壹石通（688733）：盈利短期承压，新材料稳步推进

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a Q1 2025 revenue of 120 million yuan, representing a year-on-year growth of 5.5% but a quarter-on-quarter decline of 7.6%. The net profit attributable to the parent company was -20 million yuan, with a non-recurring net profit also at -20 million yuan [2][4]. - The company’s gross margin for Q1 2025 reached 16.13%, an increase of 1.19 percentage points year-on-year, but a decrease of 1.59 percentage points quarter-on-quarter. The total expense ratio for Q1 2025 was 35.15%, down 1.84 percentage points year-on-year but up 5.50 percentage points quarter-on-quarter [11]. - The company is expected to maintain a high growth rate in the sales of its products, particularly the barium titanate, and the optimization of the sales structure is anticipated to drive profit recovery. New materials such as thermal conductive aluminum and flame retardant materials are expected to contribute to performance growth in 2025 [11]. Summary by Sections Revenue Performance - In Q1 2025, the company achieved a revenue of 120 million yuan, with a year-on-year increase of 5.5% and a quarter-on-quarter decrease of 7.6%. The significant growth in lithium battery coating materials contributed to this performance [2][4][11]. Profitability Analysis - The gross margin for Q1 2025 was 16.13%, reflecting a year-on-year improvement of 1.19 percentage points. However, the margin decreased by 1.59 percentage points compared to the previous quarter. The expense ratio was 35.15%, showing a year-on-year decline but a quarter-on-quarter increase [11]. Future Outlook - The company is expected to see continued growth in the sales of barium titanate, with a stable sales structure likely to enhance profitability. Additionally, the solid oxide fuel cell and high-purity quartz sand are projected to achieve small-scale sales in 2025, further validating the material platform strategy [11].