南亚新材(688519)：高端产品起量明显 盈利水平逐季提升

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit for the first half of 2025, driven by successful market expansion in communications, AI, and server sectors [2][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.305 billion yuan, a year-on-year increase of 43.06%, and a net profit attributable to shareholders of 87 million yuan, up 57.69% year-on-year [2][4]. - For Q2 2025, the company reported revenue of 1.353 billion yuan, a year-on-year increase of 41.69% and a quarter-on-quarter increase of 42.01%. The net profit for Q2 was 66 million yuan, reflecting a year-on-year increase of 46.21% and a quarter-on-quarter increase of 212.82% [2][4]. - The gross margin for H1 2025 improved by 1.4 percentage points to 11.53%, while the net margin increased by 0.35 percentage points to 3.78% [2][4]. Product Development - The company is successfully expanding its product range, particularly in high-speed copper-clad laminates, which have seen significant volume growth, especially in high-end products for AI servers [3][4]. - The company is actively pursuing domestic substitution in various types of copper-clad laminates and has achieved customer validation for some products in the HDI and IC substrate materials sectors [3][4]. - In the automotive materials sector, the company has developed various grades and types of materials for smart electric drives and autonomous driving, with product certifications progressing smoothly [3]. Capacity Expansion - The company is expanding its production capacity, with the Jiangxi N4-N5 factory reaching full production and the N6 factory adding two new production lines [4]. - The construction of a high-end electronic circuit substrate base in Nantong, Jiangsu, is underway, with the first smart factory for IC substrate materials beginning trial piling [4]. - The company is also planning overseas production bases, including a commercial land lease in Thailand [4]. Investment Outlook - The company maintains its profit forecasts for 2025-2027, expecting net profits of 264 million yuan, 520 million yuan, and 761 million yuan, respectively, with corresponding PE ratios of 40.1x, 20.4x, and 13.9x based on the closing price on August 8, 2025 [4]. - The PCB industry is experiencing favorable conditions, with increasing demand from AI and high-speed communication sectors, highlighting the structural demand for high-end products [4].