赛特新材(688398)：Q2业绩继续承压 以旧换新+新能效标准保障下游需求

Core Viewpoint - The company reported steady revenue growth in the first half of the year, but profit performance was poor, with a significant decline in net profit and non-recurring net profit compared to the previous year [1][3]. Group 1: Financial Performance - In the first half of the year, the company achieved revenue of 469 million and net profit attributable to shareholders of 12 million, representing a year-on-year change of +3.7% and -77.66% respectively [1]. - The second quarter saw revenue of 223 million and net profit of 2 million, with year-on-year changes of -2.51% and -90.81% respectively [1]. - The company's gross profit margin decreased to 23.9%, down 9.57 percentage points year-on-year, with the second quarter gross profit margin at 22.55%, down 9.86 percentage points [3]. - The net profit margin for the first half of the year was 2.58%, a decrease of 9.4 percentage points year-on-year [3]. Group 2: Cost and Expense Analysis - The decline in profitability was attributed to several factors, including a decrease in the selling price of vacuum insulation panels, an increase in direct material costs due to rising raw material prices, and higher management expenses due to increased salaries and depreciation [1][3]. - The company’s operating cash flow net amount was 31 million, a decrease of 28 million year-on-year, primarily due to reduced tax refunds and increased cash payments to employees [3]. Group 3: Product and Market Development - The company achieved record high sales volume for its core product, vacuum insulation panels, generating revenue of 452 million, a year-on-year increase of 1.78% [2]. - The company is actively expanding into new applications for vacuum insulation panels in sectors such as new energy battery storage and high-temperature equipment insulation, with ongoing research and development efforts [2]. Group 4: Market Outlook and Ratings - The company maintains a "buy" rating, supported by government initiatives to promote consumer goods replacement and new energy efficiency standards expected to boost market demand [4]. - The company has adjusted its profit forecasts for 2025-2027, lowering the expected net profit attributable to shareholders to 70 million, 120 million, and 180 million respectively, from previous estimates of 140 million, 180 million, and 240 million [4].