Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue growth and a positive shift in cash flow, indicating a robust operational capacity and potential for future expansion [4]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.515 billion yuan, representing a year-on-year growth of 23.95% [4]. - The net profit attributable to the parent company was 112 million yuan, with a year-on-year increase of 5.83% [4]. - The net cash flow from operating activities turned positive, amounting to 99 million yuan, a significant improvement from the previous year [4]. Group 2: Business Segments - The company operates in three main business segments: electronic new materials, polymer composite materials, and energy-saving environmental protection products and services [5]. - The energy-saving and environmental protection segment saw stable revenue growth, with income from energy-saving heat exchange equipment reaching 543 million yuan, up 11.90% year-on-year, although the gross margin slightly declined to 22.06% [5]. - The water treatment business experienced a substantial revenue increase of 41.56%, achieving 228 million yuan, but the gross margin decreased to 15.33% [5]. - The electronic new materials segment, particularly the target materials and ultra-high temperature special materials, generated 408 million yuan in revenue, a 49.44% increase year-on-year, with a gross margin of 22.22% [5]. - The target materials business made significant breakthroughs in overseas markets, with two product models passing quality audits by Samsung in South Korea, leading to bulk supply [5]. Group 3: Subsidiary Development - The subsidiary Zhaoheng Technology reported a revenue of 62 million yuan and a net profit of 30 million yuan, achieving a net profit margin of 48.39% [6]. - Zhaoheng Technology is implementing a "one body, two wings" strategy, focusing on core products like PMI foam materials while expanding into aerospace, military, and civilian markets [6]. - The company aims to develop stealth materials and carbon fiber composite materials, with the EPMI project recognized as "internationally advanced," indicating strong future growth potential [6].

2025 年 9 月 7 日 公司研究 靶材业务不断取得突破，隐身材料有望成为新的增长极 ——隆华科技（300263.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告，25H1 实现营业收入 15.15 亿元，同比增 长 23.95%；归母净利润 1.12 亿元，同比增长 5.83%。上半年，公司经营活动 现金流量净额为 0.99 亿元，同比实现由负转正。 传统业务节能环保取得稳步增长，电子新材料靶材业务不断取得突破。公司主要 分为电子新材料、高分子复合材料、节能环保产品及服务三大业务板块。上半年 传统业务板块节能环保收入实现稳定增长，毛利率小幅下滑。此板块中的节能换 热装备，上半年实现收入 5.43 亿元，同比增长 11.90%；毛利率为 22.06%，较 上一年度同期下降 2.06 个百分点。水处理业务，上半年实现收入 2.28 亿元，同 比增长 41.56%；毛利率为 15.33%，较上一年度同期下降 6.36 个百分点。电子 新材料板块下的靶材及超高温特种材料业务，上半年实现收入 4.08 亿元，同比 增长 49.44%；毛利率为 22.22%，较上一年度同期下降 5.69 ...