中材科技(002080)：特种玻纤布综合供应商 第二成长曲线逐步兑现

Core Viewpoint - The company forecasts a significant increase in earnings for the first half of 2025, with net profit expected to rise by 81%-124% to 840-1040 million yuan, and non-recurring net profit projected to increase by 186%-254% to 670-830 million yuan, driven by price increases and improved sales in the wind power sector [1] Group 1: Earnings Forecast - The company anticipates a profit midpoint of 580 million yuan for Q2 2025, with a non-recurring net profit midpoint of 500 million yuan, showing a notable improvement quarter-on-quarter [1] - The earnings slightly exceeded expectations due to price increases in certain fiberglass products in Q1 and increased wind power shipments in Q2, which diluted expense ratios and improved profit margins [1] Group 2: Product and Market Dynamics - Traditional fiberglass and blade profitability are expected to marginally improve, contributing to earnings elasticity, with price increases of at least 10% for wind power yarn and thermoplastic products in Q1 2025 [2] - The company is positioned as a comprehensive supplier of specialty fiberglass cloth, catering to the demand for low dielectric products used in high-speed switches and AI servers, which reduces electromagnetic interference and energy loss [2] - A planned investment of 1.4 billion yuan for a new production line capable of producing high-value-added specialty fiberglass cloth is expected to enhance the company's product offerings [2] Group 3: Strategic Focus - The company holds a 51% stake in a lithium membrane subsidiary, with a strategic focus on increasing shipment volumes despite pricing pressures in the industry [3] - Cost reduction strategies and government subsidies are anticipated to alleviate profitability pressures in the lithium membrane segment [3] Group 4: Profitability and Valuation - The company has raised its earnings per share (EPS) estimates for 2025 and 2026 by 19% and 20% to 1.14 and 1.38 yuan, respectively, with current stock prices reflecting a price-to-earnings (P/E) ratio of 21x for 2025 and 17x for 2026 [4] - The target price has been increased by 55% to 27.4 yuan, indicating a potential upside of 15%, supported by expected profitability growth in specialty fiberglass cloth and the company's comprehensive supply capabilities [4]