证券研究报告 | 2025年08月27日 中材科技（002080.SZ） 优于大市 2025 中报点评：收入利润双增长，高端突破优势领先 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,889 | 23,984 | 28,138 | 30,785 | 33,106 | | (+/-%) | 17.1% | -7.4% | 17.3% | 9.4% | 7.5% | | 净利润(百万元) | 2224 | 892 | 1978 | 2596 | 3081 | | (+/-%) | -36.7% | -59.9% | 121.7% | 31.3% | 18.7% | | 每股收益（元） | 1.33 | 0.53 | 1.18 | 1.55 | 1.84 | | EBIT Margin | 11.8% | 4.0% | 10.3% | 12.5% | 13.5% | | 净资产收益率（ROE） | 12.0% | 4.8% | 10.0% | 12. ...

证券研究报告 中材科技 (002080 CH) 业绩显著改善，特种电子布加速放量 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 22 日│中国内地 | 专用材料 | 目标价(人民币): | 36.24 | 公司公布上半年业绩：25H1 收入/归母净利 133.3/10.0 亿元，同比 +26.5%/+114.9% ， 其 中 Q2 收 入 / 归母净利 78.3/6.4 亿元，同比 +28.1%/+155.1%，公司上半年业绩接近业绩预告上限（10.4 亿元），主要 系玻纤及叶片业务同比均明显增长，且特种电子布逐步供需业绩增量，看好 公司主业基本面改善及高端电子纱优势地位，维持"买入"。 风电叶片销量及收入大幅增长，玻纤价格提升带动毛利率同比改善 25H1 公司玻纤/风电叶片/锂膜分别实现销量 67 万吨/15GW/13 亿平米，同 比-1%/+103%/+60%；收入 43.5/52.0/9.3 亿元，同比+13%/+84%/+22%； 毛利率 26.0%/16.4%/1 ...

Core Viewpoint - The company forecasts a significant increase in earnings for the first half of 2025, with net profit expected to rise by 81%-124% to 840-1040 million yuan, and non-recurring net profit projected to increase by 186%-254% to 670-830 million yuan, driven by price increases and improved sales in the wind power sector [1] Group 1: Earnings Forecast - The company anticipates a profit midpoint of 580 million yuan for Q2 2025, with a non-recurring net profit midpoint of 500 million yuan, showing a notable improvement quarter-on-quarter [1] - The earnings slightly exceeded expectations due to price increases in certain fiberglass products in Q1 and increased wind power shipments in Q2, which diluted expense ratios and improved profit margins [1] Group 2: Product and Market Dynamics - Traditional fiberglass and blade profitability are expected to marginally improve, contributing to earnings elasticity, with price increases of at least 10% for wind power yarn and thermoplastic products in Q1 2025 [2] - The company is positioned as a comprehensive supplier of specialty fiberglass cloth, catering to the demand for low dielectric products used in high-speed switches and AI servers, which reduces electromagnetic interference and energy loss [2] - A planned investment of 1.4 billion yuan for a new production line capable of producing high-value-added specialty fiberglass cloth is expected to enhance the company's product offerings [2] Group 3: Strategic Focus - The company holds a 51% stake in a lithium membrane subsidiary, with a strategic focus on increasing shipment volumes despite pricing pressures in the industry [3] - Cost reduction strategies and government subsidies are anticipated to alleviate profitability pressures in the lithium membrane segment [3] Group 4: Profitability and Valuation - The company has raised its earnings per share (EPS) estimates for 2025 and 2026 by 19% and 20% to 1.14 and 1.38 yuan, respectively, with current stock prices reflecting a price-to-earnings (P/E) ratio of 21x for 2025 and 17x for 2026 [4] - The target price has been increased by 55% to 27.4 yuan, indicating a potential upside of 15%, supported by expected profitability growth in specialty fiberglass cloth and the company's comprehensive supply capabilities [4]

Core Viewpoint - China National Building Material (CNBM) is expected to see revenue growth from 2025 to 2027, with projected revenues of 191.22 billion, 199.33 billion, and 207.00 billion yuan, representing year-on-year growth rates of +5.5%, +4.2%, and +3.8% respectively. Net profit attributable to shareholders is forecasted to be 4.12 billion, 4.89 billion, and 5.48 billion yuan, with year-on-year growth rates of +72.4%, +18.7%, and +12.1% respectively, leading to corresponding PE ratios of 6.7, 5.7, and 5.1. The report initiates coverage with a "Buy" rating [1][2]. Group 1: Company Overview - CNBM is a state-owned enterprise under the State-owned Assets Supervision and Administration Commission, and it is the largest non-metallic materials platform in China, with a strategic shift towards new materials and related capital investments [2]. - In 2024, CNBM reported revenues of 181.3 billion yuan (down 13.8% year-on-year) and a net profit of 2.39 billion yuan (down 38.2% year-on-year) [2]. Group 2: New Materials Segment - The new materials segment generated 48.5 billion yuan in revenue in 2024 (up 1.9% year-on-year) and contributed significantly to the company's profit, with a net profit of 2.61 billion yuan (down 23.8% year-on-year) [3]. - The segment is structured into three tiers: 1) Mature industries contributing over 85% of revenue, including gypsum board and fiberglass, with gypsum board holding a market share of over 60% [3]. 2) Emerging industries like lithium battery separators and carbon fiber, which are rapidly growing despite recent revenue declines [3][4]. 3) Cutting-edge technologies such as silicon nitride ceramic balls, which enhance product performance in high-tech applications [4]. Group 3: Financial Performance and Strategy - The basic building materials segment, while under pressure from low demand and overcapacity, is expected to recover, with revenues of 91.1 billion yuan in 2024 (down 23% year-on-year) and a net loss of 0.825 billion yuan [6]. - The company is implementing cost reduction strategies and expanding internationally, with overseas cement sales increasing by 15% year-on-year in 2024 [6]. Group 4: Engineering Services - The engineering services segment achieved revenues of 45.5 billion yuan in 2024 (up 0.8% year-on-year) and a net profit of 1.407 billion yuan (down 3.1% year-on-year), maintaining a strong market position [7]. - The company secured new orders worth 63.4 billion yuan in 2024, with a significant portion coming from international markets, which helps mitigate domestic demand pressures [7]. Group 5: Capital Expenditure and Shareholder Returns - CNBM's capital expenditure decreased to 23.5 billion yuan in 2024 (down 23.1% year-on-year), with a focus on new materials and international expansion [8]. - The company maintains a high dividend policy, with a cash dividend rate of over 50% in 2024, corresponding to a dividend yield of 4.81% [8].

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 23.984 billion RMB for 2024, a decrease of 7.36% year-on-year, and a net profit attributable to shareholders of 0.892 billion RMB, down 59.90% year-on-year [1] - The report indicates that the company's performance exceeded the midpoint of previous forecasts [1] - The company expects a recovery in profitability driven by high demand in the wind power sector and improved supply-demand dynamics [3] Revenue and Profit Analysis - The company achieved a total revenue of 239.84 billion RMB in 2024, with a significant decline in net profit [1] - The breakdown of net profit contributions includes 0.37 billion RMB from fiberglass, 0.186 billion RMB from wind blades, and 0.022 billion RMB from lithium membranes, while other businesses contributed a loss of 0.314 billion RMB [2] - The company faced substantial asset impairments of 84.23 million RMB and credit impairments of 47.50 million RMB, impacting overall performance [2] Segment Performance - Fiberglass sales remained stable at 136,000 tons, generating revenue of 77.4 billion RMB, with a net profit of 0.37 billion RMB [2] - Wind blade sales reached 24 GW, resulting in revenue of 85.7 billion RMB, with a net profit of 0.318 billion RMB [3] - Lithium membrane sales increased by 9% to 1.9 billion square meters, generating revenue of 1.47 billion RMB, with a net profit of 0.044 billion RMB [3] Forecast and Valuation - The company forecasts net profits of 1.562 billion RMB, 2.016 billion RMB, and 2.319 billion RMB for 2025, 2026, and 2027 respectively, with corresponding dynamic P/E ratios of 16x, 12x, and 11x [4] - The report anticipates a recovery in net profit growth rates, projecting increases of 75.12% in 2025 and 29.08% in 2026 [6]