鼎际得：POE项目即将投产 机器人皮肤等新材料空间广阔

Core Viewpoint - Dingjide (603255) reported a revenue of 438 million yuan for the first half of 2025, marking a year-on-year increase of 19.03%, but the net profit attributable to shareholders decreased by 20.52% to 4.2264 million yuan due to declining product prices and increased expenses [1][2] Group 1: Financial Performance - The company achieved a revenue of 438 million yuan in the first half of 2025, reflecting a year-on-year growth of 19.03% [1] - The net profit attributable to shareholders was 4.2264 million yuan, a decrease of 20.52% compared to the previous year [1] - Significant improvement in revenue and profit was observed in the second quarter, indicating effective internal operational strategy adjustments [1] Group 2: Product Development and Market Position - Dingjide is actively advancing its POE high-end new materials project, with the main device expected to commence production in September 2023 [2] - The company has received positive feedback from leading downstream enterprises regarding its trial products in the POE sector [2] - The 20,000 tons/year POE joint device is undergoing pipeline pressure testing and equipment debugging, with a supporting 30,000 tons/year α-olefin device and an electrolysis hydrogen production device also in progress [2] Group 3: Competitive Advantages - Cost advantage is a core competitive strength for Dingjide, with the total cost of the main and auxiliary catalysts for the 20,000 tons POE project estimated at 70 to 80 million yuan [2] - The self-produced α-olefin costs about 80% of the market price, and the unit cost after depreciation is approximately 10,000 yuan/ton, significantly lower than the industry average [2] - The company is expanding its overseas market presence for its antioxidant products, expecting profit improvements as production capacity ramps up in the third quarter [4] Group 4: Future Outlook - The company anticipates a significant increase in net profit by 2026 as POE product volumes expand [4] - Current POE prices are at historical lows, with a 28% decrease in mainstream import brand prices since the beginning of the year, but are expected to rebound by the end of the third quarter [4] - Dingjide aims to leverage technological innovation to enhance performance and market space, focusing on differentiated competitive advantages [4]