证券研究报告 | 2025年08月27日 中材科技（002080.SZ） 优于大市 2025 中报点评：收入利润双增长，高端突破优势领先 收入利润双增长，Q2 增速进一步提升。2025H1 实现营收 133.3 亿元，同比 +26.5%，归母净利 10.0 亿元，同比+114.9%，扣非归母净利润 8.1 亿元，同 比+245.1%，高于此前业绩预告中枢，EPS 为 0.595 元/股，其中玻纤及制品/ 叶片/锂膜收入 43.5/52.0/9.3 亿元，同比+12.9%/+83.7%/+21.8%,贡献归母 净利 5.6/3.7/3.8 亿元。Q2 单季度营收 78.3 亿元，同比+28.1%，归母净利 6.4 亿元，同比+156.2%，扣非归母净利 5.6 亿元，同比+341.8%。 玻纤高端化优势显著，特种布全品类布局，盈利能力大幅提升。2025H1 销售 玻纤及制品 67.3 万吨，同比-1.2%，实现收入 43.5 亿元，同比+12.9%，毛 利率 26%，同比+10.7pp，归母净利润 5.6 亿元，同比+262%。玻纤景气度回 升带动产品价格修复，2025H1 产品均价同比+14%，同时高端产品助 ...

证券研究报告 | 2025年08月27日 中材科技（002080.SZ） 优于大市 2025 中报点评：收入利润双增长，高端突破优势领先 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,889 | 23,984 | 28,138 | 30,785 | 33,106 | | (+/-%) | 17.1% | -7.4% | 17.3% | 9.4% | 7.5% | | 净利润(百万元) | 2224 | 892 | 1978 | 2596 | 3081 | | (+/-%) | -36.7% | -59.9% | 121.7% | 31.3% | 18.7% | | 每股收益（元） | 1.33 | 0.53 | 1.18 | 1.55 | 1.84 | | EBIT Margin | 11.8% | 4.0% | 10.3% | 12.5% | 13.5% | | 净资产收益率（ROE） | 12.0% | 4.8% | 10.0% | 12. ...

| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 | | 每日报告精选（2025-08-21 09:00——2025-08-22 15:00） 2 | | | --- | --- | --- | |  | 行业跟踪报告：物流仓储《快递单价降幅收窄，反内卷持续扩散》2025-08-22 | 2 | |  | 行业策略：新能源发电《光伏行业研究方法》2025-08-22 | 3 | |  | 行业策略：建材《回归常识，探寻本源》2025-08-21 | 3 | |  | 行业跟踪报告：机器人《Figure 人形机器人实现无遮挡行走，能力边界持续突破》2025-08-21 | 3 | |  | 行业跟踪报告：乳制品《肉奶共振，弹性可期》2025-08-21 | 4 | |  | 海外报告：富途控股（FUTU.O）《净入金强劲，Crypto 持续开拓》2025-08-22 | 5 | |  | 公司半年报点评：巴比食品（605338）《经营势能向上，业绩超预期》2025-08-22 | 5 | |  | 海外报告：北森控股（9669）《HCM S ...

丨证券研究报告丨 公司研究丨点评报告丨长海股份（300196.SZ） 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 [Table_Title] 新产能快速释放，效益逐步发挥 报告要点 [Table_Summary] 长海股份发布 2024 年年报及 2025 年一季报：2024 年实现收入 26.6 亿元，同比增长 2%；归 属净利润 2.75 亿元，同比下滑 7%；扣非净利润 2.45 亿元，同比下滑 13%。2024Q4 实现收 入 7.6 亿元，同比增长 23%，环比增长 12%；归属净利润 0.72 亿元，同比增长 787%，环比 下滑 10%；扣非净利润 0.63 亿元，同比增长 303%，环比下滑 4%。2025Q1 实现收入 7.6 亿 元，同比增长 31%，环比增长 1%；归属净利润 0.82 亿元，同比增长 62%，环比增长 14%； 扣非净利润 0.87 亿元，同比增长 93%，环比增长 39%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is expected to see slight revenue growth in 2024, with a significant improvement in Q4 performance. The annual revenue is projected to reach 2.662 billion yuan, a year-on-year increase of 2.10%, while the net profit attributable to the parent company is expected to be 274.78 million yuan, a decrease of 7.20% year-on-year [1][4]. - The company has shown resilience in its glass fiber and chemical segments, with glass fiber revenue increasing by 3.2% to 1.969 billion yuan, driven by increased production capacity. However, the average selling price per ton decreased by 6% year-on-year [2][3]. - The overall gross margin for the year is reported at 22.72%, a decline of 1.79 percentage points year-on-year, with Q4 gross margin at 21.05% [3]. Financial Performance Summary - In Q4, the company achieved a revenue of 759 million yuan and a net profit of 72 million yuan, marking a year-on-year increase of 22.66% and 786.99% respectively [1]. - The company’s operating cash flow for the year was 448 million yuan, a decrease of 272 million yuan year-on-year, with a cash collection ratio of 68.97% [3]. - The company’s total assets are projected to reach 7.120 billion yuan in 2024, with a debt-to-asset ratio of 35.07% [3][19]. Future Earnings Forecast - The report projects the net profit attributable to the parent company for 2025 and 2026 to be 420.25 million yuan and 572.76 million yuan respectively, reflecting a growth rate of 52.94% and 36.29% [4][19]. - The company is expected to maintain a steady growth trajectory, with revenue forecasts for 2025 and 2026 at 3.106 billion yuan and 4.126 billion yuan respectively, indicating growth rates of 16.68% and 32.86% [6][19].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The impact of the "reciprocal tariffs" is limited, and there is an expectation for domestic demand stimulation. The tariffs primarily affect fiberglass and its products, with 202,000 tons of fiberglass exported in 2024, accounting for 26.7% of total production. A complete halt in exports to the U.S. could reduce domestic GDP by 1.5 percentage points, necessitating increased investment and consumption to achieve a 5% GDP growth target. The construction materials sector is expected to benefit from ongoing macroeconomic policies and fiscal stimulus [3][5][12] - Recommended stocks in the consumer construction materials sector include: Sankeshu (channel expansion, retail growth), Dongfang Yuhong (waterproof leader, optimized operations), Weixing New Materials (high-quality operations, significant retail business), and Jianlang Hardware. Beneficiary stocks include: Beixin Building Materials (gypsum board leader, diversified expansion in coatings and waterproofing) [3][5] - The National Development and Reform Commission has issued a plan to control cement clinker capacity at around 1.8 billion tons by the end of 2025, with a target to reduce energy consumption per unit of cement clinker by 3.7% compared to 2020 levels, accelerating energy-saving and carbon reduction efforts [3][5] Market Performance - The construction materials index fell by 2.42% during the week of April 7 to April 11, 2025, outperforming the CSI 300 index, which fell by 2.87%, by 0.46 percentage points. Over the past three months, the CSI 300 index rose by 0.48%, while the construction materials index increased by 4.81%, outperforming the CSI 300 by 4.32 percentage points. However, over the past year, the construction materials index rose by only 1.64%, underperforming the CSI 300 index, which increased by 7.90% [3][12][19] Cement Sector - As of April 11, 2025, the average price of P.O42.5 bulk cement nationwide was 341.69 CNY/ton, a decrease of 1.82% from the previous period. The clinker inventory ratio was 57.52%, an increase of 4.24 percentage points [5][24][26] - Regional price trends show mixed results: Northeast (+0.90%), North China (-5.46%), East China (-0.89%), South China (-1.30%), Central China (-9.81%), Southwest (+4.40%), and Northwest (0.00%) [24][26] Glass Sector - The spot price of float glass as of April 11, 2025, was 1324.00 CNY/ton, reflecting a week-on-week increase of 10.00 CNY/ton (0.76% rise). The futures price decreased by 5.10% to 1154 CNY/ton [5][77][79] - National float glass inventory decreased by 83 million weight boxes, a decline of 1.45%, with key provinces also showing reduced inventory levels [80][84] Fiberglass Sector - The market for fiberglass shows varied pricing, with no-alkali 2400tex direct yarn priced between 3800-4500 CNY/ton, and other fiberglass products showing flexible pricing based on regional demand [5][14] Consumer Construction Materials - As of April 11, 2025, the price of crude oil was 66.16 USD/barrel, down 1.08% week-on-week, and asphalt was priced at 4390 CNY/ton, down 1.13% week-on-week. Prices for acrylic acid and titanium dioxide showed slight increases [5][19]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 23.984 billion RMB for 2024, a decrease of 7.36% year-on-year, and a net profit attributable to shareholders of 0.892 billion RMB, down 59.90% year-on-year [1] - The report indicates that the company's performance exceeded the midpoint of previous forecasts [1] - The company expects a recovery in profitability driven by high demand in the wind power sector and improved supply-demand dynamics [3] Revenue and Profit Analysis - The company achieved a total revenue of 239.84 billion RMB in 2024, with a significant decline in net profit [1] - The breakdown of net profit contributions includes 0.37 billion RMB from fiberglass, 0.186 billion RMB from wind blades, and 0.022 billion RMB from lithium membranes, while other businesses contributed a loss of 0.314 billion RMB [2] - The company faced substantial asset impairments of 84.23 million RMB and credit impairments of 47.50 million RMB, impacting overall performance [2] Segment Performance - Fiberglass sales remained stable at 136,000 tons, generating revenue of 77.4 billion RMB, with a net profit of 0.37 billion RMB [2] - Wind blade sales reached 24 GW, resulting in revenue of 85.7 billion RMB, with a net profit of 0.318 billion RMB [3] - Lithium membrane sales increased by 9% to 1.9 billion square meters, generating revenue of 1.47 billion RMB, with a net profit of 0.044 billion RMB [3] Forecast and Valuation - The company forecasts net profits of 1.562 billion RMB, 2.016 billion RMB, and 2.319 billion RMB for 2025, 2026, and 2027 respectively, with corresponding dynamic P/E ratios of 16x, 12x, and 11x [4] - The report anticipates a recovery in net profit growth rates, projecting increases of 75.12% in 2025 and 29.08% in 2026 [6]