研报掘金丨开源证券：维持上海新阳“买入”评级，看好公司多材料平台化的长期发展

Core Insights - Shanghai Xinyang achieved revenue of 897 million yuan in H1 2025, representing a year-on-year increase of 35.67% [1] - The net profit attributable to shareholders reached 133 million yuan, marking a year-on-year growth of 126.31% [1] Revenue Breakdown - Semiconductor revenue amounted to 709 million yuan, with a year-on-year increase of 53.12% [1] - Chemical products contributed 672 million yuan, reflecting a year-on-year growth of 53.01% [1] - Equipment products generated 25 million yuan, showing a year-on-year increase of 1.92% [1] - Integrated circuit plating processing revenue was 12 million yuan, marking its first disclosure in the financial report [1] Market Position and Expansion Plans - The company is expanding its market share in electroplating solutions, with continuous growth in orders [1] - To enhance production capacity, the company plans to invest 1.85 billion yuan in a new project for producing 50,000 tons of key materials for integrated circuits, alongside establishing a headquarters and R&D center [1] - The optimization of production lines is expected to strengthen the company's competitiveness across multiple material categories [1] Future Outlook - With the semiconductor manufacturing sector maintaining high demand, the upstream materials performance is expected to increase [1] - The company has revised its profit forecasts for 2025-2026 and added projections for 2027, indicating a positive long-term outlook for its multi-material platform strategy [1] - The company maintains a "buy" rating based on its growth potential [1]