皇马科技（603181）：25H1业绩稳步增长，特种表活龙头毛利率持续改善

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved steady growth in H1 2025, with revenue of 1.194 billion yuan, up 7.67% year-on-year, and a net profit of 219 million yuan, up 14.67% year-on-year. The gross margin improved to 27.10%, an increase of 1.87 percentage points year-on-year [1][2] - The company is a leading domestic producer of specialty surfactants, with a production capacity of nearly 300,000 tons per year. The company is expanding its production capacity with the new Kaimeike factory, which is expected to start trial production in the first half of 2026 [3] - The company is expected to see continued growth in net profit, with forecasts of 487 million yuan in 2025, 588 million yuan in 2026, and 696 million yuan in 2027, reflecting a strong growth trajectory [4] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 1.194 billion yuan, a 7.67% increase year-on-year, and a net profit of 219 million yuan, a 14.67% increase year-on-year. The gross margin was 27.10%, up 1.87 percentage points year-on-year [1][2] - In Q2 2025, the company achieved revenue of 591 million yuan, a 2.32% increase year-on-year, and a net profit of 117 million yuan, a 13.72% increase year-on-year [1][2] Business Growth - The company’s specialty surfactant production volume reached 93,300 tons in H1 2025, up 10.25% year-on-year, with sales volume of 94,300 tons, up 11.96% year-on-year. The strategic emerging segment saw sales of 28,300 tons, a 28.28% increase year-on-year [2] - The company is actively expanding its production capacity, with the Kaimeike factory expected to have a total approved capacity of 330,000 tons per year, with the first phase of 168,500 tons expected to begin trial production in the first half of 2026 [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 487 million yuan in 2025, 588 million yuan in 2026, and 696 million yuan in 2027, with corresponding EPS of 0.83 yuan, 1.00 yuan, and 1.18 yuan respectively. The current price corresponds to PE ratios of 18.94, 15.67, and 13.25 for the respective years [4]