格隆汇8月15日｜浙商证券研报指出，晶华新材中报扣非净利增长19%，多模态柔性传感器开拓新增长 极。公司上半年收入和扣非归母净利润稳健增长，主要系新增产能逐步释放，核心产品市占率提升，新 业务逐步取得进展。布局柔性触觉传感器，人形机器人电子皮肤等有望打开成长空间。另外，四川晶华 规划10亿平方米新型胶粘材料、10万吨可降解纸基新材料，第一期项目已于2024年年底完工，投产设备 产能陆续爬坡。该行预计公司2025-2027年归母净利润分别为0.82、1.21、1.59亿元，同比增长23%、 47%、32%，对应PE分别为87、59、45倍，维持"买入"评级。 ...

Core Viewpoint - The article discusses the recent performance of Jinghua New Materials, highlighting the divergence between revenue growth and declining net profit, which has led to a significant drop in stock price despite previous high valuations [3][4]. Financial Performance - Jinghua New Materials reported a revenue of 947 million yuan for the first half of 2025, a year-on-year increase of 10.53% [4]. - The net profit attributable to shareholders was 37.67 million yuan, a decrease of 7.3% year-on-year, while the non-recurring net profit increased by 18.87% to 38.49 million yuan [4]. - The operating cash flow from operating activities fell by 63.59% to 25.13 million yuan [4]. - In Q2 2025, the company achieved a revenue of 508 million yuan, with a year-on-year growth of 8.75% and a quarter-on-quarter growth of 16.1% [4]. Industry Context - The adhesive industry is characterized by a fragmented market with many small players and low concentration, leading to intense competition, especially from international brands like 3M and Nitto [5]. - The decline in net profit margin is attributed to increased sales expenses, which rose by 62.2% to 27.97 million yuan, significantly outpacing revenue growth [5]. Strategic Developments - Jinghua New Materials has established a new subsidiary, Beijing Jingzhigan New Materials Co., Ltd., focusing on multi-modal flexible sensors for applications in robotics and new energy vehicles [8][9]. - The stock price surged by approximately 140% in the first seven months of 2025, driven by market speculation around the company's new ventures in solid-state batteries and robotics [7][8]. Future Outlook - The new business segments in solid-state batteries and robotics are still in the product development and market exploration stages, with no revenue contribution expected in the near term [9]. - The company is focusing on developing flexible tactile sensors for robotic applications and safety detection materials for new energy batteries [9].