Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a successful turnaround in performance, achieving a net profit of 1.36 billion yuan in the first half of 2025, compared to a loss of 2.018 billion yuan in the same period of 2024 [2][5]. - Revenue for the first half of 2025 was 83.28 billion yuan, a slight decrease of 0.2% year-on-year [2][5]. - The new materials segment showed promising growth, with revenue of 26.8 billion yuan, up 13.6% year-on-year, primarily driven by increased sales of fiberglass blades [6]. Summary by Sections Financial Performance - The company achieved a revenue of 83.28 billion yuan in 2025H1, a decrease of 0.2% compared to 2024H1. The net profit was 1.36 billion yuan, marking a significant increase of 167% year-on-year [2][5]. - The cement segment saw a total sales volume of 97.78 million tons, down 14% year-on-year, with an average selling price of 250 yuan per ton, which is an increase of 9 yuan per ton [7]. - The new materials segment reported fiberglass sales of 2.03 million tons, a growth of 1% year-on-year, with an average selling price of 4,547 yuan per ton, up 12.3% [7]. Segment Analysis - The new materials division contributed significantly to the company's performance, with a net profit contribution of 1.98 billion yuan [6]. - The engineering technology services segment generated revenue of 21.3 billion yuan, a year-on-year increase of 3.6%, with a net profit contribution of 700 million yuan [6]. - The basic building materials segment faced challenges, with revenue declining by 8.8% year-on-year, but the gross margin improved to 16.6% due to lower coal prices [10]. Future Outlook - The company expects earnings of 3.7 billion yuan and 4.7 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 11 and 8 [8]. - The company is undergoing a valuation restructuring, aiming to enhance its growth attributes and improve its profit margins as it optimizes its product structure [10].
中国建材（03323）：业绩成功扭亏，期待新材料中期更大贡献