2025 年 8 月 25 日 公司研究 25H1 高纯化学品盈利改善，半导体材料需求提升公司持续受益 ——晶瑞电材（300655.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告。2025 年上半年，公司实现营收 7.68 亿元， 同比增长 10.68%；实现归母净利润 6975 万元，同比扭亏为盈；实现扣非后归 母净利润 3269 万元，同比扭亏为盈。2025Q2，公司单季度实现营收 3.98 亿元， 同比增长 9.33%，环比增长 7.58%；实现归母净利润 2625 万元，同比增长 549%， 环比减少 39.66%；实现扣非后归母净利润 2347 万元，同比扭亏为盈，环比增 长 155%。 原料成本降低叠加开工率提升，2025H1 高纯化学品盈利改善。2025H1，公司 高纯化学品业务实现营收 4.51 亿元，同比增长 22.5%。其中，2025H1 公司高 纯双氧水销量同比增长超过 55%，高纯氨水、高纯硫酸、高纯硝酸销量同比分 别增长 8.5%、86.2%、48.4%，同时高纯异丙醇产品开始批量出货。得益于公 司产品产能利用率提升所带来的规模效应的体现，叠加部分原材料价 ...

Core Viewpoint - The recent "618" shopping festival in China saw significant year-on-year growth in sales of consumer electronics, driven by government subsidies and increasing demand for high-tech products like smartphones and laptops [1] Group 1: Market Dynamics - China has become a major global market for electronic products, with a strong focus on innovation and production in sectors like semiconductors and displays [1][7] - The Chinese market is characterized by resilience and vitality, supported by government policies that stimulate domestic demand and promote high-tech industries [7][8] Group 2: Company Strategy - Merck Group's electronic technology division aims to be the "most localized multinational enterprise," emphasizing a strong commitment to the Chinese market and local decision-making [5][9] - The company has invested 1 billion RMB in China, focusing on building a localized support network across various product lines in the semiconductor and display sectors [8][9] Group 3: Industry Trends - The display industry is evolving with increasing demand for flexible, foldable, and stretchable screens, while liquid crystal displays (LCD) are expected to remain mainstream in the near future [10][11] - OLED technology presents opportunities for growth, particularly in flexible displays, but faces challenges in cost reduction and large-size applications [12][13] Group 4: Competitive Landscape - The semiconductor market is large and diverse, allowing companies to focus on high-value, technically challenging areas rather than engaging in price wars [14][15] - Merck aims to balance competition and collaboration with local firms, fostering innovation and addressing common industry challenges through strategic partnerships [16][17]

Core Viewpoint - The "M&A Six Guidelines" policy has led to increased activity in mergers and acquisitions (M&A) in the Shenzhen market, with a focus on industrial integration, acquisition of quality unprofitable assets, and cross-industry mergers to promote transformation and upgrading [1][4]. Group 1: M&A Activity Overview - Since the release of the "M&A Six Guidelines" on September 24, 2024, there have been 767 newly disclosed M&A transactions in the Shenzhen market, totaling 294 billion yuan, with 89 major asset restructurings amounting to 114.9 billion yuan [1]. - The majority of these M&A transactions are characterized by industrial integration, with notable cases of state-owned enterprises enhancing internal asset integration and private companies optimizing their industrial chain layouts [2][3]. Group 2: Industrial Integration - Industrial integration remains the dominant type of M&A, with state-owned enterprises and private companies actively engaging in asset restructuring to enhance their competitive positions [2]. - A significant example includes the major asset restructuring by Electric Power Investment Corporation, which plans to acquire 100% of Electric Power Nuclear for 57.1 billion yuan, facilitating the integration of nuclear power assets [2]. Group 3: Cross-Industry Mergers - Cross-industry mergers are becoming a trend, with companies seeking new growth points in high-tech and high-value sectors, such as semiconductors and advanced equipment [4]. - For instance, Youa Co., primarily in retail, plans to acquire 100% of Shangyang Tong, entering the power semiconductor sector [4]. Group 4: Acquisition of Unprofitable Assets - The policy encourages companies to acquire quality unprofitable assets to strengthen their industrial chains, with 10 transactions involving such acquisitions since the policy's implementation [4][5]. - An example includes Jingrui Electric Materials' acquisition of 76.1% of Hubei Jingrui, which focuses on high-purity chemicals essential for the semiconductor industry [5]. Group 5: IPO-Related M&A - M&A has become a significant channel for companies planning IPOs to achieve asset securitization, with over 20 such cases reported [6]. - Companies like Zhongke Technology and Chunhui Intelligent Control are leveraging M&A to enhance their competitiveness and facilitate their IPO processes [6]. Group 6: Regulatory Support and Future Outlook - The China Securities Regulatory Commission is revising regulations to further support M&A activities, indicating a potential historical opportunity for the M&A market [6]. - Analysts predict that M&A in the new productive forces sector will remain active, driven by policy support and capital empowerment [6].

Core Insights - The "Six Merger Rules" have led to an increase in merger and acquisition (M&A) activities in the Shenzhen market, with 767 new disclosures totaling 294 billion yuan since the announcement [1] - Major asset restructurings have also seen significant activity, with 89 cases amounting to 114.9 billion yuan, indicating a trend towards industrial integration and transformation [1] Group 1: M&A Activity and Trends - Shenzhen-listed companies are actively improving operational quality and efficiency through M&A, responding to supply-side structural reforms and industrial upgrades [2] - Central state-owned enterprises are enhancing asset integration, exemplified by the acquisition of 100% equity in China Power Nuclear by China Power Investment, valued at 57.1 billion yuan [2] - The acquisition of Baiyin Coal Power by China Power Investment Group aims to expand business scale and promote clean energy transition [2] Group 2: Strategic Acquisitions - Huada Jiutian plans to acquire 100% equity in Chip and Semiconductor, a leading EDA company, to enhance its EDA solution offerings [3] - Longyang Electronics intends to acquire 100% equity in Deyou New Materials, expanding its product range in functional coating materials for consumer electronics [3] - Jingrui Electric Materials aims to acquire 76.1% equity in Hubei Jingrui to boost production of high-purity chemicals essential for the semiconductor industry [3] Group 3: Market Dynamics and Financing - The M&A market is becoming more active as companies seek to achieve asset securitization through restructuring, influenced by a tightening IPO market [5] - Companies are innovating in payment methods for acquisitions, such as using convertible bonds, to balance stakeholder interests [6] - The acquisition of Jiangsu Keda by Lingyi Technology through cash and convertible bonds will enhance its presence in the automotive parts market [6] Group 4: Future Outlook - The combination of policy support, capital empowerment, and industrial upgrades is expected to drive Shenzhen-listed companies to adopt a more open approach, enhancing China's new productive forces [7]

Group 1: Financial Performance - The net profit of Hubei Jingrui from January to October 2024 was -15.49 million CNY, but the annual report forecasts a year-on-year growth of 540% in net profit attributable to shareholders [3] - R&D expenses for 2024 are projected to reach 99.24 million CNY, reflecting a year-on-year increase of 39.74% [4] Group 2: Production Capacity and New Projects - The new production line for high-purity hydrogen peroxide is expected to be completed by the end of June 2025, with construction progress on track [3] - The company aims to enhance the shipment levels and market share of high-purity hydrogen peroxide post the new production line launch [4] Group 3: Market Strategy and Competition - The company plans to improve gross profit margins through various strategies, including increasing self-supply levels of raw materials and enhancing product sales [3] - The penetration rate of high-purity chemicals in advanced processes (14nm and below) is gradually increasing [3] Group 4: R&D Focus and Product Development - The company is intensifying R&D investments in high-end photoresists and high-purity chemicals, with a nearly 40% increase in R&D spending [3] - The company has no current plans to expand into the new energy materials sector [4]

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