证券研究报告 | 2025年08月26日 硅宝科技（300019.SZ） 优于大市 公司营收及归母利润同比高增，龙头地位稳固 2025 年上半年公司营收及归母利润同比高增。2025 年上半年公司营业收入为 17.07 亿元，同比增长 47.36%，归母净利润 1.54 亿元，同比增长 51.56%。其中 第二季度，公司营收为 9.29 亿元，同比增长 35.78%，归母净利润为 0.83 亿元， 同比增长 35.17%。公司建筑胶稳居龙头、工业胶高速增长、热熔胶稳步提升， 整体经营业绩再创历史新高。 建筑类用胶市场份额持续提升，稳居行业龙头地位。2025 年上半年，公司建筑 业用胶营业收入为 6.51 亿元，毛利率为 22.34%，较去年同期上升 0.32 个百分 点。建筑业整体在政策的持续调控下，房屋新开工和竣工面积同比下降幅度收窄， 并且"好房子"的建设理念持续推进，为高端建筑胶扩展了市场空间。公司在建 筑胶行业拥有良好的知名度和覆盖全国的销售网络，市场竞争力极强。 公司工业类用胶在汽车、电子电器及动力电池等领域保持高速增长。2025 年上 半年，工业用胶营业收入为 44.17 亿元，毛利率 32.20% ...

报告导读 公司发布2025 中报，实现营收17.07 亿元，同比增47.36%，实现归母净利润1.54 亿元，同比增51.56%。 其中25Q2 单季度营收9.29 亿元，同比增35.78%，环比增19.30%，归母净利润0.83 亿元，同比增 35.17%，环比增17.38%。 投资要点 并表嘉好热熔胶，公司营收业绩同比高增 25H1 公司营收业绩同比高增主要系并购的江苏嘉好贡献，江苏嘉好自 2024 年 7月纳入公司合并报表， 上半年嘉好实现营收5.1 亿元，净利润4069 万元。建筑胶方面，上半年公司建筑胶收入为6.5 亿元，同 比降6.8%，销量同比实现增长，板块收入下降主要系产品价格承压。公司作为建筑胶龙头， 上半年毛 利率22.34%，同比增0.32pct。工业胶方面，上半年收入4.4 亿元，同比增29.5%，主要得益于汽车、电 子、家电行业以旧换新为胶粘剂行业带来新的需求和增长点，板块毛利率为32.2%，同比增3.43pct。 25H1 公司毛利率21.88%，同比降0.57pct，净利率9.03%，同比增0.25pct，公司毛利率同比下降主要系 新并表的热熔胶业务影响。25H1 公司销售费用、 ...

Financial Performance - Company reported total revenue of 1.707 billion yuan for the first half of 2025, a year-on-year increase of 47.36% [1] - Net profit attributable to shareholders reached 154 million yuan, up 51.56% year-on-year [1] - In Q2 2025, total revenue was 929 million yuan, reflecting a 35.78% increase compared to the same quarter last year [1] - Gross margin was 21.88%, a decrease of 2.57% year-on-year, while net margin improved to 9.03%, an increase of 2.85% [1] - The company's accounts receivable accounted for 300.56% of net profit, indicating a significant amount of receivables [1][4] Financial Metrics - Earnings per share (EPS) increased to 0.39 yuan, a rise of 50.75% year-on-year [1] - Operating cash flow per share remained stable at 0.2 yuan, with a slight increase of 2.65% [1] - Total liabilities increased, with interest-bearing debt rising to 339 million yuan, a 15.71% increase [1][3] Industry Outlook - Company operates in the new materials sector, focusing on high-end organic silicone sealants and other advanced materials [5] - The adhesive industry is experiencing rapid growth, driven by national strategic emerging industries and the demand for high-quality materials [5] - The development of new production capabilities and the digital economy is expected to provide stable market demand for the adhesive sector [5]

以下文章来源于Carbontech ，作者Carbontech Carbontech . 传播碳材料领域前沿资讯，带您进入碳时代！ 【DT新材料】 获悉，8月19日， 圣泉集团 发布公告，拟向不特定对象发行不超过25亿元可转债，其中20亿元投向绿色新能源电池材料产业化项目，5亿 元补充流动资金。 硅基负极是提升锂电能量密度的关键方向，但产业化进程却始终受制于工艺稳定性和成本问题 。当前主流路线大致分为机械球磨法、包覆改性法与CVD （化学气相沉积）法。其中，CVD因硅分布均匀、界面稳定性好，正逐渐成为行业新主流，但其放大难度极高，对温场、气场控制的均匀性要求近乎苛 刻。 目前，行业普遍仅在百吨级规模实现稳定量产。圣泉此次直接瞄准万吨产能，某种程度上是对工艺稳定性与规模化复制能力的"豪赌"。产业层面， 2025- 2026年将是硅碳负极集中投产的关键窗口 。包括 贝特瑞、璞泰来 在内的多家头部企业均有千吨级项目在推进。谁能率先突破万吨级产能，并在成本和良 率上建立优势，谁就有机会在未来几年锁定主流电池厂的订单，这恰恰是圣泉此番动作的产业逻辑所在。 此次圣泉项目的配套设计并非单纯扩产硅碳负极，而是 将多孔碳的产能 ...

Core Viewpoint - The rise of emerging industries in China is leading the next decade of polymer development, with opportunities in sectors such as new energy vehicles, aerospace, drones, robotics, and AI materials [2]. Financial Performance - In the first half of 2025, Sinopec reported a revenue of RMB 1.41 trillion, a decrease of 10.6% compared to RMB 1.58 trillion in the same period of 2024 [3]. - The total profit for the period was RMB 28.77 billion, down 43.4% from RMB 50.87 billion year-on-year [3]. - Net profit attributable to shareholders was RMB 21.48 billion, a decline of 39.8% from RMB 35.70 billion [3]. - Operating cash flow increased by 44.4% to RMB 61.02 billion compared to RMB 42.27 billion in the previous year [3]. Product Sales and Pricing - Sales of major chemical products in the first half of 2025 amounted to RMB 231.1 billion, a decrease of 3.2% year-on-year, accounting for 95.5% of the chemical division's revenue [3]. - Specific product sales volumes showed varied performance, with basic organic chemicals increasing by 6.1% to 25,657 thousand tons, while average prices fell by 14.6% [4]. - Synthetic resin sales rose by 9.2% to 8,821 thousand tons, but average prices decreased by 2.4% [4]. Strategic Initiatives - Sinopec aims to strengthen its market share in refined oil sales and expand its new energy business, focusing on hydrogen, solar, wind, and geothermal energy [4]. - The company is actively developing new materials for emerging industries, including electric vehicle batteries and synthetic biology applications [5]. - Sinopec has established an AI computing center and is developing a unified data governance system to enhance its AI capabilities [5]. New Material Developments - Sinopec has made significant advancements in battery materials, including high-nickel ternary cathode materials and silicon-carbon anodes, with production volumes expected to grow by 40% year-on-year [5]. - The company has successfully produced high-end graphite electrodes and is expanding its capabilities in graphene-based coatings and EVA materials [6][8]. Collaborations and Partnerships - Sinopec has signed strategic agreements with companies like CATL to enhance its battery swap station network and support the development of hydrogen energy infrastructure [7][8]. - The company is also investing in various hydrogen energy enterprises to establish a comprehensive hydrogen energy supply chain [8].

Summary of Dow Technology Conference Call Company and Industry Overview - **Company**: Dow Technology - **Industry**: Single-Walled Carbon Nanotubes (SWCNT) and Solid-State Battery Materials Key Points and Arguments 1. **Performance Metrics**: Dow Technology's SWCNTs have a substrate ratio exceeding 100 and a specific surface area of 1,000 to 1,300, outperforming domestic competitors and some imported products, showcasing material performance advantages [2][5] 2. **Production Capacity**: The company aims to achieve an annual production capacity of 50 tons by the end of 2025 and 120 tons by mid-2026, driven by technological breakthroughs that lower manufacturing costs and enhance product competitiveness [2][6] 3. **Market Applications**: Over 80% of SWCNT applications are in digital and consumer electronics, particularly in conjunction with silicon-carbon anodes. The demand for high-rate and long-range applications in semi-solid and all-solid-state batteries is expected to grow significantly [2][9][10] 4. **Solid-State Battery Development**: Dow Technology has established a solid-state battery research institute focusing on solid electrolytes, lithium metal anodes, and AI for Science, aiming to create a comprehensive solution for solid-state battery materials [2][16] 5. **Collaboration with Universities**: The company collaborates with the University of Electronic Science and Technology to develop ultra-thin lithium metal anodes using a high-temperature melting method, which is expected to reduce costs and accelerate industrialization [2][30] 6. **Market Demand for Silicon-Carbon Anodes**: The demand for silicon-carbon anodes in the consumer electronics sector is projected to be between 1,000 to 2,000 tons in 2025, with a significant increase in the additive ratio expected [23][24] 7. **Customer Feedback and Market Position**: Feedback from customers indicates that Dow Technology's products are competitive with imported alternatives, which currently dominate the market with less than 20% share for domestic products [14][15] 8. **Production and Cost Control**: The company has developed a porous carbon structure for silicon-carbon anodes, which enhances performance and allows for cost control from the source [26][29] 9. **Future of Solid-State Batteries**: The development of solid-state batteries is progressing, with a focus on semi-solid technology due to its compatibility with existing lithium battery production lines. Dow Technology is also planning to develop inorganic electrolyte materials for both semi-solid and solid-state battery systems [18][20] Additional Important Information 1. **Sales and Pricing**: The current price for acidic powder exceeds 10 million yuan per ton, while slurry prices are around 100,000 yuan per ton. Dow Technology primarily sells slurry products and may consider exporting some powder orders in the future [7] 2. **Production Capacity for Silicon-Carbon Anodes**: Dow Technology's current production capacity is 50 tons, with plans to reach 100 tons by the end of this year and 200 to 300 tons by mid-2026 [25][28] 3. **Performance Indicators of Silicon-Carbon Anodes**: The first efficiency can reach 87%, with excellent rate performance, maintaining 93% to 90% efficiency under fast charging conditions [29] 4. **Market Trends**: The demand in the mobile digital sector is expected to double in 2025 compared to 2024, driven by increased penetration of smartphones and televisions [22] This summary encapsulates the critical insights from the conference call, highlighting Dow Technology's strategic initiatives, market positioning, and future outlook in the SWCNT and solid-state battery materials industry.

Summary of Shengquan Group's Conference Call Company Overview - **Company**: Shengquan Group - **Industry**: Advanced materials, specifically in synthetic resins, electronic materials, and battery materials Key Financial Performance - **H1 2025 Performance**: - Revenue reached 5.351 billion yuan, a year-on-year increase of 15.67% [3] - Net profit attributable to shareholders was 501 million yuan, up 51.19% year-on-year [3] - Non-recurring net profit was 481 million yuan, a 51.13% increase [3] - Gross margin improved to 24.82%, up 1.66 percentage points [3] - Net margin increased to 9.75%, up 2.43 percentage points [3] - Total assets stood at 16.28 billion yuan, with total liabilities of 5.805 billion yuan, resulting in a debt-to-asset ratio of 35.65% [3] Revenue Contributions by Segment - **Synthetic Resin Segment**: Contributed 2.81 billion yuan in revenue [2] - **Advanced Electronic Materials and Battery Materials**: Revenue of 846 million yuan, a 32% increase [2] - **Biomass Industry**: Revenue of 516 million yuan, a 26.47% increase [2] - **Casting Auxiliary Materials**: Approximately 1 billion yuan in revenue [2] - **Profit Contributions**: - Casting segment contributed over 300 million yuan [6] - Electronic materials contributed approximately 150-200 million yuan [6] - Battery materials contributed over 10 million yuan [6] Expansion Plans - **Convertible Bonds**: Company plans to issue up to 2.5 billion yuan in convertible bonds, with 2 billion yuan allocated for green energy battery material projects, including 10,000 tons of silicon-carbon anode materials and 15,000 tons of porous carbon production lines [5] - **Production Capacity Expansion**: - Current capacity for electronic packaging materials is 1,500-1,800 tons [7] - Plans to add a new production line by the end of the year to increase capacity by approximately 500 tons [7] - Additional capacity for OPE, PPO, hydrocarbons, and epoxy resins for chip packaging is expected to be operational by Q2-Q3 2026 [8] Market Trends and Demand - **Infrastructure Material Demand**: Rapid growth in demand for infrastructure materials, with PPU sales volume expected to double compared to 2024 [9] - **Low Dielectric Materials**: Increasing demand in high-speed and server applications [12] - **Domestic Packaging Development**: Anticipated growth in domestic packaging materials, with current sales to key clients [14] Challenges and Strategic Initiatives - **Biomass Project**: Currently operating at a 70% capacity utilization rate, but facing losses due to low pulp prices [23] - **Cost Control Measures**: Formation of a loss-reduction team to enhance capacity utilization and develop high-value products [23] - **Competitive Landscape**: Despite some competitors facing losses, Shengquan maintains a gross margin above 22% due to brand strength and cost control [19][20] Conclusion - **Overall Outlook**: The company is positioned for continued growth with strong financial performance, strategic expansion plans, and a focus on high-demand materials in the advanced materials sector. The management remains optimistic about maintaining growth momentum in the second half of 2025 [25]

Core Viewpoint - The company is expected to see a rebound in the prices and profitability of its core silicone rubber products due to the upstream DMC returning to a price increase phase, with industrialization of silicon-carbon anode business anticipated to commence in 2025 [1][2]. Investment Highlights - The rating is maintained at "Buy". The company is projected to benefit from the recovery in DMC prices, which will alleviate the pricing pressure on silicone rubber products. The EPS estimates for 2025-2026 have been raised to 0.79 (+0.01) and 0.94 (+0.04) respectively, with a new estimate for 2027 EPS at 1.12. The target price has been adjusted to 26.42, referencing a 2025 PE of 33.45 times [2]. - DMC prices have shown a moderate recovery, which is expected to reduce the downward pressure on silicone rubber prices. DMC, being the core upstream raw material for the company's silicone rubber business, saw a price increase from 10,800 RMB/ton to 12,500 RMB/ton since July, which is anticipated to positively impact product pricing [2][3]. Segment Performance - The construction adhesive segment is experiencing a revenue decline of 5.72% in 2024, but sales volume is increasing. The company maintains its market share due to brand advantages, particularly in the curtain wall and home decoration sectors, despite pressures in the hollow glass market [3]. - In the industrial adhesive segment, electronic, automotive, and photovoltaic revenues are projected to grow by 37.88%, 30.59%, and decline by 9.76% respectively in 2024. The electronic and automotive sectors benefit from "trade-in" incentives and new customer acquisitions, while the photovoltaic sector faces competitive pricing pressures [3]. - The industrialization of silicon-carbon anodes is set to accelerate in 2025, with the company establishing a 3,000 tons/year production line for lithium battery silicon-carbon anodes. This marks a critical transition from small-scale pilot production to industrial-scale manufacturing, with a comprehensive product line that meets various battery system requirements [3].

Group 1: Baia Co., Ltd. (百亚股份) - The company is expected to gradually recover its operations despite short-term impacts on e-commerce channels due to public sentiment, with a focus on expanding its offline market potential [2][3] - For the first half of 2025, the company reported revenue of 1.764 billion yuan, a year-on-year increase of 15.12%, and a net profit of 188 million yuan, up 4.64% year-on-year [4] - The company has adjusted its earnings forecast for 2025-2027, projecting EPS of 0.86, 1.15, and 1.47 yuan respectively, and maintains a target price of 34.43 yuan based on a 40x PE ratio for 2025 [3][4] Group 2: Dongfang Caifu (东方财富) - The company achieved a significant revenue increase of 25% year-on-year in the first half of 2025, driven primarily by growth in its securities brokerage and credit businesses [6][8] - The adjusted net profit for the first half of 2025 reached 5.567 billion yuan, reflecting a 37% increase year-on-year, with a target price set at 31.20 yuan based on a 40x P/E ratio [6][7] - The active trading environment in the market is expected to continue to support the company's revenue growth, with a notable increase in daily trading volume and margin financing [9] Group 3: Weilon Delicious (卫龙美味) - The company reported a revenue increase of 18.5% year-on-year in the first half of 2025, with a focus on the growth of its konjac product line and optimization of its fee structure [10][11] - The net profit for the first half of 2025 was 736 million yuan, also reflecting an 18.5% increase year-on-year, supported by improved efficiency in sales and management expenses [11][12] - The company aims to achieve excess returns through channel expansion, product diversification, and efficiency improvements in production [12]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The humanoid robot industry is accelerating towards mass production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts. Domestic companies that achieve breakthroughs are expected to benefit significantly from the strong demand for domestic replacement of core components [1][13][14] - The domestic new energy vehicle (NEV) market is experiencing rapid growth, with July sales increasing by 27.4% year-on-year. The core driving force for this growth is the upgrade of terminal vehicle performance brought about by new technology evolution [2][17][18] - The photovoltaic glass market is seeing price increases, with a favorable supply-side structure and expectations for continued price rises. The demand for high-end PCB products is expected to drive the rapid growth of photolithography film products [3][24][26] Summary by Sections Humanoid Robots - The humanoid robot sector is poised for mass production, with significant orders received by domestic companies. The market for core components is expected to expand due to strong domestic replacement demand [1][13] - Key players in the industry are expected to benefit from the acceleration of the supply chain and the entry of major technology companies into the humanoid robot market [14][15] New Energy Vehicles - The NEV market is maintaining a high production and sales scale, with significant year-on-year growth. The introduction of new technologies is expected to enhance vehicle performance and drive sales [2][17] - The focus is on solid-state batteries and high-performance materials, which are anticipated to expand demand and improve profitability across the industry [18][19] New Energy - The photovoltaic sector is experiencing upward price adjustments, with a focus on the recovery of inventory and production capacity. The demand for high-end products is expected to drive growth in the photolithography film market [3][24] - Companies involved in the production of photovoltaic glass and silicon materials are expected to benefit from improved pricing and demand dynamics [24][26] Power Equipment & AIDC - The demand for liquid cooling solutions is expected to grow significantly due to the increasing capital expenditures of CSP manufacturers and the rising demand for GPU and ASIC technologies [8][14] - Companies with experience in overseas markets and partnerships with major manufacturers are likely to see increased market share in the liquid cooling segment [8][14]