彤程新材(603650)：业绩稳步增长 电子材料有望持续放量

Core Insights - The company reported Q1 2025 revenue of 860 million yuan, a year-on-year increase of 9.4% and a quarter-on-quarter increase of 1.3% [1] - The net profit attributable to shareholders reached 160 million yuan, reflecting a year-on-year growth of 10.9% and a significant quarter-on-quarter increase of 104.8% [1] - The company achieved a net profit excluding non-recurring items of 160 million yuan, with a year-on-year increase of 88.8% and a quarter-on-quarter increase of 149.6% [1] Sales Performance - The sales scale improved significantly in Q1 2025, with electronic chemicals' average selling price rising [2] - The company saw growth in sales volume for special rubber additives, electronic chemicals, and fully biodegradable materials, with respective volumes of 39,949 tons, 4,026 tons, and 4,720 tons, showing year-on-year increases of 4.8%, 9.6%, and 76.3% [2] - The average selling prices for special rubber additives, electronic chemicals, and fully biodegradable materials were 15,044 yuan/ton, 52,349 yuan/ton, and 8,942 yuan/ton, with year-on-year changes of -4.0%, +23.4%, and -17.6% respectively [2] Investment Gains - The company reported investment income of 100 million yuan from joint ventures and associates, with a quarter-on-quarter increase of 60 million yuan and a year-on-year increase of 70 million yuan [2] - The gross margin for Q1 2025 was 25.2%, reflecting a year-on-year increase of 0.4 percentage points and a quarter-on-quarter increase of 2.1 percentage points [2] - The net margin was 19.2%, with a year-on-year increase of 0.3 percentage points and a quarter-on-quarter increase of 9.5 percentage points [2] R&D and Product Development - The company invested 220 million yuan in R&D in 2024, a year-on-year increase of 20.5%, accounting for 6.6% of revenue [3] - New product sales accounted for 43% of total sales, with the top eight new products contributing 80% of sales revenue [3] - The company successfully commercialized certain self-developed resin products for photoresists, enhancing product competitiveness [3] Production Capacity Expansion - The company completed the preparation for mass production of organic insulating films, with projects entering the production phase [4] - The annual production capacity includes 11,000 tons of semiconductor and flat panel display photoresists and 20,000 tons of related supporting agents, with some projects already in production [4] - The semiconductor chip polishing pad project has been completed and is set to enter trial production by the end of December 2024, with ongoing acceptance work for some projects [4]