Group 1 - The core viewpoint of the article is that Evergrande High-Tech (002591.SZ) is making significant progress in its investment in the silicon-carbon project by Jiangxin New Materials, which has begun small-scale supply and received positive feedback from manufacturers [1] - The company is accelerating the implementation of its thousand-ton production line project, indicating a mature production process [1] - Evergrande Green Energy will determine its next investment plans based on the developments of the Jiangxin project and will fulfill its information disclosure obligations in accordance with relevant regulations if there are significant advancements [1]

Core Viewpoint - The company's H1 2025 performance met expectations, with a revenue of 940 million yuan, a decrease of 4.5% year-on-year, and a net profit attributable to shareholders of 120 million yuan, down 20% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the company reported revenue of 510 million yuan, with a quarter-on-quarter decrease of 2% but a year-on-year increase of 17% [1] - The gross profit margin for Q2 2025 was 26.1%, an increase of 2.1 percentage points quarter-on-quarter and 2.7 percentage points year-on-year [1] - The net profit margin attributable to shareholders was 14.1%, up 0.5 percentage points quarter-on-quarter and 3.3 percentage points year-on-year [1] Group 2: Product Performance - In H1 2025, the activated carbon segment generated revenue of 740 million yuan, an increase of 8% year-on-year, with shipments of 77,000 to 75,000 tons, also up 5-10% year-on-year [1] - The silicon materials segment saw a revenue of 200 million yuan in H1 2025, a decrease of 34% year-on-year, with sodium silicate revenue at 130 million yuan, down 45% year-on-year [1][2] - The gross profit margin for activated carbon in H1 2025 was 28.4%, an increase of 3.4 percentage points year-on-year, while sodium silicate maintained a gross profit margin of 15.4% [2] Group 3: Cost and Investment - The company reported a stable expense ratio of 12% in Q2 2025, with operating cash flow of 90 million yuan, a year-on-year increase of 2% [2] - Capital expenditure in Q2 2025 was 80 million yuan, a significant increase of 193% year-on-year [2] - Inventory at the end of H1 2025 was 260 million yuan, reflecting a 1% increase from the beginning of the year [2] Group 4: Profit Forecast and Investment Rating - The company maintains profit forecasts of 290 million yuan, 360 million yuan, and 460 million yuan for 2025-2027, representing year-on-year growth of 0.3%, 25.0%, and 27.9% respectively [2] - The corresponding price-to-earnings ratios are projected to be 22x, 17x, and 14x for the same period, with a "Buy" rating maintained [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profitability continues to recover, with new products in white carbon black and other segments driving growth [7] - The H1 2025 revenue is projected at 9.4 billion RMB, a decrease of 4.5% year-on-year, while the net profit attributable to shareholders is expected to be 1.2 billion RMB, down 20% year-on-year [7] - The report anticipates a stable gross margin for activated carbon and a contribution from new products starting in 2025 [7] Financial Summary - Total revenue forecast for 2023A is 2,015 million RMB, with a year-on-year growth of 3.30% [1] - The net profit attributable to shareholders for 2023A is projected at 237.15 million RMB, reflecting a year-on-year increase of 5.65% [1] - The earnings per share (EPS) for 2023A is estimated at 0.65 RMB, with a price-to-earnings (P/E) ratio of 26.05 [1] - The company expects to achieve a net profit of 2.9 billion RMB in 2025, with a year-on-year growth of 0.3% [7] - The projected P/E ratios for 2025E and 2026E are 21.65 and 17.34, respectively [1]