新瀚新材分析师会议-20250826

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - In the first half of 2025, the company achieved an operating income of 229 million yuan, a year - on - year increase of 9.66%, and a net profit of 35.29 million yuan, a year - on - year increase of 20.40%. The company is optimistic about the development of the PEEK industry chain, and the market prospects of HAP and HDO in cosmetics raw materials are good. The company's product sales volume and gross profit margin have increased, mainly due to capacity improvement [24]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: New Han New Materials; Industry: Chemical raw materials; Reception time: August 26, 2025; Listed company reception personnel: Board Secretary Li Xiangfei, Securities Affairs Representative Ge Mingmin, and Financial Controller Wang Zhongyan [16]. 3.2 Detailed Research Institutions - Fund management companies: Harvest Fund (represented by Xu Heyang), Donghai Fund (represented by Zhang Yuantao), CITIC Prudential Fund (represented by Yao Sizhou), Jianxin Fund (represented by Wu Angda), Chunhou Fund (represented by Tian Wentian) [17]. - Investment companies: Shanghai Xishirun Investment (represented by Liu Chongli), Bissell (Shanghai) Investment (represented by Luo Hongyong), Shanghai Jisheng Investment (represented by Liu Qinglin) [17]. - Securities companies: Nanjing Securities (represented by Gu Shiyuan), Shenwan Hongyuan (represented by Li Shaocheng) [17]. - Others: Zhengyuan Private Fund (represented by Liu Jiasuo) [17]. 3.3 Main Content Data - 2025 Semi - annual Brief Analysis: The company's operating income in the first half of 2025 was 229 million yuan, a year - on - year increase of 9.66%, and the net profit was 35.29 million yuan, a year - on - year increase of 20.40%. The comprehensive gross profit margin and sales net profit margin improved for two consecutive quarters, reaching 27% and 15.41% respectively. The sales volume of the company's main products increased by about 30%, among which the sales volume of DFBP, HAP, and photoinitiators increased by about 25%, and the sales volume of medical and agricultural intermediates increased by more than 50% [24]. - Question and Answer Session: - DFBP sales growth reason: Due to the continuous exploration of new application fields of PEEK, the number of new customers of PEEK has increased in the past two years. The company has maintained stable cooperation with old customers, and the orders of individual new customers have also increased [24]. - PEEK industry prospects: PEEK has excellent comprehensive performance, and its new attempts in fields such as aerospace, human implants, high - end manufacturing, low - altitude aircraft, and robots have added new growth momentum to the market. The company is optimistic about the development of the PEEK industry chain [24][25]. - Market prospects of HAP and HDO in 2025: The company's HAP product is mainly used in high - end creams and masks of well - known brands, and the use cases of some new cosmetic categories and new domestic and foreign brands are increasing. The HDO product can be directly used as a cosmetic raw material, with good moisturizing and bactericidal effects, and is used as a new type of preservative additive similar to HAP, targeting the same customer group as HAP [25]. - Reason for the increase in the sales volume of pharmaceutical intermediates in the first half of 2025: After the new workshop of the 8,000 - ton project was put into production, the company's production capacity was sufficient to support the development of new customers and markets for this type of product [26]. - Factors for the recovery of the company's product gross profit margin in the first half of the year: The main reason is the stable increase in the company's capacity utilization rate, and the fixed cost per unit product has decreased [26].