KCT(SZ:002625) Xin Lang Cai Jing·2025-08-27 10:38Core Insights - The company reported a revenue of 943 million yuan for the first half of 2025, representing a year-on-year growth of 10.70% [1] - The net profit attributable to shareholders was 386 million yuan, up 6.75% year-on-year, while the net profit after deducting non-recurring items was 376 million yuan, reflecting a growth of 5.42% [1] - Total liabilities increased by 68.40% to 1.427 billion yuan, while cash and cash equivalents decreased by 21.59% to 449.9 million yuan [1] Business Performance - The metamaterials business experienced rapid growth, with revenues reaching 936 million yuan, a year-on-year increase of 47.35% [2] - The overall revenue from the metamaterials industry was 938 million yuan, showing a growth of 10.34% [2] - The company is the first and only domestic enterprise to achieve large-scale mass production across the entire metamaterials industry chain, highlighting its competitive advantage [2] Production Capacity and Future Outlook - The construction of production bases is progressing steadily, which is expected to alleviate capacity bottlenecks [2] - The demand for metamaterials is increasing due to the dual needs for quantity and quality in the development of new equipment and the upgrade of existing equipment [2] - With the completion of the second phase of the 709 base and the ongoing construction of the 905 and 906 bases, the company's product delivery capability and production efficiency are anticipated to improve significantly [2] Investment Projections - The company is projected to have EPS of 0.34, 0.44, and 0.55 for the years 2025 to 2027, with corresponding PE ratios of 153.6, 119.8, and 95.6 based on the closing price of 52.99 yuan on August 26 [3]