Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in the first half of 2025 has declined significantly due to a slowdown in customer demand and intensified industry competition, with a year-on-year decrease of 79% in performance [2] - The company reported a total revenue of 321 million yuan in H1 2025, down 18.52% year-on-year, and a net profit attributable to shareholders of 7 million yuan, down 78.54% year-on-year [2] - The decline in performance is attributed to reduced customer orders and increased fixed costs from the production of a new subsidiary, leading to a decrease in gross margin [2][3] Revenue Breakdown - Revenue from modified engineering plastics, which accounts for nearly 60% of total revenue, has shown steady growth, while revenue from styrene and polyolefin businesses has declined [3] - Styrene products saw a revenue drop of 39.89% to 129 million yuan, with a gross margin decrease of 7.10 percentage points to 3.99% [3] - Revenue from modified engineering plastics increased by 43.94% to 189 million yuan, but the gross margin decreased by 6.15 percentage points to 16.26% due to falling sales prices [3] - Polyolefin revenue plummeted by 98.20%, with a gross margin decrease of 86.54 percentage points to -74.75% due to a significant reduction in high-margin orders [3] R&D and Production Capacity - The company is advancing its R&D in high-alcohol and stress-resistant PMMA and low-cost modified PCTG materials, with new projects breaking capacity constraints [4] - The company has accumulated a vast database of modified plastic technology formulas, enabling the development of high-performance materials tailored to various applications [4] - The new manufacturing base for high-performance modified plastics is expected to be operational in Q4 2024, adding 40,000 tons of capacity [4] Financial Forecasts - The profit forecasts for 2025 to 2027 have been adjusted to 25 million, 34 million, and 53 million yuan respectively, reflecting the impact of increased competition on profit margins [4] - The corresponding P/E ratios are projected to be 94, 69, and 44 times for the years 2025 to 2027 [4]
富恒新材（832469）：需求放缓及竞争加剧致业绩下滑，环保PCR材料逐步量产