善水科技（301190）：25Q2业绩同环比增长，布局新材料注入新机遇

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5] Core Views - The company, Shanshui Technology, is engaged in the research, production, and sales of dye intermediates and pesticide and pharmaceutical intermediates, with a recent stock incentive plan indicating a clear growth path for the next three years [1][2] - The company has shown significant revenue growth, with a 23.08% year-on-year increase in H1 2025, achieving revenue of 305 million yuan, and a notable 38.9% quarter-on-quarter increase in Q2 2025 [2] - The company is expanding into new materials, with a planned investment of approximately 6 billion yuan in a new chemical materials project, expected to generate an annual output value of 8 billion yuan upon completion [3] Financial Summary - For H1 2025, the company reported a revenue of 305 million yuan, with a gross margin of 29.35% and a net profit of 48 million yuan [2] - The projected net profits for 2025-2027 are 130 million yuan, 300 million yuan, and 360 million yuan, respectively, with corresponding price-to-earnings ratios of 51X, 22X, and 18X [3] - The company anticipates a significant increase in revenue, with projections of 608 million yuan in 2025, 1.583 billion yuan in 2026, and 1.868 billion yuan in 2027, reflecting growth rates of 20.44%, 160.49%, and 17.97% respectively [4][11]