天安新材（603725）：复用材料业务供应链优势，拓展机器人电子皮肤业务，延伸成长曲线

Investment Rating - The investment rating for Tianan New Materials (603725) is "Buy" (maintained) [1] Core Views - The company is actively expanding its robotics electronic skin business, leveraging its supply chain advantages in reusable materials to extend its growth curve [6] - The building ceramics segment is steadily increasing its market share, with gross margins rising against the trend, benefiting from a light-asset outsourcing model and improved internal management [6] - The polymer business is steadily growing, showcasing comprehensive advantages, particularly in the context of increasing penetration of new energy vehicles [6] - The company is advancing its pan-home business development through acquisitions, enhancing its industry ecosystem [6] - Long-term strategic planning focuses on steady transformation, optimizing product innovation capabilities, and improving supply chain efficiency [6] - The acquisition of Eagle Brand Ceramics is expected to drive profit margin improvements and open up growth opportunities in the assembly-style interior decoration market [6] Financial Data and Profit Forecast - Total revenue is projected to be 3,309 million in 2025, with a year-on-year growth rate of 6.7% [5] - Net profit attributable to the parent company is expected to reach 122 million in 2025, reflecting a year-on-year increase of 21.0% [5] - Earnings per share are forecasted to be 0.40 yuan per share in 2025, with a projected PE ratio of 21 [5] - The gross margin is expected to remain stable at around 22.6% in 2025 [5]