呈和科技（688625）：上半年业绩稳增长，海外业务突出

Investment Rating - The report maintains a "Buy-B" rating for the company [5] Core Views - The company achieved steady revenue growth in the first half of 2025, with total revenue of 471 million yuan, up 13.77% year-on-year, and a net profit of 147 million yuan, up 15.33% year-on-year [1][2] - The company is actively seizing market opportunities, accelerating product innovation, and expanding its application downstream, which has led to increased market share and steady performance growth [2] - The modified plastics industry has significant growth potential, and the nucleating agent sector is at a critical stage of domestic substitution, with the company positioned to lead in high-performance nucleating agents [3][4] Financial Performance - In the first half of 2025, the nucleating agent segment generated 297 million yuan in revenue, while synthetic talc, NDO composite additives, and antioxidants contributed 63 million yuan, 31 million yuan, and 38 million yuan, respectively [2] - The company's overseas revenue reached 120 million yuan, indicating strong international market performance [2] - The gross margin for the first half of 2025 was 45.79%, an increase of 0.7 percentage points year-on-year, while the expense ratio was 10.46%, up 1.63 percentage points year-on-year [2] Industry Outlook - From 2019 to 2023, China's modified plastics production increased from 19.55 million tons to 29.75 million tons, with a compound annual growth rate of 11.07%, indicating a robust growth trajectory for the industry [3] - The high-end modified plastics market in China still relies heavily on imports, and the industry is currently at a pivotal point for domestic substitution [3] Investment Projections - The projected net profits for 2025, 2026, and 2027 are 277 million yuan, 336 million yuan, and 380 million yuan, respectively, with corresponding price-to-earnings ratios of 23.2, 19.2, and 17 times [5][9]