瑞联新材(688550)：业绩超预期 国资控股后有望迎来发展新机遇

Core Viewpoint - The company achieved record high quarterly performance in Q2 2025, with significant growth in revenue and net profit, driven by state-owned capital control and expansion into downstream materials [1][2]. Financial Performance - For H1 2025, the company reported revenue of 806 million yuan, a year-on-year increase of 16.3%, and a net profit of 166 million yuan, up 74.2% year-on-year [1]. - In Q2 2025, revenue reached 462 million yuan, reflecting a year-on-year growth of 26.5% and a quarter-on-quarter increase of 34.4%. Net profit for Q2 was 120 million yuan, showing a year-on-year increase of 97.5% and a quarter-on-quarter rise of 163.9% [1]. - The company adjusted its profit forecasts for 2025, expecting net profits of 335 million yuan, 403 million yuan, and 460 million yuan for 2025-2027, with corresponding EPS of 1.93, 2.32, and 2.65 yuan per share [1]. Business Segments - In H1 2025, revenue from display materials, pharmaceutical intermediates, and electronic materials was 629 million yuan, 150 million yuan, and 27 million yuan, respectively, with year-on-year changes of -5.49%, +548.61%, and +431.76% [2]. - The pharmaceutical business showed strong performance due to inventory adjustments by key clients and the continued ramp-up of core and new products [2]. Profitability - For H1 2025, the company reported a gross margin of 47.01% and a net margin of 20.6%, which improved by 8.12 and 6.85 percentage points year-on-year, respectively [3]. - In Q2 2025, gross margin and net margin were 50.39% and 26.06%, respectively, with quarter-on-quarter increases of 7.91 and 12.79 percentage points [3]. - The improvement in profitability was attributed to the strong performance of the pharmaceutical segment and effective cost control measures [3].