隆华科技发布半年报，2025H1 实现营收15.15 亿元（yoy+23.95%），归母净利1.12 亿元 （yoy+5.83%），扣非净利1.05 亿元（yoy+13.29%）。 其中Q2 实现营收8.76 亿元（yoy+50.95%，qoq+37.16%），归母净利6661.01 万元（yoy+31.87%， qoq+48.05%）。公司材料业务毛利显著提升，且下游应用领域持续扩展，维持买入评级。 盈利预测与估值 我们维持公司25-27 年归母净利润为2.32/2.58/3.10 亿元，对应EPS 为0.26/0.29/0.34 元。采用分部估值， 预计2025 年节能环保业务EPS 0.14元、新材料业务EPS 0.12 元。可比公司2025 年PE 均值分别为 30.2x/30.6x，考虑到公司材料业务下游应用空间广阔，且不断拓展，给予新材料部分估值溢价，最终给 予公司2025 年30.2x/52.0x PE，对应目标价10.49 元（前值8.92 元，对应2025 年24.7x/45.4x PE）。 风险提示：下游需求不及预期，政策变化等。 公司材料业务领域不断拓展 公司电子材料业务原来主要聚焦在传 ...

中证报中证网讯（王珞）8月27日晚，隆华科技（300263）发布2025年半年度报告。报告期内，公司实 现营业收入15.15亿元，同比增长23.95%；归母净利润1.12亿元，同比增长5.83%；扣非净利润1.05亿 元，同比增长13.29%，核心业务盈利能力显著增强，盈利质量持续优化。 节能环保业务持续深耕细分市场，巩固行业地位。装备事业部聚焦大工业传热领域，核心技术"高效复 合型冷却（凝）器技术"多次入选国家重点推广技术目录，成功入围中石化、中石油等四大央企空冷器 框架短名单，为空冷岛、闭式冷却塔等产品的市场拓展提供有力支撑。中电加美在新能源、电力等行业 的凝结水处理及污水处理业务稳步推进，为工业企业水资源循环利用提供解决方案。三诺新材的萃取剂 产品在湿法冶金、稀土分离、盐湖提锂、电池金属回收等领域应用广泛，随着新能源产业发展，其技术 工艺优势进一步凸显，成为行业综合技术体系服务商。 核心竞争力方面，公司持续强化体系化研发创新实力。报告期内，公司加大研发投入，上半年研发投入 达6121.51万元，同比增长12.18%，为技术突破与产品迭代提供保障。 下半年，隆华科技表示将继续以科技创新为驱动，聚焦电子新材 ...

Core Viewpoint - The company reported a revenue of 2.711 billion yuan for 2024, marking a year-on-year increase of 9.87%, and a net profit attributable to shareholders of 131 million yuan, up 3.37% year-on-year. However, in Q1 2025, revenue decreased by 0.46% to 639 million yuan, and net profit fell by 18.12% to 45 million yuan [2][3]. Group 1: Business Segments Performance - The electronic new materials segment achieved a revenue of 678 million yuan in 2024, a significant year-on-year growth of 43.38%, with a gross margin of 22.12%, up 2.75 percentage points [3]. - The polymer composite materials segment generated a revenue of 330 million yuan, reflecting a year-on-year increase of 3.94%, with a notable gross margin improvement to 39.89%, up 6.11 percentage points [3]. - The energy-saving and environmental protection products and services segment reported a revenue of 1.702 billion yuan, a year-on-year growth of 1.54%, but with a gross margin of 20.08%, down 3.92 percentage points [3]. Group 2: Technological Advancements and Market Position - The company's target material business has a high technical barrier, with the ITO target material project officially commencing production in 2024. The market share of the optical target material business is gradually expanding, with significant growth in the new silver alloy target material for AMOLED applications [4]. - The company is actively developing multiple tracks in the ITO target material sector, including perovskite and heterojunction stacked batteries, achieving a breakthrough in electronic mobility rates with its self-developed high mobility HITO target material [4]. - The successful production of the 500-ton ITO target material project in July 2024 alleviated capacity bottlenecks [4]. Group 3: Strategic Initiatives in Lithium Battery Recycling - The company has focused its extraction agent business on lithium battery recycling, establishing stable strategic partnerships with leading enterprises across various sectors, including nickel-cobalt separation and rare earths [5]. - In 2024, the company successfully launched a high-performance extraction agent project with an annual production capacity of 60,000 tons, increasing its production capacity from 20,000 tons/year to 80,000 tons/year, with projected annual output value rising from 400 million yuan to 2.7 billion yuan [5]. - The upcoming peak period for retired power batteries presents new opportunities for the application of wet extraction technology and products in the recycling and circular economy sector [5].