Group 1 - The company's Q2 2025 performance met market expectations, with H1 revenue of 510 million yuan, a year-on-year increase of 41%, and a net profit attributable to shareholders of 10 million yuan, up 169% year-on-year [1] - In H1 2025, the company shipped 40,000 tons of coated materials, a year-on-year increase of over 35%, with Q2 shipments estimated at around 20,000 tons, maintaining the same level as the previous quarter [1] - The company achieved full production and sales capacity, with a production capacity utilization rate of 105% in H1 2025, and is expected to ship 80,000 tons for the full year, a year-on-year increase of 33% [1] Group 2 - The company's H1 2025 coated materials revenue was 220 million yuan, with a unit price of 6,200 yuan/ton, remaining stable compared to 2024, while Q2 unit gross profit was 1,500 yuan/ton, showing a slight increase [2] - The decline in profitability was primarily due to a 5 million yuan asset impairment loss from falling by-product prices, but product prices are expected to stabilize, and the proportion of mid-to-high-end coated materials is gradually increasing to over 30% [2] - Operating expenses in H1 2025 were 50 million yuan, a year-on-year increase of 25.6%, with a cost rate of 9.2%, while operating cash flow was negative at -170 million yuan [2] Group 3 - The company's profit forecast for 2025-2027 has been revised down due to the impact of falling by-product prices, with expected net profits of 40 million, 90 million, and 110 million yuan respectively, reflecting year-on-year increases of 223%, 119%, and 24% [3] - The company maintains a "buy" rating, considering the expected recovery in by-product prices and the increasing proportion of mid-to-high-end products [3]

证券研究报告·公司点评报告·电池 信德新材（301349） 2025半年报点评：快充催化出货实现高增长， 单位毛利逐步修复 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 948.85 | 810.09 | 1,050.96 | 1,253.39 | 1,495.18 | | 同比（%） | 4.99 | (14.62) | 29.73 | 19.26 | 19.29 | | 归母净利润（百万元） | 41.30 | (33.04) | 40.60 | 88.82 | 109.88 | | 同比（%） | (72.28) | (180.01) | 222.86 | 118.78 | 23.72 | | EPS-最新摊薄（元/股） | 0.40 | (0.32) | 0.40 | 0.87 | 1.08 | | P/E（现价&最新摊薄） | 99.99 | (124.96) | 101.71 | 46.49 | 3 ...