【兴福电子（688545.SH）】湿电子化学品持续放量，有序推动产能扩建及平台化布局——2025年报点评（赵乃迪/周家诺）

Core Viewpoint - The company reported strong financial performance for 2025, with significant revenue and profit growth driven by the expansion of its electronic chemical products and increasing market share in the integrated circuit sector [4][5]. Financial Performance - In 2025, the company achieved revenue of 1.475 billion yuan, a year-on-year increase of 29.73% - The net profit attributable to shareholders reached 207 million yuan, up 29.69% year-on-year - The net profit after deducting non-recurring items was 195 million yuan, reflecting a year-on-year growth of 24.03% - In Q4 2025, the company recorded a single-quarter revenue of 412 million yuan, a year-on-year increase of 38.34% and a quarter-on-quarter increase of 5.50% - The net profit for Q4 was 41.43 million yuan, up 54.53% year-on-year but down 32.05% quarter-on-quarter [4]. Business Growth - The company saw a continuous increase in the volume of wet electronic chemicals, with a steady rise in the proportion of integrated circuit (IC) customers - Revenue from the integrated circuit sector reached 1.248 billion yuan, a year-on-year increase of 35.4%, accounting for 89.9% of the company's main business revenue - In the IC sector, revenue from general wet electronic chemicals was 1.005 billion yuan, up 38.5% year-on-year, with sales volume reaching 159,200 tons, an increase of 48.1% - Revenue from functional wet electronic chemicals was 228 million yuan, reflecting a year-on-year growth of 16.9%, with sales volume of 10,000 tons, up 15.2% [5]. Capacity Expansion and Diversification - By the end of 2025, the company's total capacity for electronic chemicals and supporting raw materials reached 404,200 tons per year - Successful projects launched in 2025 included the recycling and utilization of electronic-grade sulfuric acid, silicon-based precursor projects, and the expansion of electronic-grade hydrogen peroxide - Ongoing projects include a 40,000 tons/year ultra-pure electronic chemicals project in Shanghai, with an investment of 513 million yuan and a progress rate of 73.13%, and a 20,000 tons/year electronic-grade ammonia project with an investment of 190 million yuan and a progress rate of 84.03% - The company is also advancing the construction of a 40,000 tons/year electronic-grade phosphoric acid project and a 35 tons/year ultra-pure electronic-grade phosphine project - The acquisition of patent technology related to photoresist initiators from Hubei Three Gorges Laboratory marks the company's entry into the core raw materials for G/I line photoresists [6][7].