Core Viewpoint - The company has confirmed its investment in Luoyang Lianchuang Lithium Energy Technology Co., which is aligned with mainstream trends in solid-state battery technology and has strong competitive advantages in product performance and self-developed equipment [1] Group 1: Company Investment - Longhua Technology (300263.SZ) holds shares in Luoyang Lianchuang Lithium Energy through Xiamen Renda Longhua Equity Investment Fund Partnership (Limited Partnership) [1] Group 2: Industry Trends - Solid-state battery technology is gaining traction, with silicon-carbon anode materials showing promising applications in consumer electronics and drone battery sectors [1]

| 证券代码：300263 | 证券简称：隆华科技 | 公告编号：2025－062 | | --- | --- | --- | | 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 关于隆华转债摘牌的公告 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。 特别提示： 一、可转换公司债券发行上市情况 1、"隆华转债"赎回日：2025年9月1日 2、投资者赎回款到账日：2025年9月8日 3、"隆华转债"摘牌日：2025年9月9日 4、"隆华转债"摘牌原因：存续期内可转债全部赎回 根据《深圳证券交易所创业板股票上市规则》等相关规定和《隆华科技集团（洛 阳）股份有限公司向不特定对象发行可转换公司债券并在创业板上市募集说明书》 （以下简称"《募集说明书》"）的有关约定，本次可转换公司债券转股期限自可转债 发行结束之日（2021年8月5日）满六个月后的第一个交易日（2022年2月7日）起至 可转债到期日（2027年7月29日）止。 （四）可转换公司债券转股价格调整情况 1、因实施2021年度利润分配方案，"隆华转债"转股价格由原7. ...

| 证券代码：300263 | 证券简称：隆华科技 | 公告编号：2025－061 | | --- | --- | --- | | 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 关于隆华转债赎回结果的公告 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。 一、可转换公司债券发行上市情况 1、因实施2021年度利润分配方案，"隆华转债"转股价格由原7.76元/股调整 为7.73元/股，调整后的转股价格于2022年5月31日生效。具体情况详见公司于2022 年5月24日在巨潮资讯网（www.cninfo.com.cn）披露的《关于隆华转债转股价格调 整的公告》（公告编号：2022-040）。 2、2022年7月29日，公司注销回购专用证券账户10,000,041股回购股份，"隆 华转债"转股价格由原7.73元/股调整为7.75元/股，调整后的转股价格于2022年8 月2日生效。具体情况详见公司于2022年8月2日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于隆华转债转股价格调整的公告》（公告编号：2022 ...

Group 1 - The company is closely monitoring silver price fluctuations and has established a safety stock based on industry trends and order conditions [1] - The company has developed a financial derivatives trading system to conduct financial derivatives business as per operational needs [1]

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].

Investment Rating - The report maintains a "Buy" rating for the company [6][3]. Core Viewpoints - The company achieved a revenue of 1.515 billion yuan in H1 2025, representing a year-on-year growth of 23.95%, with a net profit attributable to shareholders of 112 million yuan, up 5.83% year-on-year [1][2]. - The traditional energy-saving and environmental protection business has shown steady growth, while the electronic new materials segment, particularly the target materials business, has made significant breakthroughs [2]. - The subsidiary, Zhaoheng Technology, is expected to see promising developments in the military industry, with a focus on stealth materials and carbon fiber composite materials [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a net cash flow from operating activities of 99 million yuan, reversing from negative to positive [1]. - The energy-saving heat exchange equipment segment generated 543 million yuan in revenue, a growth of 11.90%, while the water treatment business saw a revenue increase of 41.56% to 228 million yuan [2]. Business Segments - The electronic new materials segment, including target materials and ultra-high temperature special materials, achieved a revenue of 408 million yuan, marking a 49.44% increase [2]. - The stealth materials and products are anticipated to become a new growth driver for the company, with significant advancements in the development of low-indium and indium-free high-efficiency target materials for the photovoltaic sector [3]. Profit Forecast and Valuation - The profit forecast for the company is set at 220 million yuan for 2025, 280 million yuan for 2026, and 341 million yuan for 2027 [3]. - The company is positioned as a platform-type new materials company, with multiple business areas contributing to growth momentum [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][5] Core Views - The company's performance in H1 2025 met market expectations, with significant growth in the new materials business. Revenue reached 1.51 billion yuan, a year-on-year increase of 24.0%, and net profit attributable to shareholders was 110 million yuan, up 5.8% year-on-year. The gross profit margin was 22.4%, down 2.1 percentage points year-on-year. In Q2 2025, revenue was 880 million yuan, a year-on-year increase of 50.9% and a quarter-on-quarter increase of 37.2%. Net profit for Q2 was 70 million yuan, up 31.9% year-on-year and 48.1% quarter-on-quarter, with a gross profit margin of 22.8%, down 4.2 percentage points year-on-year but up 1.0 percentage point quarter-on-quarter [5][13]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 1.51 billion yuan, a 24.0% increase year-on-year, and a net profit of 110 million yuan, a 5.8% increase year-on-year. The gross profit margin was 22.4%, down 2.1 percentage points year-on-year. In Q2 2025, revenue was 880 million yuan, a 50.9% year-on-year increase and a 37.2% quarter-on-quarter increase, with net profit of 70 million yuan, a 31.9% year-on-year increase and a 48.1% quarter-on-quarter increase [5][13]. Business Segments - The company's target material and ultra-high temperature special materials business generated revenue of 410 million yuan in H1 2025, a 49.4% year-on-year increase, with a gross margin of 22.2%, down 5.7 percentage points year-on-year. The company is expanding its overseas market in the display panel sector and has successfully passed quality audits for two product models by Samsung [14]. - The foam products and structural components business achieved revenue of 140 million yuan in H1 2025, an 82.2% year-on-year increase, with a gross margin of 38.4%, down 1.2 percentage points year-on-year. The subsidiary, Zhaoheng Technology, is a leading domestic company in PMI foam materials, primarily used in various civil/military aircraft and low-altitude vehicles [15]. Future Outlook - The company is expected to achieve revenues of 3.65 billion yuan, 4.45 billion yuan, and 5.95 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 34.6%, 21.8%, and 33.7%. Net profit attributable to shareholders is projected to be 270 million yuan, 420 million yuan, and 560 million yuan for the same years, with growth rates of 106.9%, 54.2%, and 34.5% [16][17].

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。 ...