Core Viewpoint - The company reported steady revenue growth in its anti-aging additives and improved gross margins in its lubricant additives segment, indicating resilience in a competitive market [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.995 billion yuan, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of 241 million yuan, up 9.6% year-on-year, with a gross margin of 21.59%, an increase of 0.18 percentage points [1]. - In Q2 2025, the company recorded revenue of 1.514 billion yuan, a year-on-year increase of 3.29% and a quarter-on-quarter increase of 2.22%; net profit attributable to shareholders was 133 million yuan, up 18.04% year-on-year and 23.59% quarter-on-quarter, with a gross margin of 21.65%, an increase of 0.22 percentage points year-on-year and 0.13 percentage points quarter-on-quarter [1]. Business Segments - In the anti-aging additives segment, the company generated revenue of 2.358 billion yuan, a year-on-year increase of 3.06%, with a shipment volume of 65,500 tons, up 4.30% year-on-year, driven by the development of high-margin products and entry into higher technical barrier downstream fields [2]. - In the lubricant additives segment, the company achieved revenue of 618 million yuan, a year-on-year increase of 18.49%, with a shipment volume of 34,200 tons, up 18.27% year-on-year, supported by increased capacity utilization following the commissioning of the Jinzhou Kangtai Phase II project in 2024 [2]. Market Position and Future Outlook - The company is advancing its domestic production capacity for electronic-grade polyimide through cross-border mergers and acquisitions, with ongoing construction of production bases and R&D centers, aiming for trial production in 2026 [3]. - The company is expected to achieve net profits attributable to shareholders of 505 million yuan, 598 million yuan, and 680 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15.3, 12.9, and 11.3 times [3]. - The company is recognized as a leading player in the domestic anti-aging materials industry, being the only supplier capable of covering a wide range of polymer materials including plastics, rubber, fibers, adhesives, and coatings [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in H1 2025 met expectations, with revenue of CNY 2.995 billion, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of CNY 241 million, up 9.60% year-on-year [1][3] - The sales of anti-aging additives showed steady growth, while the profitability of lubricant additives improved significantly [2][3] - The company is solidifying its leading position in the anti-aging agent industry and is actively developing major clients for lubricant additives, with emerging sectors poised for growth [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of CNY 1.514 billion, a year-on-year increase of 3.29% and a quarter-on-quarter increase of 2.22%. The net profit attributable to shareholders was CNY 133 million, up 18.04% year-on-year and 23.59% quarter-on-quarter [1] - For H1 2025, the anti-aging additives business generated revenue of CNY 2.36 billion, a 3.1% increase year-on-year, with a shipment volume of 65,500 tons, up 4.3% year-on-year [2] - The lubricant additives business reported revenue of CNY 620 million, an 18.5% increase year-on-year, with a shipment volume of 34,200 tons, up 18.3% year-on-year [2] Cost and Profitability - The gross margin for lubricant additives improved by 5.5 percentage points to 13.5% due to increased capacity utilization and collaborative efforts across the supply chain [2] - Sales, management, and R&D expenses increased by 21.9%, 5.0%, and 17.2% respectively, while financial expenses decreased by 110.5% mainly due to currency fluctuations [2] Future Outlook - The company plans to invest in an overseas R&D and production base in Malaysia to enhance its product offerings and expand its international footprint [3] - The company forecasts net profits attributable to shareholders of CNY 503 million, CNY 612 million, and CNY 688 million for 2025, 2026, and 2027 respectively [3][5]

Group 1 - The company reported a revenue of 2.995 billion yuan for H1 2025, representing a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 241 million yuan, up 9.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.514 billion yuan, which is a 3.3% increase year-on-year and a 2.2% increase quarter-on-quarter, with a net profit of 133 million yuan, reflecting an 18% year-on-year growth and a 23.6% quarter-on-quarter increase [1] - The company plans to issue medium-term notes worth 2 billion yuan to repay interest-bearing debts, supplement working capital, and invest in technology innovation and R&D [1] Group 2 - In H1 2025, the company's anti-aging agents and lubricant additives generated revenues of 2.358 billion yuan and 618 million yuan, respectively, with year-on-year growth rates of 3.06% and 18.49% [2] - The gross profit margins for anti-aging agents and lubricant additives were 23.66% and 13.48%, with year-on-year changes of -0.66 and +5.53 percentage points [2] - The life sciences division achieved significant milestones, with key projects reaching stable production and sales, and three products entering the pilot production phase [2] Group 3 - The company's sales gross margin and net margin for H1 2025 were 21.59% and 7.81%, reflecting year-on-year increases of 0.18 and 0.13 percentage points [2] - In Q2 2025, the sales gross margin and net margin were 21.65% and 8.56%, with quarter-on-quarter increases of 0.13 and 1.52 percentage points [2]

基础化工/化学制品 利安隆（300596.SZ） 2025 年 08 月 28 日 投资评级：买入（维持） 日期 2025/8/27 当前股价(元) 33.59 一年最高最低(元) 36.66/22.12 总市值(亿元) 77.13 流通市值(亿元) 75.47 总股本(亿股) 2.30 流通股本(亿股) 2.25 近 3 个月换手率(%) 133.91 ——公司信息更新报告 | 金益腾（分析师） 徐正凤（分析师） | | | | | | | --- | --- | --- | --- | --- | --- | | jinyiteng@kysec.cn xuzhengfeng@kysec.cn | | | | | | | 证书编号：S0790520020002 证书编号：S0790524070005 | | | | | | |  Q2 业绩同环比增长，盈利能力改善，看好公司多层次高质量发展 | | | | | | | 公司发布 2025 年中报，实现营收 29.95 亿元，同比+6.2%；归母净利润 2.41 亿 | | | | | | | 元，同比+9.6%。其中 Q2 实现营收 15.14 亿元，同比 ...

Core Viewpoint - The company reported steady growth in 2024, with revenue reaching 5.687 billion yuan, a year-on-year increase of 7.74%, and a net profit attributable to shareholders of 426 million yuan, up 17.61% from the previous year [1]. Group 1: Financial Performance - In 2024, the company's sales gross margin improved to 21.24%, an increase of 1.46 percentage points year-on-year [2]. - The sales gross margins for specific products were as follows: light stabilizers at 33.20%, antioxidants at 19.38%, U-pack at 8.36%, and lubricant additives at 9.95%, with year-on-year changes of 1.25, 2.28, 1.20, and -1.90 percentage points respectively [2]. Group 2: Market Expansion and Product Performance - The market for the company's main products is expanding, driven by the growth in downstream industries such as plastics, rubber, synthetic fibers, and adhesives [2]. - In 2024, the production of primary plastics in China reached 12.752 million tons, a year-on-year increase of 4.3%, while synthetic rubber production was 9.22 million tons, up 1.4%, and chemical fiber production was 7.911 million tons, up 9.7% [2]. - The sales volumes of the company's anti-aging agents and lubricant additives were 123.6 thousand tons and 58.3 thousand tons, respectively, representing year-on-year growth of 6.40% and 23.23% [2]. Group 3: Competitive Position and Future Outlook - The company ranks fourth globally and first domestically in the anti-aging additives business, benefiting from low costs and rapid response capabilities [3]. - The company has a production capacity of 240.7 thousand tons per year for anti-aging additives, with expectations for continued volume growth due to increasing domestic demand and the elimination of outdated production capacity [3]. - The lubricant additives market has significant potential for domestic substitution, with the company’s acquisition of Jinzhou Kangtai expected to enhance its market position [3]. - The company is also focusing on electronic-grade PI films, with plans to establish a production base and R&D center in Yixing, following the acquisition of a controlling stake in Korean IPI [4][5].