Zheng Quan Zhi Xing·2025-08-25 00:54Core Viewpoint - The report highlights the continuous optimization of the product matrix and the diversification of revenue structure for Huayin Technology, with a buy rating and a target price of 85.0 yuan [1]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 516 million yuan, a year-on-year increase of 6.44% [2]. - The net profit attributable to shareholders was 146 million yuan, a decline of 32.45% compared to the same period last year [2]. - Basic earnings per share (EPS) was 0.53 yuan, down 32.91% year-on-year [2]. Business Segments - The company has established five main business units: special functional materials, aerospace components intelligent processing, acoustic metamaterials and instruments, ceramic matrix composites, and ultra-fine crystal component manufacturing [3]. - Revenue contributions for the first half of 2025 included 450.50 million yuan from the main unit, 71.63 million yuan from Huayin Aerospace, and 7.79 million yuan from Huayin Acoustics [3]. R&D and Innovation - R&D investment increased significantly to 70.30 million yuan, a growth of 112.89% year-on-year [4]. - The company emphasizes technological innovation and has established long-term strategic partnerships with research institutions to enhance its technological capabilities [4]. - Various R&D platforms have been set up to focus on advanced materials and components for aerospace and other high-end applications [4]. Capacity Expansion - The company is accelerating project construction to enhance production capacity and product support [5]. - Key projects include the industrialization of special functional materials and the establishment of an R&D center, with construction and trial production ongoing [5]. - Huayin Aerospace's intelligent processing project is expected to achieve full production by the end of 2025 [5]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 400 million yuan, 499 million yuan, and 619 million yuan, respectively, with corresponding EPS of 1.47 yuan, 1.83 yuan, and 2.27 yuan [6].