格隆汇8月22日丨回天新材(300041.SZ)于近期投资者关系活动表示，目前，随着电子胶产品需求的持续 提升，公司广州工厂产能利用率稳步提升，当前产能利用率约75%，预计随着下游订单的进一步释放和 产能的持续消化，2025全年有望实现较高产能利用率。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Views - The profitability of the photovoltaic sector has bottomed out, while the electronic and automotive sectors are experiencing expected growth [2] - The company is a leader in photovoltaic adhesives, maintaining a leading market share despite ongoing pressures from industry overcapacity and price fluctuations [3] - The company's revenue from renewable energy, transportation, and electronics for the first half of 2025 was 7.7 billion, 6.5 billion, and 3.8 billion respectively, with year-on-year changes of -17.9%, +34.0%, and +23.5% [2] Financial Summary - The company achieved a revenue of 21.68 billion in the first half of 2025, a year-on-year increase of 7.72%, and a net profit attributable to shareholders of 1.43 billion, up 4.18% year-on-year [1] - The gross profit margin for the company in the first half of 2025 was 22.46%, an increase of 3.38 percentage points year-on-year, while the net profit margin was 6.66%, a decrease of 0.12 percentage points year-on-year [2] - The company’s operating cash flow net amount was 0.29 billion, an increase of 69 million compared to the first half of 2024 [2] Earnings Forecast and Valuation - The forecast for the company's net profit attributable to shareholders has been adjusted to 2.05 billion and 2.75 billion for 2025 and 2026 respectively, with an expected net profit of 3.57 billion in 2027 [4] - The corresponding price-to-earnings ratios are projected to be 30.1, 22.4, and 17.3 for 2025, 2026, and 2027 respectively [4]

二、交流问答环节 1、半年度公司光伏硅胶毛利率提升了一些，主要是什么原因？现在国家反 内卷情况下，下半年光伏硅胶毛利率是不是能持续改善？ 证券代码：300041 证券简称：回天新材 湖北回天新材料股份有限公司 投资者关系活动记录表 编号：2025-04 投资者关系活 动类别 □ 特定对象调研 ☑ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他 电话会 参与单位及人 员 申万宏源证券、中信证券、国海证券、浙商证券、东吴证券、嘉实基金、 民生加银基金、东海基金、鹏华基金、博时基金、景顺长城基金、招商基金、 九泰基金、太平基金、中原英石基金、中信资管、平安养老保险、北大方正人 寿、友邦股票部、平安理财、北银理财、华宝信托、上海国际信托、上海原泽 私募基金、上海灏象资产、上海度势投资、景领投资、正圆私募基金等约 30 家 机构投资者代表。 时间 2025 年 8 月 20 日—2025 年 8 月 21 日 地点 公司会议室（电话会） 上市公司接待 人员姓名 公司董事会秘书章宏建，证券事务代表张彦，投关经理陈慧敏 投资者关系活 动主要内容介 绍 公司首先介绍了 2025 ...

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 company held an online performance briefing for the fiscal year 2024 and the first quarter of 2025, discussing operational results, financial status, and development strategies [1] - The main business areas of the company include photovoltaic materials, new consumer building materials for home decoration, electronic adhesives, and environmentally friendly hot melt adhesives [1] - The company reported a 31.79% increase in sales in the photovoltaic business segment for 2024 compared to the previous year, but faced losses in the photovoltaic film business due to ongoing price competition [1] Group 2 - To mitigate losses in the photovoltaic film business, the company plans to adjust production and sales strategies, optimize organizational structure, and enhance asset returns [1] - The company will focus on internal cost reduction and efficiency improvement, as well as external opportunity expansion in 2025 [2] - The company aims to develop high-margin, high-growth new film materials by leveraging over 20 years of experience in polymer materials and existing customer resources [2] Group 3 - The company has integrated its electronic adhesive business and relocated two subsidiaries to a chemical park, achieving an annual production capacity of approximately 1,730 tons [2] - The electronic adhesive segment generated revenue of 158 million yuan in 2024, representing a year-on-year growth of 30.88% [2] - The company is targeting the new energy vehicle sector and aims to establish stable supply relationships with major clients by providing differentiated services [2] Group 4 - The company aims to reduce losses and achieve profitability in the photovoltaic encapsulation film business by dynamically adjusting the production and sales balance [3] - The company has launched specialized encapsulation films for TOPCon and N-type components and is preparing for future market demands through early research and development [3]

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][6]. Core Views - The company is experiencing performance pressure due to intensified competition in the chemical products sector, but it is expanding its operations in anticipation of future gains [1][5]. - The company has a stable market position, with a significant share of over 40% in core customer supply, despite the competitive landscape [5][6]. - The company is expected to see a recovery in product profitability as the worst phase of industry competition is believed to be over [5][6]. Financial Performance Summary - For 2024, the company achieved a revenue of 39.89 billion yuan, a year-on-year increase of 2.23%, while the net profit attributable to shareholders was 1.02 billion yuan, a decrease of 65.91% [5]. - The company's gross profit margin for 2024 was 18.46%, down 4.36 percentage points year-on-year, and the net profit margin was 2.60%, down 5.04 percentage points [5]. - The company forecasts revenues of 43.98 billion yuan, 49.17 billion yuan, and 54.54 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2.14 billion yuan, 3.36 billion yuan, and 4.34 billion yuan for the same years [4][5]. Market Position and Growth - The company’s adhesive product sales volume reached approximately 285,600 tons in 2024, a year-on-year increase of 41.23%, driven by stable releases of photovoltaic and electronic adhesive capacities [5]. - The company’s sales revenue in the transportation sector reached 9.9 billion yuan, a year-on-year increase of 36.73%, capitalizing on the growth opportunities in the new energy vehicle market [5]. - The company is expected to maintain a price-to-earnings ratio (P/E) of 25-30 times for 2025, reflecting its growth potential despite current challenges [6].