凯立新材（688269）：业绩符合预期，医药景气触底回暖，化工带动产销快速提升

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company's performance met expectations with a reported revenue of 1.014 billion yuan for H1 2025, reflecting a year-on-year increase of 24.86%, and a net profit attributable to shareholders of 61 million yuan, up 30.83% year-on-year [7] - The industry is experiencing a significant recovery, with the company's catalyst products seeing a 122.33% increase in overall sales year-on-year, driven by renewed demand in the pharmaceutical sector and enhanced market competitiveness [7] - The company is well-positioned to benefit from the promotion of mercury-free PVC catalysts, supported by strong R&D capabilities and new product developments [7] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2.372 billion yuan in 2025, with a year-on-year growth rate of 40.6% [5] - The net profit attributable to shareholders is expected to reach 197 million yuan in 2025, representing a substantial increase of 112.3% year-on-year [5] - The forecasted earnings per share for 2025 is 1.50 yuan, with a projected PE ratio of 26 [5]