子公司三诺新材依托先进的萃取分离技术及相关萃取剂产品，布局了稀土分离、盐湖提锂、电池金属回 收等领域；并与北方稀土集团和中国稀土集团等主要稀土供应商建立了长期合作关系。靶材业务，公司 主要产品包括TFT-LCD/AMOLED 用高纯钼及钼合金靶材、ITO 靶材、银合金靶材、高纯钨及钨合金靶 材、高纯钛等系列金属靶材产品、半导体IC 制造用超高纯溅射靶材，主要应用于显示面板领域和光伏 领域。PMI 系列结构泡沫材料及其制品，是民、军用飞机和无人机等用碳纤维复合材料制成时必须的 配套材料。 公司EPMI 吸波泡沫成功打破国外企业对中国市场的封锁，实现国产替代。 盈利预测与估值 隆华科技发布三季报：Q3 实现营收8.11 亿元（yoy+14.50%，qoq-7.46%），归母净利6884.65 万元 （yoy+39.78%，qoq+3.36%）。2025 年Q1-Q3 实现营收23.26 亿元（yoy+20.49%），归母净利1.80 亿元 （yoy+16.64%），扣非净利1.61 亿元（yoy+19.12%）。近年，公司积极布局新材料领域，且下游应用 领域持续扩展，维持"买入"评级。 25Q1-3 毛利率较年初 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown steady profit growth and is actively developing new materials, with a revenue increase of 14.50% year-on-year in Q3 2025, reaching 811 million yuan [2][3] - The company's net profit attributable to shareholders for Q1-Q3 2025 was 180 million yuan, reflecting a year-on-year increase of 16.64% [2][3] - The gross margin improved to 23.20% in Q1-Q3 2025, up from 21.8% at the beginning of the year, aided by the growth in its energy-saving and environmental protection business [3] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 811 million yuan, a year-on-year increase of 14.50% and a quarter-on-quarter decrease of 7.46% [2] - For the first three quarters of 2025, the total revenue was 2.326 billion yuan, up 20.49% year-on-year, with a net profit of 180 million yuan, reflecting a 16.64% increase [2][3] Business Development - The company is actively expanding into strategic emerging fields with new materials, including rare earth separation and lithium extraction [4] - The subsidiary, Sanuo New Materials, has established long-term partnerships with major rare earth suppliers [4] - The company's main products in the target material business include high-purity molybdenum and tungsten targets, which are essential for display panels and photovoltaic applications [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 232 million yuan, 258 million yuan, and 310 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.22, 0.25, and 0.30 yuan [5] - The report assigns a target price of 9.64 yuan for 2026, based on a PE ratio of 20.3X for energy-saving and environmental protection business and 57.4X for new materials [5]

Core Viewpoint - Longhua Technology (300263) has provided insights into its subsidiary, Fenglian Ke Optoelectronics, which specializes in high-purity metal target materials for various applications in the display panel and photovoltaic sectors [1] Product Overview - Fenglian Ke Optoelectronics' main products include high-purity molybdenum and molybdenum alloy targets for TFT-LCD/AMOLED, ITO targets, silver alloy targets, high-purity tungsten and tungsten alloy targets, and high-purity titanium [1] - The company also produces ultra-high-purity sputtering targets for semiconductor IC manufacturing, indicating a diverse product range tailored for advanced technology applications [1]

Core Viewpoint - 隆华科技 reported a significant increase in revenue and profit for the first half of 2025, indicating strong growth and improved profitability in its core business segments [1]. Business Performance - The company achieved an operating income of 1.515 billion yuan, a year-on-year increase of 23.95% [1]. - The net profit attributable to shareholders was 112 million yuan, up 5.83% year-on-year, while the net profit excluding non-recurring items reached 105 million yuan, reflecting a 13.29% increase [1]. Key Business Segments - The electronic new materials segment is a strategic focus, with breakthroughs in technology that challenge foreign monopolies. The subsidiary Fenglian Ke Optoelectronics has made significant advancements in high-end target materials, supplying major global panel manufacturers [2]. - In the photovoltaic sector, the company’s HITO target materials have shown higher efficiency compared to peers, and significant breakthroughs have been made in the development of new low-indium and no-indium high-efficiency target materials [2]. - The polymer composite materials segment has also performed well, with products being widely used in rail transportation and aerospace applications. The subsidiary Kebo Si has achieved international advanced levels in its projects [3]. R&D and Innovation - The company has increased its R&D investment to 61.215 million yuan, a year-on-year growth of 12.18%, ensuring support for technological breakthroughs and product iterations [4]. - Moving forward, 隆华科技 plans to continue driving innovation, focusing on electronic new materials, polymer composite materials, and energy-saving environmental protection, while promoting collaborative development across its business segments [4].

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].