Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown steady progress in domestic substitution, with performance growth meeting expectations. In the first half of 2025, the company reported revenue of 240 million yuan, a year-on-year increase of 28%, and a net profit attributable to shareholders of 63 million yuan, up 42% year-on-year. The gross margin improved to 40.4%, an increase of 2.8 percentage points [1] - The product structure indicates significant growth in aramid paper and composite materials, with aramid paper revenue reaching 230 million yuan, a 23% increase, and composite materials revenue soaring by 1185% to 10 million yuan. This growth is attributed to the subsidiary's business in the new energy vehicle sector becoming more established [1] - Domestic revenue reached 190 million yuan, up 34% year-on-year, while export revenue was 52 million yuan, an 11% increase [1] Financial Summary - The company forecasts revenue for 2025 to be 532 million yuan, with a year-on-year growth of 30%. The net profit attributable to shareholders is expected to be 146 million yuan, reflecting a 45% increase [4] - Earnings per share are projected to be 1.00 yuan in 2025, with a price-to-earnings ratio (P/E) of 43 [4] - The company anticipates net profits of 197 million yuan and 250 million yuan for 2026 and 2027, respectively, with corresponding P/E ratios of 32 and 25 [2][4]
民士达（833394）：点评报告：国产替代稳步推进，业绩增长符合预期