Valiant(SZ:002643) Guohai Securities·2025-09-08 13:35Investment Rating - The report maintains a "Buy" rating for the company [1][10][11] Core Views - The company is experiencing a gradual production ramp-up of high-end new materials, which is expected to drive long-term growth [4][7] - In the first half of 2025, the company's net profit attributable to shareholders increased by 1.35% year-on-year, despite a slight decline in overall revenue [5][10] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 1.87 billion yuan, a decrease of 4.42% year-on-year [5] - The functional materials segment generated revenue of 1.469 billion yuan, down 9.55% year-on-year, with a gross margin of 38.68% [5] - The life sciences and pharmaceutical products segment saw revenue of 376 million yuan, an increase of 20.80% year-on-year, with a gross margin of 38.56% [5] - The company's net profit for the first half of 2025 was 218 million yuan, reflecting a year-on-year increase of 1.35% [5] - The second quarter of 2025 showed a revenue of 1.009 billion yuan, a year-on-year decrease of 0.95% but an increase of 17.12% quarter-on-quarter [6] Growth and Investment Outlook - The company is investing 287 million yuan to expand its production capacity for photoresists and polyimide used in displays, with a total capacity increase of 1,451 tons [7] - The company has initiated trial production in its semiconductor materials project, with other production lines progressing as planned [7] - Revenue projections for 2025 to 2027 are estimated at 4.084 billion yuan, 4.760 billion yuan, and 5.328 billion yuan respectively, with corresponding net profits of 448 million yuan, 538 million yuan, and 610 million yuan [10][11]