AT&M(SZ:000969) Tianfeng Securities·2025-09-09 02:46Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company's core industries remain resilient, with strong growth in high-end powder business despite a slight decline in overall revenue [1][2]. - The company has optimized its product structure and accelerated new product promotion, achieving significant growth in high-end medical equipment and semiconductor fields [2]. - The company has successfully completed key projects, maintaining its leading position in the refractory tungsten and molybdenum metal products industry [2]. Financial Performance - In H1 2025, the company achieved revenue of 3.715 billion yuan, a year-over-year decrease of 5.3%, and a net profit of 187 million yuan, down 33.2% year-over-year [1]. - The second quarter of 2025 saw revenue of 1.933 billion yuan, a decrease of 4.8% year-over-year but an increase of 8.4% quarter-over-quarter [1]. - The company’s net profit for Q2 2025 was 105 million yuan, down 48.1% year-over-year but up 26.8% quarter-over-quarter [1]. Segment Performance - The refractory tungsten and molybdenum business faced pressure due to overseas market fluctuations and rising raw material prices, but new contract signings increased significantly [2]. - The magnetic materials segment saw new contract amounts of 916 million yuan, a year-over-year increase of 9.9%, despite a revenue decline of 6.4% [3]. - The high-end powder segment continues to break through, with a new project partially in production, solidifying the company's position in the metal soft magnetic powder field [4]. Profit Forecast - The company’s profit forecast has been slightly adjusted upwards, with expected net profits for 2025-2027 at 353 million, 375 million, and 397 million yuan respectively, corresponding to P/E ratios of 41.7, 39.3, and 37.1 [4].