负极胶

Search documents
回天新材(300041.SZ):现有负极胶、导热胶等产品可用于半固态电池
Ge Long Hui· 2025-08-22 07:41
格隆汇8月22日丨回天新材(300041.SZ)于近期投资者关系活动表示,公司现有负极胶、导热胶等产品可 用于半固态电池,覆盖电芯制造、模组封装及热管理全环节;全固态电池尚未进入批量商业化阶段,公 司正在积极市场调研和布局相关产品的研发。 ...
回天新材(300041):25H1点评报告:光伏胶触底,负极胶未来可期
ZHESHANG SECURITIES· 2025-08-21 12:23
Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Views - The profitability of the photovoltaic sector has bottomed out, while the electronic and automotive sectors are experiencing expected growth [2] - The company is a leader in photovoltaic adhesives, maintaining a leading market share despite ongoing pressures from industry overcapacity and price fluctuations [3] - The company's revenue from renewable energy, transportation, and electronics for the first half of 2025 was 7.7 billion, 6.5 billion, and 3.8 billion respectively, with year-on-year changes of -17.9%, +34.0%, and +23.5% [2] Financial Summary - The company achieved a revenue of 21.68 billion in the first half of 2025, a year-on-year increase of 7.72%, and a net profit attributable to shareholders of 1.43 billion, up 4.18% year-on-year [1] - The gross profit margin for the company in the first half of 2025 was 22.46%, an increase of 3.38 percentage points year-on-year, while the net profit margin was 6.66%, a decrease of 0.12 percentage points year-on-year [2] - The company’s operating cash flow net amount was 0.29 billion, an increase of 69 million compared to the first half of 2024 [2] Earnings Forecast and Valuation - The forecast for the company's net profit attributable to shareholders has been adjusted to 2.05 billion and 2.75 billion for 2025 and 2026 respectively, with an expected net profit of 3.57 billion in 2027 [4] - The corresponding price-to-earnings ratios are projected to be 30.1, 22.4, and 17.3 for 2025, 2026, and 2027 respectively [4]