Company Overview - Shenzhen New Zobon Technology Co., Ltd. is located in Pingshan District, Shenzhen, Guangdong Province, established on February 19, 2002, and listed on January 8, 2010. The company specializes in the research, production, sales, and service of new electronic chemicals and functional materials [1]. Financial Performance - As of June 30, 2025, New Zobon achieved operating revenue of 4.248 billion yuan, representing a year-on-year growth of 18.58%. The net profit attributable to shareholders was 484 million yuan, an increase of 16.36% year-on-year [2]. - The company has cumulatively distributed cash dividends of 2.149 billion yuan since its A-share listing, with 1.121 billion yuan distributed in the last three years [3]. Stock Performance - On August 28, New Zobon’s stock price increased by 2.02%, reaching 45.37 yuan per share, with a trading volume of 586 million yuan and a turnover rate of 2.44%. The total market capitalization stood at 33.927 billion yuan [1]. - Year-to-date, the stock price has risen by 22.47%, with a 5-day increase of 8.39%, a 20-day increase of 34.39%, and a 60-day increase of 46.73% [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 18.69% to 38,200, while the average circulating shares per person increased by 21.66% to 14,141 shares [2]. - Among the top ten circulating shareholders, Dongfang New Energy Theme Mixed Fund ranked third with 13.4071 million shares, an increase of 278,400 shares compared to the previous period. E Fund Growth ETF ranked fourth with 11.9368 million shares, a decrease of 469,300 shares [3].

证券研究报告·公司点评报告·电池 新宙邦（300037） 2025 半年报点评：业绩符合市场预期，氟化 工稳中有升 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） | 7,484 | 7,847 | 10,963 | 13,928 | 17,779 | | 同比（%） | (22.53) | 4.85 | 39.71 | 27.05 | 27.64 | | 归母净利润（百万元） | 1,011.07 | 942.05 | 1,194.03 | 1,632.17 | 2,025.46 | | 同比（%） | (42.50) | (6.83) | 26.75 | 36.69 | 24.10 | | EPS-最新摊薄（元/股） | 1.35 | 1.26 | 1.60 | 2.18 | 2.71 | | P/E（现价&最新摊薄） | 35.04 | 37.61 | 29.67 | 21.71 | 17.49 | 证券分析师 ...

Group 1 - The core viewpoint of the article is that Shenzhen New Zobon Technology Co., Ltd. reported its financial performance for the first half of 2025, showing growth in revenue and net profit compared to the previous year [1][2] - The company's revenue for the first half of 2025 was 4.248 billion yuan, an increase of 18.58% year-on-year [1] - The net profit attributable to shareholders was 484 million yuan, reflecting a year-on-year growth of 16.36% [1] - The basic earnings per share for the reporting period was 0.64 yuan [1] - The company's gross margin for the first half of 2025 was 25.05%, a decrease of 2.83 percentage points year-on-year [1] - The net profit margin was 11.63%, which is a slight decrease of 0.05 percentage points compared to the same period last year [1] Group 2 - The company's operating expenses for the first half of 2025 amounted to 516 million yuan, an increase of 22.42 million yuan compared to the previous year [2] - The expense ratio was 12.14%, down 1.63 percentage points year-on-year [2] - The main business revenue composition includes battery chemicals (65.19%), organic fluorine chemicals (19.48%), capacitor chemicals (9.77%), semiconductor chemicals (4.69%), and others (0.87%) [2] - The company is classified under the power equipment-battery-battery chemicals sector and is associated with concepts such as CATL, supercapacitors, new energy vehicles, IDC, and BYD [2]

Group 1: Patent Awards and Innovations - BYD, along with several other companies from Shenzhen Pingshan, received various awards at the 25th China Patent Awards, with BYD winning a gold award in both patent and design categories [1] - Pingshan enterprises, led by BYD, have demonstrated strong innovation capabilities and intellectual property management, particularly in high-value patent creation [3] - The total number of patents authorized in Pingshan exceeded 11,000 in 2024, with over 25% being invention patents, and a year-on-year growth of 24.03% in effective invention patents [3] Group 2: Industry Growth and Strategic Initiatives - Pingshan District has implemented a strategy focused on innovation-driven development and strong intellectual property protection, leading to significant growth in PCT international patent applications, which reached 1,010 in 2024, a 60.06% increase [3] - The establishment of various intellectual property protection workstations aims to reduce patent operation costs and accelerate the transformation of technological achievements [4] - The district's knowledge property pledge financing registration amount reached 2.3 billion yuan in 2024, nearly tripling year-on-year [3] Group 3: Company Profiles - BYD, founded in 1995 and listed in 2002, is a leading player in the electric vehicle market, having sold over 4.25 million vehicles annually, making it the global sales champion [4] - Shenzhen Lianying Laser Co., Ltd. specializes in precision laser welding equipment and is a leading brand in the new energy sector [5] - Fuman Microelectronics Group Co., Ltd. integrates R&D, packaging, testing, and sales in the integrated circuit field, with a global presence in over 20 countries [5] - Shenzhen Xinzhoubang Technology Co., Ltd. focuses on electronic chemicals and functional materials, serving various industries including new energy and consumer electronics [6] - Shenzhen Bangjian Biomedical Equipment Co., Ltd. is a high-tech enterprise specializing in cardiac electrophysiology medical devices, with products sold globally [6] - Shenzhen Mannester Technology Co., Ltd. has broken foreign technology monopolies in coating technology and is expanding into new fields such as hydrogen fuel cells and semiconductor applications [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 2 billion yuan, a year-on-year increase of 32.1% and a quarter-on-quarter decrease of 8.1%. The net profit attributable to shareholders was 230 million yuan, reflecting a year-on-year increase of 39.3% and a quarter-on-quarter decrease of 4.5% [8] - The report anticipates a turning point in fluorochemical and electrolyte segments in 2025, driven by high growth in electrolyte shipments and increasing overseas orders [8] - The company has acquired a 42% stake in Shilei, which is expected to enable self-supply of hexafluoropropylene, meeting 40-50% of its electrolyte demand [8] Financial Forecasts - Total revenue is projected to grow from 7,484 million yuan in 2023 to 16,678 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 27.95% [1] - Net profit attributable to shareholders is expected to increase from 1,011.07 million yuan in 2023 to 2,005.03 million yuan in 2027, reflecting a CAGR of about 23.97% [1] - The report forecasts earnings per share (EPS) to rise from 1.34 yuan in 2023 to 2.66 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio of 25x for 2025 [1][8]

Core Viewpoint - The company faces challenges in 2024 due to intense competition in battery chemicals, a slowdown in the new energy industry, and increasing operational costs, leading to a projected decline in net profit despite a slight increase in revenue [1][2]. Revenue Breakdown - In 2024, the company's battery chemical business generated revenue of 5.116 billion yuan, a year-on-year increase of 1.24%, but profitability declined due to intensified competition and price drops [2] - The organic fluorine chemical business achieved revenue of 1.529 billion yuan, up 7.25%, supported by stable demand and ongoing capacity ramp-up [2] - The capacitor chemical business saw revenue of 766 million yuan, a significant increase of 21.91%, driven by demand from emerging industries [2] - The semiconductor chemical business reported revenue of 368 million yuan, an 18.35% increase, with strong growth in integrated circuit applications [2] Cost and Cash Flow Analysis - In 2024, the company's operating expenses as a percentage of revenue were 1.51% for sales, 4.89% for management, 5.01% for R&D, and 0.43% for finance, with mixed year-on-year changes [3] - The net cash flow from operating activities was 818 million yuan, a significant decline of 76.26% due to reduced bank acceptance bill discounts and extended accounts receivable periods [3] Market Dynamics - The average price of domestic electrolyte in 2024 was 19,936 yuan per ton, reflecting a year-on-year decrease of 41.43% [2] - Following 3M's decision to exit PFAS production by the end of 2025, the company is positioned to benefit from this market shift, leveraging its established fluorochemical industry chain [4] Profit Forecast - Revenue projections for 2025-2027 are 9.868 billion, 12.557 billion, and 15.099 billion yuan, with corresponding net profits of 1.152 billion, 1.541 billion, and 1.747 billion yuan, indicating a positive growth outlook [5]

Group 1: Company Overview and Market Position - The company focuses on battery chemicals, including lithium-ion battery chemicals, supercapacitor chemicals, and sodium-ion battery chemicals, with significant market potential in power batteries, energy storage batteries, and consumer batteries [1] - As of December 2024, the company has established 10 production bases globally, enhancing customer service and loyalty [2] - The company emphasizes R&D innovation and collaboration to provide high-quality products and solutions, positioning itself competitively in the market [3] Group 2: Financial Performance and Stock Management - The company is currently executing a share repurchase plan, set to conclude by May 2025, with a maximum repurchase price of RMB 45 per share [9] - Concerns have been raised regarding the company's stock performance, with a noted lack of focus on capital market positioning compared to peers in the new energy sector [4] - The company has implemented a "market value management system" and conducted two rounds of stock repurchases to enhance shareholder value [10] Group 3: Future Growth and Industry Trends - The lithium battery business is expected to grow rapidly due to the continuous expansion of the supply chain and downstream applications [7] - The company aims to leverage opportunities in three key industries: new energy, electronic information and semiconductors, and fluorine chemicals, while addressing challenges such as market competition and raw material price fluctuations [12] - The company anticipates a growth forecast of approximately 20% to 30% for 2025, reflecting confidence in its operational stability and strategic initiatives [16] Group 4: Product Development and Technological Advancements - The company is exploring solid-state battery technologies, with small-scale supply already initiated, although market growth will take time [8] - The company is committed to increasing R&D investment and market development for high-value products, including solid-state battery materials and semiconductor chemicals [6] - The company has established strict management systems to mitigate bad debt risks, maintaining a low bad debt ratio [11]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [6]. Core Views - The company achieved a revenue of 7.847 billion yuan in 2024, a year-on-year increase of 4.85%, while the net profit attributable to shareholders decreased by 6.83% to 942 million yuan [1]. - The company is expanding its production capacity both domestically and internationally, with significant projects underway in Nantong, Chongqing, and the United States, aiming for a total designed capacity of 455,400 tons [3]. - The electrolyte business faced pressure on profitability due to declining product prices, despite a substantial increase in sales volume of 66.8% year-on-year, reaching approximately 350,000 tons [3]. - The fluorochemical segment reported a revenue of 1.529 billion yuan, growing by 7.25% year-on-year, benefiting from a focus on high-end fine chemicals and fluoropolymer applications [3]. - The company’s capacitor and semiconductor chemical segments showed strong growth, with revenues of 766 million yuan and 368 million yuan, representing year-on-year increases of 21.91% and 18.35%, respectively [4]. Financial Forecasts - The company is projected to achieve revenues of 9.613 billion yuan, 11.690 billion yuan, and 13.655 billion yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of 22.5%, 21.6%, and 16.8% respectively [5]. - The net profit attributable to shareholders is expected to reach 1.097 billion yuan, 1.318 billion yuan, and 1.460 billion yuan for the same years, with growth rates of 16.5%, 20.2%, and 10.8% respectively [5]. - The current price-to-earnings (PE) ratios are projected to be 24, 20, and 18 for the years 2025, 2026, and 2027 [5].

Core Viewpoint - The company reported its 2024 annual results, showing a slight increase in revenue but a decrease in net profit, with ongoing global capacity expansion in its electrolyte and fluorochemical businesses [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 7.847 billion yuan, a year-on-year increase of 4.85%, while net profit attributable to shareholders was 942 million yuan, a decrease of 6.83% [1]. - For Q4 2024, revenue was 2.180 billion yuan, up 14.68% year-on-year and 4.56% quarter-on-quarter, with net profit at 241 million yuan, an increase of 12.62% year-on-year but a decrease of 15.73% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 24.95%, down 1.14 percentage points year-on-year and 0.77 percentage points quarter-on-quarter [1]. Group 2: Business Segments - The battery chemicals segment shipped approximately 350,000 tons in 2024, a year-on-year increase of 66.8%, although product prices continued to decline, leading to only a slight increase in sales revenue [2]. - The fluorochemical business generated revenue of 1.529 billion yuan in 2024, a year-on-year increase of 7.25%, with a gross margin of 9.34% [2]. - The company’s capacitor chemicals revenue reached 766 million yuan, a year-on-year growth of 21.91%, while semiconductor chemicals revenue was 368 million yuan, up 18.35% year-on-year [3]. Group 3: Capacity Expansion - The company is advancing several projects, including the Nantong battery chemicals project and the Chongqing battery materials project, with a total designed capacity of 455,400 tons and 212,200 tons under construction, achieving a capacity utilization rate of 83.16% [2]. - In the fluorochemical sector, projects such as the Haidefu high-performance fluoromaterials project and the Sanming Haisefu fluorochemical project are under construction, with a focus on high-end fine chemicals [2]. Group 4: Future Outlook - The company expects revenues of 9.613 billion yuan, 11.690 billion yuan, and 13.655 billion yuan for 2025-2027, with year-on-year growth rates of 22.5%, 21.6%, and 16.8% respectively [3]. - Projected net profits for the same period are 1.097 billion yuan, 1.318 billion yuan, and 1.460 billion yuan, with growth rates of 16.5%, 20.2%, and 10.8% respectively [3].