隆华科技发布半年报，2025H1 实现营收15.15 亿元（yoy+23.95%），归母净利1.12 亿元 （yoy+5.83%），扣非净利1.05 亿元（yoy+13.29%）。 其中Q2 实现营收8.76 亿元（yoy+50.95%，qoq+37.16%），归母净利6661.01 万元（yoy+31.87%， qoq+48.05%）。公司材料业务毛利显著提升，且下游应用领域持续扩展，维持买入评级。 盈利预测与估值 我们维持公司25-27 年归母净利润为2.32/2.58/3.10 亿元，对应EPS 为0.26/0.29/0.34 元。采用分部估值， 预计2025 年节能环保业务EPS 0.14元、新材料业务EPS 0.12 元。可比公司2025 年PE 均值分别为 30.2x/30.6x，考虑到公司材料业务下游应用空间广阔，且不断拓展，给予新材料部分估值溢价，最终给 予公司2025 年30.2x/52.0x PE，对应目标价10.49 元（前值8.92 元，对应2025 年24.7x/45.4x PE）。 风险提示：下游需求不及预期，政策变化等。 公司材料业务领域不断拓展 公司电子材料业务原来主要聚焦在传 ...

Core Insights - The "billion-county" phenomenon plays a significant role in China's economy, contributing 7.8% of the national GDP while occupying only 1.3% of the land area [1][8]. Group 1: Growth and Distribution of Billion-Counties - The number of billion-counties in China has increased from the first three in 2007 to 62 by 2024, indicating a steady growth trend [2][4]. - The distribution of these counties shows a pyramid structure, with two counties (Kunshan and Jiangyin) exceeding 500 billion yuan in GDP, five counties surpassing 300 billion yuan, and 52 counties reaching 100 billion yuan [4][6]. - The eastern region is highly concentrated with 46 billion-counties, while the central and western regions are seeing a rise in their numbers, reflecting a shift in economic vitality [3][6]. Group 2: Economic Contributions and Characteristics - The 62 billion-counties collectively contributed over 10 trillion yuan to the national economy in 2024, showcasing their economic strength [8]. - These counties are characterized by a transformation in industrial structure, with traditional industries upgrading and new industries emerging rapidly [8][10]. - The counties are increasingly focusing on digital transformation and green development, enhancing their competitiveness [8][14]. Group 3: Industrial Development and Innovation - Many billion-counties are actively upgrading traditional industries while simultaneously developing new sectors, such as digital economy and clean energy [10][12]. - For instance, Jiangsu's Changshu is undergoing a digital revolution in its garment industry, while Shandong's Jiaozhou is promoting digital transformation in the steel industry [8][9]. - The counties are also forming industrial clusters to enhance competitiveness, with examples like Fujian's Fuzhou focusing on electronic information and chemical materials [13][22]. Group 4: Regional Integration and Collaboration - Billion-counties are integrating into urban agglomerations, leveraging the economic strength of surrounding cities to accelerate their growth [17][18]. - For example, Kunshan benefits from its proximity to Shanghai, becoming a hub for high-end industries [18]. - Collaborative efforts between neighboring counties, such as Cixi and Yuyao, are fostering regional economic synergy through complementary industries [19][25]. Group 5: Strategic Insights for Development - The success of billion-counties highlights the importance of leveraging local resources for industrial transformation and capturing emerging market opportunities [21][22]. - Building strong industrial clusters around leading enterprises is crucial for enhancing competitiveness and driving economic growth [22][23]. - The role of local governance, entrepreneurial spirit, and skilled labor is essential in fostering a conducive environment for economic development [24][25].