Group 1 - The core viewpoint of the article highlights that Nanda Optoelectronics achieved a net profit attributable to shareholders of 208 million yuan in the first half of 2025, representing a year-on-year increase of 16.30% [1] - The company plans to distribute a cash dividend of 1.80 yuan per 10 shares (including tax) [1] - In the fluorine specialty gas segment, the company is advancing its core fluorine gas projects, such as large-scale trifluorine nitrogen in Ulanqab, which will further expand the specialty gas business [1] Group 2 - In the hydrogen specialty gas segment, new products like ARC and boron trifluoride are capitalizing on opportunities in the integrated circuit (IC) market, leading to significant revenue growth [1] - The semiconductor precursor materials segment has achieved stable mass production of multiple products, continuously integrating into the mass production processes of integrated circuits, indicating strong growth potential [1] - In the photoresist and supporting reagents segment, the company has mastered the technology for self-producing full-process materials, with several products progressing well in testing with key customers [1] Group 3 - The overall industry outlook is improving, with the semiconductor and panel sectors experiencing better fundamentals, increasing sales scale, and enhanced prosperity, which is expected to benefit the company's specialty gas and precursor business revenues [1] - The semiconductor industry is currently in an upward cycle, with the company continuously advancing various projects and achieving mass sales of high-end, high-barrier semiconductor materials, suggesting a sustained positive growth trend in performance [1] - The company maintains a "recommended" rating based on the positive outlook and ongoing project advancements [1]

现价：35.90 元 主要数据 | 行业 | 电子化学品 | | --- | --- | | 公司网址 | www.natachem.com | | 大股东/持股 | 沈洁/9.75% | | 实际控制人 | -- | | 总股本(百万股) | 691 | | 流通 A 股(百万股) | 657 | | 流通 B/H 股(百万股) | -- | | 总市值（亿元） | 248 | | 流通 A 股市值(亿元) | 236 | | 每股净资产(元) | 5.02 | | 资产负债率(%) | 37.26 | 行情走势图 有色与新材料 2025 年 8 月 27 日 南大光电(300346.SZ) 前驱体产品加速导入芯片企业，产销增长显著 推荐（维持） -30% -20% -10% 0% 10% 20% 25/01 25/03 25/05 25/07 南大光电 沪深300 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 事项： 公司发布 2025 年半年报，2025H1 实现营收 12.29 亿元，yoy+9.48%；实现归 母净利润 2.08 亿元，y ...

Core Insights - The company reported a revenue of 1.228 billion yuan for the first half of 2025, representing a year-on-year increase of 9.48% [1][2] - The net profit attributable to shareholders reached 207.81 million yuan, up 16.30% compared to the same period last year [1][2] - The net profit after deducting non-recurring gains and losses was 162.07 million yuan, reflecting an 18.39% increase year-on-year [1][2] Financial Performance - The net cash flow from operating activities was 400.28 million yuan, a 15.20% increase from the previous year [1] - Basic earnings per share were 0.30 yuan, up 11.11% from 0.27 yuan [1] - Diluted earnings per share increased to 0.30 yuan, a rise of 7.14% from 0.28 yuan [1] - The weighted average return on equity decreased to 5.95%, down 1.80% from 7.75% [1] Asset and Equity Position - Total assets at the end of the reporting period were 6.278 billion yuan, a decrease of 3.27% from the previous year [1] - The net assets attributable to shareholders increased to 3.471 billion yuan, reflecting a growth of 2.12% [1] Business Segment Performance - In the advanced precursor segment, the company strengthened strategic user cooperation and accelerated the construction of mature product capacity, leading to a steady increase in market share [1] - The sales revenue and volume of advanced precursors achieved new breakthroughs in the first half of 2025, with overall gross profit contribution increasing by over 50% year-on-year [1] - In the photoresist segment, the company successfully validated multiple products with key customers and maintained stable supply of ArF photoresist products, gaining customer recognition [2] - The revenue from photoresist-related diluents doubled due to accelerated expansion and market development [2] - The income and gross profit from hydrogen specialty gases continued to grow rapidly, particularly with new products like ARC and boron trifluoride, which saw revenue growth exceeding 60% [2] - The fluorine specialty gases segment is advancing capacity construction at the Ulanqab production base while leveraging green energy advantages to solidify costs [2]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 2.352 billion yuan in 2024, representing a year-over-year increase of 38.08%. The net profit attributable to shareholders was 271 million yuan, up 28.15% year-over-year [4][7] - The precursor product sales significantly increased, with revenue from this segment reaching 578 million yuan, accounting for 24.6% of total revenue, and showing a year-over-year growth of 70.3% [7] - The specialty gas business generated 1.506 billion yuan in revenue, making up 64.05% of total revenue, with a year-over-year increase of 22.33% [7] - The company is transitioning from a focus on LED to a more balanced growth across IC, LED, and LCD industries, with IC revenue growing by 106% year-over-year [7][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.352 billion yuan, with a gross profit margin of 41.2% and a net profit margin of 11.5% [6][10] - The company’s total expenses decreased to 22.95% of revenue, down from 29.79% in 2023, indicating improved cost management [7] Revenue Breakdown - The precursor business saw a sales volume increase of 83.39%, with a sales gross margin of 48.61%, up 8.71 percentage points year-over-year [7] - The specialty gas segment's sales volume increased by 25.07%, despite a decline in sales gross margin to 39.95% [7] Future Projections - The company expects to achieve a net profit of 362 million yuan in 2025, with a projected P/E ratio of 59.3 [8][10] - Revenue is forecasted to grow to 3.072 billion yuan in 2025, with a year-over-year growth rate of 30.6% [6][10]