Longhua Technology(SZ:300263) 光大证券研究·2025-09-07 23:07Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue growth and a positive shift in cash flow, indicating a robust operational capacity and potential for future expansion [4]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.515 billion yuan, representing a year-on-year growth of 23.95% [4]. - The net profit attributable to the parent company was 112 million yuan, with a year-on-year increase of 5.83% [4]. - The net cash flow from operating activities turned positive, amounting to 99 million yuan, a significant improvement from the previous year [4]. Group 2: Business Segments - The company operates in three main business segments: electronic new materials, polymer composite materials, and energy-saving environmental protection products and services [5]. - The energy-saving and environmental protection segment saw stable revenue growth, with income from energy-saving heat exchange equipment reaching 543 million yuan, up 11.90% year-on-year, although the gross margin slightly declined to 22.06% [5]. - The water treatment business experienced a substantial revenue increase of 41.56%, achieving 228 million yuan, but the gross margin decreased to 15.33% [5]. - The electronic new materials segment, particularly the target materials and ultra-high temperature special materials, generated 408 million yuan in revenue, a 49.44% increase year-on-year, with a gross margin of 22.22% [5]. - The target materials business made significant breakthroughs in overseas markets, with two product models passing quality audits by Samsung in South Korea, leading to bulk supply [5]. Group 3: Subsidiary Development - The subsidiary Zhaoheng Technology reported a revenue of 62 million yuan and a net profit of 30 million yuan, achieving a net profit margin of 48.39% [6]. - Zhaoheng Technology is implementing a "one body, two wings" strategy, focusing on core products like PMI foam materials while expanding into aerospace, military, and civilian markets [6]. - The company aims to develop stealth materials and carbon fiber composite materials, with the EPMI project recognized as "internationally advanced," indicating strong future growth potential [6].