盛德鑫泰（300881）：季度业绩回落，产品结构有望进一步改善

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.49 billion yuan in the first half of 2025, representing a year-on-year growth of 13.20%, while the net profit attributable to shareholders decreased by 31.36% to 84.56 million yuan [1] - The second quarter of 2025 saw a significant decline in net profit, down 52.11% year-on-year and 28.85% quarter-on-quarter, but the gross margin is expected to improve due to product structure optimization and increased downstream investment in thermal power [1] - The company has increased its high-end product shipments, with a notable rise in the sales volume of metal products by 11.35% year-on-year, and the total delivery of stainless steel reaching over 20,000 tons [2] - The company is expanding into the automotive parts industry, acquiring a 68% stake in Jiangsu Ruimei Automotive Parts Co., which positions it to benefit from the growth in new energy vehicles [3] - The company is focused on seamless steel pipe manufacturing for energy use, with an expected increase in profitability as high-end product ratios rise, despite short-term performance pressures from declining stainless steel pipe margins [3] Financial Summary - The company’s projected revenues for 2025 to 2027 are 2.93 billion yuan, 3.06 billion yuan, and 3.20 billion yuan respectively, with corresponding net profits of 207 million yuan, 264 million yuan, and 320 million yuan [4] - The earnings per share (EPS) for 2025 is estimated at 1.88 yuan, with a price-to-earnings (P/E) ratio of 20.1 [4] - The company’s return on equity (ROE) is projected to be 17.9% in 2025, increasing to 21.9% by 2027 [4]