Changzhou Fusion New Material (SH:688503) Bank of China Securities·2025-09-08 05:26Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has seen a 40% year-on-year decline in net profit for the first half of 2025, with a revenue decrease of 4.87% [3][8] - Despite the decline, the company’s photovoltaic conductive paste shipments remain stable, and it is actively expanding into non-photovoltaic paste businesses to create a second growth curve [3][8] - The company is set to launch a new generation of copper paste products in Q3 2025, following multiple optimizations tailored to different technical routes and customer needs [8] Financial Summary - The company’s revenue projections for 2025-2027 are adjusted to RMB 14,192 million, RMB 14,940 million, and RMB 15,755 million respectively, with growth rates of 13.6%, 5.3%, and 5.5% [7] - The adjusted earnings per share (EPS) for 2025-2027 are projected at RMB 1.67, RMB 2.04, and RMB 2.63, reflecting a significant downward revision from previous estimates [5][7] - The company’s net profit for 2025 is expected to be RMB 403 million, a decrease of 3.5% compared to the previous year [7] Market Performance - The company's stock has shown strong performance with a 25.1% increase year-to-date and an 88.3% increase over the past 12 months, outperforming the Shanghai Composite Index [2]