证券研究报告 | 公司点评 | 化学制品 松井股份(688157) 报告日期：2025 年 09 月 02 日 折旧摊销影响短期利润，技术创新奠基长期成长 ——松井股份中报点评 投资要点 ❑ 事件：2025 年上半年，公司实现营业收入 3.48 亿元，同比增长 7.48%，归母净 利润 1227.95 万元，同比下滑 69.84%，扣非归母净利润 1057.85 万元，同比下滑 69.42%。 ❑ 聚焦主业开拓新兴业务，毛利下滑+折旧摊销造成业绩承压 今年上半年，公司聚焦高端消费电子持续开拓市场，实现收入 2.44 亿元，乘用 车涂料业务表现强劲，实现收入 9782.84 万元，同比增长 109.60%，公司整体收 入表现可圈可点，但受产品、客户结构变化的影响，综合毛利率下滑 7.43 pct.至 42.63%。此外，在建项目转固后，资产折旧摊销、运营维护等费用有所增长，导 致公司利润有所承压。未来，随着产量持续增长，销售规模效应的逐步体现和运 营效率的优化，公司的盈利能力有望修复成长。 ❑ 以高端消费电子客户需求为导向，持续挖掘市场潜力与增量空间 在高端消费电子领域，公司与全球知名终端客户持续深入合作，在性 ...

截至发稿，松井股份市值为68亿元。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 张喜威） 每经AI快讯，松井股份（SH 688157，收盘价：43.2元）8月28日晚间发布公告称，公司第三届第九次董 事会会议于2025年8月28日在公司科创大楼二楼B210会议室以现场与通讯相结合方式召开。会议审议了 《2025年度"提质增效重回报"行动方案的半年度评估报告》等文件。 2024年1至12月份，松井股份的营业收入构成为：高端消费电子领域占比81.46%，乘用车领域占比 17.15%，其他业务占比1.39%。 ...

Group 1: Songzi Co., Ltd. (松井股份) - Songzi Co., Ltd. is steadily advancing its business in the passenger car coating sector, deepening collaborations with BYD and North American T Company, and expanding its product line to include exterior large component coating materials, with a year-on-year revenue growth of 78.17% in Q1 2025 [1] - To maintain its gross margin, the company is enhancing product competitiveness and optimizing costs [1] - In the high-end consumer electronics sector, Songzi is deepening cooperation with leading clients, leveraging innovative processes to explore incremental space and improve its product system [1] - The company has significant technical advantages in its power battery insulation coating project, with smooth commercialization progress and policy support driving market demand for insulation technology [1] - In response to changes in tariff policies, Songzi is focusing on the global trade environment, deepening domestic substitution processes, and strengthening its international market layout [1] - The ink and adhesive business has made progress, with plans to meet diverse future demands [1] Group 2: Anyi Food (安井食品) - Anyi Food is adjusting its 2025 new product strategy, focusing on extreme cost performance for B-end and quality-price ratio for C-end, with key product launches including fresh-keeping 6.0 strip products, tender fish balls, black tiger shrimp slides, tiger skin fried eggs, and a series of lucky bag products [2] - To consolidate its market position against competition in frozen prepared foods and frozen noodle products, Anyi is amplifying the advantages of its frozen prepared food flagship products and making breakthroughs in new-style pastries [2] - The acquisition of Dingwei Thai aims to complement product categories and channels, focusing on developing high-end cod fish paste products, segmented categories of Kanto stew, and the frozen baking track [2] - The company is embracing customization for supermarkets to adapt to the needs of supermarket systems and new retail formats, currently in the early stages of strategy implementation [2] - The total cash dividend for 2024 is projected to be 1,040,059,864.54 yuan, with plans to continue sharing operational results and boosting investor confidence in 2025 [2]