ke Optoelectronics has made significant advancements in high-end target materials, supplying major global panel manufacturers [2]. - In the photovoltaic sector, the company’s HITO target materials have shown higher efficiency compared to peers, and significant breakthroughs have been made in the development of new low-indium and no-indium high-efficiency target materials [2]. - The polymer composite materials segment has also performed well, with products being widely used in rail transportation and aerospace applications. The subsidiary Kebo Si has achieved international advanced levels in its projects [3]. R&D and Innovation - The company has increased its R&D investment to 61.215 million yuan, a year-on-year growth of 12.18%, ensuring support for technological breakthroughs and product iterations [4]. - Moving forward, 隆华科技 plans to continue driving innovation, focusing on electronic new materials, polymer composite materials, and energy-saving environmental protection, while promoting collaborative development across its business segments [4].