新宙邦（300037）：业绩同比稳步增长，有机氟化学品带来长期增长

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company reported a steady year-on-year growth in performance, with a revenue of 4.25 billion yuan in the first half of 2025, representing an 18.6% increase year-on-year. The net profit attributable to shareholders was 480 million yuan, up 16.4% year-on-year, and the net profit after deducting non-recurring gains and losses was 470 million yuan, reflecting an 8.2% increase year-on-year [2][6] - The organic fluorine chemical segment is expected to drive long-term growth, with a revenue of 720 million yuan in the first half of 2025, showing a 1.4% year-on-year increase and a gross margin of 62.8%. The electronic information chemicals segment achieved a revenue of 680 million yuan, up 25.2% year-on-year, with a gross margin of 47.8% [12][12] - The company has implemented a global and integrated supply chain layout for battery chemicals, with 10 global production bases established by June 2025, enhancing customer stickiness and providing a solid foundation for stable development [12][12] - The company has launched a stock incentive plan for 2025, with performance targets set for net profits of 1.1 billion, 1.4 billion, and 1.8 billion yuan for the years 2025 to 2027 [12][12] - The company is expected to achieve net profits of 1.2 billion, 1.46 billion, and 1.86 billion yuan from 2025 to 2027, indicating a strong growth trajectory [12][12] Financial Summary - In the second quarter of 2025, the company achieved a revenue of 2.25 billion yuan, a year-on-year increase of 8.6% and a quarter-on-quarter increase of 12.2%. The net profit attributable to shareholders was 250 million yuan, up 1.3% year-on-year and 10.5% quarter-on-quarter [2][6] - The gross margin for Q2 2025 was 25.5%, a decrease of 2.9 percentage points year-on-year but an increase of 0.9 percentage points quarter-on-quarter. The net profit margin was 11.7%, down 0.7 percentage points year-on-year but up 0.1 percentage points quarter-on-quarter [12][12] - The company’s total revenue is projected to reach 9.21 billion yuan in 2025, with a gross profit of 2.40 billion yuan, maintaining a gross margin of 26% [17]