BAMC(SH:601137) Shanxi Securities·2025-09-16 11:02Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong potential for price appreciation over the next 6-12 months [6]. Core Insights - The company reported a revenue of 10.22 billion yuan for the first half of 2025, reflecting a year-on-year increase of 15.2%, with a net profit of 680 million yuan, up 6.0% year-on-year [3][4]. - The new materials segment showed significant growth, with revenue reaching 7.93 billion yuan, a 23.8% increase year-on-year, driven by demand from the electric vehicle, semiconductor, and AI sectors [4]. - The renewable energy segment faced challenges, with revenue declining by 10.1% to 2.17 billion yuan, although solar module sales increased by 4.5% year-on-year [5]. Financial Performance - The company achieved a basic earnings per share (EPS) of 0.83 yuan for the first half of 2025, with a net asset return rate of 7.84% [2]. - Forecasted EPS for 2025-2027 are 1.82, 1.94, and 2.38 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 13.5, 12.7, and 10.3 [6][9]. - The projected revenue for 2025 is 22.38 billion yuan, with a year-on-year growth of 20.0% [9]. Market Performance - As of September 16, 2025, the company's closing price was 24.21 yuan, with a year-to-date high of 28.51 yuan and a low of 13.28 yuan [2]. - The circulating A-shares account for 8.12 billion yuan of the total market capitalization of 19.69 billion yuan [2].