CHENGZHI(SZ:000990) 光大证券研究·2025-07-15 13:10Core Viewpoint - The company is facing significant challenges in its 2025 H1 performance, primarily due to a substantial decline in net profit and operational pressures from tax payments and weak downstream demand in the clean energy sector [2][3]. Financial Performance - The company expects a net profit of 15 million to 22 million yuan for 2025 H1, representing a year-on-year decline of 88.24% to 91.98%. The expected non-recurring net profit is projected to be between 25 million and 35 million yuan, down 79.39% to 85.28% year-on-year [2]. - The impact of tax payments from a subsidiary, totaling 166 million yuan, is expected to reduce the company's net profit by approximately 132 million yuan for the year [3]. Business Segments - The clean energy business is experiencing a significant downturn due to declining sales prices and gross margins for key products like octanol, exacerbated by weak demand in the bulk chemical industry [3]. - In contrast, the semiconductor display materials segment is witnessing continuous growth, with record production and sales, particularly in liquid crystal products. The revenue CAGR for this segment from 2020 to 2024 is projected at 12.2%, with a gross profit CAGR of 17.1% [4]. - The company is focusing on enhancing its competitive edge through technological innovation in TFT mixed liquid crystal materials, with a strong emphasis on patent acquisition and R&D [4].