中国陶瓷基复合材料行业调研简报 | 2025/06 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/06 陶瓷基复合材料行业 Q1：什么是陶瓷基复合材料，具有什么样的性能特征？ ◼ 陶瓷基复合材料(CMC)具有高强度、高硬度、高弹性模量、热化学稳定性等优异性能，是先进无机非金属材料 www.leadleo.com 报告标签：陶瓷基复合材料、产业链、潜在应用领域、航空领域商业化进展 2025年6月 陶瓷基复合材料是先进无机非金属材料。陶瓷基复合材料（Ceramic Matrix Composites, CMC）是指在陶瓷基体中引入增强材 料，形成以 ...

Core Viewpoint - The report highlights the continuous optimization of the product matrix and the diversification of revenue structure for Huayin Technology, with a buy rating and a target price of 85.0 yuan [1]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 516 million yuan, a year-on-year increase of 6.44% [2]. - The net profit attributable to shareholders was 146 million yuan, a decline of 32.45% compared to the same period last year [2]. - Basic earnings per share (EPS) was 0.53 yuan, down 32.91% year-on-year [2]. Business Segments - The company has established five main business units: special functional materials, aerospace components intelligent processing, acoustic metamaterials and instruments, ceramic matrix composites, and ultra-fine crystal component manufacturing [3]. - Revenue contributions for the first half of 2025 included 450.50 million yuan from the main unit, 71.63 million yuan from Huayin Aerospace, and 7.79 million yuan from Huayin Acoustics [3]. R&D and Innovation - R&D investment increased significantly to 70.30 million yuan, a growth of 112.89% year-on-year [4]. - The company emphasizes technological innovation and has established long-term strategic partnerships with research institutions to enhance its technological capabilities [4]. - Various R&D platforms have been set up to focus on advanced materials and components for aerospace and other high-end applications [4]. Capacity Expansion - The company is accelerating project construction to enhance production capacity and product support [5]. - Key projects include the industrialization of special functional materials and the establishment of an R&D center, with construction and trial production ongoing [5]. - Huayin Aerospace's intelligent processing project is expected to achieve full production by the end of 2025 [5]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 400 million yuan, 499 million yuan, and 619 million yuan, respectively, with corresponding EPS of 1.47 yuan, 1.83 yuan, and 2.27 yuan [6].

华秦科技股价报69.85元，较前一交易日下跌3.46%。公司2025年半年度营业收入5.16亿元，同比增长 6.44%；净利润1.46亿元，同比下降32.45%。公司拟向全体股东每10股派发现金红利1.3元，预计派现金 额合计3543.42万元。 8月21日华秦科技主力资金净流出2296.98万元，近五日主力资金净流出8224.91万元。 风险提示：股市有风险，投资需谨慎。 华秦科技2025年半年度分配预案显示，公司拟10派1.3元，这是公司上市以来累计第6次派现。2025年上 半年公司经营活动现金流净额为9761.08万元，同比增长55.16%。 华秦科技所属概念板块包括非金属材料、陕西板块、专精特新等。公司主营航空航天零部件加工、陶瓷 基复合材料、声学超材料及声学仪器、超细晶零部件等。 ...

Group 1 - The carbon fiber and composite materials industry chain in Shaanxi has achieved a production value of 1.339 billion yuan in the first five months of this year, with an expected annual production value of around 3 billion yuan [1][2] - The industry chain is considered a key foundational material for advanced defense industries such as aviation and aerospace, as well as important for sectors like transportation and energy [1] - The provincial government has established a collaborative work mechanism involving multiple departments and industry experts to support the development of the carbon fiber and composite materials industry chain [1] Group 2 - The carbon fiber and composite materials industry chain in Shaanxi is characterized as having significant development potential, with projected project investments exceeding 20 billion yuan over the next three years [2] - Key projects expected to commence production this year include a 5,000-ton carbon fiber production line in Yulin and an intelligent manufacturing park for ceramic-based composite materials in Xi'an [2] - The provincial government plans to accelerate the establishment of a "six-in-one" work mechanism to enhance collaboration and innovation within the industry chain, aiming for high-quality development [2]

Core Viewpoint - The article discusses the Fourth Composite Materials Interface Forum, focusing on the latest research and developments in composite materials, particularly in interface design and engineering applications. Group 1: Forum Schedule and Topics - The forum is scheduled from July 16 to July 18, featuring various sessions on composite materials interface design and performance [10]. - Key topics include high-performance carbon fiber composite interface design, low-speed impact damage research, and the latest trends in the carbon fiber industry [3][4]. Group 2: Presenters and Research Highlights - Notable presenters include Yang Xiaoping from Beijing University of Chemical Technology discussing third-generation high-performance carbon fiber composites [3]. - Research on the interface performance enhancement of hemp fiber reinforced resin-based composites will be presented by Qiu Yiping from Donghua University [3]. Group 3: Sponsorship and Collaboration - The forum is sponsored by several companies, including Guangdong Beidou Precision Instruments and Dia-Stron from the UK, indicating strong industry support [5]. - The organizing committee invites academic posters from participants to showcase their latest research findings, with awards for the best posters [5].

Core Viewpoint - The number of aviation industrial parks in China is projected to reach 128 in 2024, an increase of 14 parks year-on-year, driven by strong national strategic support and favorable policies [1][12]. Industry Overview - Aviation industrial parks are designated areas focused on aviation-related manufacturing, research, maintenance, and operations, created to foster industry clustering and collaboration through government incentives [1]. Industry Development History - The development of China's aviation industrial parks has progressed through three stages: 1. Initial stage (2003-2008) with only 8 parks established 2. Steady growth phase (2009-2014) with the number increasing to 44 3. Rapid growth phase (2015-present) where the number of parks has surged, averaging 10 new parks annually [3]. Industry Chain - The upstream of the aviation industrial park industry chain includes raw materials, components, and basic equipment, while the midstream focuses on operations and services, and the downstream involves airlines and maintenance companies [5]. Current Industry Status - The aviation industry is experiencing a recovery with passenger transport expected to reach 730 million in 2024, a year-on-year increase of 18.1%, and air cargo volume increasing by 22.1% [12]. Policy Support - Recent policies, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)", aim to enhance the supply capacity and innovation ability of general aviation equipment by 2027, providing a three-dimensional drive for aviation industrial parks [9][11]. Industry Development Trends 1. **Technological Upgrades**: The industry is focusing on innovation-driven high-quality development, with key areas including unmanned, electric, and intelligent technologies [21]. 2. **Industry Clustering**: Aviation industrial parks are becoming core carriers for industry chain integration, with significant regional differentiation and specialization [22]. 3. **International Cooperation**: There is an increasing trend of international collaboration, with domestic companies engaging in joint ventures and technology transfers to enhance global competitiveness [23].

Core Insights - The company reported a revenue of 1.139 billion in 2024, representing a year-on-year growth of 24.17%, with a net profit attributable to shareholders of 414 million, up 23.56% year-on-year [1][2] - In Q1 2025, the company achieved a revenue of 241 million, a decrease of 2.48% year-on-year, and a net profit of 63 million, down 45.23% year-on-year [1][2] Revenue Breakdown - The special functional materials business generated 1.023 billion in 2024, growing 15.27% year-on-year - The acoustic metamaterials business saw revenue of 44.28 million, up 143.33% year-on-year - The aerospace components business reported revenue of 6.19 million, a significant increase of 461.84% year-on-year - The ceramic matrix composites business generated 200.88 thousand, indicating notable growth in incremental business contributions to overall revenue [2] Profitability Analysis - The gross profit margin for 2024 was 50.69%, a decrease of 7.09 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 40.79%, down 17.98 percentage points year-on-year [3] - The gross profit margin for the special functional materials business was 55.12%, down 4.01 percentage points year-on-year, while the aerospace components business improved its margin to 12.76%, an increase of 19.34 percentage points [3] Cost and Investment Trends - The company experienced fluctuations in profitability due to increased operating costs and R&D investments, with a Q1 2025 expense ratio of 24.59%, up 10.86 percentage points year-on-year [3] - R&D expense ratio in Q1 2025 was 12.76%, reflecting a rise of 7.26 percentage points year-on-year due to an increase in R&D personnel and project investments [3] Strategic Developments - The company is advancing multiple product lines and capacity building to transform into a comprehensive solutions provider for new materials, particularly in aerospace and high-end equipment sectors [4] - The company is focusing on small-batch trial production and engineering applications in various fields, including acoustic materials and ceramic matrix composites, with ongoing projects aimed at expanding production capacity [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.139 billion in 2024, representing a year-on-year growth of 24.17%. The net profit attributable to the parent company was 414 million, up 23.56% year-on-year. However, in Q1 2025, revenue decreased by 2.48% to 241 million, and net profit dropped significantly by 45.23% to 63 million [2][4][6]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.139 billion, with a year-on-year increase of 24.17%. The net profit attributable to the parent company was 414 million, reflecting a growth of 23.56%. The non-recurring net profit was 389 million, which is a slight increase of 0.93% [2][4]. - For Q1 2025, the company reported a revenue of 241 million, a decrease of 2.48% year-on-year. The net profit attributable to the parent company was 63 million, down 45.23%, and the non-recurring net profit was 55 million, a decrease of 50.79% [2][4]. Business Development - The company is transitioning towards becoming a comprehensive solution provider for new materials, focusing on aerospace and high-end equipment. It is advancing multiple product lines, including special functional materials, acoustic materials, and ceramic-based composite materials [6]. - The revenue from special functional materials in 2024 was 1.023 billion, an increase of 15.27%. The acoustic metamaterials business saw a significant growth of 143.33%, while the aerospace components business grew by 461.84% [6][11]. Cost and Margin Analysis - The gross margin for 2024 was 50.69%, a decrease of 7.09 percentage points year-on-year. In Q1 2025, the gross margin further declined to 40.79%, down 17.98 percentage points year-on-year [11]. - The increase in R&D expenses and production costs has led to fluctuations in profitability. The R&D expense ratio in Q1 2025 was 12.76%, an increase of 7.26 percentage points year-on-year [11].

Core Viewpoint - 华秦科技 reported a revenue of 1.139 billion yuan for 2024, representing a year-on-year increase of 24.17%, and a net profit attributable to shareholders of 414 million yuan, up 23.56% year-on-year. The Q4 performance showed a revenue of 401 million yuan, a year-on-year increase of 27.27% and a quarter-on-quarter increase of 58.92% [1] Revenue and Profit Analysis - The company achieved revenue growth across all business segments, with special functional materials generating 1.023 billion yuan, a year-on-year increase of 15.27%, and a gross margin of 55.12%, down 4.01 percentage points [2] - Acoustic metamaterials and instruments generated 44 million yuan, up 143.33% year-on-year, with a gross margin of 21.19%, down 11.05 percentage points [2] - Aerospace component processing revenue reached 62 million yuan, a significant increase of 461.84% year-on-year, with a gross margin of 12.76%, up 19.34 percentage points [2] - The newly introduced ceramic matrix composites generated 200.88 thousand yuan with a gross margin of 24.67% [2] - The overall gross margin for the company in 2024 was 50.69%, down 7.09 percentage points, primarily due to underutilization of production capacity in subsidiaries [2] Short-term Performance and Forecast - In Q1 2025, the company experienced a short-term decline in performance, with revenue of 241 million yuan, down 2.48% year-on-year, and a net profit of 63 million yuan, down 45.23% year-on-year [3] - The decline was attributed to increased costs from trial production of research and development products, low capacity utilization in subsidiaries, and higher R&D expenses [3] - The R&D expense ratio for Q1 2025 was 12.76%, up 7.26 percentage points year-on-year, while the gross margin was 40.79%, down 17.97 percentage points [3] Profit Forecast and Valuation - Due to delays in military product demand and uncertainties in the mass production timeline of research and development products, the company has adjusted its revenue and gross margin forecasts for special functional materials [4] - The projected net profits for 2025-2027 are 462 million yuan, 583 million yuan, and 717 million yuan, respectively, with significant downward adjustments from previous estimates [4] - The target price for the company is set at 85.32 yuan, based on a 36 times PE ratio for 2025, reflecting a reduction from the previous target of 111.80 yuan [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of 85.32 RMB [7][8]. Core Views - The company reported a revenue of 1.139 billion RMB in 2024, representing a year-over-year increase of 24.17%, and a net profit of 414 million RMB, up 23.56% year-over-year. The Q4 revenue was 401 million RMB, showing a year-over-year growth of 27.27% and a quarter-over-quarter increase of 58.92% [1]. - The company is recognized as a leader in military stealth materials, with expectations for sustained demand and growth potential as subsidiaries ramp up production [1][4]. - The company experienced a decline in Q1 2025 revenue to 241 million RMB, down 2.48% year-over-year, and a net profit of 63 million RMB, down 45.23% year-over-year, primarily due to increased costs from R&D and underutilization of subsidiary production capacity [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.139 billion RMB, with a breakdown of revenue sources: special functional materials at 1.023 billion RMB (+15.27% YoY), acoustic metamaterials and instruments at 44 million RMB (+143.33% YoY), aerospace components processing at 62 million RMB (+461.84% YoY), and ceramic matrix composites generating 200.88 thousand RMB [2]. - The overall gross margin for 2024 was 50.69%, down 7.09 percentage points year-over-year, attributed to high fixed costs and underutilization of production capacity [2]. Earnings Forecast and Valuation - The forecast for net profit for 2025-2027 is adjusted to 462 million RMB, 583 million RMB, and 717 million RMB respectively, reflecting a downward revision of 28.68% and 28.83% for 2025 and 2026 [4][17]. - The company is assigned a PE ratio of 36 times for 2025, with a target price of 85.32 RMB, down from a previous estimate of 111.80 RMB [4][17]. Key Financial Metrics - Projected revenue growth rates for 2025-2027 are 20.41%, 27.38%, and 22.87% respectively, with net profit growth rates of 11.52%, 26.21%, and 23.05% [6][24]. - The company’s EPS is expected to increase from 2.13 RMB in 2024 to 3.68 RMB in 2027, indicating a positive growth trajectory [6][24].