TFE(SH:600237) 光大证券研究·2025-09-13 00:06Core Viewpoint - The company has demonstrated robust revenue growth and significant improvement in profitability in the first half of 2025, indicating a positive outlook for its financial performance [2]. Financial Performance - In H1 2025, the company achieved operating revenue of 728 million yuan, a year-on-year increase of 13.88% - The net profit attributable to shareholders reached 58 million yuan, up 25.54% year-on-year - The net profit excluding non-recurring items was 52 million yuan, reflecting a year-on-year growth of 22.51% - The gross margin stood at 26.16%, an increase of 1.63 percentage points year-on-year [2]. Quarterly Performance - In Q2 2025, the company reported operating revenue of 363 million yuan, a year-on-year increase of 11.17% - The net profit attributable to shareholders was 31 million yuan, marking a year-on-year increase of 39.60% and a quarter-on-quarter increase of 14.82% - The net profit excluding non-recurring items was 28 million yuan, up 47.09% year-on-year and 14.74% quarter-on-quarter - The gross margin for Q2 was 29.10%, an increase of 3.34 percentage points year-on-year [2]. Product Performance - In H1 2025, revenue from electronic-grade film materials was 294 million yuan, a year-on-year increase of 15.47%, with a gross margin of 30.17%, up 2.15 percentage points - Capacitors generated revenue of 348 million yuan, reflecting a year-on-year increase of 12.56%, with a gross margin of 23.14%, up 0.16 percentage points - Connectors achieved revenue of 30 million yuan, a year-on-year increase of 9.09%, with a gross margin of 38.08%, up 13.88 percentage points [3]. Industry Position - The company is a well-established manufacturer of film capacitors and materials, possessing integrated supply chain advantages - It has a unique position in the industry with capabilities in both film and capacitor products, covering a wide range of applications including home appliances, communications, power grids, rail transportation, industrial control, and renewable energy [4]. Market Outlook - The market for ultra-thin film materials in the renewable energy sector is expected to grow, driven by technological advancements and national policies - The demand for film capacitors, as a core component, is anticipated to boost the film market's continuous growth - The industry is likely to see new market increments with the maturation of composite current collector application technologies [5].