海外持续发力，合金公司持续增长 久立特材(002318) 久立特材 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | 本报告导读： 公司 2025 年上半年业绩符合预期。公司海外业务持续发力，复合管业绩大幅上升。 公司下游中电力设备需求景气度较高，且合金公司不断成长，预期公司业绩将平稳 释放。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | ...

Core Viewpoint - The report highlights the financial performance and operational developments of Ningbo Boway Alloy Material Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit, alongside strategic advancements in new materials and renewable energy sectors. Financial Performance - The company achieved operating revenue of CNY 10.22 billion, a year-on-year increase of 15.21% compared to CNY 8.87 billion in the same period last year [3]. - Total profit amounted to CNY 788.48 million, reflecting a 3.69% increase from CNY 760.45 million [3]. - Net profit attributable to shareholders reached CNY 676.15 million, up 6.05% from CNY 637.60 million [3]. - The net cash flow from operating activities was negative at CNY -686.61 million, a significant decline from CNY -133.82 million in the previous year [3]. Business Segments - The new materials segment accounted for 78.53% of total revenue, while the renewable energy segment contributed 21.47% [6]. - The new materials business saw a revenue increase of 23.83%, driven by sales growth in sectors such as electric vehicles and semiconductors [10]. - The renewable energy segment experienced a revenue decline of 10.10%, although net profit still grew by 3.96% due to effective management strategies [10]. Strategic Developments - The company is positioned as a leader in the copper-based alloy materials industry, focusing on R&D for special alloy materials to meet the evolving demands of high-tech industries [6][10]. - Investments in a 2GW N-type component project in the U.S. have commenced production, with an additional 1GW project under construction expected to start trial production in August [10][14]. - The company is enhancing its digital capabilities across marketing, R&D, and manufacturing to improve efficiency and competitiveness in the market [11][12]. Market Position and Industry Trends - The company is recognized for its strong R&D capabilities and has established itself as a key supplier in high-growth sectors such as artificial intelligence, 6G communications, and electric vehicles [15]. - The global shift towards renewable energy, particularly solar power, is creating significant opportunities for growth, with the company actively participating in this transition [7][10]. - The U.S. market's supportive policies for solar energy, including federal subsidies, are expected to benefit the company's operations and market positioning [17].

Market Overview - In June 2025, the stock market experienced an overall rise due to the easing of Middle Eastern tensions and multiple thematic catalysts, while bond market interest rates declined [4][7] - The average parity of convertible bonds reached a near-high level, with significant valuation increases for bond-like convertible bonds [5][7] - The China Securities Convertible Bond Index closed at 442.1 points on June 27, marking a 2.68% increase for the month [7] Convertible Bond Market Analysis - As of June 27, the arithmetic average parity of convertible bonds was 103.14 yuan, up 3.77% from the previous month, placing it in the 98th percentile since 2023 [7][23] - The average conversion premium rate for bonds in the price range of 90 to 125 yuan was 21.13%, also in the 48th percentile for 2023 [7][23] - The average yield to maturity (YTM) for bond-like convertible bonds fell below zero, indicating a shift in market sentiment [7][29] Recommended Convertible Bonds - The "Top Ten Convertible Bonds" for July 2025 include: - **Shenzhen Gas Convertible Bond (113067.SH)**: High balance and stable profitability, rated AAA [31][32] - **Hongcheng Convertible Bond (110077.SH)**: Stable operations and high dividend payout, rated AA+ [31][43] - **Weir Convertible Bond (113616.SH)**: Strong growth in consumer electronics and automotive sectors, rated AA+ [31][55] - **Jingce Convertible Bond (123176.SZ)**: Urgent need for domestic semiconductor testing equipment, rated AA- [31][66] - **Haoyuan Convertible Bond (118051.SH)**: Recovery trend in innovative drug development, rated AA- [31][79] - **Huakang Convertible Bond (111018.SH)**: Leading position in functional sugar alcohols, rated AA- [31][90] - **Bohai Convertible Bond (113069.SH)**: Steady growth in special alloy materials, rated AA [31][101] - **Dongcai Convertible Bond (113064.SH)**: Increased demand for high-frequency resin materials driven by AI server construction, rated AA [31][113] Industry Insights - The gas industry, represented by Shenzhen Gas, is experiencing steady growth in natural gas sales, with a 5.06% year-on-year increase in supply volume [36] - The environmental governance sector, led by Hongcheng Environment, shows stable revenue growth from water supply and treatment services, with a focus on expanding its business footprint [46] - The semiconductor industry, highlighted by Weir Group, is benefiting from increased demand in automotive electronics and consumer electronics, with significant revenue growth projected [58] - The healthcare sector, represented by Haoyuan Pharmaceutical, is positioned to capitalize on the recovery of innovative drug research and development [82]