证券研究报告| 公司动态点评 2025 年 08 月 27 日 圣泉集团（605589.SH） 1H25 公司业绩实现较高增速，合成树脂和先进电子材料板块表现 优异 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9,120 | 10,020 | 11,575 | 14,371 | 16,270 | | 增长率 yoy（%） | -5.0 | 9.9 | 15.5 | 24.2 | 13.2 | | 归母净利润（百万元） | 789 | 868 | 1,286 | 1,425 | 1,672 | | 增长率 yoy（%） | 12.2 | 9.9 | 48.1 | 10.8 | 17.4 | | ROE（%） | 8.4 | 8.4 | 11.5 | 11.5 | 12.2 | | EPS 最新摊薄（元） | 0.93 | 1.03 | 1.52 | 1.68 | 1.98 | | P/E（倍） | 34.4 | 31.3 | 21.1 | 19.1 | 1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant increase in performance, with H1 2025 revenue reaching 5.35 billion yuan, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 500 million yuan, up 51.2% year-on-year [5][11] - In Q2 2025, the company achieved revenue of 2.89 billion yuan, reflecting a year-on-year increase of 16.1% and a quarter-on-quarter increase of 17.6% [5][11] - The advanced electronic materials and battery materials sectors are experiencing substantial growth, with revenue from these segments reaching 850 million yuan in H1 2025, a 32.4% increase compared to the previous year [11] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 5.35 billion yuan, with a net profit of 500 million yuan, marking a 51.2% increase year-on-year [5][11] - The gross margin for H1 2025 was 24.8%, an increase of 1.66 percentage points year-on-year, driven by a higher proportion of high-end products [11] Product Development - The company has successfully replaced imported materials in the electronic materials sector, increasing its market share [11] - The company is advancing its development of ultra-low loss materials and has plans to issue convertible bonds to fund the "Green New Energy Battery Material Industrialization Project" [11] Market Position - The company is a leader in synthetic resin, with stable profit contributions from this segment, while the electronic chemicals and biomass chemical sectors present significant growth opportunities [11] - The Daqing biomass project is operating stably, achieving a production balance across its products [11] Future Outlook - The company is expected to see significant performance contributions from its PPO, porous carbon, and biomass projects, with projected revenues of 1.34 billion yuan, 1.74 billion yuan, and 2.25 billion yuan for the years 2025 to 2027 respectively [11]

Investment Rating - Investment rating: Buy (maintained) [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with operating income reaching 5.351 billion yuan, a year-on-year increase of 15.67%, and net profit attributable to shareholders of 501 million yuan, a year-on-year increase of 51.19% [5][9] - The growth in revenue and profit is attributed to the continuous increase in the production and sales of synthetic resin and new materials, particularly in the electronic and battery materials sectors, which are experiencing a boom [6][7] - The company has made substantial progress in its new materials business, particularly in advanced electronic materials and battery materials, driven by the rapid growth in demand for AI servers [7][8] Summary by Sections Financial Performance - In Q2 2025, the company achieved operating income of 2.892 billion yuan, a year-on-year increase of 16.13% and a quarter-on-quarter increase of 17.62% [5] - The net profit attributable to shareholders for Q2 was 294 million yuan, a year-on-year increase of 51.71% and a quarter-on-quarter increase of 42.34% [5] Product and Market Development - The production and sales of synthetic resin products reached 405,100 tons and 391,800 tons respectively in the first half of 2025, representing a year-on-year growth of 18% and 15% [6] - The company has successfully entered the supply chain of mainstream battery manufacturers with its porous carbon materials, which are key to enhancing battery performance [8] Future Outlook - The company is expected to achieve net profits of 1.329 billion yuan, 1.775 billion yuan, and 2.046 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 21.25, 15.90, and 13.80 [9]

【DT新材料】 获悉，8月18日， 圣泉集团 发布半年报 ，20 25 年上半年，公司实现营业收入53.51 亿元，同比增长15.67%；实现归属于上市公司 股东 的净利润 5.01 亿元，同比增长 51.19%。报告期末，总资产 162.80 亿元，负债总额 58.05 亿元，资产负债率 35.65%。 | | | | 早V: 儿川州: 人民IJ | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 5,350,722,861.01 | 4,625,811,646.28 | 15.67 | | 利润总额 | 595,653,685.35 | 403.446.806.33 | 47.64 | | 归属于上市公司股东的净利润 | 500.938.476.44 | 331,323,025.19 | 51.19 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | 480.890.523.68 | 318,201,447.50 | 51.13 | | 经营活动产生的现金流 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company achieved a year-on-year increase in H1 profits, driven by steady growth in sales of electronic and battery materials, supported by technological innovation and market expansion [5][4] - The company's revenue for H1 2025 reached 5.351 billion yuan, up 15.67% year-on-year, with a net profit attributable to shareholders of 501 million yuan, reflecting a 51.19% increase [4] - The growth in advanced electronic materials and battery materials revenue was particularly notable, with a 32.43% year-on-year increase in H1 2025 [5] Financial Performance - In Q2 2025, the company reported a revenue of 2.892 billion yuan, a 16.13% year-on-year increase, and a net profit of 294 million yuan, up 51.71% year-on-year [4] - The financial expense ratio increased primarily due to interest payments on repaid loans, while sales and management expense ratios decreased [6] - The company forecasts net profits of 1.248 billion, 1.465 billion, and 1.836 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21.6, 18.4, and 14.7 [9][11] Product Performance - Revenue from advanced electronic materials and battery materials reached 846 million yuan in H1 2025, with a sales volume of 40,100 tons, marking a 14.90% increase [5] - The synthetic resin segment generated 2.810 billion yuan in revenue, with a sales volume of 391,800 tons, reflecting a 15.48% increase [5] - Biomass products revenue increased by 26.47% year-on-year, reaching 516 million yuan in H1 2025 [5] Future Outlook - The company is expected to benefit from the rapid release of new production capacity, with strong growth projections for the upcoming years [9] - The ongoing expansion projects in biomass production are set to enhance the company's market position and meet high-quality demands from international markets [8]

Core Viewpoint - Jinan Shengquan Group Co., Ltd. reported significant growth in its financial performance for the first half of 2025, with notable increases in revenue and net profit, driven by advancements in its core business areas and strategic market positioning [1][3]. Financial Performance - Total assets reached CNY 16.28 billion, an increase of 10.50% compared to the end of the previous year [1]. - Operating revenue was CNY 5.35 billion, reflecting a year-on-year growth of 15.67% [1]. - Total profit amounted to CNY 595.65 million, up 47.64% from the previous year [1]. - Net profit attributable to shareholders was CNY 480.89 million, a 51.13% increase year-on-year [1]. Business Segments - The company focuses on chemical new materials and biomass new materials, with a strong presence in phenolic resin and furan resin production, ranking first in China and among the top globally [1][2]. - Advanced electronic materials and battery materials generated CNY 846 million in revenue, a 32.43% increase compared to the same period last year [3]. - The demand for porous carbon materials surged due to the growth in the electric vehicle market, with revenue from synthetic resin products reaching CNY 2.81 billion, a 10.35% increase year-on-year [5]. Strategic Developments - The company has adopted a dual-main business strategy and is focusing on three core areas: chemical new materials, battery energy, and biomass manufacturing [2]. - Significant advancements were made in high-performance materials, including the successful integration of PPO resin into the supply chain for AI server applications [4]. - The company is expanding its product offerings in customized solutions for various industries, including automotive and aerospace, enhancing customer loyalty and market competitiveness [7]. Market Positioning - The company has established a comprehensive product matrix in the casting materials sector, supporting strategic emerging industries with high-quality materials [7]. - Continuous innovation in product development, such as the introduction of new resin types and applications, has strengthened the company's market position and brand influence [6][7]. - The biomass industry segment achieved revenue of CNY 516 million, a 26.47% increase year-on-year, with ongoing projects aimed at expanding production capacity [7].

Core Viewpoint - The company expects significant profit growth in the first half of 2025, driven by advancements in electronic materials and battery materials, as well as improvements in biomass refining operations [1][2]. Financial Performance - The company forecasts a net profit attributable to shareholders of 490-510 million yuan for the first half of 2025, representing a year-on-year increase of 48.2% to 54.8% [1]. - The expected net profit for Q2 2025 is projected to be 280-310 million yuan, with a year-on-year growth of 46.6% to 58.0% and a quarter-on-quarter increase of 37.5% to 48.2% [1]. Business Growth Drivers - The company benefits from the rapid development of global AI computing power, high-frequency communication, and sectors like new energy vehicles and energy storage, leading to increased production and sales of advanced electronic materials and battery materials [2]. - The production lines for 1000 tons/year PPO resin and 1000 tons/year porous carbon are gradually reaching full capacity, contributing to steady sales growth [2]. Market Position and Product Development - The company has seen a stable increase in market share for its two main businesses: phenolic resin and casting resin, with sales of phenolic resin products reaching 529,000 tons, up 8.4% year-on-year, and casting resin products at 174,000 tons, up 10.4% year-on-year [3]. - The company is focusing on developing new applications and expanding into new fields to enhance its competitive edge, despite ongoing industry challenges [3]. Innovations in Advanced Electronic Materials - The demand for high-frequency and high-speed resins is rising due to AI server performance upgrades, prompting the company to accelerate the production of high-value-added products [4]. - The company plans to expand its production capacity for various resin projects to meet domestic supply needs, including a 2000 tons/year PPO/OPE resin project and a 1000 tons/year PEI resin project [4]. Future Growth Potential - The company is positioned as a leader in synthetic resins, with stable profit contributions from synthetic resins and promising growth opportunities in electronic chemicals and biomass chemicals [5]. - Expected revenues for 2025-2027 are projected to be 1.285 billion, 1.588 billion, and 2.001 billion yuan, indicating a strong growth trajectory [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 490-510 million yuan for the first half of 2025, representing a year-on-year increase of 48.2% to 54.8%. The net profit excluding non-recurring items is projected to be 470-490 million yuan, also reflecting a growth of 48.0% to 54.9% [2][6]. - For Q2 2025, the company anticipates a net profit of 280-310 million yuan, which is a year-on-year increase of 46.6% to 58.0% and a quarter-on-quarter increase of 37.5% to 48.2% [2][6]. Summary by Sections Event Description - The company has released its performance forecast for the first half of 2025, expecting significant growth in net profit and net profit excluding non-recurring items [2][6]. Event Commentary - The company benefits from the rapid development of advanced electronic materials and battery materials driven by global AI computing infrastructure, high-frequency communication, and new energy vehicles. The production capacity of its advanced electronic materials and battery materials is gradually being released, contributing positively to overall performance [11]. - The two main business segments are steadily increasing their market share. The sales volume of phenolic resin products increased by 8.4% year-on-year, while the sales volume of casting resins rose by 10.4% year-on-year. The company is enhancing its competitiveness through R&D and market expansion [11]. - The advanced electronic materials sector continues to achieve breakthroughs, with increased demand for high-frequency and high-speed resins. The company is expanding its production capacity to meet domestic supply needs [11]. - The company is a leader in synthetic resins, with stable profit contributions from this segment. The biomass chemical sector shows promising growth potential, with significant performance contributions expected from new projects [11]. Financial Projections - The company forecasts revenues of 12.85 billion yuan, 15.88 billion yuan, and 20.01 billion yuan for the years 2025 to 2027, respectively [11].

Core Viewpoint - Shengquan Group is expected to achieve a net profit of 491 million to 513 million yuan in the first half of 2025, representing a year-on-year growth of 48.19% to 54.83% due to the rapid development of global AI computing power, high-frequency communication, and sectors like new energy vehicles and energy storage [1][2] Group 1: Financial Performance - The company anticipates a significant increase in net profit for the first half of 2025, driven by advancements in electronic materials and battery materials [1] - The production lines for 1000 tons/year PPO resin and 1000 tons/year porous carbon are gradually reaching full capacity, contributing to sales growth [1] Group 2: Business Development - Shengquan Group's synthetic resin industry is expanding its market share, leading to steady sales growth [1] - The Daqing production base's "1 million tons/year biomass refining integration (Phase I project)" is operating smoothly, with increasing capacity utilization, positively impacting overall performance [1][2] Group 3: Industry Position - Shengquan Group is a leading domestic synthetic resin enterprise, with the largest production and sales scale of phenolic resin and furan resin in China and among the top globally [1] - The company has a strong presence in the casting auxiliary materials sector, with a furan resin production capacity of 120,000 tons, ranking first in the world [1] Group 4: Future Growth Potential - The biomass industry expansion project is expected to become a new profit growth point for the company [2] - The demand for high-energy-density batteries in the battery sector is anticipated to drive rapid growth in advanced electronic materials and battery materials [2] - Shengquan Group is actively pursuing overseas business opportunities, with the Thailand alloy project set to be completed and put into production this year [2]

Investment Rating - The report maintains a "Positive" outlook on the high-speed copper-clad laminate resin materials industry [5]. Core Viewpoints - The demand for high-speed resin materials is driven by the explosive growth of AI servers, which require advanced materials to meet higher electrical performance standards [7][10]. - Domestic resin manufacturers are positioned to capitalize on the opportunities presented by the AI server market, with companies like Dongcai Technology and Shengquan Group leading the way in high-end electronic resin production [3][11]. Summary by Sections 1. Introduction - The development of AI models necessitates high-performance hardware, leading to increased demand for advanced materials. Traditional epoxy resins are inadequate for the electrical performance required by AI servers, prompting the shift to low-dielectric resins such as BMI, PPO, and hydrocarbon resins [10][11]. 2. AI Server Volume and Upgrades - The global AI server shipment is projected to grow by approximately 46% in 2024, with further growth expected in 2025. This surge will drive demand for high-speed copper-clad laminates and, consequently, high-end electronic resins [12][29]. 2.1. Performance Requirements Driving Material Upgrades - AI servers require materials that minimize signal loss and energy dissipation, leading to a preference for low Dk and Df materials. The shift from traditional epoxy resins to advanced materials is essential for meeting these performance standards [15][22]. 2.2. Demand Space Estimation for High-Speed Resins - The estimated market size for high-speed resin materials is projected to reach around 3 billion yuan by 2026, driven by the increasing demand from AI servers and upgraded server platforms [28][29]. 2.3. Opportunities from Industry Concentration and Market Changes - The concentration of the copper-clad laminate industry in mainland China presents opportunities for domestic resin suppliers to enter and expand in the market, especially as the demand for high-speed laminates grows [31][32]. 3. High-End Electronic Resins with High Technical Barriers - The high-end electronic resin market is characterized by significant technical barriers, with leading companies in Japan and the US currently dominating the sector. However, domestic companies are making strides in developing competitive products [40][41]. 3.1. BMI Resins: Domestic Companies Making Progress - Domestic manufacturers like Dongcai Technology and Shengquan Group are advancing in the production of BMI resins, with significant capacity and growth projections [49][50]. 3.2. PPO Resins: Awaiting Demand from M7 and M8 High-Speed Boards - The development of PPO resins is crucial as demand for M7 and M8 high-speed boards increases, with domestic companies actively working on improving production capabilities [51][64].