中材科技（002080）：持续加码布局特种电子布，粗纱价格望修复

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][23]. Core Insights - The company has significantly improved its performance, with a 29.1% year-on-year increase in revenue for the first three quarters of 2025, reaching 21.7 billion yuan, and a 143.2% increase in net profit attributable to shareholders, amounting to 1.48 billion yuan [6][7]. - The demand for specialty electronic fabrics is expected to grow, with the company planning to raise up to 4.48 billion yuan for projects aimed at increasing production capacity [7]. - The company is benefiting from industry self-regulation efforts to combat "involution" in the glass fiber sector, which is anticipated to lead to price recovery and improved profit margins [7]. Financial Performance Summary - For 2023A, the company reported a revenue of 25,889 million yuan, with a projected revenue of 30,214 million yuan for 2025E, reflecting a 26% year-on-year growth [4]. - The net profit attributable to shareholders is forecasted to increase from 892 million yuan in 2024A to 2,039 million yuan in 2025E, representing a 129% growth [4]. - The earnings per share (EPS) is expected to rise from 0.53 yuan in 2024A to 1.22 yuan in 2025E [4]. Industry Outlook - The wind power sector is experiencing robust growth, with a 22.1% year-on-year increase in installed capacity as of August 2025, which is expected to positively impact the company's blade business [7]. - The company is also advancing in the lithium battery separator market, with a 43% year-on-year increase in domestic separator material shipments, indicating strong demand [7]. - The report highlights the company's strategic focus on cost reduction and technological advancements in its separator business, which is expected to enhance its competitive position in the long term [7].