创新新材（600361.SH）2025 年三季报点评 3C 板块拉动显著，利润超预期 2025 年 10 月 28 日 ➢ 事件：公司发布 2025 年三季报。2025 前三季度公司实现营收 587.16 亿 元，同比下降 1.38%，归母净利 7.09 亿元，同比下滑 10.28%，扣非归母净利 6.02 亿元，同比下降 21%；单季度看，25Q3 公司实现营收 195.75 亿元，同比 下滑 5.90%，环比下降 2.01%，归母净利润 3.55 亿元，同比增长 67.17%，环 比增长 140.09%，扣非归母净利 2.95 亿元，同比增长 43.67%，环比增长 160.02%，利润超预期。 ➢ 点评：三季度产品结构逐步优化，3C 板块拉动公司单季度业绩超预期。价： 铝价：2025 前三季度铝均价 2.05 万元/吨，同比增长 3.73%，Q3 单季度铝均价 2.07 万元/吨，同比增长 5.88%，环比增长 2.55%；加工费：根据 SMM 数据， 2025 年前三季度铝棒/铝杆加工费 510/660 元/吨，同比变化+8.8%/-14.8%， Q3 单季度均价 500/561 元/吨，同比减少 5 ...

Group 1: Company Performance Overview - In the first half of 2025, the company maintained stable production and sales despite a challenging domestic and international environment, showing resilience in operations [2] - Although the company's performance declined year-on-year due to intensified competition and changes in the foreign trade market, there was a significant improvement in the second quarter compared to the first quarter [2] Group 2: Business Strategy and Development - The company focuses on optimizing product and market structures, emphasizing collaboration with brand clients and industry leaders to enhance core competitiveness [3] - Continuous upgrades and adjustments to production lines are implemented to ensure product quality and production efficiency, adapting to market demands [4] Group 3: Product and Market Expansion - The company aims to advance high-end transformation in its oil pipe business, targeting niche markets and key clients, with a focus on promoting nickel-based alloy pipes and 13Cr products [5] - In the boiler pipe sector, the company has upgraded its product range from carbon and alloy steel to stainless steel, enhancing its competitiveness and customer recognition [5] Group 4: New Projects and Future Plans - New projects are progressing as scheduled, with successful deliveries and approvals from major domestic and international clients in the specialty materials sector [6] - The company is committed to a shareholder return plan for 2024-2026, balancing investor returns with growth potential [6] Group 5: Capital Expenditure and Global Strategy - The company has established a production base in Oman and plans to seize overseas market opportunities while monitoring external uncertainties [6] - Ongoing efforts include optimizing product structures and upgrading production lines to enhance core competitiveness [6]

Core Viewpoint - The company reported a decline in net profit for the first half of 2025, indicating challenges in the market environment despite a slight increase in revenue [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 39.141 billion yuan, a year-on-year increase of 1.05%, while net profit attributable to shareholders was 349 million yuan, a year-on-year decrease of 38.69% [1]. - For Q2 2025, revenue was 19.977 billion yuan, a year-on-year decrease of 4.67%, and net profit was 148 million yuan, a year-on-year decrease of 50.21% [1]. - The overall performance was below expectations, with a significant drop in net profit and adjusted net profit [1]. Sales Volume and Product Structure - In H1 2025, the company sold 77,200 tons of profiles, a year-on-year increase of 43.93%, and 501,300 tons of aluminum rod and cable products, a year-on-year increase of 13.83% [2]. - Sales of bars decreased by 2.19% to 1,470,600 tons, and sales of plates and foils decreased by 47.78% to 138,700 tons, reflecting a shift in product structure towards high-end products [2]. Pricing and Costs - The average aluminum price in H1 2025 was 20,300 yuan/ton, a year-on-year increase of 2.62% [2]. - Processing fees for aluminum rods and bars were 510 and 660 yuan/ton, with year-on-year changes of +17.9% and -6.5%, respectively [2]. - The overall gross margin was 3.04%, a decrease of 0.71 percentage points year-on-year, and the net margin was 0.89%, a decrease of 0.59 percentage points year-on-year [2]. Industry Position and Future Prospects - The company holds the leading market share in aluminum wire and rod products, with domestic and global market shares of 18.6% and 16.0%, respectively [3]. - The Saudi Red Sea project is progressing well, with an expected internal rate of return of 22.08% (after tax), which could contribute significantly to future investment returns [3]. - The company is expected to gradually recover its performance, with projected net profits of 800 million, 966 million, and 1.564 billion yuan for 2025-2027 [3].