2025 年第二季度主要经营数据公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-080 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 三、主要原材料的价格变动情况（不含税） | 主要产品 | 单位 | 年 2025 平均进价 | 4-6 | 月 | 年 2024 平均进价 | 月 4-6 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | 聚酯切片 | 元/吨 | | 5,370.72 | | | 6,552.63 | -18.04 | | 甲醇-工业级 | 元/吨 | | 2,107.42 | | | 2,214.33 | -4.83 | | PTA | 元/吨 | | 4,320.26 | | | 5,397.72 | -19.96 | | 苯酚-工业级 | 元/吨 | | 6,174. ...

Core Viewpoint - Dongcai Technology's stock experienced a significant increase, reaching a limit up of 9.99% on August 22, with a trading price of 19.12 yuan per share and a total market capitalization of 17.325 billion yuan [1] Company Overview - Sichuan Dongcai Technology Group Co., Ltd. is located in Mianyang Economic and Technological Development Zone and focuses on the research, manufacturing, and sales of new materials [1] - The company specializes in optical film materials, environmentally friendly flame-retardant materials, and advanced electronic materials, serving over 50 countries and regions [1] - Dongcai Technology aims to become a world-renowned innovative new material production service provider through systematic innovation, technological integration, product diversification, and specialized services [1] Financial Performance - For the period from January to March 2025, Dongcai Technology achieved operating revenue of 1.134 billion yuan, representing a year-on-year growth of 23.23% [1] - The net profit attributable to shareholders for the same period was 91.8773 million yuan, showing a year-on-year increase of 81.16% [1] - As of March 31, the number of shareholders was 35,800, with an average of 25,000 circulating shares per person [1]

Core Viewpoint - Dongcai Technology's stock price increased by 5.72% on August 15, reaching 18.47 CNY per share, with a trading volume of 354 million CNY and a turnover rate of 2.17%, resulting in a total market capitalization of 16.736 billion CNY [1] Company Overview - Sichuan Dongcai Technology Group Co., Ltd. is located in Mianyang Economic and Technological Development Zone and focuses on the research, manufacturing, and sales of new materials [1] - The company’s main products include optical film materials, environmentally friendly flame-retardant materials, and advanced electronic materials, serving multiple sectors and exporting to over 50 countries and regions [1] - Dongcai Technology aims to become a world-renowned innovative new materials production service provider through systematic innovation, technological integration, product diversification, and specialized services [1] Financial Performance - For the period from January to March 2025, Dongcai Technology achieved operating revenue of 1.134 billion CNY, representing a year-on-year growth of 23.23% [1] - The net profit attributable to shareholders for the same period was 91.877 million CNY, showing a significant year-on-year increase of 81.16% [1] - As of March 31, the number of shareholders was 35,800, with an average of 25,000 circulating shares per person [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6][4]. Core Views - The company achieved a revenue of 4.47 billion yuan in 2024, representing a year-on-year increase of 19.6%, while the net profit attributable to shareholders was 181 million yuan, a decrease of 44.54% [1][2]. - In Q1 2025, the company reported a revenue of 1.13 billion yuan, up 23.23% year-on-year but down 7.37% quarter-on-quarter, with a net profit of 92 million yuan, reflecting an 81.16% increase year-on-year [1][2]. - The decline in 2024's net profit was primarily due to prolonged losses in the sales prices of epoxy resin and photovoltaic backplane films, alongside increased market penetration of dual-glass components [2]. - The company is expanding its production capacity across multiple bases, with significant projects expected to come online in late 2025 and early 2026 [3]. Summary by Sections Financial Performance - The company’s revenue for 2024 was 4.47 billion yuan, with a growth rate of 19.6%. The net profit for the same year was 181 million yuan, down 44.54% [5][4]. - For Q1 2025, the revenue was 1.13 billion yuan, showing a year-on-year increase of 23.23% and a quarter-on-quarter decrease of 7.37%. The net profit was 92 million yuan, up 81.16% year-on-year [1][2]. Capacity Expansion - The company has a strong multi-base layout with ongoing capacity construction, including projects in Mianyang, Chengdu, Jiangsu, and Shandong, expected to be operational between late 2025 and early 2026 [3]. Profitability Forecast - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 416 million yuan, 509 million yuan, and 612 million yuan respectively [4][5]. - The company is focusing on high-value products such as high-voltage electrical polypropylene films and ultra-thin electronic polypropylene films, which are expected to enhance brand competitiveness and overall profitability [2].

Investment Rating - The report maintains an "Outperform" rating for the company [2][6] Core Views - The company reported a revenue of 4.47 billion yuan for 2024, a year-on-year increase of 20%, but a net profit of 181 million yuan, down 45% year-on-year [6] - The first quarter of 2025 shows a revenue of 1.13 billion yuan, up 23% year-on-year, and a net profit of 92 million yuan, up 81% year-on-year, indicating a performance turnaround [6] - The company is focusing on expanding its high-frequency and high-speed resin production to capture industry opportunities, with a projected investment of 700 million yuan for new production lines [6] Financial Data Summary - For 2024, the total revenue is projected at 4.47 billion yuan, with a net profit of 181 million yuan, and an expected growth in revenue to 5.07 billion yuan in 2025 [8] - The gross profit margin for 2024 is 13.9%, with a forecasted increase to 19.1% by 2025 [6][8] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling approximately 89 million yuan, which represents 87.77% of the annual net profit [6] Segment Performance - The electronic materials segment achieved a revenue of 1.12 billion yuan in Q1 2025, a 129% increase year-on-year, driven by demand for high-speed electronic resins [6] - The optical film materials segment reported a revenue of 3.00 billion yuan in Q1 2025, a 43% increase year-on-year, with expectations for gradual improvement in product pricing and gross margins [6] - The new energy materials segment saw a revenue of 3.09 billion yuan in Q1 2025, but faced challenges due to declining demand for photovoltaic backsheet films [6]