丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨凯盛科技（600552.SH） [Table_Title] Q3 经营保持向好态势 报告要点 [Table_Summary] 公司发布 2025 年 3 季报：前 3 季度实现收入 43.10 亿，同增 20.6%；实现归属净利润 1.29 亿，同增 15.1%；实现扣非归母净利润 0.84 亿，同期小幅盈利。 research.95579.com 1 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg2] 凯盛科技（600552.SH） cjzqdt11111 2、新材料产线投产低预期。 请阅读最后评级说明和重要声明 [Table_Summary2] 事件描述 丨证券研究报告丨 2025-11-13 公司发布 2025 年 3 季报：前 3 季度实现收入 43.10 亿，同增 20.6%；实现归属净利润 1.29 亿，同增 15.1%；实现扣非归母 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.765 billion in the first half of 2025, representing a year-on-year increase of 24.7%. The net profit attributable to shareholders was 52 million, up 23.7% year-on-year, while the net profit after deducting non-recurring items was 29 million, compared to a loss of 3 million in the same period last year [3][4]. - In Q2 alone, the company achieved a revenue of 1.5 billion, marking a significant year-on-year growth of 57.2%. The net profit attributable to shareholders for Q2 was 28 million, a slight decrease of 0.7% year-on-year, while the net profit after deducting non-recurring items was 17 million, showing a small profit compared to the previous year's loss [3][4]. - The display materials segment showed rapid growth, with a 43.8% increase in revenue, while the application materials segment saw a decline of 19.39%. The growth in display materials is attributed to the acceleration of orders from Shenzhen Guoxian for automotive displays and 3A cover plates [8]. - The gross profit margin for the period was 16.4%, an increase of 0.6 percentage points year-on-year. The gross profit margin for application materials decreased by 4.05 percentage points to 14.79%, while the new display segment saw an increase of 2.29 percentage points to 16.74% [8]. - The company is expected to expand its new materials business and increase production of UTG cover plates, with projected net profits of 160 million and 230 million for 2025 and 2026, respectively, corresponding to PE ratios of 77 and 54 [8].