四方新材(605122)：需求疲弱业绩承压 持续探索跨界机遇

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating pressure on its performance due to weak downstream demand and falling product prices [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 540 million yuan, a year-on-year decrease of 22.59%, and a net profit attributable to shareholders of -26 million yuan [1]. - In Q2 2025, total revenue was 293 million yuan, down 21.64% year-on-year, with a net profit of -25 million yuan, reflecting ongoing performance challenges [1]. - The company's sales volume of concrete decreased by 15.6% to 1.726 million cubic meters, while the average selling price fell by 8.3% to 312.9 yuan per cubic meter, indicating a significant drag on performance [1]. Group 2: Profitability and Cost Management - The gross margin dropped by 9.65 percentage points to 5.36% due to weak downstream demand and declining sales prices [2]. - Despite efforts to reduce costs, the overall expense ratios saw minimal decline due to reduced revenue, with sales expense ratio down by 0.06 percentage points and management expense ratio down by 0.03 percentage points [2]. - The company recorded credit impairment losses of 22 million yuan, an increase of 8 million yuan year-on-year, while asset disposal gains rose by 15 million yuan [2]. Group 3: Business Strategy and Market Position - The company has a strong competitive advantage in the Chongqing concrete industry, with a production capacity of approximately 15.5 million cubic meters per year and two mortar production lines with a capacity of 1.2 million cubic meters per year [3]. - As the second-largest player in the Chongqing concrete market, the company is positioned to benefit from the ongoing concentration of market share among leading firms [3]. - The company is actively exploring and nurturing a second industry to overcome growth bottlenecks, with potential support from policies related to urban renewal and housing market stabilization [3]. Group 4: Earnings Forecast - The expected earnings per share (EPS) for 2025-2027 are projected to be -0.05 yuan, 0.10 yuan, and 0.21 yuan, with corresponding price-to-earnings (PE) ratios of 136 times and 64 times for 2026 and 2027, respectively [3].