证券研究报告 | 2025年08月26日 硅宝科技（300019.SZ） 优于大市 公司营收及归母利润同比高增，龙头地位稳固 2025 年上半年公司营收及归母利润同比高增。2025 年上半年公司营业收入为 17.07 亿元，同比增长 47.36%，归母净利润 1.54 亿元，同比增长 51.56%。其中 第二季度，公司营收为 9.29 亿元，同比增长 35.78%，归母净利润为 0.83 亿元， 同比增长 35.17%。公司建筑胶稳居龙头、工业胶高速增长、热熔胶稳步提升， 整体经营业绩再创历史新高。 建筑类用胶市场份额持续提升，稳居行业龙头地位。2025 年上半年，公司建筑 业用胶营业收入为 6.51 亿元，毛利率为 22.34%，较去年同期上升 0.32 个百分 点。建筑业整体在政策的持续调控下，房屋新开工和竣工面积同比下降幅度收窄， 并且"好房子"的建设理念持续推进，为高端建筑胶扩展了市场空间。公司在建 筑胶行业拥有良好的知名度和覆盖全国的销售网络，市场竞争力极强。 公司工业类用胶在汽车、电子电器及动力电池等领域保持高速增长。2025 年上 半年，工业用胶营业收入为 44.17 亿元，毛利率 32.20% ...

证券代码：300019 证券简称：硅宝科技 成都硅宝科技股份有限公司投资者关系活动记录表 员工负责、对社会负责、对投资者负责"的管理理念，坚持"技术不断创新、 品质精益求精、服务及时有效"的经营方针，致力于为国家支柱产业和战略性 新兴产业提供优质高端配套材料，凭借强大的技术、品牌、规模、平台、人 才、管理等优势，市场份额持续提高。2025 上半年度，公司建筑胶稳居龙头、 工业胶高速增长、热熔胶稳步提升，整体经营业绩再创历史新高，营业收入 170,710.07 万元，同比增长 47.36%，归属上市公司股东的净利润 15,413.70 万 元，同比增长 51.56%。 二、2025 年上半年公司建筑胶、工业胶经营业绩稳步增长，请简要介绍公 司实现增长的原因？ 回复：在建筑胶领域，公司深耕建筑胶行业多年，拥有良好的品牌知名 度、影响力和覆盖全国的销售网络，有极强的市场竞争力。2025 年上半年，公 司充分发挥建筑胶行业龙头地位和品牌优势，积极拓展大客户、培育优质经销 商、拓展销售渠道，实现建筑类用胶销量同比增长、市场份额持续提升，稳居 行业龙头地位。2025 年上半年，公司建筑胶实现营业收入 65,115.33 ...

报告导读 公司发布2025 中报，实现营收17.07 亿元，同比增47.36%，实现归母净利润1.54 亿元，同比增51.56%。 其中25Q2 单季度营收9.29 亿元，同比增35.78%，环比增19.30%，归母净利润0.83 亿元，同比增 35.17%，环比增17.38%。 投资要点 并表嘉好热熔胶，公司营收业绩同比高增 25H1 公司营收业绩同比高增主要系并购的江苏嘉好贡献，江苏嘉好自 2024 年 7月纳入公司合并报表， 上半年嘉好实现营收5.1 亿元，净利润4069 万元。建筑胶方面，上半年公司建筑胶收入为6.5 亿元，同 比降6.8%，销量同比实现增长，板块收入下降主要系产品价格承压。公司作为建筑胶龙头， 上半年毛 利率22.34%，同比增0.32pct。工业胶方面，上半年收入4.4 亿元，同比增29.5%，主要得益于汽车、电 子、家电行业以旧换新为胶粘剂行业带来新的需求和增长点，板块毛利率为32.2%，同比增3.43pct。 25H1 公司毛利率21.88%，同比降0.57pct，净利率9.03%，同比增0.25pct，公司毛利率同比下降主要系 新并表的热熔胶业务影响。25H1 公司销售费用、 ...

基础化工/化学制品 硅宝科技（300019.SZ） Q2 营收、归母净利润环比增长，密封胶、热熔胶、 2025 年 08 月 24 日 硅碳负极业务多点开花 投资评级：买入（维持） 日期 2025/8/22 当前股价(元) 22.02 一年最高最低(元) 25.56/10.16 总市值(亿元) 86.56 流通市值(亿元) 74.33 总股本(亿股) 3.93 流通股本(亿股) 3.38 近 3 个月换手率(%) 478.44 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 硅宝科技 沪深300 相关研究报告 《Q1 营收、归母净利润同比高增，盈 利能力延续修复—公司信息更新报 告》-2025.4.15 风险提示：项目进展不及预期、原材料及产品价格波动、政策不及预期等。 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,606 | 3,159 | 4,306 | ...

Financial Performance - Company reported total revenue of 1.707 billion yuan for the first half of 2025, a year-on-year increase of 47.36% [1] - Net profit attributable to shareholders reached 154 million yuan, up 51.56% year-on-year [1] - In Q2 2025, total revenue was 929 million yuan, reflecting a 35.78% increase compared to the same quarter last year [1] - Gross margin was 21.88%, a decrease of 2.57% year-on-year, while net margin improved to 9.03%, an increase of 2.85% [1] - The company's accounts receivable accounted for 300.56% of net profit, indicating a significant amount of receivables [1][4] Financial Metrics - Earnings per share (EPS) increased to 0.39 yuan, a rise of 50.75% year-on-year [1] - Operating cash flow per share remained stable at 0.2 yuan, with a slight increase of 2.65% [1] - Total liabilities increased, with interest-bearing debt rising to 339 million yuan, a 15.71% increase [1][3] Industry Outlook - Company operates in the new materials sector, focusing on high-end organic silicone sealants and other advanced materials [5] - The adhesive industry is experiencing rapid growth, driven by national strategic emerging industries and the demand for high-quality materials [5] - The development of new production capabilities and the digital economy is expected to provide stable market demand for the adhesive sector [5]

热熔胶方面，作为热熔胶行业龙头企业之一，公司全资子公司江苏嘉好坚持"国内国际市场双轮驱动"的 发展战略，高效匹配客户需求，加强技术研发力度，协同公司在技术、产品、市场和地域等方面的优 势，实现国内外业务协同并进，经营业绩再创新高。 硅碳负极材料方面，公司紧抓新能源产业发展机遇，在硅碳负极材料领域加速构筑核心竞争力，重点发 力硅氧产品和新型硅碳产品，1000吨/年中试线和3000吨/年生产线稳定运行，公司硅碳负极材料销量快 速增长。同时，公司积极拓展新客户，市场份额逐步提升。 报告期内，硅宝新能源（000690）5万吨/年锂电池用硅碳负极材料及专用粘合剂项目实施顺利，其中 3000吨/年锂电池用硅碳负极生产线、5000吨/年聚氨酯密封胶生产线、10000吨/年动力电池用有机硅粘 合剂生产线按计划顺利投产，剩余产能稳定建设中。 公司加快海外市场扩张步伐，坚持"走出去"策略，积极拓展海外市场，上半年实现出口销售收入2.23亿 元，同比增长288.01%。公司产品已远销60多个国家和地区，并建立了稳定的销售渠道，同时继续加大 对新领域、新区域和新客户的开发。 中证报中证网讯(王珞)8月22日晚间，硅宝科技（30001 ...

Core Viewpoint - The environmental adhesive industry in China is experiencing significant growth driven by government policies, increasing demand for eco-friendly products, and technological advancements in production processes [1][5][16]. Group 1: Industry Overview - Environmental adhesives are made from natural, renewable, or low-toxicity materials, featuring low VOC, formaldehyde-free, and biodegradable characteristics [2][5]. - The market for adhesives is expected to grow steadily during the 14th Five-Year Plan period, with production projected to reach approximately 8.55 million tons and consumption around 7.56 million tons by 2024 [1][10]. - The industry is witnessing a shift towards high-performance, low-carbon, and intelligent upgrades, with water-based adhesives developing rapidly [1][16]. Group 2: Policy Background - A series of policies have been introduced in China to promote the green transformation of the environmental adhesive industry, including the "14th Five-Year" energy conservation and emission reduction plan, which sets specific reduction targets for solvent-based adhesives [5][7]. - The regulatory framework aims to cover the entire production, application, and emission processes, establishing a solid foundation for high-quality industry development [5][7]. Group 3: Industry Chain Analysis - The upstream of the environmental adhesive industry is centered around basic chemical raw material manufacturers, while the midstream involves the production processes, and the downstream applications span various sectors, including construction, packaging, and electronics [8][10]. - The demand for high-performance environmental adhesives is rapidly increasing in emerging industries such as new energy vehicles and photovoltaics [8][10]. Group 4: Current Market Status - The adhesive industry in China is projected to maintain an average annual growth rate of 4.2% in production and 4.3% in sales during the 14th Five-Year Plan period [10][14]. - Despite maintaining production growth, the industry faces challenges such as market demand shrinkage and severe product homogeneity, leading to a decline in sales revenue [14][16]. Group 5: Competitive Landscape - The competitive landscape of the environmental adhesive industry is characterized by a clear stratification, with international giants holding high-end markets and local leaders rapidly expanding their market share in mid-tier segments [20][22]. - Local companies are focusing on breakthroughs in bio-based materials and intelligent production lines to overcome technological bottlenecks [20][22]. Group 6: Development Trends - The industry is moving towards technological innovation, with a focus on water-based, bio-based, and intelligent production technologies to enhance product performance and meet high-end market demands [24][25]. - The demand for environmental adhesives is expected to shift towards high-end and green products, driven by policies and market needs in sectors like new energy vehicles and green buildings [25][26]. - The industry is anticipated to see increased concentration, with leading companies expanding their capabilities through vertical integration and horizontal expansion into high-value sectors [26].

Core Viewpoint - Tianyang New Materials (Shanghai) Co., Ltd. is expected to report a significant net loss for the first half of 2025, with projections indicating a net profit attributable to shareholders ranging from -8 million to -11.5 million yuan, representing a year-on-year decrease of approximately 81% to 160% [2][5]. Financial Performance Summary - The estimated net profit for the first half of 2025 is projected to be between -8 million and -11.5 million yuan, a decrease of 3.58 million to 7.08 million yuan compared to the same period last year [2][5]. - After excluding non-recurring gains and losses, the net profit is expected to be between -6.45 million and -9.95 million yuan, which indicates an increase of 1.15 million to 4.65 million yuan year-on-year, translating to a growth of approximately 10% to 42% [3][6]. Business Impact Analysis - The company's main business segments, including hot melt adhesives, electronic adhesives, and wall fabric businesses, have shown stable operations. However, revenue from photovoltaic encapsulation adhesive films has decreased by approximately 55% compared to the previous year due to overall industry overcapacity and ongoing price competition, leading to low selling prices and even negative gross margins [8][9]. - The decision to reduce order volumes in response to the adverse market conditions has resulted in decreased revenue, while the company continues to incur depreciation costs on its facilities and equipment that are already in use, contributing to the overall negative net profit [9]. Comparison with Previous Year - In the same period last year, the total profit was 5.5029 million yuan, with a net profit attributable to the parent company of -4.4166 million yuan. The net profit after excluding non-recurring items was -11.095 million yuan [8]. - The significant percentage changes in the current year's projections are partly due to the low comparative base from the previous year [9].

Group 1 - The company, Tianyang New Materials, is forecasting a net profit of -11.5 million yuan, which represents a decrease of 3.58 million to 7.08 million yuan compared to the same period last year, indicating a year-on-year decrease of approximately 81% to 160% [1][2] - The expected profit for the current period is projected to be between -6.45 million and -9.95 million yuan, which is an increase of 1.15 million to 4.65 million yuan compared to the same period last year, reflecting a year-on-year increase of approximately 10% to 42% [1][2] - The company's previous year's total profit was 5.5029 million yuan, with a net profit attributable to the parent company of -4.4166 million yuan and a net profit after deducting non-recurring gains and losses of -11.095 million yuan [1][2] Group 2 - The main reason for the expected loss is the significant decline in revenue from the photovoltaic encapsulation adhesive film, which decreased by approximately 55% due to overall industry overcapacity and ongoing price competition, leading to a negative gross profit situation [2] - The comparison to the previous year's figures is affected by a relatively small base, which contributes to the large percentage changes in the current profit forecast [2]

Group 1 - The core viewpoint of the article is that Focus International has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to raise funds for expansion and operational improvements [1][6] - Focus International was established in 2014 and initially operated as a contract manufacturer of absorbent hygiene products, gradually expanding into its own brand market in China [1] - The company’s product categories include baby care, feminine care, and adult incontinence products, with notable brands such as "All Cotton Hour" and "Weiyue" [1] Group 2 - Revenue growth has been significant, with figures rising from 181 million yuan in 2022 to 372 million yuan in 2023, and projected to reach 447 million yuan in 2024 [1] - Net profit has also shown steady growth, increasing from 12.27 million yuan in 2022 to 65.61 million yuan in 2024, alongside an improving gross margin from 19.4% to 27.5% over the same period [1] - The brand product business has seen remarkable growth, with its revenue share increasing from approximately 7.4% in 2022 to 35.8% in 2024, while the contract manufacturing business accounts for 24.1% of revenue [4] Group 3 - The funds raised from the IPO will be allocated for land acquisition, new production facilities, equipment purchases, marketing activities, and enhancing IT infrastructure [6] - The company is primarily controlled by the Zhou couple, who collectively hold 99% of the shares, with Zhou Hang holding 59.4% and He Shanshan holding 39.6% [4]