濮阳惠成（300481）：公司点评报告：顺酐酸酐衍生物量增价减，上半年公司业绩承压

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [21]. Core Viewpoints - The company experienced a slight increase in revenue but faced significant pressure on profitability due to a notable decline in the gross margin of its main product, maleic anhydride derivatives [9][11]. - The company reported a revenue of 721 million yuan for the first half of 2025, a year-on-year increase of 0.36%, while the net profit attributable to shareholders decreased by 37.22% to 71 million yuan [6][11]. - The company is a leading producer of maleic anhydride derivatives, benefiting from increasing demand in various sectors, including wind energy and electronic components [11]. Summary by Sections Financial Performance - The company achieved a revenue of 721 million yuan in H1 2025, with a 0.36% year-on-year growth. The sales volume of maleic anhydride derivatives reached 42,000 tons, up 9.87% year-on-year, generating 534 million yuan in revenue, a 3.74% increase. However, the average selling price decreased by 5.69% to 11,557.73 yuan per ton, leading to a gross margin of 15.97%, down 4.48 percentage points from the previous year [6][9]. - The overall gross margin for the company was 18.89%, a decrease of 4.21 percentage points year-on-year, reflecting weakened profitability [9][11]. Cost and Expenses - The increase in operating costs significantly impacted the gross margin of maleic anhydride derivatives, which saw a cost increase of 9.58% year-on-year, totaling 449 million yuan [9]. - The company experienced an increase in expense ratios, with total selling, administrative, financial, and R&D expenses rising, leading to a combined expense ratio of 8.29%, an increase of 2.38 percentage points year-on-year [9][11]. Production Capacity and R&D - The company is expanding its production capacity, with a new facility set to begin operations in December 2024, increasing annual production capacity to 143,700 tons [11]. - The company is recognized as a national high-tech enterprise, holding 112 authorized patents, and has increased its R&D investment by 12.79% year-on-year to 41.98 million yuan in H1 2025 [11]. Future Outlook - The report projects revenues of 1.474 billion yuan, 1.557 billion yuan, and 1.657 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to be 169 million yuan, 180 million yuan, and 193 million yuan for the same years [11][12].