凯盛新材（301069）：25H1盈利大幅改善，PEKK有望放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant improvement in earnings for the first half of 2025, with revenue reaching 533 million yuan, a year-on-year increase of 7.66%, and a net profit attributable to shareholders of 88 million yuan, up 63.83% year-on-year [5] - The performance of PEKK materials is expected to ramp up, contributing to new growth drivers for the company [7] - The company is actively expanding its product line and has made significant progress in the development of new products, which are anticipated to support future earnings growth [8] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 533 million yuan, with a net profit of 88 million yuan, and a basic earnings per share of 0.21 yuan [5] - For Q2 2025, revenue was 263 million yuan, with a year-on-year increase of 3.32% and a net profit of 58 million yuan, reflecting a year-on-year increase of 104.22% [5] Product and Market Development - The chemical industry, particularly the pesticide sector, has seen a recovery in demand, leading to increased orders for the company's main products [6] - The company has successfully implemented a one-step production method for PEKK, which offers a cost advantage over the two-step method used by foreign competitors [7] Future Outlook - The company is positioned as a leading player in the chlorosulfonic acid market and is expanding its product offerings into high-performance polymer materials, indicating strong future growth potential [8] - Forecasted net profits for 2025 to 2027 are 146 million, 192 million, and 252 million yuan respectively, with corresponding P/E ratios of 70, 53, and 40 [8]