电子/电子化学品Ⅱ 万润股份（002643.SZ） Q2 业绩环比高增，逐步扩充产品线驱动成长 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 13.32 | | 一年最高最低(元) | 14.99/7.70 | | 总市值(亿元) | 122.94 | | 流通市值(亿元) | 121.12 | | 总股本(亿股) | 9.23 | | 流通股本(亿股) | 9.09 | | 近 3 个月换手率(%) | 118.88 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 万润股份 沪深300 相关研究报告 《业绩承压，看好研发驱动成长—公 司信息更新报告》-2025.4.26 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | - ...

电子/电子化学品Ⅱ 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 瑞联新材 沪深300 相关研究报告 《业绩符合预期，OLED 材料成为第 一大业务板块—公司信息更新报告》 -2025.4.21 《Q3 业绩创历史新高，OLED 材料需 求回暖，电子化学品放量可期—公司 信息更新报告》-2024.10.29 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn xuzhengfeng@kysec.cn 证书编号：S0790524070005 瑞联新材（688550.SH） 业绩超预期，国资控股后有望迎来发展新机遇 2025 年 08 月 22 日 投资评级：买入（维持） Q2 单季度业绩创历史新高，看好国资控股带来发展新机遇 公司发布 2025 年中报，实现营收 8.06 亿元，同比+16.3%；归母净利润 1.66 亿 元，同比+74.2%。其中 Q2 实现营收 4.62 亿元，同比+26.5%、环比+34.4%；归 母净利润 1.2 亿元，同比+97.5%、环比+163.9%，Q2 单季度业绩创历史新高，半 年报业绩 ...

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a significant increase in revenue and profit for the first half of 2025, with revenue reaching 690 million yuan, up 49% year-on-year, and net profit attributable to shareholders at 46 million yuan, up 35% year-on-year [1] - The growth in product revenue is driven by various segments, including integrated circuit packaging materials, which saw an 88% year-on-year increase in revenue [2][3] - The company emphasizes research and development, with R&D investment reaching 37.77 million yuan in the first half of 2025, a 43% increase year-on-year [4] Financial Summary - For the first half of 2025, the company achieved a gross margin of 27.5%, an increase of 1.8 percentage points year-on-year [1] - The projected revenue for 2025-2027 is expected to be 1.66 billion, 2.06 billion, and 2.45 billion yuan, respectively, with year-on-year growth rates of 43%, 24%, and 19% [5] - The forecasted net profit for the same period is 150 million, 240 million, and 310 million yuan, with compound annual growth rates of 47% over three years [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has achieved steady revenue growth in Q2 2025, with a year-on-year increase of 15% in revenue and a recovery in gross margin [3][8] - The company has successfully secured multiple electronic bulk gas projects in Shenzhen and Nantong, enhancing its market position [3][8] - The launch of the Super-N 30K Pro ultra-pure nitrogen machine marks a significant step towards achieving self-sufficiency in core equipment for ultra-pure electronic bulk gases [3][8] Financial Summary - The company’s projected revenue for 2025 is approximately RMB 2,598 million, reflecting a growth rate of 23.5% [7] - The estimated EPS for 2025 is RMB 0.26, with corresponding P/E ratios of 39.3, 30.0, and 23.4 for 2025, 2026, and 2027 respectively [5][7] - The company’s total market capitalization is around RMB 13.4 billion [2][5] Revenue and Profitability - The company’s revenue for H1 2025 reached RMB 1.114 billion, with a gross margin of 26.4% [8] - The net profit for H1 2025 was RMB 118 million, showing a year-on-year decrease of 13% [8] - The EBITDA for 2025 is projected to be RMB 727 million, with a growth rate of 37.2% [7][9] Market Position - The company holds approximately 15% market share in the Chinese electronic bulk gas market, which is projected to reach RMB 9.7 billion in 2024 [8] - The company is actively participating in the semiconductor industry development plan, further solidifying its market presence [8]

Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company achieved record high revenue and profit in 2024, with operating income of 472 million yuan, a year-on-year increase of 56.9%, and a net profit attributable to shareholders of 167 million yuan, up 117.2% year-on-year [1][2] - The growth in OLED organic materials revenue was particularly strong, increasing by 63.91% year-on-year, driven by rising demand from downstream customers [2] - The company has successfully validated multiple materials with clients, laying a solid foundation for future growth [3] - The OLED materials market is expected to continue growing, with panel manufacturers accelerating the layout of high-generation lines [4] Financial Performance - In Q4 2024, the company reported operating income of 116 million yuan, a year-on-year increase of 12.6%, and a net profit of 38 million yuan, up 78.5% year-on-year [1] - For Q1 2025, the company achieved operating income of 145 million yuan, a year-on-year increase of 27.0%, and a net profit of 61 million yuan, up 39.9% year-on-year [1] - The company's EBITDA for 2024 is projected to be 316 million yuan, with a net profit forecast of 167 million yuan for the same year [5] Product Development - The company has made significant progress in the development of new materials, including Red Prime and Green Host materials, which are now in stable mass production [3] - New products such as Red Host material have broken foreign patent barriers, and Green Prime material is in the customer mass production testing phase [3] Market Outlook - The OLED market is expected to grow due to its superior performance and increasing penetration in various terminal applications, particularly in medium-sized displays [4] - Major panel manufacturers like BOE and Visionox are investing in high-generation OLED production lines to enhance their competitive position in the medium-sized OLED market [4]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][18]. Core Insights - The company achieved a revenue of 1.459 billion yuan in 2024, representing a year-on-year increase of 20.7%, and a net profit attributable to the parent company of 252 million yuan, up 87.6% year-on-year [1][2]. - The display materials segment has become the largest business area for the company, driven by the increasing penetration of OLED panels in medium and large-sized screens [2][3]. - The pharmaceutical segment is focusing on stable supply and new product development amidst a competitive market, with a total of 271 drug pipelines by the end of 2024, an increase of 64 from the previous year [2][3]. - The electronic materials segment faced challenges due to technological substitutions and cautious customer procurement strategies, leading to a decline in sales, although the number of products sold increased by 72% year-on-year [3]. - The overall gross margin for 2024 was 44.20%, an increase of 9.02 percentage points from 2023, attributed to product mix optimization and effective cost control measures [3]. Financial Summary - The company forecasts net profits of 313 million yuan, 367 million yuan, and 400 million yuan for 2025, 2026, and 2027 respectively, reflecting an upward revision from previous estimates [3]. - The projected revenue growth rates for the next few years are 36.93% for 2025, 20.53% for 2026, and 6.90% for 2027 [5][12]. - The earnings per share (EPS) are expected to increase from 1.46 yuan in 2024 to 2.32 yuan in 2027 [5][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][6]. Core Views - The company has faced challenges in its zeolite and pharmaceutical segments due to weak downstream demand, but there is optimism regarding the growth potential from its various new material developments [4][9]. - The financial performance for 2024 shows a total revenue of RMB 3.693 billion, a decrease of 14.22% year-on-year, and a net profit attributable to shareholders of RMB 246 million, down 67.72% year-on-year [4][10]. - The report highlights the company's ongoing research and development efforts and the successful progress in new materials, which are expected to drive long-term growth [9][12]. Financial Summary - For 2024, the company reported total revenue of RMB 36.93 billion, with a significant decline in net profit to RMB 2.46 billion, reflecting a 67.72% decrease compared to the previous year [4][10]. - The first quarter of 2025 saw a revenue drop of 8.17% to RMB 861.23 million, with a net profit decrease of 18.76% to RMB 79.87 million [12]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 0.39, RMB 0.48, and RMB 0.56 respectively, with corresponding price-to-earnings (PE) ratios of 28.4, 23.1, and 19.6 [6][8]. Business Segment Performance - The functional materials segment generated RMB 30.19 billion in revenue for 2024, down 10.30% year-on-year, with a gross margin of 39.96% [9]. - The company has maintained its leading position in high-end liquid crystal monomer materials and has seen good development in OLED materials, while also making progress in semiconductor manufacturing materials [9][12]. - The life sciences and pharmaceutical business experienced a revenue decline of 28.65% to RMB 6.29 billion in 2024, although the gross margin improved to 38.16% [9]. Future Outlook - The company is expected to expand its production capacity in functional materials, with the first phase of the Penglai project set to gradually come online in the first half of 2025 [9]. - The report emphasizes the potential for growth in various new materials, including applications in the petrochemical sector and advancements in OLED and semiconductor materials [9][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in both revenue and net profit, with a 2024 total revenue of 3.338 billion yuan, up 25% year-on-year, and a net profit of 521 million yuan, up 135% year-on-year. In Q1 2025, revenue reached 824 million yuan, up 16% year-on-year, and net profit was 141 million yuan, up 73% year-on-year. The company is expected to maintain double-digit growth in revenue and over 100% growth in net profit for 2025 [3][4] - The company is positioned as a key player in the import substitution of innovative materials, with a focus on semiconductor materials and a strong platform strategy. Revenue forecasts for 2025-2027 are adjusted to 3.973 billion yuan, 4.859 billion yuan, and 5.729 billion yuan respectively, with net profit forecasts of 715 million yuan, 834 million yuan, and 1.004 billion yuan respectively [3][4] Financial Summary - In 2024, the semiconductor segment generated revenue of 1.52 billion yuan, a year-on-year increase of 77.4%. The CMP polishing pad segment alone achieved revenue of 716 million yuan in 2024, up 71.51% year-on-year, and 220 million yuan in Q1 2025, up 63.14% year-on-year [4] - The company's gross profit margin for 2024 was 46.88%, an increase of 9.93 percentage points year-on-year, while the net profit margin was 19.14%, up 8.4 percentage points year-on-year. For Q1 2025, the gross profit margin was 48.82%, up 4.56 percentage points year-on-year, and the net profit margin was 20.44%, up 4.3 percentage points year-on-year [3][4] - The company’s total assets are projected to grow from 67.08 billion yuan in 2023 to 104.53 billion yuan in 2027, with total liabilities increasing from 18.32 billion yuan to 26.43 billion yuan over the same period [7]

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4][6] Core Views - The company experienced a revenue growth of over 50% year-on-year in 2024, driven by demand from North American major clients, although profits did not increase due to losses from subsidiaries and impairment provisions [4][9] - For 2025, growth is expected to diversify with significant contributions from the liquid cooling segment, automotive business, and thermal management products benefiting from capacity expansion in Vietnam [4][6] Summary by Relevant Sections Financial Performance - The company’s revenue for 2024 reached RMB 656 million, a 51.1% increase year-on-year, while net profit was RMB 52 million, a decrease of 3.9% [9] - The projected net profits for 2025, 2026, and 2027 are RMB 87 million, RMB 117 million, and RMB 150 million respectively, with corresponding P/E ratios of 38.9, 28.7, and 22.5 [6][8] Business Development - The company is expanding its business areas, including new projects in cooling fans, liquid silicone, electronic adhesives, and liquid cooling, which have led to significant growth in the automotive sector [9] - The investment in the Vietnam cooling product project has been increased from USD 35 million to USD 65 million, which is expected to enhance market share and profitability [9] Market Position - The company has successfully established partnerships with well-known clients in various sectors, including smart home, drones, and energy storage, and is working on certifications for key clients in AI servers and optical modules [9]