华旺科技（605377）：25H1盈利短期承压，静待经营改善与需求回暖

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 11.90 CNY, maintaining the rating [3][9]. Core Views - The company is experiencing short-term pressure on profitability, with expectations for operational improvement and demand recovery in the future [2][3]. - The company has a strong position in the mid-to-high-end market for decorative paper, with significant advantages in product quality, cost control, and customer resources, indicating potential for market share growth and long-term growth prospects [2][3]. - The company has made positive progress in response to the EU anti-dumping investigation, with a reduction in the anti-dumping tax rate from 34.9% to 26.4%, which is expected to have a limited impact on sales in Europe [2][3]. Financial Performance Summary - In H1 2025, the company achieved revenue of 1.627 billion CNY, a year-on-year decrease of 16.43%, and a net profit of 156 million CNY, down 48.47% year-on-year [1][3]. - The gross margin for H1 2025 was 12.99%, a decline of 5.66 percentage points year-on-year, with Q2 2025 gross margin at 12.24%, down 4.96 percentage points year-on-year [3][9]. - The company’s net profit margin for H1 2025 was 9.57%, a decrease of 5.95 percentage points year-on-year [9]. Revenue and Profit Forecast - The company is projected to achieve revenues of 4.038 billion CNY, 4.360 billion CNY, and 4.753 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.16%, 7.95%, and 9.02% [9][11]. - The forecasted net profit for 2025 is 425 million CNY, with a year-on-year decline of 9.44%, followed by growth of 13.40% and 13.45% in 2026 and 2027 respectively [9][11].