研报掘金丨华鑫证券：予昊华科技“买入”评级，看好后续业绩兑现

Core Viewpoint - Haohua Technology achieved a net profit attributable to shareholders of 645 million yuan in the first half of 2025, representing a year-on-year growth of 20.85% [1] - The company successfully established a business model with growth certainty and cyclical resilience through diversified layout and vertical integration of the industrial chain [1] Financial Performance - In the second quarter of 2025, the net profit attributable to shareholders reached 460 million yuan, showing a year-on-year increase of 25.56% and a quarter-on-quarter increase of 148.88% [1] - The company experienced a net cash outflow of 160 million yuan from financing activities, primarily due to the repayment of project loans using raised funds during the reporting period [1] Strategic Development - The company has clarified its development path of "specializing in upstream, strengthening midstream, and focusing on downstream" to implement the high-end polyurethane industrial chain planning [1] - A three-tier advancement mechanism is in place to create new profit growth points [1] - The company's production capacity is gradually expanding, and new projects are being systematically industrialized [1] Investment Rating - The company is rated as a "Buy" based on its performance and strategic outlook [1]