RC(SZ:300596) Xin Lang Cai Jing·2025-08-30 02:55Core Viewpoint - The company reported steady revenue growth in its anti-aging additives and improved gross margins in its lubricant additives segment, indicating resilience in a competitive market [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.995 billion yuan, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of 241 million yuan, up 9.6% year-on-year, with a gross margin of 21.59%, an increase of 0.18 percentage points [1]. - In Q2 2025, the company recorded revenue of 1.514 billion yuan, a year-on-year increase of 3.29% and a quarter-on-quarter increase of 2.22%; net profit attributable to shareholders was 133 million yuan, up 18.04% year-on-year and 23.59% quarter-on-quarter, with a gross margin of 21.65%, an increase of 0.22 percentage points year-on-year and 0.13 percentage points quarter-on-quarter [1]. Business Segments - In the anti-aging additives segment, the company generated revenue of 2.358 billion yuan, a year-on-year increase of 3.06%, with a shipment volume of 65,500 tons, up 4.30% year-on-year, driven by the development of high-margin products and entry into higher technical barrier downstream fields [2]. - In the lubricant additives segment, the company achieved revenue of 618 million yuan, a year-on-year increase of 18.49%, with a shipment volume of 34,200 tons, up 18.27% year-on-year, supported by increased capacity utilization following the commissioning of the Jinzhou Kangtai Phase II project in 2024 [2]. Market Position and Future Outlook - The company is advancing its domestic production capacity for electronic-grade polyimide through cross-border mergers and acquisitions, with ongoing construction of production bases and R&D centers, aiming for trial production in 2026 [3]. - The company is expected to achieve net profits attributable to shareholders of 505 million yuan, 598 million yuan, and 680 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15.3, 12.9, and 11.3 times [3]. - The company is recognized as a leading player in the domestic anti-aging materials industry, being the only supplier capable of covering a wide range of polymer materials including plastics, rubber, fibers, adhesives, and coatings [3].