会通股份(688219)12月23日晚公告，公司拟通过全资孙公司香港圆融与MICCA22S.R.L、INVESTAR S.R.L签署《股权转让协议》，分别以不超过1035万欧元受让MICCA22S.R.L与INVESTAR S.R.L各自持 有的OMIKRON35%股权，转让价款金额为2070万欧元及有关利息。 据会通股份12月23日晚最新公告，公司始终坚持"全球布局"的发展战略，围绕"本土化—国际化—全球 化"的海外发展路径稳健前行。本次对外投资，公司将充分利用OMIKRON的本土化生产制造能力与成 熟市场渠道，构建在欧洲市场覆盖生产、销售与服务的完整产业闭环。 公司与OMIKRON将在研发、生产、销售等多维度形成深度协同与优势互补，构建一体化运营能力，显 著强化产业协同价值、加速开拓海外市场并提升本地渗透率，更将为公司打开新的增长空间，筑牢长期 竞争的护城河。 会通股份主要从事高分子改性材料的研发、生产和销售，是国内规模最大、客户覆盖最广的高分子改性 材料企业之一，并在新能源领域进行战略布局，投资建设锂电池湿法隔离膜项目。 此前，会通股份在2025年第三季度业绩说明会介绍，美的集团（000333）是国际知 ...

Core Viewpoint - The company reported a revenue of 302.1 million yuan for the first half of 2025, marking a year-on-year growth of 10.63%, driven primarily by the demand for materials in the electric vehicle subsystem, lightweight electric vehicle structural components, and high-temperature materials for charging stations [2][3]. Financial Performance - Revenue for the reporting period was 3,021,022,276.79 yuan, up from 2,730,796,940.42 yuan, reflecting a growth of 10.63% [3]. - Net profit attributable to shareholders was 105,113,203.48 yuan, an increase of 10.19% compared to 95,393,395.17 yuan in the previous year [3]. - The company's overseas revenue grew by 39.03%, with a focus on expanding into Southeast Asia, Europe, North America, and the Middle East [2]. Market Segmentation - Revenue from the special materials subsidiary, which produces long carbon chain nylon, increased by 60.51%, indicating a significant demand in automotive thermal management systems and consumer electronics [4]. - The company is actively developing high-temperature nylon materials for applications in electric vehicle charging stations and has successfully penetrated markets in photovoltaic and military sectors with carbon fiber reinforced materials [3][4]. Strategic Initiatives - The company has established joint ventures in the PCR materials production sector, enhancing its capabilities in recycling and sustainable materials [5]. - Collaborations with automotive manufacturers and appliance companies are being pursued to create circular economy models, such as the "Car To Car" recycling initiative [5]. - In the robotics sector, the company is developing high-performance materials to meet diverse application needs, including flexible skin materials and solutions for AI data server cooling systems [5][6]. Industry Trends - The upcoming 2025 Polymer Industry Annual Conference will focus on emerging industries such as AI, embodied robotics, low-altitude economy, and new energy vehicles, highlighting the opportunities for new materials and technologies [12][30]. - The conference will feature discussions on the challenges and opportunities in the polymer industry, particularly in the context of high-quality development and international competition [30].

Core Insights - The company reported a revenue of 3.021 billion yuan for the first half of 2025, representing a year-on-year growth of 10.63%, with a net profit attributable to shareholders of 105 million yuan, up 10.19% year-on-year [1] - The company is focusing on emerging industries such as robotics, consumer electronics, and new energy, leveraging a three-tier R&D system to provide customized high-end engineering plastic solutions [1][6] Revenue Growth and Market Segmentation - The company achieved a 48.77% increase in revenue in niche markets, particularly in consumer electronics, where high-temperature nylon materials are being promoted for use in components of computers and mobile phones [3] - In the lightweight electric vehicle market, the company is helping clients meet new safety standards with its lightweight and high-safety materials [3] - The company is also expanding its presence in the new energy market, with high-temperature nylon materials being applied to charging stations [3] Product Development and Innovation - The company has made significant breakthroughs in long-chain nylon materials, which are expected to replace imported high-end engineering plastics, with product revenue in this segment increasing by 60.51% year-on-year [4] - Long-chain nylon materials are being applied in various sectors, including automotive thermal management systems and AI server liquid cooling systems [4] International Expansion and Operational Efficiency - The company's overseas revenue grew by 39.03% year-on-year, driven by a "local for local" strategy and the establishment of a North American subsidiary [5] - The company is enhancing its international market competitiveness by rapidly deploying products and projects in regions such as Southeast Asia, Japan, and North America [5] - The company is implementing lean management practices to improve operational efficiency and ensure stable production and delivery [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company has demonstrated stable growth in profitability, with a 13.81% year-on-year increase in revenue to 6.088 billion yuan and a 32.04% increase in net profit to 194 million yuan for the year 2024. The first quarter of 2025 also showed a 15.07% increase in revenue to 1.468 billion yuan and a 14.67% increase in net profit to 50 million yuan [2][5]. - The company's modified plastic business has seen a revenue increase of 15.39% to 5.936 billion yuan, accounting for 97.51% of total revenue, driven by increased sales volume [3]. - The company is focusing on high-value products such as long-chain nylon materials, PEEK, and PPS, with long-chain nylon revenue growing by 105.39% year-on-year, indicating a strategic shift towards emerging markets [4]. Financial Performance - The company’s revenue projections for 2025-2027 are 7.066 billion yuan, 8.335 billion yuan, and 10.081 billion yuan, respectively, with year-on-year growth rates of 16.08%, 17.95%, and 20.95% [5]. - The net profit forecasts for the same period are 250 million yuan, 318 million yuan, and 414 million yuan, with growth rates of 28.63%, 27.35%, and 30.13% [5]. - The company’s return on equity (ROE) is expected to improve from 10.69% in 2025 to 14.16% in 2027 [5]. Market Expansion - The company has successfully expanded into international markets, establishing a factory in Thailand and serving over 30 overseas clients, with overseas sales increasing by 178.39% year-on-year [3]. - The diversification into new fields such as consumer electronics and AI data servers is expected to create new growth opportunities [4].