Shengquan Group(SH:605589) Shenwan Hongyuan Securities·2025-07-14 03:44Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 4.91-5.13 billion yuan in H1 2025, representing a year-on-year growth of 48-55% [6] - The significant growth in Q2 2025 is attributed to the rapid development in AI computing power, high-frequency communication, and the electric vehicle and energy storage sectors, which have driven the demand for advanced electronic materials and battery materials [8] - The Daqing biomass project is expected to continue reducing losses, with the production capacity utilization rate improving steadily [8] Financial Data and Profit Forecast - The company forecasts total revenue of 11.556 billion yuan for 2025, with a year-on-year growth rate of 15.3% [7] - The net profit attributable to shareholders is projected to be 1.225 billion yuan for 2025, reflecting a year-on-year growth of 41.1% [7] - The earnings per share (EPS) is expected to be 1.45 yuan for 2025, with a gross margin of 25.0% [7] Investment Analysis - The company maintains a forecast for net profit attributable to shareholders of 12.25 billion yuan, 14.71 billion yuan, and 17.80 billion yuan for 2025, 2026, and 2027 respectively [8] - The current market capitalization corresponds to price-to-earnings ratios of 20, 17, and 14 for the years 2025, 2026, and 2027 [8]