阳谷华泰（300121）：助剂产销量稳步提升，Q2盈利能力企稳回升，波米收购

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company achieved a revenue of 1.72 billion yuan in H1 2025, reflecting a year-on-year growth of 2.1%, while the net profit attributable to shareholders was 127 million yuan, down 8.4% year-on-year [8] - The sales volume of rubber additives has steadily increased, with high-performance rubber additives revenue rising by 6% to 973 million yuan, benefiting from overall demand growth in the tire sector [8] - The company is progressing with the acquisition of Bomi Technology, which is expected to enhance its competitiveness in the electronic chemicals sector [8] Financial Summary - Total revenue projections for 2025 are estimated at 3.81 billion yuan, with a year-on-year growth rate of 11.1% [7] - The projected net profit for 2025 is approximately 249 million yuan, representing a year-on-year increase of 29.7% [7] - The company's gross margin is expected to stabilize around 18.7% for 2025, with a return on equity (ROE) projected at 6.9% [7]