Summary of Key Points from the Conference Call Company Overview - **Company**: 科贝尔 (Kobair) - **Industry**: Modified Plastics Core Competitiveness - **Technological R&D**: Kobair has developed key technologies such as oil and corrosion-resistant modifications and non-spray metal effects, which meet core customer needs [2][4][5] - **Customer Stickiness**: Long-term partnerships with leading companies like Sichuan Changhong and Midea ensure stable order sources, with the top five customers accounting for approximately 68% of accounts receivable [2][8] Short-term and Long-term Investment Logic - **Short-term Focus**: The expansion project for 50,000 tons of polymer composite materials is expected to partially commence production by late 2025 to early 2026, significantly increasing capacity [2][6] - **Long-term Growth Drivers**: Key growth points include import substitution of core products and structural upgrades, as well as expansion into the electric vehicle sector [2][6] Revenue Structure - **Main Revenue Source**: Modified plastics accounted for 86% of revenue in the first half of 2025, with a rapid growth rate over the past three years [2][7] - **High Margin Color Masterbatch**: This segment has a gross margin of 25.46%, contributing over 30 million yuan in revenue in the first half of 2025 [2][7] Market Position and Customer Base - **Market Share in Home Appliances**: Kobair holds significant market shares with Whirlpool at 17%, TCL and Shuanglu at 9% each, and Midea at 5% [2][9] - **Direct Sales Model**: The company employs a direct sales model, ensuring close cooperation with major appliance manufacturers [2][8] Development in New Energy Vehicles - **Emerging Market**: Kobair has become a secondary supplier for Jianghuai Automobile and is actively developing technologies related to new energy vehicles, with some products already generating revenue [2][10] Industry Outlook - **Modified Plastics Growth**: The modified plastics industry is a strategic emerging industry with rapid growth, particularly in the home appliance and automotive sectors, driven by increasing demand for lightweight materials [2][12][23] - **Competitive Landscape**: The industry is fragmented with many players, but there is significant potential for domestic substitution, which is a key focus for Kobair [2][13] Future Strategies - **Focus on High-end and Green Trends**: Kobair plans to enhance its capabilities in bio-based modifications and biodegradable materials while continuing to push for domestic substitution [2][14] Financial Performance - **Revenue Growth**: Revenue is projected to reach 450 million yuan in 2024, with a growth rate exceeding 20% in the coming years [2][15][26] - **Capacity Expansion Impact**: The completion of the wood project will alleviate capacity constraints and enhance market participation [2][16][27] Conclusion - **Optimistic Outlook**: The modified plastics industry, particularly for companies like Kobair, is expected to thrive due to technological advancements and strong market demand, positioning them as key players in their respective segments [2][28]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to experience revenue growth driven by capacity expansion, with a projected revenue increase of 8.93% year-on-year for the first half of 2025 [1] - Despite a decrease in net profit by 38.20% year-on-year, the company maintains a positive outlook due to anticipated capacity release and market demand [1][2] - The company is focusing on enhancing its market share in CPP products and optimizing profit margins through various strategies [2] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 234 million yuan, with a year-on-year increase of 8.93% [1] - The net profit attributable to the parent company was 13.36 million yuan, reflecting a year-on-year decrease of 38.20% [1] - The second quarter of 2025 saw a revenue of 115 million yuan, a slight decrease of 0.03% year-on-year and a 3.91% decline quarter-on-quarter [1] - The company has adjusted its profit forecast for 2025 to 42 million yuan from the previous estimate of 54 million yuan, while maintaining forecasts for 2026 and 2027 [1] Capacity Expansion and Future Growth - The company is making steady progress on its fundraising projects, with the construction of a facility for producing 50,000 tons of high-performance composite materials nearing completion [3] - The new projects are expected to significantly increase the production capacity of modified plastics, addressing previous capacity constraints and meeting strong downstream demand [3] - The company plans to add 45,000 tons of modified PP and 5,000 tons of modified ABS capacity, which will enhance its competitive position in the market [3]

Core Viewpoint - Company is actively engaging in the automotive sector, particularly in the modified plastics segment for electric vehicles, and has achieved certain revenue from this area [2] Financial Performance - In Q1 2025, the company reported revenue of 453.76 million yuan, a year-on-year increase of 16.73%, and a net profit attributable to shareholders of 48.52 million yuan, up 7.25% from the previous year [8] - The company’s gross profit margin stands at 15.47% [13] Shareholder Returns - For the 2024 fiscal year, the company plans to distribute a cash dividend of 0.4 yuan per 10 shares, totaling approximately 4.49 million yuan, and to issue 17.96 million shares as a stock dividend [6] Market Position and Strategy - The company has obtained ITF16949:2016 certification and is a secondary supplier for Jianghuai Automobile, indicating its capability to meet automotive industry standards [2] - Future growth is expected to be driven by capacity expansion and market development, with a focus on technological innovation and product iteration [9] Industry Outlook - The modified plastics industry is supported by national policies and is seen as a strategic emerging industry, with significant growth potential due to domestic manufacturing upgrades and supply chain improvements [12]

科拜尔主要从事功能性改性塑料和色母料的研发、生产与销售，产品主要应用于家用电器、日用消费品、汽车 零部件等领域。经过十余年行业深耕，公司已与四川长虹、美的集团、TCL、惠而浦、海信集团等家电龙头企 业建立了稳定的合作关系。 4月16日，合肥科拜尔新材料股份有限公司（股票代码：920066，简称：科拜尔）发布上市后首份年度业绩报 告。报告显示，2024年公司实现营业收入45,376.30万元，较上年同期增长16.73%；归母净利润4,852.12万元，同 比增长7.25%，呈现出营收利润双增长的良性发展态势，公司盈利能力持续增强。 家电行业景气度攀升，两大主营业务深度受益 料ESCR（耐环境应力开裂）保持率较HIPS材料提升超20%，不仅攻克了困扰行业的"胆裂"难题，更达到国际先 进水平，打破了跨国企业对冰箱内胆材料的长期垄断，实现了关键材料的进口替代与供应链自主可控。 技术突破离不开持续的研发投入。年报显示，2024年，科拜尔研发费用达1,746.57万元，与2023年基本持平，研 发投入强度保持在3.85%的行业较高水平。持续的研发投入结出硕果，公司当年新增授权发明专利3项，并以第 一起草单位主导发布团体标 ...