丨证券研究报告丨 公司研究丨点评报告丨三利谱（002876.SZ） [Table_Title] 稼动率短期拖累业绩，份额继续突破 报告要点 [Table_Summary] 公司发布 2025 年中期报告，上半年公司实现营业收入 16.80 亿元，同比增长 41.97%；归母净 利润 0.38 亿元，同比下降 31.47%；扣非归母净利润 0.35 亿元，同比下降 45.48%。非经常性 项目主要为政府补贴。公司所处偏光片行业正处于国产替代高速阶段，未来三大供应商分立的 趋势逐渐清晰，公司当前份额仍有较大的提升弹性，OLED 偏光片与 VR 头显光学复合膜新产 品潜力可观。 分析师及联系人 [Table_Author] 杨洋 谢尔曼 SAC：S0490517070012 SAC：S0490518070003 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 三利谱（002876.SZ） cjzqdt11111 [Table_Title2] 稼动率短期拖累业绩，份额继续突破 [Table_Summary2] 事件描述 公司发布 2025 年中期报 ...

Core Viewpoint - In 2024, the company Shanshan Co., Ltd. (600884) significantly increased its R&D expenditure to 1.037 billion yuan, marking a year-on-year growth of 19.43%, with the R&D expense ratio reaching a historical high of 5.55% [1] Group 1: Anode Materials - Shanshan Co., Ltd. is a leading domestic player in the anode materials sector, demonstrating remarkable R&D investment results and maintaining a leading product iteration speed, particularly in the ultra-fast charging, silicon-based, and hard carbon segments [2] - The company has successfully supplied high-energy density 6C ultra-fast charging anodes and low-expansion long-life graphite products to major clients, showcasing innovations such as functional coating layers that enhance ion transfer rates and increase ion channels [2] - The fourth-generation high-density hard carbon anode material has been developed, significantly improving sodium-ion battery energy density and cycle performance, thus accelerating the industrialization of sodium batteries [3] Group 2: Polarizers - In the polarizer sector, Shanshan Co., Ltd. maintains a dominant position in large-size LCD polarizers while achieving significant breakthroughs in OLED polarizers and high-end automotive polarizers [4] - The company has enhanced its market share in high-end small and medium-sized LCD products through technological advancements that meet the demand for lightweight, high-definition, and high-reliability products [4] - The acquisition of LG Chem's SP business has led to stable shipments of OLED and automotive LCD polarizers, driving a rapid increase in demand for automotive display polarizers [5] Group 3: Intellectual Property and Future Outlook - As of the end of 2024, Shanshan Co., Ltd. holds 334 authorized patents in anode materials and 1,243 in polarizers, indicating a strong focus on innovation in strategic emerging industries [5] - The company plans to continue strengthening R&D investments and enhancing intelligent manufacturing levels to seize development opportunities as demand in both sectors gradually increases [5]