Core Viewpoint - The report from Tianfeng Securities highlights that Xidamen's net profit attributable to shareholders for the first half of 2025 is 56 million, representing a 1% year-on-year increase, with Q2 net profit at 30 million, up 3% year-on-year [1] Financial Performance - The company has shown rapid growth in performance, with a continuous improvement in profitability [1] - The current order backlog is 2-3 months, and production capacity can be dynamically adjusted based on order conditions, effectively meeting customer demands [1] Future Outlook - As the company's fundraising projects gradually release production capacity, it will effectively shorten order cycles and respond more quickly to customer needs [1] - The completion of fundraising projects, including the "annual production of 16.5 million square meters of architectural shading new materials" and "annual production of 2 million square meters of architectural shading finished products," will provide capacity support for future sales expansion [1] Market Expansion Strategies - The company is actively expanding its cross-border e-commerce business, leveraging platforms like Amazon and independent sites to reach global customers [1] - For the domestic market, the company is increasing the coverage of offline direct sales offices and equipping professional sales and installation teams for on-site services, ensuring a comprehensive customer experience [1] - The company is intensifying its sales efforts in the global shading fabric market and expanding its overseas finished product business, considering increased investments in e-commerce platforms and advertising [1] Investment Rating - Based on the performance in the first half of 2025, the profit forecast has been adjusted, and a "buy" rating is maintained [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Insights - The company reported a revenue of 230 million yuan in Q2 2025, a 15% year-on-year increase, and a net profit attributable to shareholders of 30 million yuan, up 3% year-on-year [1] - For the first half of 2025, the company achieved a revenue of 420 million yuan, also a 15% increase, while the net profit attributable to shareholders was 56 million yuan, reflecting a 1% increase [1] - The company has a strong order backlog of 2-3 months and can dynamically adjust production capacity based on orders, enhancing customer responsiveness [1] - The completion of fundraising projects, such as the annual production of 16.5 million square meters of architectural shading new materials, supports future sales expansion [1] Product Structure - The company boasts a rich and diverse product structure, having developed over a hundred product series and thousands of specifications, making it one of the most comprehensive manufacturers in the industry [2] - The ability to customize products according to regional and customer needs allows the company to meet diverse customer demands quickly [2] - The company focuses on a differentiated competition strategy, producing high-cost performance products tailored to different markets [2] Marketing Strategy - The company has established a marketing strategy that integrates online and offline channels, as well as domestic and international approaches [3] - It is actively expanding its cross-border e-commerce business and has formed strategic partnerships to enhance logistics efficiency and shorten delivery times [3] - The company aims to deepen its marketing system, expand multi-channel operations, and enhance brand recognition and reputation [3] Financial Forecast - The profit forecast has been adjusted, with expected net profits attributable to shareholders for 2025, 2026, and 2027 projected at 130 million, 148 million, and 183 million yuan respectively [4] - The company anticipates continued growth in revenue, with projections of 983 million yuan in 2025, 1.19 billion yuan in 2026, and 1.47 billion yuan in 2027, reflecting growth rates of 20.32%, 21.23%, and 23.64% respectively [8]

Group 1 - The Zhejiang Shaoxing Keqiao District Economic and Information Technology Bureau announced the allocation of special financial funds for the "415X" emerging industry cluster strong chain and supplement chain project, with a total of 10 million yuan designated for 2025 [2] - Two projects, Zhejiang Xidamen Building Sunshade New Materials Project and Yuanxin High-end Printing and Dyeing Equipment Manufacturing Project, were selected as A-level projects, each receiving 5 million yuan in funding support [2] - The public announcement period for the funding allocation is from August 6 to August 8, 2025 [2] Group 2 - Xidamen is a high-tech enterprise focused on the research, production, and sales of functional sunshade materials, recognized as a leading company in this niche market in China [3] - The company has successfully exported its products to over 70 countries and regions across six continents [3] - Recently, Xidamen's two invention patents related to production management systems and testing methods for sunshade products have been approved by the National Intellectual Property Administration [3] - These patented technologies have been applied in Xidamen's annual production projects, which include 16.5 million square meters of building sunshade new materials and 3 million sets of high-end sunshade window products [3] - The company aims to enhance its competitiveness through continuous technological innovation and strong R&D capabilities [3]