Baimtec Material (SH:688563) Xin Lang Cai Jing·2025-09-07 16:33Core Viewpoint - The company experienced a decline in revenue due to fluctuations in customer demand, but managed to maintain a stable gross profit margin in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.361 billion yuan, a year-on-year decrease of 9.87% [1]. - The net profit attributable to the parent company was 280 million yuan, down 9.92% year-on-year [1]. - The gross profit margin was 31.30%, an increase of 1.86 percentage points year-on-year [1]. - In Q2 2025, the company reported operating revenue of 708 million yuan, a year-on-year decrease of 14.83% but a quarter-on-quarter increase of 8.40% [2]. - The net profit for Q2 2025 was 146 million yuan, down 10.71% year-on-year but up 8.02% quarter-on-quarter [2]. Product Segment Analysis - Revenue from aviation finished products in the first half of 2025 was 633 million yuan, a decrease of 13.19% year-on-year, with a gross margin of 28.23%, down 9.74 percentage points [1][6]. - Revenue from basic materials was 607 million yuan, an increase of 6.22% year-on-year, with a gross margin of 34.39%, up 10.75 percentage points [1][6]. - Non-aviation finished products generated revenue of 57 million yuan, down 65.13% year-on-year, with a gross margin of 12.08%, up 0.19 percentage points [1][6]. - Processing service revenue was 54 million yuan, up 47.83% year-on-year, with a gross margin of 41.38%, an increase of 28.82 percentage points [1][6]. Strategic Initiatives - The company plans to enhance market development efforts in the gas turbine, trainer aircraft, and civil aircraft markets in the second half of 2025 [1]. - The company intends to use excess fundraising to acquire a 100% stake in Zhenjiang Titanium Alloy Company and to purchase intellectual property rights related to high-temperature alloy master alloys [3][4]. Future Outlook - The company anticipates rapid growth in its aviation products due to domestic aircraft upgrades, increased global demand for civil aircraft, and successful production certifications [4]. - Revenue projections for 2025-2027 are 3.091 billion yuan, 3.682 billion yuan, and 4.359 billion yuan, respectively, with corresponding net profits of 617 million yuan, 755 million yuan, and 893 million yuan [4][5].