悦安新材（688786）：规模效应初步显现，盈利能力明显改善

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][18]. Core Views - The company has shown initial signs of scale effects, leading to a significant improvement in profitability. The H1 2025 revenue was CNY 203 million, a year-on-year decrease of 0.8%, while the net profit attributable to the parent company was CNY 38 million, an increase of 3.5% year-on-year [1][4]. Revenue Summary - In H1 2025, the company achieved revenue of CNY 203 million, with the following breakdown: carbonyl iron powder (CNY 61 million, +4.1% YoY), atomized alloy powder (CNY 16 million, -35.6% YoY), soft magnetic powder (CNY 84 million, +15.1% YoY), and MIM feedstock (CNY 36 million, -7.5% YoY). The decline in atomized alloy powder and MIM feedstock revenue was attributed to intense industry competition and price pressures [2][4]. Profitability Summary - The gross margin for H1 2025 was 38.0%, an increase of 3.25 percentage points year-on-year. The net profit margin was 18.6%, up 0.82 percentage points year-on-year. The improvement in profitability was mainly due to cost optimization and the initial realization of scale effects [3][4]. Capacity Expansion - The company’s IPO fundraising project for carbonyl iron powder is expected to reach a usable state by Q3 2023, with production capacity set to double from 5,500 tons to 11,500 tons. This expansion is anticipated to alleviate capacity bottlenecks and enhance product structure optimization [4][6]. Financial Forecast - The projected net profit attributable to the parent company for 2025-2027 is CNY 80 million, CNY 125 million, and CNY 163 million, respectively. The corresponding price-to-earnings ratios are 52, 33, and 26 times [4][6].