圣泉集团（605589）：25H1净利预增，电子材料持续放量

Investment Rating - The report maintains an "Overweight" rating for the company [6][4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 491-513 million RMB for 25H1, representing a year-on-year increase of 48%-55% [1][6] - The growth in net profit is primarily driven by the expansion in advanced electronic materials and battery materials, as well as the reduction of losses in biomass production [2][3] - The company is releasing production capacity for advanced electronic materials and battery materials, which is expected to further enhance profitability [3][4] Summary by Sections Financial Performance - For 25H1, the company anticipates a net profit of 4.91-5.13 billion RMB, with a non-recurring net profit of 4.71-4.93 billion RMB, both showing a year-on-year increase of 48%-55% [1][6] - The second quarter is projected to yield a net profit of 2.84-3.06 billion RMB, reflecting a year-on-year increase of 46%-58% and a quarter-on-quarter increase of 37%-48% [1][2] Growth Drivers - The growth in net profit is attributed to the demand in AI and other fields, which has led to increased production and sales of advanced electronic materials and battery materials [2][3] - The company is expanding its market share and sales volume in synthetic resins due to new fields of application [2] Production Capacity and Future Outlook - The company is gradually releasing production capacity for advanced electronic materials, including 1000 tons/year of PPO resin and 1000 tons/year of porous carbon [3] - Future expansion plans include starting projects for 2000 tons/year of PPO/OPE resin and other resin products, which are expected to contribute to profitability [3][4] Valuation and Price Target - The net profit forecasts for 25-27 are adjusted to 1.20 billion, 1.39 billion, and 1.61 billion RMB, representing year-on-year growth of 39%, 16%, and 15% respectively [4] - The target price is set at 34.08 RMB, based on a 24x PE valuation for 25, reflecting an increase from the previous target of 27.09 RMB [4][6]