Core Viewpoints - The company achieved a revenue of 962 million yuan in 1H25, representing a year-on-year increase of 14.68%, while the net profit attributable to shareholders was 98 million yuan, down 18.78% year-on-year [5] - The electronic industry is experiencing an upward trend due to the initial phase of AI innovation, with high demand for components like MLCC returning to elevated levels [5] - New businesses such as release films, CPP cast films, and composite current collectors have also seen significant growth [5] Revenue and Profit Analysis - In 2Q25, the company reported a revenue of 548 million yuan, a year-on-year increase of 15.19% and a quarter-on-quarter increase of 32.41%, with a net profit of 65 million yuan, down 4.69% year-on-year but up 92.03% quarter-on-quarter [5] - The gross margin for 1H25 was 33.40%, a decrease of 3.12 percentage points year-on-year [5] Electronic Packaging Materials - Revenue from electronic packaging materials reached 808 million yuan in 1H25, a year-on-year increase of 9.97%, with a gross margin of 37.85%, down 3.35 percentage points year-on-year [6] - The company is actively expanding overseas production capacity, with ongoing sample validations for major clients in the Philippines and Malaysia [6] Release Films Development - Revenue from electronic-grade films reached 116 million yuan in 1H25, a year-on-year increase of 61.29%, with a gross margin of 12.03%, up 8.86 percentage points year-on-year [7] - The company has stabilized bulk supply to clients such as Yageo and Murata, with overseas bases gradually ramping up production [7] Composite Current Collector Market - The company has increased its stake in subsidiary Ruzhen Technology to 60.4% and signed cooperation agreements with four clients, achieving a 40% year-on-year increase in orders [8] - The company is expanding production lines for composite aluminum and copper foils, with plans to enter the carrier copper foil market [8]

离型膜进展顺利，复合集流体+载体铜箔弹性巨大 洁美科技(002859) | 投资评级:增持(维持) | | --- | 证券研究报告 其他电子Ⅱ / 公司点评 / 2025.08.12 | 基本数据 | 2025-08-11 | | --- | --- | | 收盘价(元) | 26.66 | | 流通股本(亿股) | 4.06 | | 每股净资产(元) | 6.72 | | 总股本(亿股) | 4.31 | 最近 12 月市场表现 -13% 7% 27% 47% 67% 87% 洁美科技 沪深300 上证指数 其他电子Ⅱ 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 黄梦龙 SAC 证书编号：S0160525070014 huangml@ctsec.com 相关报告 1. 《收入增长利润承压，离型膜进展顺利》 2025-04-30 2. 《新品研发挤压利润，离型膜进入业绩贡 献期》 2025-04-16 3. 《载带业务软复苏 膜材料产品高端化进 行中》 2024-09-04 核心观点 盈利预测 [币种Table_FinchinaSimple ...