金属表面处理行业产业链上游主要包括电镀化学品、涂装材料、转化膜材料、磨料与相关设备等。产业 链中游为直接进行表面处理加工的各类企业，主要内容包括表面清理与表面防护处理。产业链下游应用 领域广泛，主要包括汽车工业、机械制造、航空航天、五金卫浴、家电、电子电器等。 金属表面处理技术作为现代工业体系的核心支撑，通过改变材料表面性能，在提升产品耐久性、功能 性、环保性能和经济价值等四个方面展现出显著优势。据统计，2022年全球金属表面处理市场规模为 755.21亿元，2023年全球金属表面处理市场规模为818.5亿元，预计到2029年将达到1334.99亿元，2023- 2029年复合增长率为8.51%。 我国金属表面处理技术的工业应用较为广泛，不仅广泛应用于汽车制造行业、电子制造行业，也在航空 航天领域、机械制造等行业中有所应用。据统计，2022年中国金属表面处理市场规模达111.09亿元， 2023年中国金属表面处理市场规模达120.4亿元。 目前我国金属表面处理行业内企业数量众多，包括大量中小企业和少数大型企业。中小企业通常专注于 特定的表面处理工艺或特定的应用领域，提供定制化的服务，它们在当地市场或特定细分市 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][16]. Core Views - The company has shown steady revenue growth in the first half of 2025, benefiting from increased demand in the downstream PCB industry, particularly driven by AI PCB expansion [2][3]. - The gross margin for the first half of 2025 was 40.06%, reflecting a year-on-year increase of 1.55 percentage points, while the net margin was 17.23%, down 3.98 percentage points year-on-year [2]. - The company is actively expanding its production capacity, with plans to increase PCB specialty chemical production to 40,000 tons per year at its Shanghai facility, while also constructing factories in Zhuhai and Thailand [2][3]. Financial Summary - Revenue for 2023 is projected at 339 million yuan, with a year-on-year growth rate of -9.5%. By 2027, revenue is expected to reach 751 million yuan, with a growth rate of 25.2% [1]. - The net profit attributable to the parent company is forecasted to be 59 million yuan in 2023, increasing to 170 million yuan by 2027, with a significant growth rate of 41.7% in 2027 [1]. - The company's latest diluted EPS is projected to grow from 0.47 yuan in 2023 to 1.37 yuan in 2027, reflecting a strong upward trend in earnings per share [1][4]. Industry Context - The company is positioned as a leading player in the domestic PCB chemical industry, benefiting from the expansion of high-end PCB manufacturers driven by increased capital expenditures from cloud service providers [2][3]. - The report highlights the company's advancements in semiconductor packaging technologies, including TSV and RDL electroplating, which are crucial for meeting the rising demand for high-performance computing and AI applications [3][8].