8 月20 日，公司发布2025 年中报：2025H1，公司实现营业收入12.47 亿元，同比-3.64%；实现归母净利 润4.45 亿元，同比+10.01%；加权平均净资产收益率为10.72%，同比减少0.39 个百分点。销售毛利率 51.26%，同比增长3.78 个百分点；销售净利率35.97%，同比增加4.32 个百分点。 其中，2025Q2 实现营收6.71 亿元，同比+1.06%，环比+16.27%；实现归母净利润2.51 亿元，同比 +7.00%，环比+30.16%；平均净资产收益率为6.14%，同比减少0.42 个百分点，环比增加1.33 个百分 点。销售毛利率51.66%，同比增加2.22个百分点，环比增加0.87 个百分点；销售净利率37.75%，同比增 加1.79 个百分点，环比增加3.85 个百分点。 2025H1，公司高端饮用水市场渗透率继续提升，超纯水领域业务实现显著突破。其中，半导体领域， 部分重点企业已实现实质性订单落地，客户也已启动最高等级树脂的综合评价工作，为后续大规模应用 奠定基础；面板领域，公司顺利实现多条新建水线的全线供货，树脂产品的技术表现与服务能力获得客 户高度认可 ...

Investment Rating - The industry investment rating is maintained at "Neutral" [2] Core Viewpoints - The current cycle may be nearing its end, with expectations for demand recovery. Infrastructure and export demand are expected to remain robust in 2024, while the real estate cycle continues to decline. The consumer market has shown resilience after two years of recovery [4][5] - Supply-side pressures remain significant, with global chemical capital growth expected to turn negative in 2024. Domestic construction projects are seeing a rapid decline, but fixed asset investment continues to grow at over 15% [4] - The chemical industry is entering a replenishment phase after a year of destocking, with inventory growth turning positive by Q3 2024. However, the overall price and profit levels in the chemical industry are expected to face pressure throughout the year [4] Summary by Sections Industry Valuation and Economic Indicators - The report tracks various indicators including the chemical industry's comprehensive prosperity index and industrial added value [3] - Price indicators such as PPI, PPIRM, and CCPI are monitored, along with supply-side metrics like capacity utilization and fixed asset investment [3] Demand and Supply Dynamics - Demand stability is sought in industries led by supply logic, such as refrigerants and phosphates, with specific companies recommended for investment [7] - Conversely, industries with stable supply but driven by demand logic include MDI and explosives, with key companies highlighted [7] Global Market Trends - The report notes a shift in global investment and trade patterns due to rising protectionism and geopolitical tensions, emphasizing the need for regional cooperation and stability [7] - Investment opportunities are identified in both domestic and international markets, focusing on new production capabilities and breakthroughs in material science [7] Price Trends and Economic Performance - The chemical product price index (CCPI) has shown fluctuations, with a notable decline of approximately 6.9% from January to April 2025 [14] - The PPI for chemical raw materials and products has also experienced a downward trend, with June 2025 figures showing a year-on-year decrease of 6.1% [16]

Core Viewpoint - The company reported steady revenue and profit growth in 2024, with a notable performance in its core business segments, despite challenges in specific projects like the lithium extraction project [1][3]. Financial Performance Summary - In 2024, the company achieved revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [1]. - The weighted average return on equity was 21.33%, down 1.79 percentage points year-on-year [1]. - The gross profit margin was 49.47%, an increase of 0.80 percentage points year-on-year, while the net profit margin was 31.11%, up 2.12 percentage points year-on-year [1]. - In Q4 2024, revenue was 662 million yuan, a year-on-year decrease of 27.40%, but a quarter-on-quarter increase of 10.89% [1]. - For Q1 2025, revenue was 577 million yuan, down 8.58% year-on-year and 12.91% quarter-on-quarter, while net profit was 193 million yuan, up 14.18% year-on-year [2]. Business Segment Performance - The lithium extraction project generated revenue of 99 million yuan in 2024, a significant decline of 80.96% year-on-year, primarily due to cyclical industry conditions and project execution delays [3]. - Excluding the lithium project, the core business achieved revenue of 2.455 billion yuan, a year-on-year increase of 24.71%, indicating strong growth momentum [3]. - Key segments such as water treatment and ultrapure water, life sciences, and metal resources reported revenues of 688 million, 568 million, and 256 million yuan, respectively, with year-on-year growth rates of 34%, 28%, and 30% [3]. - The chemical and catalysis, and food processing segments also showed strong performance, with revenues of 202 million and 56 million yuan, reflecting year-on-year increases of 42% and 28% [3]. Growth Drivers and Strategic Initiatives - The water treatment and ultrapure water business saw significant breakthroughs, with sales reaching 688 million yuan, a 34% increase year-on-year, driven by increased market penetration and long-term contracts with major clients [4]. - The life sciences segment is benefiting from the strong market performance of GLP-1 peptide drugs, leading to rapid growth in solid-phase synthesis carrier business [5]. - The company is expanding its international marketing and technical service network, enhancing its local team in North America and Europe, and investing in capacity expansion and upgrades to support long-term growth [5]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.026 billion, 1.283 billion, and 1.576 billion yuan for 2025-2027, with corresponding EPS of 2.02, 2.53, and 3.10 yuan [6]. - The current price corresponds to PE ratios of 22.85, 18.26, and 14.87 for the respective years, indicating a favorable long-term growth outlook [6].