天安新材(603725)：业绩稳健、稳中求变 积极布局新赛道

Core Viewpoint - The company reported a steady performance in the first half of 2025, with revenue and net profit showing positive growth despite industry challenges, driven by strategic initiatives in both the ceramic and automotive interior materials sectors [1][2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.444 billion yuan, a year-on-year increase of 3.97%, and a net profit attributable to shareholders of 62 million yuan, up 16.59% [1]. - For Q2 2025, revenue reached 863 million yuan, reflecting a slight increase of 0.1%, while net profit was 47 million yuan, up 14.47% year-on-year [1]. - The overall gross margin improved, with Q1 and Q2 gross margins at 21.98% and 24.59%, respectively, showing year-on-year increases of 0.73 percentage points and 2.16 percentage points [3]. Group 2: Business Segments - The building ceramic segment saw a volume increase of 6% year-on-year, with sales exceeding 20.3 million square meters, despite a 6% decline in revenue to 594 million yuan due to lower terminal prices [1]. - The automotive interior materials segment experienced significant growth, with revenue of 306 million yuan, a year-on-year increase of 35.96%, driven by the expansion into new energy vehicle interior materials [2]. - The gross margin for the automotive interior materials improved, with a 34% increase in sales volume and a 1.64% rise in average price [2]. Group 3: Cost and Expenses - The company’s operating cash flow for the first half of 2025 was 83 million yuan, a decrease of 23% year-on-year, while Q2 showed a positive cash flow of 119 million yuan, up 22.3% [3]. - The selling expenses increased by 6.5% due to enhanced marketing and customer acquisition efforts, while R&D expenses rose by 19% reflecting investments in new material innovations [3]. Group 4: Future Outlook - The company is focusing on the dual-track strategy of "ceramics + home furnishing" and is actively exploring new opportunities in robotics and artificial intelligence applications [3]. - Profit forecasts for 2025-2027 have been adjusted, with projected net profits of 137 million yuan, 164 million yuan, and 206 million yuan, respectively, corresponding to PE ratios of 24X, 20X, and 16X [3].