德邦科技（688035）：半年报点评：IC和智能终端材料如期高增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a significant increase in revenue and profit for the first half of 2025, with revenue reaching 690 million yuan, up 49% year-on-year, and net profit attributable to shareholders at 46 million yuan, up 35% year-on-year [1] - The growth in product revenue is driven by various segments, including integrated circuit packaging materials, which saw an 88% year-on-year increase in revenue [2][3] - The company emphasizes research and development, with R&D investment reaching 37.77 million yuan in the first half of 2025, a 43% increase year-on-year [4] Financial Summary - For the first half of 2025, the company achieved a gross margin of 27.5%, an increase of 1.8 percentage points year-on-year [1] - The projected revenue for 2025-2027 is expected to be 1.66 billion, 2.06 billion, and 2.45 billion yuan, respectively, with year-on-year growth rates of 43%, 24%, and 19% [5] - The forecasted net profit for the same period is 150 million, 240 million, and 310 million yuan, with compound annual growth rates of 47% over three years [5]