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【国信电子胡剑团队】洁美科技:离型膜批量导入,复合集流体大单品即将放量
剑道电子· 2025-08-14 06:16
Core Viewpoints - The company achieved a revenue of 962 million yuan in 1H25, representing a year-on-year increase of 14.68%, while the net profit attributable to shareholders was 98 million yuan, down 18.78% year-on-year [5] - The electronic industry is experiencing an upward trend due to the initial phase of AI innovation, with high demand for components like MLCC returning to elevated levels [5] - New businesses such as release films, CPP cast films, and composite current collectors have also seen significant growth [5] Revenue and Profit Analysis - In 2Q25, the company reported a revenue of 548 million yuan, a year-on-year increase of 15.19% and a quarter-on-quarter increase of 32.41%, with a net profit of 65 million yuan, down 4.69% year-on-year but up 92.03% quarter-on-quarter [5] - The gross margin for 1H25 was 33.40%, a decrease of 3.12 percentage points year-on-year [5] Electronic Packaging Materials - Revenue from electronic packaging materials reached 808 million yuan in 1H25, a year-on-year increase of 9.97%, with a gross margin of 37.85%, down 3.35 percentage points year-on-year [6] - The company is actively expanding overseas production capacity, with ongoing sample validations for major clients in the Philippines and Malaysia [6] Release Films Development - Revenue from electronic-grade films reached 116 million yuan in 1H25, a year-on-year increase of 61.29%, with a gross margin of 12.03%, up 8.86 percentage points year-on-year [7] - The company has stabilized bulk supply to clients such as Yageo and Murata, with overseas bases gradually ramping up production [7] Composite Current Collector Market - The company has increased its stake in subsidiary Ruzhen Technology to 60.4% and signed cooperation agreements with four clients, achieving a 40% year-on-year increase in orders [8] - The company is expanding production lines for composite aluminum and copper foils, with plans to enter the carrier copper foil market [8]