福莱新材（605488）：标签材料拉动营收增长，柔性传感器多维突破

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company achieved total operating revenue of 1.334 billion yuan in the first half of 2025, representing a year-on-year increase of 15.40%. However, the net profit attributable to shareholders decreased by 19.58% to 51 million yuan [5] - The label materials segment continues to be a growth driver, with revenue of 419 million yuan, up 28.42% year-on-year, benefiting from overseas market expansion and product optimization [5] - The flexible sensor segment has made significant progress, with the establishment of a pilot production line and the launch of first and second-generation tactile sensor products [6] - Strategic partnerships with Tom Cat and Fenda Technology aim to develop AI companion robots, tapping into a growing market driven by demographic changes [8] Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 731 million yuan, a year-on-year increase of 22.42% and a quarter-on-quarter increase of 21.28%. The net profit for the same quarter was 16 million yuan, down 52.51% year-on-year and 53.98% quarter-on-quarter [4][5] Business Strategy - The company is advancing its "industrial integration and application diversification" strategy, which has led to reduced product costs and improved delivery stability [5] - The traditional advertising inkjet printing materials segment generated revenue of 623 million yuan, a year-on-year increase of 3.27%, although it faced margin pressure due to increased competition [5] Growth Opportunities - The flexible sensor business is expanding into high-growth application areas such as robotics and industrial inspection, with a focus on developing flexible electronic skin technology [6] - The emotional robot market is poised for growth, with government subsidies potentially lowering prices and increasing accessibility [8] Profit Forecast - The company is projected to achieve net profits of 123 million yuan, 156 million yuan, and 219 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 76.8, 60.7, and 43.3 [9][11]