NATA OPTO-ELECT(SZ:300346) EBSCN·2025-08-27 09:06Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company's revenue for the first half of 2025 reached 1.229 billion yuan, a year-on-year increase of 9.48%, with a net profit attributable to shareholders of 208 million yuan, up 16.30% year-on-year [1] - The company has successfully expanded its precursor materials business, achieving a revenue of 342 million yuan, a growth of 24.86% year-on-year, and a sales volume of 215.6 tons, an increase of 31.4% year-on-year [2] - The company plans to distribute a cash dividend of 1.8 yuan per 10 shares, resulting in a cash dividend payout ratio of 59.9% [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 602 million yuan, a decrease of 1.91% year-on-year and a decrease of 4.12% quarter-on-quarter, while the net profit for the quarter was 112 million yuan, an increase of 16.23% year-on-year and 17.47% quarter-on-quarter [1] - The company's gross margin for the precursor materials business improved to 50.4%, up 1.9 percentage points year-on-year [2] Business Segments - The specialty gas business generated a revenue of 749 million yuan in H1 2025, a year-on-year increase of 4.59%, with a sales volume of 5,854 tons, up 13.5% year-on-year [2] - New specialty gas products, such as ARC and boron trifluoride, capitalized on the growing demand in the IC segment, with revenue growth exceeding 60% [2] Profitability and Valuation - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 349 million, 438 million, and 535 million yuan, respectively [3] - The company is expected to maintain a steady growth trajectory, benefiting from the continued expansion of its precursor materials [3]