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晶瑞电材(300655):公司信息更新报告:2025H1高纯化学品规模放量,盈利能力提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance significantly improved in H1 2025, with revenue reaching 768 million yuan, a year-on-year increase of 10.68%. The net profit attributable to the parent company was 70 million yuan, marking a turnaround from losses [4][5] - The gross margin for H1 2025 was 24.47%, up 6.01 percentage points year-on-year, while the net margin was 12.56%, an increase of 14.60 percentage points year-on-year [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 123 million yuan, 156 million yuan, and 192 million yuan respectively, reflecting an upward revision from previous estimates [4] Financial Performance Summary - In H1 2025, the company achieved revenue of 451 million yuan from high-purity wet chemicals, 106 million yuan from photoresists, 105 million yuan from lithium battery materials, 74 million yuan from chemical industry, and 31 million yuan from energy, with year-on-year growth rates of +22.49%, +12.36%, -15.71%, +1.07%, and -2.98% respectively [5] - The sales volume of high-purity hydrogen peroxide increased by over 55% year-on-year, while the sales of high-purity isopropanol and other chemicals also saw significant growth [5] - The report highlights the company's successful supply to over twenty leading domestic chip manufacturers, achieving domestic technology leadership and significant market share [5] Financial Forecasts - Revenue forecasts for 2025-2027 are set at 1.678 billion yuan, 1.962 billion yuan, and 2.250 billion yuan, with year-on-year growth rates of 16.9%, 16.9%, and 14.7% respectively [6] - The projected net profit for 2025-2027 is 123 million yuan, 156 million yuan, and 192 million yuan, with corresponding P/E ratios of 100.2, 79.3, and 64.1 [6]