20日晚间， 善水科技 发布公告称，公司实控人、董事长兼总经理黄国荣因个人原因被采取 刑事强制措施。 善水科技表示，公司已召开董事会会议，由董事吴新艳代为履行董事长及法定代表人职责， 以及代为履行董事会相关委员会成员及总经理职责。 10月20日，善水科技 （ 301190 ） 股价大幅走低， 盘中 一度触及跌停。截至收盘， 公 司股价放量大跌17.04%， 报 22.88元/股，总市值 为49亿元。 与之形成鲜明对比的是， 当天A股有超过4000家上市公司收涨。 公开资料显示，善水科技主要经营染料中间体、农药和医药中间体的研发、生产和销售业 务，其中染料中间体包括 6- 硝体、氧体、 5- 硝体和邻氨基苯磺酸，农药和医药中间体包 括 2- 氯吡啶等氯代吡啶系列产品。 8月25日，善水科技披露半年报。2025年上半年，公司实现营业收入3.05亿元，同比增长 23.08%；归母净利润为4777.67万元，同比下降11.77%。 资料显示，黄国荣，男，中国国籍，无境外永久居留权，1976年出生，本科学历。1996年 8月至2007年12月任杭州下沙恒升化工有限公司研究员、研究所所长；2008年5月至2012 年4月 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company achieved a revenue of 133 million yuan in H1 2025, representing a year-on-year increase of 22.42%, while the net profit attributable to the parent company was 2.15 million yuan, a decrease of 85.85% year-on-year. The company maintains its profit forecast for 2025-2027, expecting net profits of 41 million yuan, 54 million yuan, and 72 million yuan respectively [2][4] - The company is making progress in the research and development of new products, specifically Low-α ray spherical alumina, and is gradually releasing production capacity from newly established production lines, which is expected to drive future performance growth [2][4] Financial Summary - In H1 2025, the company reported a gross margin of 13.21%, down 12.87 percentage points year-on-year, primarily due to increased depreciation costs as investment projects transitioned to fixed assets [4] - The company’s total market capitalization is approximately 4.094 billion yuan, with a circulating market capitalization of 3.286 billion yuan [2] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.39 yuan, 0.51 yuan, and 0.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 100.3, 76.5, and 56.5 [2][6] Industry Outlook - The global consumer electronics market is expected to reach 1.046 trillion USD in 2025, with a projected growth rate of 15.4% from 2024 to 2029. The Chinese consumer electronics market is anticipated to grow at a rate higher than the global average, reaching 268 billion USD in 2025, a year-on-year increase of 5.1% [3]

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company reported a strong performance in Q2 2025, with revenue of 4.59 billion yuan, a year-on-year increase of 37.42% and a quarter-on-quarter increase of 35.65%. The net profit attributable to shareholders was 0.88 billion yuan, up 41.39% year-on-year and 56.17% quarter-on-quarter [1][5]. - The company is transitioning from a strategy focused on operational scale to one emphasizing efficiency, optimizing its industrial structure and focusing on its tantalum and niobium main business. This has led to a significant improvement in profitability, with a gross profit of 1.47 billion yuan in H1 2025, a 31.52% increase year-on-year, and a gross margin of 18.47% [2][3]. - The company is actively developing its market in high-temperature alloys, semiconductors, and superconductors, with several key investment projects underway, including the production lines for tantalum and niobium products [2][3]. Financial Summary - For the first half of 2025, the company achieved a revenue of 7.97 billion yuan, representing a 34.45% year-on-year growth, and a net profit of 1.45 billion yuan, up 29.08% year-on-year [1][5]. - The company expects its earnings per share (EPS) to be 0.65 yuan, 0.86 yuan, and 1.03 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 32, 24, and 20 [3][4]. - The projected revenue for the years 2025 to 2027 is 17.18 billion yuan, 22.91 billion yuan, and 27.94 billion yuan, with growth rates of 34.2%, 33.3%, and 21.9% respectively [4][9].

Core Insights - The company has established a leading position in the tantalum and niobium industry, with a complete industrial chain from wet metallurgy of tantalum and niobium ores to deep processing of various tantalum and niobium products, and possesses advanced R&D capabilities in this field [1][2] Group 1: Production and Capacity - In 2024, the company will complete key investment projects, including the technical transformation of tantalum and niobium strip products and the production line for 100 niobium superconducting cavities, leading to significant increases in production and sales [1] - The company's production volume is expected to reach approximately 702 tons in 2024, a year-on-year increase of 61%, while sales volume is projected to be 703 tons, up 49% year-on-year [1] Group 2: Market Demand and Product Optimization - The demand for tantalum and niobium products is expected to grow significantly due to advancements in high-frequency communications, smart vehicles, high-performance AI chips, and new infrastructure projects [2] - As of May 7, the price of tantalum pentoxide was 2,175 RMB per kilogram, an increase of 4.8% since the beginning of the year, while niobium pentoxide was priced at 465 RMB per kilogram, up 5.7% [2] Group 3: Financial Performance - The company reported a revenue of 1.28 billion RMB in 2024, a year-on-year increase of 15.6%, and a net profit attributable to shareholders of 210 million RMB, up 13.9% [3] - In Q1 2025, the company achieved a revenue of 340 million RMB, a 30.8% increase year-on-year, and a net profit of 56.5 million RMB, reflecting a 13.6% year-on-year growth [3] Group 4: Strategic Investments - The company holds a 28% stake in the only beryllium processing base in China, which is involved in the research, production, and sales of beryllium and beryllium alloys, with applications in aerospace and nuclear industries [2] - The beryllium processing base is recognized for its specialized research and has achieved a net profit of 230 million RMB in 2024 [2]