报告期内，在先进前驱体板块，强化战略用户合作，加快成熟产品产能建设，加速新产品导入进程，市场份额稳步提升。2025年上半年先进前驱体的 销售额、销售量均实现新突破，整体毛利贡献同比增长超50%。前驱体业务以高技术壁垒、高附加值等优势，快速成长为公司重要的业绩增长点。 在光刻胶板块，公司一手抓产品验证，多款产品在关键客户的测试进展顺利；一手抓工艺稳定，前期取得订单的ArF光刻胶产品保持连续稳定供应， 赢得客户认可。光刻配套稀释剂产品报告期加速扩产和市场拓展，实现收入翻倍。 （校对/黄仁贵） | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 1,228,872,615.34 | 1,122,494,960.33 | 9.48% | | 归属于上市公司股东的净利 润(元) | 207.814.081.34 | 178,690,538.02 | 16.30% | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 162,074.997.09 | 136,897,329.68 | 18.39% | | (元) | | | | ...

Core Viewpoint - The company reported a revenue of 627 million yuan for Q1 2025, representing a year-on-year increase of 23.19%, and a net profit attributable to shareholders of 96 million yuan, up 16.38% year-on-year [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 627 million yuan, with a year-on-year growth of 23.19% [1][2]. - The net profit attributable to shareholders was 96 million yuan, reflecting a year-on-year increase of 16.38% [1][2]. - The net profit after deducting non-recurring items was 76 million yuan, which is a year-on-year increase of 22.80% [1]. Market and Industry Trends - The recovery in the downstream panel and semiconductor industries is driving positive performance growth for the company [2]. - Global shipments of large-size LCD panels increased by 12.1% year-on-year to 222 million pieces in Q1 2025 [2]. - China's semiconductor production reached 76.72 billion chips in January-February 2025, marking a year-on-year growth of 4.4% [2]. Strategic Moves - The company completed the acquisition of a 16.54% stake in Quanjiao Nanda for 229.8 million yuan [3]. - The company decided to terminate the "Hexafluorobutadiene Industrialization Project" and will use the remaining funds to supplement working capital [3]. - The company sold the Hexafluorobutadiene project assets to Shandong Qixin Gas Co., Ltd. for 69.03 million yuan [3]. Cost Management - The total expense ratio for Q1 2025 was 18.52%, down 7.63 percentage points from 26.15% in the same period of 2024 [3]. - The sales, management, R&D, and financial expense ratios were 2.91%, 8.38%, 6.55%, and 0.68%, respectively, all showing a decrease compared to the previous year [3]. Investment Outlook - The company is expanding its core fluorine gas projects and expects significant growth in its specialty gas business [4]. - The semiconductor precursor materials are achieving stable mass production, contributing to a notable increase in IC revenue [4]. - The company forecasts net profits of 362 million yuan, 443 million yuan, and 536 million yuan for 2025-2027, maintaining a "recommended" rating [4].

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company's performance is steadily growing due to the gradual recovery in downstream panel and semiconductor demand, with Q1 2025 revenue reaching 627 million yuan, a year-on-year increase of 23.19% [3][6] - The company has completed the acquisition of the remaining 16.5% stake in Quanjiao Nanda and has sold the hexafluorobutylene project to focus on its core business [6] - The company has successfully reduced its total expense ratio to 18.52% in Q1 2025, down from 26.15% in the same period of 2024, indicating effective cost control [6] Financial Performance - In Q1 2025, the company achieved a net profit of 96 million yuan, a year-on-year increase of 16.38%, and a net profit excluding non-recurring items of 76 million yuan, up 22.80% year-on-year [3][6] - The projected revenue for 2025 is 3.072 billion yuan, with a year-on-year growth of 30.6% [5] - The projected net profit for 2025 is 362 million yuan, reflecting a year-on-year increase of 33.5% [5] Market and Industry Outlook - The global LCD panel shipment area increased by 12.1% year-on-year in Q1 2025, indicating a recovery in panel demand [6] - The semiconductor sales continue to grow, with China's chip production in January-February 2025 reaching 76.72 billion units, a year-on-year increase of 4.4% [6] - The company is expected to maintain good growth momentum in its specialty gas and precursor business due to the improving fundamentals in the semiconductor and panel industries [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company's performance is steadily growing due to the gradual recovery of downstream panel and semiconductor demand, with Q1 2025 revenue reaching 627 million yuan, a year-on-year increase of 23.19% [4][7] - The company has completed the acquisition of the remaining 16.5% stake in Quanjiao Nanda and has sold the hexafluorobutylene project to focus on its core business [7] - The reduction in various expense ratios indicates successful cost-cutting and efficiency improvements [7] Financial Summary - Revenue projections for the company are as follows: 2023A: 1,703 million yuan, 2024A: 2,352 million yuan, 2025E: 3,072 million yuan, 2026E: 3,862 million yuan, 2027E: 4,700 million yuan, with corresponding year-on-year growth rates of 7.7%, 38.1%, 30.6%, 25.7%, and 21.7% [6] - The projected net profit for 2025 is 362 million yuan, with a year-on-year growth of 33.5% [6] - The company's gross margin is expected to be around 40% in the coming years, with a net margin of approximately 11.8% for 2025 [6] Market and Industry Outlook - The demand for the company's electronic specialty gases and advanced precursors is expected to continue growing, driven by the recovery in the panel and semiconductor industries [7][8] - The company is advancing its core fluorinated specialty gas projects and expanding its market presence in the semiconductor precursor materials [8]