EMT(SH:601208) KAIYUAN SECURITIES·2025-08-28 07:34Investment Rating - The investment rating for Dongcai Technology is "Buy" (maintained) [1][4][15] Core Views - The company reported a Q2 performance improvement, with orderly ramp-up in polypropylene films, optical film materials, and high-speed electronic resins. The Q2 revenue reached 1.297 billion yuan, a year-on-year increase of 7.9% and a quarter-on-quarter increase of 14.3% [4][5] - The company achieved a total revenue of 2.431 billion yuan in the first half of 2025, representing a year-on-year growth of 14.6%. The net profit attributable to shareholders was 190 million yuan, up 19.1% year-on-year, while the non-recurring net profit was 159 million yuan, a significant increase of 45.3% year-on-year [4][5] - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 406 million, 513 million, and 616 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.41, 0.52, and 0.62 yuan per share [4][5] Financial Summary - For the first half of 2025, the revenue from various segments was as follows: electrical insulation materials 222 million yuan (+0.4% YoY), new energy materials 663 million yuan (-7.5% YoY), optical film materials 638 million yuan (+25.1% YoY), electronic materials 688 million yuan (+28.6% YoY), and environmental flame retardant materials 74 million yuan (-5.1% YoY) [5][9] - The company’s gross margin and net margin for the first half of 2025 were 16.49% and 7.46%, respectively, reflecting year-on-year increases of 1.84 and 0.39 percentage points [5][11] - The total market capitalization of Dongcai Technology is 17.543 billion yuan, with a current stock price of 17.64 yuan [2][4]