Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong performance in the high-end sector, accelerating domestic substitution, with new investments injecting fresh momentum into growth [1][7] - The company achieved revenue of 237 million yuan in H1 2025, representing a year-on-year growth of 27.9%, and a net profit of 63.03 million yuan, up 42.3% year-on-year [7] - The company is focusing on high-end product areas such as transformers and aerospace honeycomb materials, with significant growth in the new energy vehicle sector [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 625 million yuan, with a year-on-year growth rate of 53.3% [6] - The projected net profit for 2025 is 150 million yuan, reflecting a year-on-year increase of 49.6% [6] - The gross profit margin is expected to be 39.9% in 2025, with a return on equity (ROE) of 18.0% [6] Performance Analysis - In H1 2025, the company’s revenue from aramid paper was 227 million yuan, with a gross margin of 41.9% [7] - Domestic sales reached 186 million yuan, growing 33.7% year-on-year, while international sales were 51.76 million yuan, up 10.7% year-on-year [7] - The company is enhancing its marketing and service capabilities, including hiring foreign sales talent and participating in international exhibitions [7] Investment Analysis - The company is positioned well for long-term growth, with an increasing proportion of high-end products and a strong competitive edge in the market [7] - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 150 million, 209 million, and 261 million yuan respectively [7] - The current price-to-earnings (PE) ratios are projected to be 42, 30, and 24 for the years 2025, 2026, and 2027 respectively [7]
民士达（833394）：境内高端领域加速国产替代，募投投产注入新动能