Investment Rating - The report maintains an "Accumulate" investment rating for the company [3][7]. Core Views - The company achieved a total revenue of 567 million yuan in the first half of 2025, representing a year-on-year increase of 20.40%. However, the net profit attributable to shareholders decreased by 64.57% year-on-year to 8.14 million yuan due to market conditions and increased competition [1][7]. - The electronic wet chemical segment generated revenue of 434.15 million yuan, up 25.57% year-on-year, while the electronic specialty gases and precursors segment saw revenue of 120.42 million yuan, a 10.49% increase year-on-year [7]. - The company is focusing on R&D, with R&D expenses amounting to 40.60 million yuan, which is 7.17% of total revenue, reflecting a 38.70% increase year-on-year [7]. - The company is expected to achieve revenues of 1.29 billion yuan, 1.62 billion yuan, and 1.95 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 26%, 25%, and 20% [7][8]. Financial Data and Valuation - The company’s total revenue is projected to grow from 894 million yuan in 2023 to 1.95 billion yuan in 2027, with corresponding year-on-year growth rates of 12%, 15%, 26%, 25%, and 20% [2][10]. - The net profit attributable to shareholders is expected to increase from 14 million yuan in 2023 to 24 million yuan in 2027, with growth rates of 30%, -27%, 21%, 53%, and 31% respectively [8][11]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 1100.2, 718.1, and 548.1 respectively, indicating a valuation above the industry average [7][11]. Stock Performance - The company's stock has shown a 14% absolute performance over the past month, a -1% performance over six months, and a 58% performance over the past year [5].
中巨芯（688549）：产销并进拓疆土，二季度环比扭亏为盈