盈利预测、估值与评级 经营分析 上半年业绩下滑，Q2 环比改善：1）上半年由于下游降价压力向上 游传导，叠加公司产品结构变化，营收同比-0.83%；计提存货减 值 6922 万，信用减值 6433 万，使得归母净利润同比-20.3%；2） Q2 营收与归母净利润环比改善，归母净利润增速超过营收增速， 我们认为后续有望恢复高增长。 规模效益体现，Q2 毛利率环比提升：公司 25 年上半年毛利率为 44.7%（-6.1pct），净利率为 12.9%（-4.3pct）；25Q2 毛利率为 46.0% （同比-7.1pct，环比+3.5pct），净利率为 16.9%（同比-5.6pct， 环比+10.4pct）。后续随着公司的规模效应体现，利润率有望逐季 度改善。 积极备货生产，订单支撑后续成长：25Q2 末合同负债 3631 万元， 较 25Q1+19.23%，主要系销售产品预收货款增加；25Q2 末存货 24.69 亿元，较 25Q1+3.33%。结合合同负债和存货，我们认为公 司业绩后续有望逐季释放。 多项技术突破，新兴领域布局见成效：1）公司上半年研制出多款 高压抗辐射加固 MOSFET 产品；突破霍尔式接近 ...

Group 1 - The company reported Q1 2025 revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit attributable to shareholders of 136 million yuan, up 1.80% year-on-year and 10.75% quarter-on-quarter [1] - The company's gross margin for the quarter was 36.8%, down 2.0 percentage points year-on-year and 3.0 percentage points quarter-on-quarter, influenced by product mix changes [1] - The company is a global leader in MLCC dielectric powder production, covering all types of basic and formula powders, and has established long-term stable partnerships with customers [1] Group 2 - The company is a leading domestic gas purification solution provider, offering a full range of products for exhaust gas catalysis, including honeycomb ceramic carriers and cerium-zirconium solid solutions [2] - The company aims to become a global comprehensive supplier of dental restoration solutions, focusing on dental hard tissue replacement biomaterials and enhancing its core product influence [2] Group 3 - The company is actively expanding into the new energy and precision ceramics sectors, launching several core materials for lithium battery cathode additives and extending the application of zirconia microspheres [3] - The precision ceramics segment includes a range of materials such as zirconia and alumina, with products like ceramic bearings and substrates, aiming to become a leading platform in the precision ceramics industry [3] - The company plans to expand its ceramic metallization project, targeting applications in thin-film sensors and power supply modules [3]