公司研究丨深度报告丨新安股份（600596.SH） [Table_Title] 双链共振，硅启新章 %% %% %% %% research.95579.com 1 %% %% %% %% 丨证券研究报告丨 research.95579.com 2 报告要点 [Table_Summary] 公司是草甘膦与有机硅双龙头。有机硅扩产周期已步入尾声，景气有望底部复苏；硅基终端材 料受新兴应用驱动，高端替代加速；草甘膦供需持稳，静待转机 ，弹性可观。公司凭借有机硅 全产业链协同、及新兴领域先发卡位，有望在双主业景气共振中α与β的双重兑现。 分析师及联系人 [Table_Author] 马太 李禹默 SAC：S0490516100002 SAC：S0490525060002 SFC：BUT911 请阅读最后评级说明和重要声明 2 / 38 新安股份（600596.SH） cjzqdt11111 [Table_Title2] 双链共振，硅启新章 [Table_Summary2] 公司介绍：草甘膦与有机硅双龙头 公司创建于 1965 年，1987 年引入草甘膦技术，1997 年切入有机硅领域，逐步形成作物保护 和硅基材料双 ...

Core Viewpoint - SMIC (00981) has seen a stock price increase of over 3%, currently trading at HKD 52.75 with a transaction volume of HKD 3.331 billion. The company is set to hold a board meeting on August 7 to approve the release of its unaudited performance announcement for the three months ending June 30, 2025. The company anticipates a decline in revenue for Q2 this year, marking the first quarter-over-quarter decrease in two years, with a projected decline of 4% to 6%. Additionally, the gross margin guidance for Q2 2025 is set between 18% and 20% [1]. Group 1 - SMIC's stock price increased by 3.43% to HKD 52.75, with a trading volume of HKD 3.331 billion [1]. - The company will hold a board meeting on August 7 to approve the unaudited performance announcement for the three months ending June 30, 2025 [1]. - SMIC expects a revenue decline in Q2, projecting a quarter-over-quarter decrease of 4% to 6%, which would be the first decline in two years [1]. Group 2 - The gross margin guidance for Q2 2025 is set between 18% and 20% [1]. - According to a recent report by Shenwan Hongyuan, SMIC is a core beneficiary of high-end substitution, given its leading position in advanced process foundry in mainland China [1]. - The report assigns a target price of HKD 63.3 per share for SMIC, based on a 3x PB valuation for 2025, initiating coverage with a "buy" rating [1].