濮阳惠成（300481）：25H1业绩同比下降，顺酐酸酐衍生物销量同比增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [6][4]. Core Viewpoints - The company reported a slight increase in revenue for H1 2025, achieving 721 million yuan, a year-on-year increase of 0.36%, but the net profit attributable to shareholders decreased by 37.22% to 71 million yuan [1][2]. - The sales volume of phthalic anhydride derivatives increased by 9.87% year-on-year, reaching 46,200 tons, contributing to revenue growth in this segment [2][3]. - Despite the growth in sales volume, the gross margin for phthalic anhydride derivatives declined by 4.48 percentage points to 15.97% [2]. - The company is a leading producer of phthalic anhydride derivatives in China, with a production capacity of 143,700 tons per year as of May 2025, and is experiencing steady growth in production and sales [3]. - The company has a strong R&D capability, holding 112 authorized patents, and is expanding its research into new materials such as OLED display materials and pharmaceutical intermediates [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 721 million yuan, with a net profit of 71 million yuan, reflecting a significant decline in profitability compared to the previous year [1][2]. - The second quarter of 2025 saw revenues of 365 million yuan, a 0.16% increase year-on-year, but net profit fell by 40.09% [1]. Sales and Margins - The revenue from phthalic anhydride derivatives was 534 million yuan, up 3.74% year-on-year, while the functional materials intermediates segment saw a revenue decline of 8.42% to 128 million yuan [2]. - The overall gross margin for the company decreased, with specific segments showing varying performance in profitability [2]. Production Capacity and Market Position - The company is positioned as a market leader in phthalic anhydride derivatives, with ongoing capacity expansion and a flexible production setup to meet diverse customer needs [3]. - The demand for phthalic anhydride derivatives is expected to grow, driven by stable developments in downstream applications such as electronic materials and coatings [3]. R&D and Client Base - The company has established a robust R&D framework, with a focus on expanding its product offerings and enhancing its technological capabilities [3]. - It has built a stable client base, including several well-known international companies, which supports its market position [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward, with expected net profits of 178 million yuan in 2025, 214 million yuan in 2026, and 245 million yuan in 2027 [4][5]. - The report provides a detailed financial outlook, including revenue growth rates and profitability metrics for the coming years [5][11].