圣泉集团（605589）：Q2业绩符合预期，高频高速树脂产销两旺，硅碳项目前景可期

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q2 performance met expectations, with high-frequency and high-speed resin sales thriving, and the prospects for the silicon-carbon project are promising [1][8] - The company reported a revenue of 5.35 billion yuan for H1 2025, representing a year-on-year increase of 16%, and a net profit of 501 million yuan, up 51% year-on-year [8] - The demand for high-frequency and high-speed resins is driven by AI PCB needs, and the Daqing biomass project is steadily reducing losses [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.56 billion yuan, with a year-on-year growth rate of 15.3% [7] - The net profit forecast for 2025 is 1.225 billion yuan, with a year-on-year growth rate of 41.1% [7] - The company’s gross margin for Q2 2025 was 25.40%, with net margin at 10.55% [8] - The company plans to issue convertible bonds totaling up to 2.5 billion yuan for green energy battery material projects, which is expected to generate significant revenue post-construction [8]