Workflow
新开源(300109):2025年中报点评:Q2 业绩同环比下降,看好长期成长性

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6][13] Core Views - The company's Q2 2025 performance showed a decline both year-on-year and quarter-on-quarter, but the PVP application range is extensive, and the medical sector is showing signs of recovery [2][13] - The report projects a decrease in EPS for 2025 and 2026 to 0.70 and 0.82 CNY respectively, with a new EPS estimate for 2027 at 1.02 CNY [13] - The target price is set at 23.10 CNY based on a 33x PE valuation for 2025 [13] Financial Summary - Total revenue for 2023 is projected at 1,583 million CNY, with a slight increase to 1,606 million CNY in 2024, followed by a decrease to 1,520 million CNY in 2025 [4][14] - Net profit attributable to the parent company is expected to decline from 493 million CNY in 2023 to 350 million CNY in 2024, and further to 342 million CNY in 2025 [4][14] - The company’s gross margin and net margin for Q2 2025 were reported at 41.86% and 18.2% respectively, showing a decline from Q1 2025 [13] Market Data - The company's current price is 17.89 CNY, with a 52-week price range of 11.95 to 19.87 CNY [6][7] - The total market capitalization is approximately 8,695 million CNY [7] Industry Insights - PVP is widely used across various sectors including pharmaceuticals, food industry, and electronics, with applications enhancing battery performance and electronic skin sensitivity [13] - The report indicates a stabilization in PVP prices after a significant drop in H1 2025, which had previously impacted revenue and margins [13]