新宙邦发布提示性公告，公司于2025年12月11日审议通过了发行H股股票并在香港联合交易所有限公司（以下简称"香港联交所"）上市相关议案，正式启动 赴港上市筹划工作。 公告指出，本次发行H股并在港上市的核心目的在于深入推进公司全球化发展战略，实现全球资源本地化供应，进一步提升公司国际品牌形象及全球市场综 合竞争实力。同时，通过打造国际化资本运作平台，公司将优化资本结构与股东组成，持续提升治理水平和核心竞争力，为长期可持续发展奠定坚实基础。 新宙邦是全球高端电子化学品与氟材料领域的龙头企业，在电池电解液、电容器化学品、氟化液等多个核心细分领域稳居市场前列，同时在半导体化学品领 域加速实现进口替代，整体市场影响力和竞争力突出。 如电池电解液，该业务是新宙邦的核心业务之一，其锂离子电池电解液曾于2014年跃居全球销量第一，如今市占率仍持续位居行业前列。2023年该产品入选 国家级制造业单项冠军产品名录，2025年上半年其电池化学品产能达28.31万吨，利用率83.54%，保持较高水平。 在储能高端电解液领域，新宙邦处于绝对领先地位。2025年其储能电解液品类占全球相关品类的45%，为宁德时代储能电解液第一供应商。波 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue of 4.25 billion yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 480 million yuan, up 16% year-on-year [8] - The electrolyte segment is expected to maintain a growth rate of 30% in 2025, with shipments projected to reach 280,000 to 300,000 tons, and overseas customers expected to account for 15-20% of total shipments [8] - The fluorochemical segment showed a profit increase of over 10% quarter-on-quarter, with a projected annual profit contribution of over 800 million yuan [8] - The company has improved its cost control capabilities, with a stable expense ratio and significant improvement in operating cash flow [8] - The target price for the stock is set at 65.4 yuan, based on a 30x PE ratio for 2026 [8] Financial Summary - Total revenue is projected to grow from 7.84 billion yuan in 2024 to 17.78 billion yuan in 2027, with a compound annual growth rate (CAGR) of 27.64% [9] - Net profit attributable to shareholders is expected to increase from 942 million yuan in 2024 to 2.03 billion yuan in 2027, reflecting a CAGR of 24.10% [9] - The latest diluted EPS is forecasted to rise from 1.26 yuan in 2024 to 2.71 yuan in 2027 [9] - The company's P/E ratio is projected to decrease from 37.61 in 2024 to 17.49 in 2027, indicating an improving valuation [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 2 billion yuan, a year-on-year increase of 32.1% and a quarter-on-quarter decrease of 8.1%. The net profit attributable to shareholders was 230 million yuan, reflecting a year-on-year increase of 39.3% and a quarter-on-quarter decrease of 4.5% [8] - The report anticipates a turning point in fluorochemical and electrolyte segments in 2025, driven by high growth in electrolyte shipments and increasing overseas orders [8] - The company has acquired a 42% stake in Shilei, which is expected to enable self-supply of hexafluoropropylene, meeting 40-50% of its electrolyte demand [8] Financial Forecasts - Total revenue is projected to grow from 7,484 million yuan in 2023 to 16,678 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 27.95% [1] - Net profit attributable to shareholders is expected to increase from 1,011.07 million yuan in 2023 to 2,005.03 million yuan in 2027, reflecting a CAGR of about 23.97% [1] - The report forecasts earnings per share (EPS) to rise from 1.34 yuan in 2023 to 2.66 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio of 25x for 2025 [1][8]