Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][18]. Core Views - The company is experiencing steady growth in its performance, with the high-voltage conductive carbon black project expected to gradually ramp up production [2][10]. - Revenue for the first half of 2025 reached 1.213 billion yuan, a year-on-year increase of 14.12%, while net profit attributable to the parent company was 157 million yuan, up 27.64% year-on-year [1][2]. Financial Performance Summary - Revenue Growth: The company forecasts revenues of 2.993 billion yuan in 2025, representing a year-on-year growth of 32.1% [1][10]. - Net Profit: The net profit attributable to the parent company is projected to be 352 million yuan in 2025, with a growth rate of 29.3% [1][10]. - Earnings Per Share (EPS): The EPS is expected to reach 1.74 yuan in 2025, reflecting a significant increase [1][10]. - Return on Equity (ROE): The ROE is anticipated to improve to 16.3% by 2025 [1][10]. Product and Market Insights - The carbon black segment has shown good revenue growth, attributed to the gradual ramp-up of the conductive carbon black project, despite slight pressure on overall profitability due to declining prices of regular carbon black products [2][9]. - The average price of carbon black in the first half of 2025 was 8,062.76 yuan per ton, a decrease of 15.72% year-on-year [2]. Cost and Cash Flow Analysis - Sales expenses increased by 15.91% year-on-year, with a sales expense ratio of 0.72% [3]. - Operating cash flow for the first half of 2025 was 196 million yuan, a significant increase of 107.67% year-on-year [3]. Future Outlook - The company plans to invest 392 million yuan in the second phase of its high-voltage conductive carbon black project, aiming for an annual production capacity of 100,000 tons [9][10]. - The report expresses optimism regarding the company's continued investment in high-voltage conductive carbon black, which is expected to stabilize overall profitability and open new revenue growth avenues [10].
联科科技（001207）：公司1H25业绩稳步增长，高压导电屏蔽炭黑有望逐步放量