Workflow
璞泰来(603659)2025年半年报点评:负极盈利拐点已现 多业务板块持续向好

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with revenue and net profit growth meeting market expectations, indicating a positive outlook for future growth in various segments [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 7.09 billion yuan, a year-on-year increase of 12%, and a net profit attributable to shareholders of 1.06 billion yuan, up 23% year-on-year [1]. - The gross profit margin stood at 32.1%, reflecting a 2.6 percentage point increase compared to the previous year [1]. - For Q2 2025, revenue reached 3.87 billion yuan, with a quarter-on-quarter increase of 17% and a year-on-year increase of 20% [1]. Product Segments - The negative electrode segment showed improvement, with H1 2025 shipments of 70,000 tons, a growth of approximately 5% year-on-year, and expectations for Q2 shipments to approach 40,000 tons [1]. - The company anticipates a shipment of 170,000 to 180,000 tons for the full year 2025, representing over 30% growth, and 300,000 tons in 2026, indicating over 70% growth [1]. - Coated film shipments in H1 2025 reached 4.77 billion square meters, a 64% increase year-on-year, with expectations for 2025 total shipments to be between 9.5 billion and 10 billion square meters [2]. Equipment and Innovations - The equipment business generated revenue of 1.84 billion yuan in H1 2025, with new orders amounting to 2.4 billion yuan, indicating a significant recovery [2]. - The company has made progress in solid-state solutions, achieving milestones in various dry film forming processes and accumulating over 200 million yuan in solid-state equipment orders [3]. Cash Flow and Expenses - The company reported a Q2 operating cash flow of 690 million yuan, an increase of 160 million yuan from the previous quarter [3]. - The asset impairment for Q2 was 94 million yuan, primarily due to inventory impairment provisions [3]. Profit Forecast and Investment Rating - The company forecasts net profits attributable to shareholders of 2.52 billion yuan, 3.09 billion yuan, and 4 billion yuan for 2025-2027, representing year-on-year growth of 112%, 22%, and 30% respectively [4]. - The target price for 2026 is set at 26.1 yuan, maintaining a "buy" rating based on a projected PE ratio of 18x [4].