证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 08 月 25 日收盘价 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 玻璃玻纤 | | 前次评级 | 买入 | | 08 月 25 日收盘价（元） | 6.33 | | 总市值（百万元） | 6,467.24 | | 总股本（百万股） | 1,021.68 | | 其中自由流通股（%） | 100.00 | | 30 日日均成交量（百万股） | 84.50 | 再升科技（603601.SH） 无尘空调增长动力强劲，公司账面资金充裕 事件：再升科技发布 2025 中报。公司 2025H1 实现营收 6.58 亿元，同 比下滑 12.29%，实现归母净利润 6029 万元，同比下滑 20.84%，其中政 府补助等非经常性损益金额 1487 万元，同比减少 30.04%，扣非后归母 净利润 4542 万元，同比下降 17.27%。其中单 Q2 公司实现收入 3.34 亿 元，同比下跌 18.68%，实现归母净利润 267 ...

Core Insights - The company reported a total revenue of 1.48 billion yuan for 2024, a year-on-year decrease of 10.9%, while achieving a net profit attributable to shareholders of 91 million yuan, an increase of 138.0% [1] - In Q1 2025, the company generated a revenue of 320 million yuan, down 4.6% year-on-year, with a net profit of 34 million yuan, up 3.7% year-on-year, indicating stable operations [1] - The company’s international operations contributed significantly to profitability, with a notable growth in the dust-free air conditioning segment [1] Revenue Breakdown - For 2024, revenue by product showed clean air materials at 540 million yuan (-2.2%), energy-efficient materials at 780 million yuan (+19.1%), and dust-free air conditioning at 130 million yuan (-70.2%); the decline in dust-free air conditioning was primarily due to the exclusion of Youyuan Environment from consolidated financial statements, but it showed a 39.7% growth year-on-year when adjusted [1] - Revenue by region indicated domestic sales at 950 million yuan (-14.5%) and international sales at 490 million yuan (-5.6%); the gross margin for international sales increased by 5.6 percentage points to 35.7%, with a gross margin contribution of 54.3% [1] Profitability and Cost Management - The company maintained a stable gross margin despite weak downstream demand by optimizing product structure [2] - The expense ratios decreased, with sales expense ratio down by 0.3 percentage points to 3.0%, management expense ratio down by 0.6 percentage points to 6.2%, and financial expense ratio down by 0.4 percentage points to 0.8%; R&D expense ratio increased by 0.5 percentage points to 6.0% [2] - The reduction in impairment provisions by 35 million yuan year-on-year contributed to a significant improvement in net profit margin, which increased by 4.3 percentage points to 7.1% [2] Strategic Focus and Growth Potential - The company is strategically focused on dust-free air conditioning and continues to deepen its expertise in clean air materials, energy-efficient materials, and dust-free air conditioning products, indicating broad long-term growth potential [3] - The company has established itself as a leader in the fiberglass industry, achieving breakthroughs in various high-tech materials, which enhances its competitive edge [3] - The increasing consumer demand for quality living is expected to drive the penetration rate of dust-free air conditioning, with the company actively building its brand and channel [3] Earnings Forecast and Investment Outlook - The projected EPS for 2025-2027 is 0.10 yuan, 0.14 yuan, and 0.17 yuan, corresponding to PE ratios of 34x, 24x, and 20x respectively [3] - Given the company's strong competitive position and diverse growth drivers, a long-term growth outlook is favorable, with a target price of 4.20 yuan based on a 30x valuation for 2026, initiating coverage with a "buy" rating [3]