GUIBAO TECH(SZ:300019) KAIYUAN SECURITIES·2025-08-24 05:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 1.707 billion yuan in Q2 2025, representing a year-on-year increase of 47.4% and a quarter-on-quarter increase of 19.3%. The net profit attributable to the parent company was 154 million yuan, up 51.6% year-on-year and 17.4% quarter-on-quarter [5][6] - The company aims to achieve a revenue target of 10 billion yuan in its third decade of establishment, supported by steady project advancements and investment mergers and acquisitions [5] Financial Performance Summary - For Q2 2025, the company achieved a revenue of 929 million yuan, a year-on-year increase of 35.8% and a quarter-on-quarter increase of 19.3%. The net profit attributable to the parent company was 83 million yuan, up 35.2% year-on-year and 17.4% quarter-on-quarter [5][6] - The company’s H1 2025 revenue from industrial adhesives was 442 million yuan, showing a year-on-year increase of 29.51%, while construction adhesives revenue decreased by 6.79% [6][11] - The company’s gross profit margin for Q2 2025 was 22.26%, with a net profit margin of 8.96% [6][11] Business Segment Performance - The company’s silicone-based products and new silicon-carbon products are seeing rapid growth, with a stable operation of a 1,000 tons/year pilot line and a 3,000 tons/year production line [6] - The sales of silicon-carbon anode materials are increasing rapidly, contributing positively to the overall performance [6][11] Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 343 million yuan, 435 million yuan, and 504 million yuan respectively, with corresponding EPS of 0.87 yuan, 1.11 yuan, and 1.28 yuan per share [5][8]