Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.765 billion in H1 2025, representing a year-on-year increase of 20.7%. The net profit attributable to shareholders was 108 million, up 40.2% year-on-year. The non-recurring profit was also 108 million, reflecting a growth of 41.9% [1][3]. - In Q2 2025, the company achieved a revenue of 923 million, which is a 15.3% increase year-on-year. The net profit attributable to shareholders for this quarter was 56 million, showing a significant growth of 51.0% year-on-year, with non-recurring profit increasing by 54.5% to 56 million [1][3]. Summary by Sections Financial Performance - In H1 2025, the company's revenue increased by 20.7% year-on-year to 1.765 billion. The net profit attributable to shareholders was 108 million, a 40.2% increase year-on-year. The non-recurring profit also reached 108 million, up 41.9% [1][3]. - For Q2 2025, the revenue was 923 million, reflecting a 15.3% year-on-year growth. The net profit attributable to shareholders was 56 million, with a year-on-year increase of 51.0%, and the non-recurring profit was also 56 million, up 54.5% [1][3]. Product Performance - The company experienced significant growth in its automotive and rail transit products, with automotive products growing by 30.58% and rail transit products by 25.48% in H1 2025. However, building products saw a decline of 1.37% [9]. - The gross margin for H1 2025 was 18.8%, a slight increase of 0.1 percentage points year-on-year. The company managed to reduce its expense ratio to 9.6%, down 0.9 percentage points year-on-year [9]. Future Outlook - The company expects net profits of 220 million and 290 million for 2025 and 2026, respectively, corresponding to PE ratios of 30 and 23 [5]. - The company is entering a growth phase with its complete vehicle sealing systems, having established partnerships with several major automotive manufacturers [9].

Financial Performance - Company reported total revenue of 1.765 billion yuan for the first half of 2025, a year-on-year increase of 20.66% [1] - Net profit attributable to shareholders reached 108 million yuan, up 40.16% year-on-year [1] - In Q2 2025, total revenue was 923 million yuan, reflecting a 15.25% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 55.704 million yuan, a 50.95% increase year-on-year [1] - Gross margin improved to 18.8%, up 0.51% year-on-year, while net margin increased to 6.27%, up 12.71% year-on-year [1] Cost Management - Total selling, administrative, and financial expenses amounted to 109 million yuan, accounting for 6.16% of revenue, a decrease of 3.68% year-on-year [1] - Cash flow per share increased significantly by 229.35% to 0.37 yuan [1] Business Outlook - Company plans to focus on mid-to-high-end positioning in rubber products, particularly in sealing and vibration reduction [5] - The company aims to leverage its strengths in multiple fields to solidify its business base in automotive, rail transit, construction, and shipping sectors [5] - The container sealing business is expected to remain at historically high levels despite fluctuations in demand due to geopolitical factors [5] Contractual Developments - Company’s subsidiary, Haida New Energy, signed a procurement framework contract with Anhui Sailaf Energy, expected to supply 3.7 GW of products by June 30, 2026 [6] - The new product, a comprehensive screen frame, is designed to enhance safety and reliability, gaining customer recognition [6] Industry Position - Company’s return on invested capital (ROIC) was 6.73% last year, indicating average capital returns [3] - The company’s historical financial performance has been relatively average, with a median ROIC of 9.18% over the past decade [3]

主营业务稳健增长，现金流大幅改善 海达股份以橡塑材料改性研发为核心，产品广泛应用于轨道交通、汽车、建筑、航运四大领域。报告期 内，公司在轨道交通和汽车领域的业务实现较快增长，尤其是轨道车辆密封件、汽车整车密封件及车辆 减振部件等产品收入增幅明显，有效对冲了建筑、航运等领域因行业需求下滑带来的压力。 子公司科诺精工主要从事汽车天窗导轨等铝挤压材业务，产品广泛应用于宝马、奔驰、奥迪、大众等知 名车企，报告期内铝制品业务收入也实现16.07%的增长，进一步巩固了公司在汽车轻量化材料市场的 领先地位。 值得注意的是，公司经营活动产生的现金流量净额达2.20亿元，同比大幅增长229.35%，主要得益于销 售回款情况良好。期末货币资金较上年初增长2.61%，应收账款余额有所下降，显示出公司资金周转效 率提升，营运能力增强。 研发持续投入，布局新能源赛道 8月26日晚间，江阴海达橡塑股份有限公司(股票代码：300320，以下简称"海达股份（300320）")正式 发布2025年半年度报告。报告显示，公司上半年实现营业收入17.65亿元，同比增长20.66%；归属于上 市公司股东的净利润1.08亿元，同比增长40.16%，业 ...

Group 1: Business Performance and Outlook - The company reported normal growth in orders and revenue across its four main business areas: rail transit, automotive, construction, and shipping [1] - Significant revenue growth is noted in automotive sealing and vibration damping products [1] - The company aims to leverage its market advantages to penetrate new markets and products, particularly in the fields of new energy vehicles, energy storage, wind power, photovoltaics, and hydrogen energy [1] Group 2: Container Sealing Business - The container sealing business reached a historical high last year due to international political and economic changes, but current demand is fluctuating due to ongoing uncertainties [2] - Despite a decrease in revenue compared to last year, the container sealing business is expected to perform better than in 2022 and 2023, remaining at a historically high level [2] - The market for container sealing strips in the energy storage sector is rapidly growing [2] Group 3: Contractual Agreements and Product Development - The company signed a procurement framework contract with Anhui Sailaf Energy Co., Ltd., with an expected total procurement of 3.7GW of products by June 30, 2026 [2] - The newly developed short frame product aims to enhance safety and reliability, with features that improve light exposure and increase power generation [3] - The company has also signed a long-term procurement agreement with Longi Green Energy, indicating further recognition of its products [3] Group 4: Diversification and Market Position - The company possesses a high market share in various rubber product applications, allowing it to meet high technical standards and develop new products as per customer requirements [4] - The company is exploring opportunities in robotics and military sectors, leveraging its expertise in sealing and vibration damping materials [4]