NBOND(SH:603238) Shenwan Hongyuan Securities·2025-08-27 09:14Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant increase in both revenue and profit for the first half of 2025, with revenue reaching 1.34 billion yuan, a year-on-year growth of 33.4%, and net profit attributable to shareholders at 65 million yuan, up 48.3% year-on-year [7][8] - The company is positioned as a leader in high-end differentiated spunlace non-woven materials, benefiting from a dual explosion in downstream personal care and new tobacco markets, leading to a maintained "Buy" rating [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2.725 billion yuan, with a year-on-year growth rate of 21.8% [6] - The net profit attributable to shareholders is forecasted to be 130 million yuan for 2025, reflecting a growth rate of 36.9% [6] - The company’s gross margin for the first half of 2025 was reported at 15.7%, an increase of 0.95 percentage points year-on-year [10] Business Segment Performance - The roll material segment contributed significantly to profit growth, with revenue of 390 million yuan in the first half of 2025, a year-on-year increase of 18.9% and a gross margin of 25.8% [7] - The product segment primarily contributed to revenue growth, achieving 930 million yuan in revenue, a year-on-year increase of 39.4% [7] Cash Flow and Financial Strength - The company reported a net operating cash flow of 260 million yuan for the first half of 2025, a year-on-year increase of 126%, indicating strong financial health [7] - The company has accumulated cash reserves of 745 million yuan, providing a solid foundation for future growth [7] Market Comparison - The company's stock price closed at 21.42 yuan, with a market capitalization of 3.802 billion yuan [2] - The stock has shown a significant performance compared to the market, with a one-year high of 21.70 yuan and a low of 8.77 yuan [2] Future Outlook - The company is expected to maintain a compound annual growth rate (CAGR) of 26% in net profit from 2025 to 2027, with projected profits of 1.3 billion yuan in 2025, 1.6 billion yuan in 2026, and 1.9 billion yuan in 2027 [7] - The report anticipates breakthroughs in the new tobacco fabric and proprietary brand business, reinforcing the positive outlook [7]