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晶瑞电材(300655):高纯湿化学品量利齐升,光刻胶业务稳健发展,Q2业绩符合预期

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 768 million yuan for H1 2025, showing a year-on-year growth of 11%, and a net profit of 70 million yuan, a significant recovery from losses in the same period last year [6] - The high-purity wet chemicals segment has seen a substantial increase in both volume and profit, while the photoresist business is developing steadily, benefiting from domestic substitution [6] - The company has established four production bases to enhance its capacity and aims to build an international-level electronic materials enterprise [6] Financial Data and Profit Forecast - Total revenue projections are as follows: 1,614 million yuan for 2025, 1,811 million yuan for 2026, and 2,045 million yuan for 2027, with respective growth rates of 12.5%, 12.2%, and 13.0% [2] - The net profit forecast for 2025 is adjusted to 129 million yuan, with further projections of 154 million yuan for 2026 and 190 million yuan for 2027 [6] - The gross margin is expected to improve from 25.3% in 2025 to 27.1% in 2027 [2] Market Data - As of August 25, 2025, the closing price of the stock was 11.80 yuan, with a market capitalization of 11,771 million yuan [3] - The stock has a price-to-earnings ratio of 97 for 2025, decreasing to 66 by 2027 [2]