中简科技(300777)：订单交付节奏加快 业务增长动能强劲

Core Performance - The company reported a revenue of approximately 464 million yuan for the first half of 2025, representing a year-on-year increase of 59.46% [1] - The net profit attributable to shareholders reached about 208 million yuan, marking a year-on-year increase of 99.15% [1] - The gross profit margin improved to 63.86%, an increase of 3.22 percentage points year-on-year [1] Business Segments - Revenue from carbon fiber reached 346 million yuan, up 76.5% year-on-year, with a gross profit margin of 64.65% [1] - Carbon fiber fabric revenue was 118 million yuan, reflecting a year-on-year increase of 24.78% and a gross profit margin of 61.53% [1] Cost Management and Cash Flow - The company reduced its expense ratio to 11.85%, a decrease of 11.6 percentage points year-on-year, with management expenses decreasing by 2.0 percentage points due to scale effects [2] - The research and development expense ratio fell to 8.4%, down 11.2 percentage points year-on-year, as production was prioritized to meet urgent downstream demand [2] - Operating cash flow net amount reached 459 million yuan, a significant increase of 228.23% year-on-year, indicating improved cash flow [2] Capacity Expansion and New Markets - The company’s third-phase project investment progress reached 96.85%, with some production lines already operational, generating benefits of 8 million yuan this year [3] - The company is positioned to benefit from the growing low-altitude economy, with the market expected to reach 3.5 trillion yuan by 2035 [3] - The company is the core supplier of high-end carbon fiber for aerospace applications, likely to benefit from the increasing demand for carbon fiber composite materials in low-altitude flying vehicles [3] Shareholder Confidence - As of May 23, the company had repurchased 2.3444 million shares, accounting for 0.53% of the total share capital, with an expenditure of approximately 80 million yuan for employee stock incentives [3]