KBC(SH:688598) Changjiang Securities·2025-09-09 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved revenue of 411 million yuan, representing a year-on-year growth of 19.69%. However, the net profit attributable to the parent company was -168 million yuan. In Q2 2025, revenue reached 251 million yuan, showing a year-on-year increase of 77.94% and a quarter-on-quarter growth of 57.31%, with a net profit of -82 million yuan [2][5]. - The company is focusing on advanced carbon-based materials, particularly in the lithium battery and transportation sectors, which have seen a revenue increase of 305.35% year-on-year. Despite a decrease in revenue from the photovoltaic sector and lower operating rates, the company is implementing measures to improve quality, reduce costs, and enhance efficiency [11]. - The company maintains a high level of R&D investment, with R&D expenses in Q2 2025 amounting to 34 million yuan, representing a R&D expense ratio of 13.68%. Other expenses such as sales, management, and financial costs have decreased, indicating strong cost control capabilities [11]. Summary by Sections Financial Performance - For H1 2025, the company reported total revenue of 411 million yuan, with a net loss of 168 million yuan. Q2 2025 revenue was 251 million yuan, with a net loss of 82 million yuan [2][5]. - The company anticipates revenue growth to 863 million yuan in 2025E, with a projected net profit of -247 million yuan, improving to a profit of 123 million yuan by 2026E [17]. Business Segments - In the photovoltaic and semiconductor sectors, the company is adjusting its customer cooperation strategy and optimizing its customer structure. In the transportation sector, it is expanding the carbon-ceramic brake market and has recently secured a key development notification from a well-known hydrogen fuel cell system manufacturer [11]. - The company has established good relationships with leading silicon-carbon enterprises in the lithium battery sector, providing customized porous carbon product solutions [11]. Future Outlook - The company plans to continue its R&D efforts, focusing on new products and technologies, particularly in carbon-ceramic brake discs and lithium battery thermal components. The ongoing recovery in the photovoltaic sector is expected to improve industry pricing and profitability [11].