中材科技 20250822 摘要 中材科技玻纤业务优化产品结构，泰山玻纤销售收入达 43.5 亿元，同 比增长 13%，净利润 5.8 亿元，同比大增 216%，毛利率显著提升，受 益于太原基地产能释放及特纤布产品放量，盈利能力有望持续增强。 中材叶片提前布局大叶型风电叶片，销量达 15.2GW，同比增长 103%，销售收入 52 亿元，同比增加 84%，净利润 3.6 亿元，同比增 282%。精益管理和成本控制显著提升盈利能力，预计下半年需求释放 将进一步提升盈利水平。 中材锂膜上半年销售锂电池隔膜 13 亿平方米，同比增长 60%。尽管行 业竞争激烈，价格承压，但高端产品占比提升和新产能释放降低了成本， 二季度毛利率环比改善明显，未来经营能力有望进一步提升。 公司销售储氢气瓶 3,000 只，市场份额超过 50%，保持国内领先地位， 为未来发展奠定基础。同时，公司积极布局航空复合材料、低空经济、 新能源汽车用复合材料等新兴领域，并已获得多个产品认证与批量供应 订单。 泰山玻纤 AI 用低介电 1~2 代、低膨胀石英布等全品类产品已深度卡位 国际头部核心客户，上半年实现销量约 895 万米，为后续产能释放及 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 23.984 billion RMB for 2024, a decrease of 7.36% year-on-year, and a net profit attributable to shareholders of 0.892 billion RMB, down 59.90% year-on-year [1] - The report indicates that the company's performance exceeded the midpoint of previous forecasts [1] - The company expects a recovery in profitability driven by high demand in the wind power sector and improved supply-demand dynamics [3] Revenue and Profit Analysis - The company achieved a total revenue of 239.84 billion RMB in 2024, with a significant decline in net profit [1] - The breakdown of net profit contributions includes 0.37 billion RMB from fiberglass, 0.186 billion RMB from wind blades, and 0.022 billion RMB from lithium membranes, while other businesses contributed a loss of 0.314 billion RMB [2] - The company faced substantial asset impairments of 84.23 million RMB and credit impairments of 47.50 million RMB, impacting overall performance [2] Segment Performance - Fiberglass sales remained stable at 136,000 tons, generating revenue of 77.4 billion RMB, with a net profit of 0.37 billion RMB [2] - Wind blade sales reached 24 GW, resulting in revenue of 85.7 billion RMB, with a net profit of 0.318 billion RMB [3] - Lithium membrane sales increased by 9% to 1.9 billion square meters, generating revenue of 1.47 billion RMB, with a net profit of 0.044 billion RMB [3] Forecast and Valuation - The company forecasts net profits of 1.562 billion RMB, 2.016 billion RMB, and 2.319 billion RMB for 2025, 2026, and 2027 respectively, with corresponding dynamic P/E ratios of 16x, 12x, and 11x [4] - The report anticipates a recovery in net profit growth rates, projecting increases of 75.12% in 2025 and 29.08% in 2026 [6]