内容概要：合成云母作为模仿天然云母成分与结构的人工晶体材料，具有纯度高、耐高温（1200℃以 上）、电绝缘性强等优势，是现代工业关键的非金属绝缘材料。为应对天然云母不可再生性，合成云母 成为新一代替代材料，在多数工业应用中可完全替代天然云母，更在高端领域实现性能超越。近年来， 国家出台多项产业政策，为合成云母行业构筑了多层次政策支撑体系，推动其在高端领域研发突破与规 模化应用。随着新能源汽车市场快速发展，合成云母需求显著增长，预计到2027年全球新能源领域云母 材料市场规模将大幅增长。其下游应用覆盖传统绝缘领域及新兴场景，新能源领域是需求增长最快的赛 道。此外，合成云母还是珠光颜料核心基材，珠光颜料行业的快速增长为合成云母带来广阔市场空间。 未来，中国合成云母行业将沿着技术创新、应用拓展与格局优化的方向稳步发展，朝着高端化、绿色 化、集中化的高质量发展方向迈进。 上市企业：平安电工（001359.SZ）、浙江荣泰（603119.SH）、环球新材国际（06616.HK）、博菲电 气（001255.SZ） 相关企业：河南晶多多新材料科技有限公司、江阴瑞加合成云母科技集团有限公司、平江县岳峰云母新 材料有限公司、江 ...

Core Viewpoint - Guozheng International maintains a "Buy" rating for Universal New Materials (06616), with projected net profits for 2025, 2026, and 2027 at 270 million, 510 million, and 650 million RMB respectively, indicating a positive outlook for the company [1] Financial Projections - Projected net profits for 2025, 2026, and 2027 are 270 million, 510 million, and 650 million RMB, respectively, with corresponding EPS of 0.19, 0.35, and 0.45 HKD [1] - The target price has been slightly adjusted from 5.4 HKD to 5.5 HKD, representing a 17% upside potential from the current stock price [1] Recent Performance - In the first half of 2025, the company achieved operating revenue of 910 million RMB, a year-on-year increase of 17.7% [1] - Operating profit for the same period was 292 million RMB, reflecting a year-on-year growth of 29.1% [1] - The net profit attributable to shareholders was 62 million RMB, showing a year-on-year decrease of 41.9% [1] Future Outlook - The merger with Merck's Susonity business will be consolidated in the second half of 2025, leading to adjustments in profit forecasts [1] - Increased financial expenses are anticipated due to the merger, but the main business segments, including pearlescent pigments and synthetic mica, are expected to maintain strong cash flow and continue to grow [1]