投资要点: 多领域持续驱动，上半年业绩同比提升 2025H1，公司实现营业收入7.72 亿元，同比+23.74%；实现归母净利润为0.75 亿元，同比+33.61%。 2025 年上半年，公司重点推进先进铜合金材料在商业航天、医疗影像设备、人工智能数据中心、半导 体、可控核聚变等新质生产力相关产业的应用与产业化。分板块看，上半年，高强高导铜合金材料及制 品实现收入3.59 亿元；中高压电接触材料及制品实现收入1.77 亿元；医疗影像零组件实现收入0.41 亿 元，且毛利率较2024年提高4.81 个百分点；高性能金属铬粉实现收入0.39 亿元。公司持续加大研发投 入，上半年累计投入研发费用4,240.32 万元，同比增长30.73%。期间费用方面，2025H1，公司销售费 用0.13 亿元，同比+23.22%；管理费用0.36 亿元，同比+9.76%；财务费用0.03 亿元，同比-65.97%，主 要系欧元汇率上升引起汇兑收益大幅增加所致。 新产能建设持续推进，助力关键部件自主可控 盈利预测和投资评级根据公司上半年业绩表现，我们调整了公司的盈利预测，预计公司2025-2027 年营 业收入分别15.62、19 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 13.69 RMB [8][9] Core Views - The company achieved a revenue of 1.33 billion RMB in 2024, representing a year-on-year increase of 12.73%, and a net profit of 114 million RMB, up 16.17% year-on-year [1] - The company is expanding its copper alloy product applications, leading to steady growth in performance [1] - The report highlights the successful entry into mass production of liquid rocket engine components and the development of new products in emerging fields such as medical imaging [3][4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 365 million RMB, a year-on-year increase of 17.62%, and a net profit of 35.97 million RMB, up 20.32% year-on-year [1] - For Q1 2025, the company achieved a revenue of 344 million RMB, a year-on-year increase of 19.79%, and a net profit of 32 million RMB, up 31.62% year-on-year [4] Product Segmentation - Copper alloy materials and products generated revenue of 591 million RMB in 2024, up 10.63% year-on-year, with a gross margin of 20.34% [2] - Medical imaging components saw revenue of 60.22 million RMB, a year-on-year increase of 24.61%, with a gross margin of 30.40% [2] - The company is also developing new products in the controlled nuclear fusion sector and has established production capacity for various medical imaging components [3] Growth Projections - The company expects net profits of 153 million RMB, 209 million RMB, and 278 million RMB for the years 2025, 2026, and 2027 respectively [5] - The report anticipates a target market capitalization of 9.956 billion RMB based on a segmented valuation approach [5] Valuation Metrics - The report provides a price-to-earnings (PE) ratio forecast for 2025 of 81X for high-strength and high-conductivity copper alloy materials, 46X for medium and high-voltage electrical contact materials, 44X for high-performance chromium powder, and 31X for medical imaging components [5][13]

Company Overview - Shaanxi Sry New Materials Co., Ltd. was established on July 11, 1995, and is registered in Shaanxi Province, China [2] - The company is engaged in the research, production, and sales of copper and copper alloy products within the non-ferrous metal smelting and rolling processing industry [2] - As of December 31, 2023, the company has issued a total of 56,001.40 million shares and has a registered capital [2] Financial Reporting Basis - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and relevant regulations [3] - The financial statements are based on the assumption of going concern and are prepared using the accrual basis of accounting [3] - The accounting period follows the calendar year, from January 1 to December 31 [3] Accounting Policies - The company has established specific accounting policies for fixed asset depreciation, intangible asset amortization, and revenue recognition [3] - The financial statements reflect the company's financial position, operating results, and cash flows as of December 31, 2023 [3] Financial Instruments - The company recognizes financial assets and liabilities upon entering into financial instrument contracts [11] - Financial assets are classified into three categories based on the business model and cash flow characteristics [12] - The company measures financial assets at amortized cost or fair value, depending on their classification [12][15] Impairment of Financial Assets - The company assesses expected credit losses based on the risk of default and recognizes loss provisions accordingly [18] - Expected credit losses are calculated using a probability-weighted approach considering past events, current conditions, and forecasts of future economic conditions [18][19] Inventory Management - The company classifies inventory into categories such as raw materials, finished goods, and work in progress [29] - Inventory is measured at the lower of cost and net realizable value, with provisions for inventory write-downs when necessary [30][31]