盈利预测与投资评级：我们调整公司2025-2027 年归母净利润至3.1、4.3 和5.5 亿元（原2025-2027 年盈 利预测为3.5、4.5 和5.5 亿元），主要考虑到低端领域需求疲软需求承压，下调销量及均价假设，调整 后盈利预测对应当前股价PE 为40.7、29.6、23.0 倍，PB 为7.0、5.8、4.7 倍。公司具备产品序列/技术/服 务等优势，打破海外垄断，核心客户几乎全覆盖。先进封装及高速覆铜板领域都已有相关供货奠定未来 放量基础，导热用球铝望带来第二成长曲线，维持"买入"评级。 事件：公司发布2025 年半年报。2025H1 公司实现营业收入5.2 亿元，同比+17.1%；实现归母净利润1.4 亿元，同比+18.0%；实现扣非归母净利润1.3 亿元，同比+20.7%。 其中，2025Q2 单季实现营业收入2.8 亿元，同比+16.4%，环比+17.5%；实现归母净利润0.8 亿元，同比 +14.9%，环比+19.9%；实现扣非归母净利润0.7 亿元，同比+14.6%，环比+17.6%。 功能性先进粉体材料市场份额提升，高阶品营收占比上升。在先进封装加速渗透、高性能电子电路基板 市场需 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][21] Core Views - The company reported a revenue of 5.2 billion yuan in H1 2025, representing a year-on-year growth of 17.1%, and a net profit attributable to shareholders of 1.4 billion yuan, up 18.0% year-on-year [5][6] - The company is focusing on high-performance advanced powder materials, with an increasing revenue share from high-end products, driven by the growing demand in advanced packaging and high-performance electronic circuit substrates [6][5] - The company aims to enhance its market share and competitive strength through continuous R&D and product upgrades, with a projected net profit of 3.1 billion yuan for 2025 [6][5] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 5.2 billion yuan, with a net profit of 1.4 billion yuan, and a non-recurring net profit of 1.3 billion yuan [5] - For Q2 2025, the company reported a revenue of 2.8 billion yuan, a year-on-year increase of 16.4%, and a net profit of 0.8 billion yuan, up 14.9% year-on-year [5] Product Development - The company is focusing on high-end chip packaging and advanced packaging materials, with a notable increase in the revenue share of high-end products [6] - The company plans to issue convertible bonds to raise up to 720 million yuan for projects aimed at enhancing production capacity for high-performance materials [6] Profitability and Valuation - The company's gross margin and net margin for H1 2025 were 40.8% and 26.7%, respectively [6] - The adjusted profit forecasts for 2025-2027 are 3.1 billion, 4.3 billion, and 5.5 billion yuan, with corresponding P/E ratios of 40.7, 29.6, and 23.0 [6][3]