证券研究报告 昊华科技 (600378 CH) 25H1 稳健增长，蓝天贡献逐步显现 2025 年 9 月 01 日│中国内地 化学制品 25H1 公司氟化工板块受氟碳化学品行情带动，整体表现较好，销售收入同 比增长 25%至 46.5 亿元，毛利率同比+2pct；电子化学品板块市场竞争较 为激烈，公司以量补价，收入同比增长 17%至 5.8 亿元，毛利率维持稳定。 高端制造化工材料板块受需求周期和政策性因素影响，部分产品价格出现下 滑，公司以量补价，收入同比增长 7%至 15.1 亿元。碳减排暨工程技术服务 板块保持稳定增长，整体板块收入同比增长 30%至 9 亿元，毛利同比增长 11.6pct。公司综合毛利率同比下降 4pct 至 23.5%；受管理与研发费用下降 影响，综合费用率同比-3%至 13.3%。 氟化工主要产品景气延续改善，特气与化工材料产销有望持续释放 25Q2 公司多数产品出货实现较大增长，其中氟碳化学品/含氟锂电材料/橡 胶密封制品 / 特 种 轮 胎 / 特 种 涂 料 销 量 环 比 增 长 分 别 为 53%/108%/105%/106%/32%。受氟碳化学品、特种涂料、聚氨酯新材 ...

Group 1 - The company achieved operating revenue of 7.76 billion yuan in the first half of 2025, a year-on-year increase of 19.45% [1] - The net profit attributable to the parent company was 645 million yuan, reflecting a year-on-year growth of 20.85% [1] - All business segments experienced good growth, with the fluorochemical segment seeing a revenue increase of 24.99% and a gross profit increase of 40.73% [1] - The electronic chemicals segment achieved a revenue growth of 17.49% and maintained stable gross profit margins despite intense market competition [1] - The high-end manufacturing chemical materials segment reported a revenue increase of 7.22% due to price declines in some products [1] - The carbon reduction and engineering technology service segment grew by 29.58% in revenue, with average prices for copper and nickel catalysts increasing by 9.9% and 7.6% respectively [1] Group 2 - The company is a new materials technology platform under China Sinochem, with a rich product system developed from over 10 national research institutes [2] - Key projects are progressing as planned, including the commissioning of several major projects such as the 26,000 tons/year high-performance organic fluorine materials project [2] - The company is advancing its "14th Five-Year" overall plan and six special plans for technological innovation, which are expected to gradually implement the company's development strategy [2] - Profit forecasts for the company are maintained, with net profits projected at 1.145 billion, 1.284 billion, and 1.418 billion yuan for 2025 to 2027, corresponding to EPS of 0.89, 1.00, and 1.10 yuan [2] - The current stock price corresponds to P/E ratios of 34, 31, and 28 times for the years 2025, 2026, and 2027 respectively, with a strong buy rating maintained [2]