Investment Rating - The investment rating for Tianan New Materials (603725) is "Buy" (maintained) [1] Core Views - The company announced its 2025 mid-year report, which met expectations, with H1 2025 revenue of 1.444 billion yuan, a year-on-year increase of 4.0%, and a net profit attributable to shareholders of 62 million yuan, up 16.6% year-on-year [6] - The market share in the building ceramics sector continues to rise, with a revenue of 590 million yuan in H1 2025, despite a 6% year-on-year decline, while sales volume increased by 6% [6] - The high polymer business is steadily expanding, with automotive interior revenue reaching 310 million yuan in H1 2025, a 36.0% year-on-year increase [6] - The company is actively developing its home furnishing business through acquisitions, enhancing its industry ecosystem [6] - The management's strategic capabilities and resource coordination are seen as core competitive advantages, with a focus on optimizing the supply chain and gradually expanding new business models [6] - The company maintains a positive outlook for net profit growth from 2025 to 2027, with projected profits of 122 million yuan, 158 million yuan, and 199 million yuan, respectively, corresponding to PE ratios of 28X, 21X, and 17X [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.309 billion yuan, with a year-on-year growth rate of 6.7% [5] - The projected net profit for 2025 is 122 million yuan, reflecting a year-on-year growth of 21.0% [5] - The gross profit margin is expected to be 22.6% in 2025, with a return on equity (ROE) of 14.4% [5]

中证报中证网讯(王珞)8月14日晚，天安新材（603725）发布2025年半年度报告。报告显示，2025年上 半年，公司营业收入14.44亿元，同比增长3.97%；归母净利润6216.9万元，同比增长16.59%，在行业承 压期展现强劲韧性。 公司核心业务表现抢眼，三大产品线协同发力。建陶产品稳量提质，通过深化渠道拓展、品牌平台化管 理及供应链管控升级，销量超2030万方，同比增长6%，毛利率同比提升1.42个百分点；汽饰材料加速 增长，依托技术积淀与客户黏性，营收同比增长8000万元，增幅达36%；防火板材盈利跃升，通过降本 增效与整合协同，营收增长23.33%，毛利率达33.18%创历史新高，同比提升8.82个百分点。 ...