证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 26 日 [Table_Title] 业绩短期承压，产品结构优化提升市占 [Table_Title2] 泰晶科技(603738) [Table_Summary] 事件概述 泰晶科技发布 2025 年半年报，25H1 公司实现营收 4.59 亿元， 同比+16.73%；归母净利润为 0.22 亿元，同比-61.59%；扣非归 母净利润 0.11 亿元，同比-74.60%。 业绩短期承压 公司短期业绩承压，主要系：1）为快速响应市场变化、强化客 户黏性，部分产品价格调整；重点推进的车规及有源新产品产 线产能爬坡，单位固定成本分摊较高，导致综合毛利率、净利 润同比下降；2）公司实施员工持股计划，确认股份支付费用约 1300 万元，直接影响归属于母公司所有者的净利润及扣除非经 常性损益后的净利润。 单季度看，25Q2 公司实现营收 2.58 亿元，同比+22.47%，环比 +28.87% ；归母净利润 0.13 亿 元 ， 同 比 -50.33% ，环比 +53.69%；扣非归母净利润 0.11 亿元，同比-55.08%，环比 +3489. ...

汽车业务领域方面，公司在锂电头部客户的业务不断突破，导热结构胶销量翻倍增长，负极胶PAA 实 现满产满销，负极胶SBR 稳定批量交付，市占率显著提升，锂电业务半年收入同比翻番。电子业务领 域方面，深挖智能电器、电源等传统领域的业务份额，推进新基地产能释放，实现该领域产品销量同比 增长约29%。光伏领域方面，公司以"技术储备+客户绑定"双轮驱动，通过新老产品组合推广，实现光 伏用胶销量同比增长约9.3%，市占率保持行业领先。分产品板块来看，有机硅胶板块实现营业收入 10.42 亿元，同比增长0.6%，毛利率19.0%，同比+1.2 个pct；聚氨酯胶板块实现营业收入5.84 亿元，同 比增长40.4%，毛利率26.9%，同比+6.0 个pct。 深化研发创新，产品迭代升级并实现量产 事件： 2025 年8 月20 日，回天新材发布2025 年半年报：2025 年上半年，公司实现营业收入21.68 亿元，同比 增长7.72%；实现归母净利润1.43亿元，同比增长4.18%；实现扣非后归母净利润1.18 亿元，同比增长 24.64%；销售毛利率22.46%，同比提升3.38 个百分点，销售净利率6.66%，同比减少 ...

常宝股份（002478.SZ） 证券研究报告 | 半年报点评 gszqdatemark 2025 08 22 年 月 日 季度业绩环比改善，特材项目持续推进 事件：公司发布 2025年半年度报告。公司上半年实现营业收入28.12亿元，同比增长0.26%； 归属于母公司所有者的净利润 2.55 亿元，同比减少 21.81%；基本每股收益 0.28 元，同比 减少 22.22%。 季度业绩环比改善，销售净利率小幅回落。公司 2025Q2 实现归母净利 1.44 亿元，同比下 降 10.21%，环比增长 29.15%，实现扣非归母净利 1.26 亿元，同比下降 4.98%，环比增长 34.18%；公司 2024Q3-2025Q2 逐季销售毛利率分别为 17.10%、17.45%、15.33%、15.75%， 逐季销售净利率分别为 6.53%、15.78%、9.76%、9.25%，上半年受行业整体竞争加强及外 贸市场下滑等影响，公司盈利情况同比有所下降，2025 年二季度销售净利率小幅回落。分 产品来看，上半年油套管毛利率为 16.04%，同比增长 0.84pct，锅炉管毛利率为 19.49%， 同比下降 1.99p ...

Core Viewpoint - The company reported stable revenue performance in the first half of 2025, supported by growth in tissue sales and an increase in market share, despite intense price competition in the sanitary products sector [1] Group 1: Financial Performance - The company's overall revenue slightly decreased by 0.2% year-on-year to approximately RMB 11.808 billion [1] - Overall gross profit fell by about 3.2% to approximately RMB 3.812 billion, with a gross margin declining to around 32.3% [1] - Operating profit decreased by 7.3% to approximately RMB 1.757 billion [1] - Profit attributable to equity holders decreased by approximately 2.6% to around RMB 1.372 billion, with basic earnings per share at RMB 1.206 [1] - The board declared an interim dividend of RMB 0.70 per share [1] Group 2: Sales and Market Strategy - The steady increase in tissue sales is expected to support overall revenue stability in the second half of 2025, driven by multi-channel sales, product personalization, and stable pricing strategies [1] - The company is seizing opportunities in diversified consumer channels, increasing efforts in e-commerce and new retail markets, with e-commerce and new retail sales accounting for approximately 34.4% of total sales, showing a year-on-year growth of about 7.9% [1] - The company continues to promote sales through traditional channels and develop new growth points, with a steady advancement of its multi-channel sales strategy [1] Group 3: Product Development and Brand Enhancement - The company is actively developing new technologies to enhance product high-end features and diversify its product portfolio, responding to the growing demand for personalized and value-added sanitary products [2] - Key high-end products include the "Tianshan Velvet Cotton" sanitary napkin series and the "Q • MO" series of high-end diapers, which have maintained strong sales momentum [2] - New product launches, such as the "Cranberry A+" organic cotton sanitary napkin and the "Towards the Wild" high-end tissue series, are expected to increase the proportion of high-end products in sales and enhance brand image and product reputation [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's four main products have seen both volume and price increases, with a continuous improvement in the product matrix [5] - In H1 2025, the company achieved operating revenue of 279 million yuan, a year-on-year increase of 24.61%, and a net profit attributable to the parent company of 77 million yuan, up 31.54% year-on-year [4][5] - The high-end product revenue grew by 71.92% year-on-year, increasing its revenue share to 30%, while mid and low-end products accounted for 48% and 22% respectively [5] - The overall gross margin for H1 2025 was 60.06%, a slight decrease of 1.94 percentage points year-on-year, while the net profit margin improved by 1.45 percentage points to 27.57% [5] Summary by Sections Recent Performance - The company's stock performance over the last year shows a 71.0% increase compared to the CSI 300 index, which increased by 25.7% [3] - As of August 15, 2025, the current stock price is 40.30 yuan, with a 52-week price range of 20.36-45.11 yuan [3] Financial Forecast - The projected operating revenues for 2025, 2026, and 2027 are 607 million yuan, 764 million yuan, and 987 million yuan respectively, with corresponding net profits of 146 million yuan, 191 million yuan, and 257 million yuan [8][9] - The expected price-to-earnings (P/E) ratios for the same years are 44, 34, and 25 times [8][9] Product Development - The company launched 8 new products in H1 2025, enhancing its product matrix and showcasing its innovation capabilities [5] - The domestic high-resolution digital oscilloscope revenue increased by 65.71%, and the revenue from domestic RF microwave products rose by 43.58% [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown resilient growth in its brands, such as Lebao and Wusu, despite facing challenges from increased tax rates that have impacted profitability [7] - The overall sales volume for the first half of 2025 increased by 0.95% year-on-year, reaching 1.8008 million tons, indicating stable performance in a competitive market [7] - The report highlights a projected decline in net profit for 2025, with estimates of 1.105 billion yuan, reflecting a decrease of 0.90% year-on-year [1][7] Financial Performance Summary - Total revenue for 2023 is projected at 14.815 billion yuan, with a slight decline expected in 2024 and 2025 [1] - The net profit for 2023 is estimated at 1.337 billion yuan, with a significant drop in 2024 to 1.115 billion yuan, and a further slight decrease in 2025 to 1.105 billion yuan [1] - The earnings per share (EPS) for 2025 is projected to be 2.28 yuan, with a P/E ratio of 24.35 [1][8] Market Data Summary - The closing price of the stock is 55.57 yuan, with a market capitalization of approximately 26.894 billion yuan [5] - The company has a price-to-book ratio of 16.62 and a net asset value per share of 3.34 yuan [5][6] Strategic Focus - The company plans to continue its strategic initiatives, including the "Sail 27" and "Jia Speed Sail" projects, focusing on enhancing its brand portfolio and channel management [7]

Summary of Conference Call Records Industry Overview - The discussion revolves around the high-end instrumentation industry, particularly focusing on the impact of 5G infrastructure development on the market dynamics and customer purchasing behavior [1][2][4]. Key Points and Arguments - **Market Dynamics**: The industry has experienced a slowdown in growth over the past year, yet gross margins have been improving. This is attributed to an increase in the proportion of high-end products, which has risen from nearly zero to around 20-30% in recent years [2]. - **Customer Confidence**: There is a noted lack of confidence among downstream customers, which is expected to affect purchasing decisions, particularly for expensive instruments [1][2]. - **Competitive Landscape**: Despite the general demand being moderate, there has not been excessive competition that negatively impacts network profitability. Companies like 万里眼 are seen as credible players due to their backing from state-owned enterprises [3]. - **Financial Performance**: The financial reports from overseas companies indicate that the industry is not expected to see significant growth in 2024. However, the capabilities of several companies are improving, suggesting a potential for recovery [4]. - **Stock Performance**: The stock prices of companies in this sector have been under pressure, particularly after a strong performance in 2022. The market's trust in this sector has diminished, leading to a significant drop in valuation multiples from 80-100 times to lower levels [5][6]. - **Revenue Growth Projections**: For companies like 浦源 and 景阳, a revenue growth rate of around 30% is anticipated. This is based on previous performance and current market conditions, suggesting a potential for profit growth despite recent challenges [6]. - **Future Outlook**: The short-term outlook for the sector appears to be stable, with expectations of slight fluctuations in stock prices. However, if the market conditions improve, there could be significant upward movement in stock performance [7]. Additional Important Insights - **Product Development**: There is ongoing interest in advanced products, with companies diversifying their offerings to include more sophisticated instruments, which may enhance their competitive edge [2][3]. - **Market Sentiment**: The overall sentiment in the market remains cautious, with stakeholders advised to stay informed through discussions with experts and distributors to gauge future trends [7]. This summary encapsulates the key insights from the conference call, highlighting the current state and future potential of the high-end instrumentation industry.

Core Viewpoint - The steel cord wire rod industry in China is experiencing significant growth, driven by the booming automotive sector and increasing demand for high-performance tires, with the market size projected to reach 4.808 billion yuan in 2024, reflecting an 8.53% year-on-year increase [4][11]. Industry Overview - Steel cord wire rod, also known as cord steel, is a high-strength hot-rolled product with a diameter of approximately 5.5mm and a carbon content strictly regulated between 0.62% and 1.02% [6]. - It is a premium quality hard wire steel, essential for the production of steel cords used in radial tires, which are critical for automotive applications [6]. Market Policies - Recent policies in China have elevated the steel industry to a strategic level, with a focus on high-end, intelligent, and green development, benefiting the steel cord wire rod sector [7]. - Initiatives such as the "Three-Year Action Plan for Digital Transformation in the Steel Industry" and "Energy Conservation and Carbon Reduction Action Plans" are fostering a favorable environment for industry upgrades [7][8]. - Policies encouraging innovation through tax incentives and subsidies are promoting technological advancements and enhancing the competitiveness of domestic steel cord wire rod products in the international market [8]. Industry Chain - The steel cord wire rod industry features a tightly integrated supply chain, with upstream suppliers including iron ore, coal, and various alloying materials, while downstream applications primarily involve tire manufacturing for various vehicle types [9][10]. - The production of steel cord wire rod is directly influenced by the stability of raw material supply and the technological advancement of production equipment [9]. Current Development Status - The automotive industry in China has shown robust growth, with total vehicle production and sales reaching 31.282 million and 31.436 million units in 2024, respectively, marking increases of 3.7% and 4.5% year-on-year [11]. - The rise of new energy vehicles (NEVs) has significantly boosted demand for high-performance tires, which in turn drives the need for high-quality steel cord wire rods [11]. Competitive Landscape - The steel cord wire rod industry in China is characterized by a competitive landscape dominated by major domestic players like Ansteel and CITIC Special Steel, complemented by foreign companies such as Kobe Steel and Saarstahl [12]. - Domestic firms are increasingly closing the technological gap with foreign competitors, particularly in the ultra-high-strength segment, through enhanced R&D and collaboration with research institutions [12]. Future Development Trends - The industry is expected to focus on high-end product development to meet the increasing performance demands of tires, particularly for NEVs, necessitating advancements in strength, toughness, and corrosion resistance [15]. - There is a growing emphasis on green manufacturing practices, with companies investing in energy-saving technologies and waste treatment systems to align with environmental regulations and enhance their market competitiveness [16].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expected to benefit from the continuous upgrade of product specifications and the growth of IoT modules, which may lead to better-than-expected performance [1][2]. - In June, the company's smartphone camera module shipments showed a year-on-year growth for the first time in the first half of 2025, driven by the launch of Huawei's flagship model [1]. - The company is focusing on high-end products, which is expected to significantly enhance the average selling price (ASP) and gross margin [1][4]. Summary by Sections Smartphone Camera Modules - In June, the company shipped 32.648 million smartphone camera modules, with a month-on-month increase of 0.8% and a year-on-year increase of 1.5% [1]. - For the first half of 2025, the total shipment was 183.866 million units, a year-on-year decrease of 14.8% due to a focus on high-end products [1]. - The proportion of shipments for modules with 32MP and above reached 53.4%, an increase of 5.5 percentage points year-on-year [1]. Other Camera Modules - The company saw a significant year-on-year increase of 99.3% in shipments of other camera modules in June, totaling 1.7 million units [2]. - The growth is attributed to the booming global market for consumer drones and handheld imaging devices [2]. - The company has a broad layout in optical products for drones and handheld devices, including camera modules and visual modules [2]. Fingerprint Recognition Modules - In June, the company shipped 13.9 million fingerprint recognition modules, with a year-on-year increase of 7.3% [3]. - The ultrasonic fingerprint recognition modules saw a remarkable year-on-year increase of 851.9% [3]. - The total shipment for the first half of 2025 was 94.357 million units, a year-on-year increase of 59.7% [3]. Financial Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been raised by 20%, 31%, and 40% to RMB 724 million, RMB 934 million, and RMB 1.171 billion respectively [4]. - The company is expected to benefit from the growth in IoT shipments and the improvement in product specifications across its product lines [4]. - Revenue projections for 2025 are set at RMB 19.706 billion, with a growth rate of 22% [5].

Core Viewpoint - Dongying City is the largest petrochemical base in China, with significant advancements in refining and chemical production, aiming for high-quality development through industry transformation and integration [1][2] Group 1: Industry Overview - Dongying City has 304 large-scale petrochemical enterprises, accounting for 27% of the city's industrial enterprises [1] - The city's crude oil processing capacity reaches 68.3 million tons, representing 37.2% of the provincial capacity and 7.1% of the national capacity [1] - In 2024, Dongying is expected to have 10 refining enterprises in the top 500 Chinese companies and 11 in the top 500 private companies, both leading in the province [1] Group 2: Industry Development and Transformation - Local refining enterprises are extending their industrial chains and accelerating transformation, producing not only gasoline and diesel but also basic chemical raw materials like propylene, benzene, and PX, as well as new chemical materials [1] - Lihua Group has established nine industrial chains, including a full chain for PC, ABS, PS, and ASA, becoming a leading enterprise in the propylene industry chain in the province [1] - Fuhai Group has created the only "crude oil-naphtha-PX-PTA" industrial chain in the province, positioning itself as a leader in the aromatics industry chain [1] Group 3: Future Initiatives - Dongying City plans to align with global petrochemical industry trends and integrate into the provincial petrochemical layout, focusing on transformation, chain extension, and resource assurance [2] - The city aims to develop towards refining integration, green low-carbon, and high-end products, leveraging major projects to create a trillion-level high-end chemical industry cluster [2] - The implementation of a "chain leader system" will promote the transition from basic refining to new chemical materials and high-end chemicals [2]