信德新材（301349）8月27日发布2025年半年度报告，报告期内公司业绩表现亮眼，实现营业收入5.10 亿元，同比增长41.31%；归属于上市公司股东的净利润981.37万元，同比大幅增长169.28%，成功实现 扭亏为盈，盈利能力与规模实力同步提升。 营收利润双升 产品与技术层面，负极包覆材料覆盖2大品类、4种规格、10余型号，可适配常规、快充、超充、硅基及 钠离子电池等不同技术路线需求，且相同软化点产品下结焦值上限更高、喹啉不溶物及灰分含量更低， 包覆效果更佳。 研发投入持续加码，报告期内研发投入1444.63万元，较上年同期增长40.26%，主要用于研发试制投 料；同时公司作为国家级专精特新"小巨人"企业、国家高新技术企业，拥有162项知识产权，并与中国 科学院过程工程研究所、大连工业大学等科研机构合作，持续推动技术迭代。 产业链延伸增效治理机制优化 基本每股收益同步改善，为0.0972元/股，远超上年同期的-0.1398元/股。 资产规模方面，截至报告期末，公司总资产为31.28亿元，较上年度末增长3.35%；归属于上市公司股东 的净资产为27.00亿元，较上年度末增长0.52%，资产基础持续夯实 ...

（文章来源：每日经济新闻） 信德新材（301349.SZ）8月19日在投资者互动平台表示，公司负极包覆材料现有产能7万吨/年，位列行 业前列。受益于先发优势，公司在产品质量以及客户资源上都处于行业领先地位，龙头优势明显。 每经AI快讯，有投资者在投资者互动平台提问：请问公司负极包覆材料目前的市占率是多少？ ...

每经AI快讯，有投资者在投资者互动平台提问：我想问一下公司负极包覆材料的价格是受哪种产品的 价格而影响的？碳酸锂价格回升以后，对公司的业绩会是明显的利好吗？ 信德新材（301349.SZ）8月19日在投资者互动平台表示，公司产品生产所需原材料为乙烯焦油。公司产 品价格受多重因素影响，公司将根据市场供需等综合情况动态调整产品价格，最大程度维护公司股东的 相关利益，提升公司的投资价值。截至目前，公司主要原材料与产品暂未使用碳酸锂，因此碳酸锂价格 波动对公司业务暂无影响。 （记者 王瀚黎） ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 40.30 CNY [2][7]. Core Views - The company has turned profitable in Q1 2025, indicating an imminent performance reversal. The Q1 revenue reached 243 million CNY, a year-on-year increase of 80.92%, and the net profit attributable to the parent company was 7 million CNY, a year-on-year increase of 161.40% [7]. - The company's 2024 performance was under pressure due to declining product prices and inventory reduction, with a total revenue of 810 million CNY, down 14.62% year-on-year, and a net loss of 33 million CNY, a decline of 180.01% year-on-year [7]. - The company is focusing on collaborative development between its northern and southern bases and expanding into overseas markets to enhance its market share in the anode coating materials sector [7]. Financial Summary - **2024 Financials**: Total revenue of 810 million CNY, net profit of -33 million CNY, and earnings per share (EPS) of -0.32 CNY [2][8]. - **2025 Projections**: Expected total revenue of 1,323 million CNY, net profit of 63 million CNY, and EPS of 0.62 CNY [2][8]. - **Growth Rates**: Revenue growth is projected at 63.3% for 2025, with net profit growth expected to be 292.1% [2][8]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is projected to be 56 in 2025, decreasing to 24 by 2027 [2][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 40.30 CNY [2][7]. Core Views - The company has turned profitable in Q1 2025, indicating an imminent performance reversal after a challenging 2024 [7]. - The overall revenue for 2024 is projected at 810 million CNY, reflecting a year-on-year decline of 14.6%, while the net profit attributable to the parent company is expected to be -33 million CNY, a significant drop of 180% [7]. - In Q1 2025, the company reported a revenue of 243 million CNY, a year-on-year increase of 80.92%, and a net profit of 7 million CNY, marking a year-on-year growth of 161.4% [7]. - The company is focusing on enhancing its market share in the negative coating materials sector through strategic collaborations and overseas market expansion [7]. Financial Summary - The total revenue projections for 2025, 2026, and 2027 are 1,323 million CNY, 1,714 million CNY, and 2,223 million CNY, respectively, with growth rates of 63.3%, 29.6%, and 29.7% [2][8]. - The net profit attributable to the parent company is forecasted to recover to 63 million CNY in 2025, 103 million CNY in 2026, and 149 million CNY in 2027, with respective growth rates of 292.1%, 61.9%, and 44.8% [2][8]. - The earnings per share (EPS) are expected to improve from -0.32 CNY in 2024 to 0.62 CNY in 2025, 1.01 CNY in 2026, and 1.46 CNY in 2027 [2][8]. Market Position and Strategy - The company has a total capacity of 70,000 tons, with 40,000 tons located in the northern base and 30,000 tons in the southern base, and is actively pursuing new capacity projects [7]. - The company aims to strengthen its existing customer relationships while also targeting new clients in overseas markets to enhance its competitive position in the negative coating materials industry [7].

Group 1: Financial Performance - The company's total revenue for 2024 was CNY 810 million, a year-on-year decrease of 14.62% [5] - The net profit attributable to shareholders was CNY -33.04 million, a year-on-year decline of 180.01% [5] Group 2: Market Position and Strategy - The coating materials account for approximately 3-5% of the anode cost, with varying impacts based on the type and addition ratio [3] - The company holds the highest market share in the industry and is actively adjusting its sales strategy and product structure to enhance profitability [3][4] - The company achieved a sales volume of over 60,000 tons of anode coating materials in 2024, representing a year-on-year growth of 93.53% [7] Group 3: Industry Context - The lithium battery materials industry has faced significant price adjustments and is currently operating at historical low profitability levels due to intensified competition and cost reduction across the supply chain [6][7] - The company is focusing on technological advancements and product upgrades to meet the growing demand for high-rate power batteries, such as "fast charging" and "super charging" [6][7] Group 4: Future Outlook - The company plans to enhance its research and development capabilities and strengthen partnerships with strategic customers to drive future profitability [6] - The overall market demand for anode coating materials is expected to steadily increase alongside the growth of high-rate power battery applications [7]

Core Viewpoint - The company is a leading supplier of carbon-based new materials, focusing on technological innovation in lithium-ion battery anode coating materials and expanding into the pitch-based carbon fiber production sector, supporting the sustainable development of the new energy industry [5][9]. Company Overview - The company specializes in lithium-ion battery anode coating materials and pitch-based carbon fiber products, with by-products including carbon black raw oil and naphthalene fractions [6][11]. - The main products include anode coating materials used in various lithium-ion battery applications, enhancing performance and stability [7][8]. Business Operations - The company operates under a procurement model that combines "just-in-time" and "strategic procurement," ensuring stable supply relationships with suppliers [12]. - The production model is primarily order-based, allowing for flexibility in meeting customer demands [13]. - The sales model focuses on direct sales to manufacturers of lithium-ion battery anode materials, with a strong emphasis on maintaining relationships with key customers [14]. Market Dynamics - The lithium-ion battery industry is experiencing rapid growth due to the global shift towards renewable energy and the increasing demand for electric vehicles [16]. - The company is actively expanding its production capacity, having achieved a total capacity of 70,000 tons per year for anode coating materials through recent projects and acquisitions [17]. - The company's competitive edge is strengthened by ongoing investments in production technology and research and development, enabling the production of differentiated anode coating materials [18]. Financial Highlights - The company has proposed a cash dividend of 3.00 yuan per 10 shares for the fiscal year 2023, totaling approximately 30.3 million yuan [20]. - The company has not made any adjustments to previously reported financial data, indicating stability in its financial reporting [19].