证券研究报告·公司点评报告·电池 新宙邦（300037） 2025 半年报点评：业绩符合市场预期，氟化 工稳中有升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,484 | 7,847 | 10,963 | 13,928 | 17,779 | | 同比（%） | (22.53) | 4.85 | 39.71 | 27.05 | 27.64 | | 归母净利润（百万元） | 1,011.07 | 942.05 | 1,194.03 | 1,632.17 | 2,025.46 | | 同比（%） | (42.50) | (6.83) | 26.75 | 36.69 | 24.10 | | EPS-最新摊薄（元/股） | 1.35 | 1.26 | 1.60 | 2.18 | 2.71 | | P/E（现价&最新摊薄） | 35.04 | 37.61 | 29.67 | 21.71 | 17.49 | 证券分析师 ...

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]