东吴证券研报指出，新宙邦业绩符合市场预期。公司预估25年实现营收96.4亿元，同比+22.8%，预估实 现归母净利11.0亿元，同比+16.6%。电解液六氟涨价贡献业绩弹性、单位盈利明显修复。26年公司半导 体冷却液产品客户认证有望基本完成，预计26年开始放量，且我们预计26年海德福减亏，预计氟化工合 计贡献10亿利润，增速恢复。考虑公司六氟及VC涨价幅度显著，25Q4单位盈利明显修复，26年预计将 进一步体现涨价弹性，以及氟化工业务新产品贡献增量，给予26年25xPE，目标价79.8元，维持"买 入"评级。 ...

Core Viewpoint - Dongwu Securities report indicates that Xinzhou Bang's performance meets market expectations, with projected revenue of 9.64 billion yuan in 2025, representing a year-on-year increase of 22.8%, and a projected net profit attributable to shareholders of 1.1 billion yuan, reflecting a year-on-year growth of 16.6% [1] Group 1 - The price increase of electrolyte hexafluorides contributes to performance elasticity, and unit profitability shows significant recovery [1] - In 2026, customer certification for semiconductor cooling liquid products is expected to be largely completed, with anticipated volume growth starting in 2026 [1] - The company is expected to reduce losses from Haidefu in 2026, with fluorochemical products projected to contribute 1 billion yuan in profit, indicating a recovery in growth rate [1] Group 2 - Considering the significant price increases of hexafluoride and VC, unit profitability is expected to show notable recovery in Q4 2025, with further price elasticity anticipated in 2026 [1] - New product contributions from the fluorochemical business are expected to provide incremental growth [1] - A target price of 79.8 yuan is set for 2026, with a maintained "buy" rating based on a 25x PE ratio [1]