苏博特（603916）：Q2利润率延续改善，功能性材料保持高增

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [6]. Core Views - The company has shown a continuous improvement in profit margins, with functional materials maintaining high growth rates. The revenue for the first half of 2025 reached 1.67 billion yuan, a year-on-year increase of 7.0%, and the net profit attributable to shareholders was 63 million yuan, up 18.7% year-on-year [1][4]. - The company is a leader in the water-reducing agent industry, with strong technical capabilities and high customer recognition. It is involved in numerous key engineering projects, which supports its revenue growth [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 990 million yuan, a slight increase of 0.7% year-on-year, and a net profit of 390 million yuan, up 20.9% year-on-year [1]. - The gross margin for the first half of 2025 was 34.7%, a slight decline of 0.1 percentage points year-on-year, while the net profit margin was 5.9%, down 0.5 percentage points year-on-year [3]. - The company’s revenue from high-performance water-reducing agents was 870 million yuan in the first half of 2025, a year-on-year increase of 6.3%, with a gross margin of 30.1% [2]. Revenue Breakdown - Functional materials generated revenue of 350 million yuan in the first half of 2025, reflecting a robust growth of 25.2% year-on-year, with a gross margin of 33.8% [2]. - Technical services revenue decreased by 7.6% year-on-year to 340 million yuan, with a gross margin of 53.9% [2]. Future Projections - The company is expected to achieve revenues of 3.8 billion yuan, 4.26 billion yuan, and 4.67 billion yuan for the years 2025, 2026, and 2027, respectively, with a projected net profit of 159 million yuan, 204 million yuan, and 245 million yuan for the same years [4][5]. - The anticipated growth rate for net profit over the next three years is 24.1%, with corresponding P/E ratios of 30X, 23X, and 19X [4].