投资要点 Q2 业绩符合预期。公司25H1 营收6.5 亿元，同+1.1%，归母净利润1.2亿元，同+1.1%，毛利率35%， 同-1.7pct；其中25Q2 营收3.2 亿元，同环比-6.1％/-4.7％，归母净利润0.6 亿元，同环比-5.1%/+0.8％， 毛利率37%，同环比-1.8/+3.8pct。 Q2 减少一代低价产品出货，单壁放量可期。25H1 碳管浆料出货约3.7万吨，同比略增，其中Q2 出货1.8 万吨，环减5%+，主要由于产品升级，减少一代产品订单出货。产品结构看，25H1 一代、二代、三代 产品出货占比各30%、30%、40%，一代产品出货占比较24Q4 下降近20pct。 我们预计全年一二三代出货量预计8-9 万吨，同比持平。单壁方面，25H1单壁浆料出货约1000 吨，其 中Q2 出货约800 吨；公司25 年产能40 吨粉体（对应1 万吨浆料），年底将扩产至100 吨粉体，Q3 单壁 浆料有望达到1500-2000 吨，我们预计全年单壁浆料达7000 吨，26 年将翻倍以上增长至近2 万吨。 Q2 单吨盈利提升，25H2 单壁贡献利润弹性。25Q2 高价产品占比提升，我们测算公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance met expectations, with a revenue of 650 million yuan and a net profit of 120 million yuan, both showing a year-on-year increase of 1.1% [8] - The company is reducing the shipment of low-priced first-generation products, with significant growth expected in single-wall carbon tubes [8] - The average selling price of products increased by 3% in Q2, with a projected single-ton profit of approximately 3,000 yuan, reflecting a 10%+ increase [8] - The single-wall carbon tubes are anticipated to be applied in new fields such as solid-state batteries, sodium batteries, robotics, and electronic devices, with a potential market size reaching billions of dollars in the next five years [8] - The company has turned positive in operating cash flow, with a significant increase in cash flow in Q2 [8] - The profit forecast for 2025-2027 has been adjusted downwards, but the company maintains a strong growth outlook with a projected net profit growth of 40%/61%/34% for these years [8] Financial Summary - Total revenue for 2023 is projected at 1,404 million yuan, with a year-on-year decrease of 23.75% [1] - The net profit attributable to the parent company for 2023 is estimated at 297.16 million yuan, reflecting a year-on-year decrease of 29.96% [1] - The earnings per share (EPS) for 2023 is expected to be 0.81 yuan [1] - The company’s total assets are projected to reach 5,139 million yuan by 2024, with total liabilities of 2,175 million yuan [9] - The operating cash flow for 2024 is estimated at 276 million yuan [9]