Putailai(SH:603659) Changjiang Securities·2025-09-15 13:14Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 7.088 billion yuan for the first half of 2025, representing a year-on-year increase of 11.95%. The net profit attributable to shareholders was 1.055 billion yuan, up 23.03%, and the net profit excluding non-recurring items was 999.2 million yuan, an increase of 29.17% [2][4] - In Q2 2025, the company achieved a revenue of 3.873 billion yuan, a year-on-year growth of 17.46%, with a net profit of 568 million yuan, up 37.44%, and a net profit excluding non-recurring items of 518 million yuan, reflecting a growth of 48.32% [2][4] - The company’s separator coating sales reached 4.773 billion square meters, a year-on-year increase of 63.85%, while the sales of base film reached 528 million square meters, showing significant growth. The sales of PVDF and PAA also saw substantial increases of 68.19% and 153.1% respectively [10] - The company is expanding into new business areas, including solid-state battery equipment and materials for robotics and chip manufacturing, which are expected to contribute positively to future growth [10] Financial Performance - The company’s total revenue is projected to reach 13.448 billion yuan in 2027, with a gross profit margin expected to improve from 27% in 2024 to 31% in 2027 [14] - The net profit attributable to shareholders is forecasted to grow from 2.287 billion yuan in 2025 to 3.921 billion yuan in 2027, indicating a strong upward trend in profitability [14] - The company’s R&D expenses have significantly increased, reaching 226 million yuan in Q2 2025, reflecting a commitment to innovation and product development [10]