10月9日，苏博特盘中上涨2.02%，截至10:01，报10.63元/股，成交2387.66万元，换手率0.54%，总市值 45.32亿元。 分红方面，苏博特A股上市后累计派现7.40亿元。近三年，累计派现2.34亿元。 资金流向方面，主力资金净流出39.02万元，大单买入139.97万元，占比5.86%，卖出178.99万元，占比 7.50%。 苏博特今年以来股价涨44.43%，近5个交易日跌0.28%，近20日跌1.30%，近60日涨14.92%。 今年以来苏博特已经3次登上龙虎榜，最近一次登上龙虎榜为7月25日，当日龙虎榜净买入-5396.97万 元；买入总计6065.22万元 ，占总成交额比5.81%；卖出总计1.15亿元 ，占总成交额比10.97%。 资料显示，江苏苏博特新材料股份有限公司位于江苏省南京市江宁区淳化街道醴泉路118号，成立日期 2004年12月15日，上市日期2017年11月10日，公司主营业务涉及混凝土外加剂的研发、生产和销售。主 营业务收入构成为：高性能减水剂51.83%，功能性材料20.74%，技术服务20.21%，其他5.53%，高效减 水剂1.15%，其他(补充)0.55% ...

Company Overview - Su Bote New Materials Co., Ltd. is located in Nanjing, Jiangsu Province, established on December 15, 2004, and listed on November 10, 2017. The company specializes in the research, production, and sales of concrete additives [1][2]. Financial Performance - For the first half of 2025, Su Bote achieved operating revenue of 1.673 billion yuan, representing a year-on-year growth of 7.03%. The net profit attributable to shareholders was 63.245 million yuan, an increase of 18.68% year-on-year [2]. - Since its A-share listing, Su Bote has distributed a total of 740 million yuan in dividends, with 234 million yuan distributed over the past three years [3]. Stock Performance - As of September 10, Su Bote's stock price increased by 2.01%, reaching 11.15 yuan per share, with a total market capitalization of 4.753 billion yuan. The stock has risen by 51.49% year-to-date [1]. - The stock has seen a trading volume of 54.66 million yuan with a turnover rate of 1.19%. The net outflow of main funds was 1.1986 million yuan, with large orders accounting for 5.00% of total buy and 7.19% of total sell [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 19,300, with an average of 21,807 circulating shares per person, a decrease of 1.53% from the previous period [2]. - Among the top ten circulating shareholders, Noan Pioneer Mixed A (320003) is the sixth largest, holding 5.6563 million shares as a new shareholder [3]. Business Segments - The main business revenue composition includes high-performance water-reducing agents (51.83%), functional materials (20.74%), technical services (20.21%), and others [1].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's revenue and profit recovery is increasingly certain, with a year-on-year revenue growth of 7.0% in the first half of 2025 and a net profit increase of 18.7% [7] - The company has a strong technical and research capability, supported by national-level laboratories and recognized engineering teams, which enhances its competitive edge in major infrastructure projects [7] - The company is expected to achieve net profits of 223 million, 287 million, and 344 million yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE valuations of 21, 16, and 13 times [7] Financial Data and Profit Forecast - Total revenue is projected to be 3,911 million yuan in 2025, with a year-on-year growth rate of 10.0% [6] - The company’s net profit for 2025 is estimated at 223 million yuan, reflecting a significant recovery from a previous decline [6] - The gross profit margin is expected to be 31.7% in 2025, with a return on equity (ROE) of 5.1% [6] Company Performance - In the second quarter of 2025, the company achieved a revenue of 9.9 billion yuan, with a year-on-year growth of 0.7% and a net profit of 0.39 billion yuan, up 20.9% year-on-year [7] - The company’s main products showed a trend of increasing volume but decreasing prices, particularly in functional materials, which have become a significant growth driver [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in its performance, with a revenue of 1.673 billion yuan in H1 2025, representing a year-on-year growth of 7.03%, and a net profit attributable to the parent company of 63 million yuan, up 18.68% year-on-year [6] - The company is expected to benefit from the recovery in downstream demand, particularly as a leading producer of water-reducing agents, with forecasts for net profits of 153 million, 204 million, and 244 million yuan for 2025, 2026, and 2027 respectively [6] - The company has expanded its product offerings and increased its market competitiveness, particularly in the functional materials segment, which saw a revenue growth of over 25% year-on-year in Q2 2025 [6][7] Financial Summary - In Q2 2025, the company achieved a revenue of 999 million yuan, a year-on-year increase of 0.70% and a quarter-on-quarter increase of 45.45%, with a net profit of 39 million yuan, up 20.86% year-on-year and 59.97% quarter-on-quarter [6] - The company's high-performance water-reducing agents and functional materials segments showed strong sales growth, with respective sales volumes of 306,000 tons and 107,900 tons in Q2 2025 [6] - The financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 3.839 billion, 4.247 billion, and 4.963 billion yuan for 2025, 2026, and 2027 respectively [8] Market Expansion - The company is actively expanding its presence in the domestic infrastructure market, particularly in major projects in the western regions, and has achieved notable results in sectors such as hydropower, nuclear power, and railways [7] - The company has also established new subsidiaries in overseas markets including the Philippines, Singapore, and Thailand, enhancing its international business footprint [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [6]. Core Views - The company has shown a continuous improvement in profit margins, with functional materials maintaining high growth rates. The revenue for the first half of 2025 reached 1.67 billion yuan, a year-on-year increase of 7.0%, and the net profit attributable to shareholders was 63 million yuan, up 18.7% year-on-year [1][4]. - The company is a leader in the water-reducing agent industry, with strong technical capabilities and high customer recognition. It is involved in numerous key engineering projects, which supports its revenue growth [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 990 million yuan, a slight increase of 0.7% year-on-year, and a net profit of 390 million yuan, up 20.9% year-on-year [1]. - The gross margin for the first half of 2025 was 34.7%, a slight decline of 0.1 percentage points year-on-year, while the net profit margin was 5.9%, down 0.5 percentage points year-on-year [3]. - The company’s revenue from high-performance water-reducing agents was 870 million yuan in the first half of 2025, a year-on-year increase of 6.3%, with a gross margin of 30.1% [2]. Revenue Breakdown - Functional materials generated revenue of 350 million yuan in the first half of 2025, reflecting a robust growth of 25.2% year-on-year, with a gross margin of 33.8% [2]. - Technical services revenue decreased by 7.6% year-on-year to 340 million yuan, with a gross margin of 53.9% [2]. Future Projections - The company is expected to achieve revenues of 3.8 billion yuan, 4.26 billion yuan, and 4.67 billion yuan for the years 2025, 2026, and 2027, respectively, with a projected net profit of 159 million yuan, 204 million yuan, and 245 million yuan for the same years [4][5]. - The anticipated growth rate for net profit over the next three years is 24.1%, with corresponding P/E ratios of 30X, 23X, and 19X [4].

Core Insights - The company reported a revenue of 1.673 billion yuan for the first half of 2025, representing a year-on-year growth of 7.03%, and a net profit attributable to shareholders of 63 million yuan, up 18.68% year-on-year [1] - In Q2, the company achieved a revenue of 991 million yuan, with a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 39 million yuan, reflecting a growth of 20.86% year-on-year [2] Operational Analysis - The recovery in infrastructure projects has significantly boosted the company's production and sales volumes, leveraging its long-cycle experience in infrastructure projects and maintaining a leading position in product layout and technology [3] - The company has intensified efforts in major projects in the western region, expanding in hydropower, nuclear power, and railways, with participation in significant projects such as the Sichuan-Tibet Railway and the Yangtze River Tunnel [3] - Sales of the company's third-generation water-reducing agents and functional materials increased by 2% and 31% year-on-year, respectively, marking a continuous recovery over two consecutive quarters [3] - The company has improved its equipment utilization efficiency and slightly reduced raw material costs, leading to a modest increase in profitability [4] Financial Performance - In Q2, the price of the main raw material, ethylene oxide, saw a slight decrease, while the prices of high-performance water-reducing agents remained relatively stable, contributing to a gross margin of approximately 35.51%, an increase of nearly 2 percentage points from Q1 [4] - The company slightly increased its sales expenses in Q2 and revised its 2025 profit forecast down by 19%, projecting revenues of 3.625 billion, 4.014 billion, and 4.378 billion yuan for 2025-2027, with net profits of 154 million, 200 million, and 262 million yuan respectively [5] - The current stock price corresponds to a PE valuation of 31, 24, and 18 times for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [5]

Group 1 - The company disclosed its 2025 semi-annual operating data, including production, sales, and revenue figures for its main products [1][2] - The production and sales volumes for high-performance water reducers were 510,300 tons and 508,500 tons, respectively, generating revenue of 867.07 million yuan [1] - The production and sales volumes for efficient water reducers were 8,000 tons and 7,900 tons, respectively, generating revenue of 19.27 million yuan [1] - The production and sales volumes for functional materials were 173,900 tons and 172,400 tons, respectively, generating revenue of 346.92 million yuan [1] Group 2 - The average selling price of high-performance water reducers decreased by 4.40% compared to the same period last year [2] - The average selling price of efficient water reducers decreased by 10.11% compared to the same period last year [2] - The average selling price of functional products decreased by 7.05% compared to the same period last year [2] Group 3 - The average procurement price of ethylene oxide decreased by 0.79% compared to the same period last year [2] - The average procurement price of acrylic acid increased by 14.59% compared to the same period last year [2] - There were no other significant events affecting the company's production and operations during the reporting period [2]

Core Viewpoint - Jiangsu Sobute New Materials Co., Ltd. reported a significant improvement in its financial performance for the first half of 2025, with a 7.03% increase in revenue and an 18.68% increase in net profit attributable to shareholders compared to the same period last year [4][9]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 1.67 billion yuan, up from 1.56 billion yuan in the previous year [2][9]. - The total profit for the period was approximately 117.23 million yuan, a 2.17% increase from 114.75 million yuan [2][9]. - The net profit attributable to shareholders was approximately 63.25 million yuan, compared to 53.29 million yuan in the same period last year, marking an 18.68% increase [2][9]. - The company's total assets increased by 6.16% to approximately 8.37 billion yuan [2][9]. Industry and Main Business Situation - The concrete admixture industry in China is characterized by a large number of enterprises with low concentration, primarily dominated by domestic companies [4][5]. - The company is a leading supplier of new civil engineering materials, consistently ranking first in the comprehensive evaluation of concrete admixture enterprises from 2014 to 2024 [4][5]. - The main products include high-performance water reducers and functional materials, which are essential for improving concrete performance and construction efficiency [4][5]. Business Development and Market Expansion - The company has focused on expanding its market presence in major engineering projects, particularly in the western regions of China, achieving significant results in sectors such as hydropower and nuclear power [4][5]. - Functional materials have shown a growth rate of around 25%, indicating strong market potential for these products [4][5]. - The company has also expanded its overseas business, establishing subsidiaries in the Philippines, Singapore, and Thailand, and developing special formulas tailored to international customer needs [4][5]. Research and Development - The company has increased its R&D efforts, focusing on developing energy-saving and environmentally friendly products to enhance its technological barriers [5][6]. - It holds 1,068 national patents and 42 international invention patents, demonstrating its commitment to innovation and industry standards [6][7]. - The company has established several research centers and laboratories, providing a strong foundation for technological innovation and product development [6][7]. Competitive Advantages - The company is recognized as a national high-tech enterprise and has received various honors, including being listed as a "manufacturing single champion demonstration enterprise" [6][7]. - It has a well-structured R&D team with over 200 professionals, including two academicians from the Chinese Academy of Engineering [7][8]. - The company’s products have been successfully applied in major projects such as the Hong Kong-Zhuhai-Macao Bridge and the Sichuan-Lhasa Railway, showcasing its reliability and market trust [8][9].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 13.30 [7][8]. Core Views - The company reported a revenue of RMB 1.673 billion for H1 2025, representing a year-over-year increase of 7.03%, and a net profit attributable to the parent company of RMB 63.25 million, up 18.68% year-over-year [1][7]. - The second quarter of 2025 saw revenue of RMB 991 million, a year-over-year increase of 0.70% and a quarter-over-quarter increase of 45.45%, with net profit of RMB 38.92 million, reflecting a year-over-year increase of 20.86% and a quarter-over-quarter increase of 59.97% [1][7]. - The company is expected to benefit from the ongoing major infrastructure projects in the western region, such as the "Yaxia" hydropower station, which will drive demand for its products [1][5]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of RMB 1.673 billion, with a net profit of RMB 63.25 million and a non-recurring net profit of RMB 52.96 million [1][7]. - The comprehensive gross margin for H1 2025 was 34.75%, slightly down by 0.12 percentage points year-over-year [2]. - The company’s expense ratio for H1 2025 was 27.72%, down 0.34 percentage points year-over-year, indicating improved cost absorption capabilities [3]. Product Performance - Sales of high-performance water-reducing agents and functional materials showed positive trends, with revenues of RMB 867 million and RMB 347 million respectively, reflecting year-over-year increases of 6.3% and 25.2% [2]. - The company has expanded its functional materials offerings, with significant growth in new materials, which has been well-received by customers [4]. Market Expansion - The company has intensified its efforts in the western region, achieving notable results in sectors such as hydropower, nuclear power, and railways, participating in projects like the Sichuan-Tibet Railway and the Haitaichangjiang Tunnel [4]. - The company has also expanded its overseas business, establishing subsidiaries in the Philippines, Singapore, and Thailand, thereby broadening its international market presence [4]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are RMB 164 million, RMB 206 million, and RMB 241 million respectively, with corresponding EPS of RMB 0.38, RMB 0.48, and RMB 0.56 [5][11]. - The target price has been adjusted to RMB 13.30, based on a 35x PE valuation for 2025, reflecting the company's strong project experience and first-mover advantage in major infrastructure projects [5].

Core Viewpoint - The company, Jiangsu Subote New Materials Co., Ltd., reported significant improvements in its financial performance for the first half of 2025, with a revenue increase of 7.03% and a net profit increase of 18.68% compared to the previous year [9][10]. Company Overview - Jiangsu Subote focuses on the production of concrete additives and has expanded its market presence both domestically and internationally, including new subsidiaries in the Philippines, Singapore, and Thailand [10]. - The company emphasizes technological innovation and has developed eco-friendly products to enhance its competitive edge [11]. Financial Performance - The company achieved a revenue of approximately 43.26 million yuan in cash dividends, representing 45.12% of the net profit attributable to shareholders for the year [12]. - The average selling prices of key products, such as high-performance water reducers, decreased by 4.40%, while the prices of functional products fell by 7.05% [23][24]. Business Development - The company has actively pursued major engineering projects in sectors like hydropower and nuclear power, contributing to a steady growth in business profits [10]. - The company has also focused on expanding its product range, particularly in functional materials, which have shown significant market potential [10]. Research and Development - The company has increased its R&D efforts, particularly in developing energy-saving and environmentally friendly products, to support large-scale national infrastructure projects [11]. Shareholder Returns - The company has committed to maintaining a reasonable and healthy dividend level to enhance shareholder returns and investor confidence [12]. Investor Relations - The company has implemented a comprehensive investor relations management plan to improve communication and transparency with investors [13][14]. Governance and Compliance - The company continues to enhance its governance mechanisms and improve the quality of information disclosure to ensure compliance with regulatory requirements [14]. Guarantee for Subsidiaries - The company has approved a guarantee of 31 million yuan for its subsidiaries to support their operational financing needs [38][50].