公司发布2025年年报及2026年一季报
　　2026年4月21日，公司发布2025年年报及2026年一季报，2025年全年营业收入达32.26亿元，同比增长10.56%，归母净利润达3.90亿元，同比增长58.36%，扣非后归母净利润达3.67亿元，同比增长53.15%。2026年一季度，公司实现营业收入8.73亿元，同比增长24.56%，归母净利润达1.31亿元，同比增长9.57%，扣非后归母净利润达1.35亿元，同比增长74.34%。
　　半导体业务回暖，屏显收购赋能
　　细分板块来看：
　　1）屏幕显示材料：全年营收16.13亿元，同比增长17.33%，为第一大收入来源，毛利率39.42%，公司2025年5月以3.82亿的价格战略性收购JNC株式会社旗下液晶业务板块，取得JNC株式会社下属子公司捷恩智液晶材料和捷恩智新材料100%股权，并购买JNC株式会社和JNC石油化学株式会社所有与显示液晶相关的专利，成功构建了覆盖大尺寸到中小尺寸的液晶材料产品矩阵，为中小尺寸液晶材料的增长需求奠定技术基础。
　　2）紫外固化材料：全年营收6.99亿元，同比增长13.71%，毛利率35.08%，主要受益于AI算力及数据中心应用推高光纤互连景气度，带动公司光纤涂覆材料营收业绩的增加；此外，汽车内饰件和功能膜涂料需求也保持了稳定增长。
　　3）半导体材料：全年营收6.69亿元，同比下滑2.05%，剔除处置大瑞科技影响后实际同比增长约12%，毛利率约38.87%。AI先进封装带动湿电子化学品出货量上升，且公司上海锡球厂产线出货量亦实现明显提升。
　　4）有机合成材料：全年营收2.03亿元，同比增长2.90%，毛利率约14.13%，其中，光引发剂TMO国内外需求较为旺盛；医药中间体营业收入平稳。
　　一季度表现仍优秀，重视下游光纤光缆需求增长
　　2026年一季度，公司屏幕显示材料、紫外固化材料与有机合成材料营业收入分别同比增长32.71%、35.07%和22.47%。半导体材料营业收入同比略微下降0.18%，主要由于公司2025年一季度处置大瑞科技股权产生的拖尾影响。其中，紫外固化材料的收入增长最为明显，公司在紫外固化材料行业深耕了二十多年，在品牌、成本控制、产品开发及迭代能力等方面具备一定优势。目前光纤涂覆材料下游需求呈现增长态势，行业上升期公司作为重要供应商或将获得更高议价权。为满足下游客户的旺盛需求，相关产能扩充准备工作已经开始启动，配方类产品的产能扩充周期相对较短，预计一年左右可形成新产能并投放市场。重视下游光纤光缆需求对公司紫外固化板块的拉动。
　　投资建议
　　我们预测公司2026-2028年营业收入分别为34.68/38.53/43.76亿元，归母净利润分别为4.81/5.56/6.34亿元，同比增速分别为23.291%/15.52%/14.12%，首次覆盖，给予“买入”评级。
　　风险提示：
　　新产能投放不及预期的风险，上游原材料价格波动大的风险。

Phichem Material released its 1H26 results: 1H26 revenue was RMB1.72bn (+18% YoY), attributable NP was RMB270mn (+23% YoY), and recurring NP was RMB260mn (+47% YoY). 2Q26 revenue was RMB850mn (+12% YoY, -3% QoQ), and attributable NP was RMB140mn (+40% YoY, +4% QoQ). 2Q26 attributable NP came in below our previous expectation of RMB160mn, owing to higher expenses. Considering the remaining sales growth potential for the company's new materials, we maintain OVERWEIGHT.
Display and semiconductor material grew robustly
In display materials, segment revenue rose 17% YoY to RMB820mn. The company achieved full coverage across large-, medium-, and small-sized products, with liquid crystal material sales volume increasing and revenue growing c. 33% YoY. Segment gross margin rose 8.6pp YoY to 47%. In semiconductor materials, segment revenue rose 8% YoY to RMB360mn, of which wet electronic chemicals revenue grew by over RMB8mn vs 1H25. Both sales volume and ASP of EMC epoxy molding compounds increased. In solder balls, the company's Chinese mainland market business revenue grew c. 125% YoY. Segment gross margin rose 2.7pp YoY to 41%. In UV-curable materials, segment revenue rose 30% YoY to RMB400mn. AI data center infrastructure expansion drove demand for optical fiber materials, with optical fiber and cable coating materials revenue growing nearly 30% YoY. The company expanded new customers in the automotive industry chain, with automotive interior coating revenue growing nearly 28% YoY. Segment gross margin fell 0.5pp YoY to 36%. 1H26 gross margin rose 4.6pp YoY to 40.7%.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts at RMB600/670/ 760mn, up 53/11/14% YoY, corresponding to EPS of RMB1.05/1.17/1.34 (previous: RMB1.06/1.17/1.34, due to share capital changes). Based on the average 2026E PE of 31x for comparable companies on Wind consensus, and taking into account growth potential in optical fiber materials, photoresists, temporary bonding adhesives, and other fields, as well as the orderly progress of the company's related products, we assign the company a 2026E PE of 36x, yielding a target price of RMB37.80 (previous: RMB43.46, on 2026E PE of 41x). Maintain OVERWEIGHT.
Risks: Volatility in international crude oil prices, risk of new project commissioning falling behind schedule.

　　飞凯材料公布上半年业绩：2026年H1实现营收17.2亿元（yoy+18%），归母净利2.7亿元（yoy+23%），扣非净利2.6亿元（yoy+47%）。其中Q2实现营收8.5亿元（yoy+12%，qoq-3%），归母净利1.4亿元（yoy+40%，qoq+4%）。公司Q2归母净利低于我们前瞻预期（1.6亿元），主要系四费等有所增加。考虑公司新材料仍有放量空间，维持“增持”评级。
　　屏幕显示、半导体材料稳步增长，光纤涂覆材料需求旺盛
　　屏幕显示材料方面，板块营收同比+17%至8.2亿元，公司实现大中小全尺寸产品覆盖，液晶材料销售量上涨且营收同比增长约33%，板块毛利率同比+8.6pct至47%。半导体材料方面，板块营收同比+8%至3.6亿元，其中湿电子化学品营收与25H1相比增长超过800万元，EMC环氧塑封料销售量和平均销售价格均有所上升，锡球方面公司在中国大陆市场业务营收同比增长约125%，板块毛利率同比+2.7pct至41%。紫外固化材料方面，板块营收同比+30%至4.0亿元，人工智能数据中心基础设施扩张拉动光纤材料需求，光纤光缆涂覆材料营收相对去年同期增长近30%，公司顺利拓展汽车产业链新客户，汽车内饰件涂料营业收入同比增长近28%，板块毛利率同比-0.5pct至36%。26H1公司毛利率yoy+4.6pct至40.7%。
　　在建项目有序推进，加码先进封装等高端领域
　　据26年半年报，报告期内募投项目“丙烯酸酯类及光刻胶产品升级改造建设项目”进入试生产与产能爬坡阶段，“年产50吨高性能混合液晶及200吨高纯电子显示单体材料项目”募集资金已全部投入完毕。同时，控股孙公司安庆兴凯半导体材料智能工厂于报告期内试生产，可实现年产1万吨高端环氧塑封料产能，产品可满足存储堆叠封装、智能芯片、车载功率器件等高精尖应用领域需求；全资子公司苏州凯芯半导体材料生产基地项目亦按计划有序推进，预计将于2027年初完工，重点聚焦半导体制造及封装产业中需求较为紧迫的关键材料；公司安庆分公司负责实施的紫外固化配套材料系列产品建设项目预计不晚于2026年年底开工建设，建成后将进一步扩充公司紫外固化涂料产能。
　　盈利预测与估值
　　我们维持公司26/27/28年归母净利润预测为6.0/6.7/7.6亿元，同比+53%/+11%/+14%，对应EPS为1.05/1.17/1.34元（前值为1.06/1.17/1.34元，主要系股本有所变动）。结合可比公司26年平均31倍PE估值，考虑到光纤材料、光刻胶、临时键合胶等领域的成长性以及公司相关产品有序推进，给予公司26年36倍PE，给予目标价37.8元（前值为43.46元，对应26年41xPE），维持“增持”评级。
　　风险提示：国际油价波动风险；新项目投产进度不达预期风险。

AI data centers(AIDCs)drive higher demand for data transmission,boosting global optical fiber shipments and prices.Phichem Material is akey supplier of optical fiber coatings to Chinese and international fiber manufacturers.We believe that it is well-positioned to benefit from the strong downstream demand for optical fiber.According to the investor relations activity record dated 22 April,the sales volume and prices of the company’s optical fiber and cable coating materials are expected to show an upward trend.Maintain OVERWEIGHT considering the remaining sales growth potential for the company’s new materials.
Optical fiber volume and price on upward trend
AIDCs require data transmission with lower latency,higher bandwidth,and greater density,creating new development opportunities for specialty optical fibers.According to CRU,global demand for optical fiber and cable in 2025 increased by 4.1%YoY to 650mn core-km.Within this,demand for data center optical fiber and cable surged by 75.9%YoY.CRU projects global optical fiber demand to climb to 880mn core-km by 2027,representing a35.4%increase from 2025.China’s optical fiber shipments in 2025 grew by 7.5%YoY to 372mn core-km,accounting for 56.3%of global total shipments.The global market shares of Yangtze Optical Fibre and Cable(YOFC),Hengtong,Zhongtian Technology,and FiberHome were 14.6%,11.4%,11.2%,and 10.2%,respectively.Driven by AI,leading domestic companies in China are adjusting their capacity layout.Regarding pricing,the price of China’s G.652.D bare fiber in March 2026 rose by 418%YoY to RMB83.40 per core-km,a 165%increase from January 2026.We believe the demand and price for optical fiber driven by AI are likely to sustain strong growth.
Earnings forecasts and valuation
Considering the robust demand and upward price trend in the downstream optical fiber industry,we expect the price of the company’s UV-curable materials,as an upstream input for fiber,to rise.Hence,we raise our forecasts for the ASP and gross margin of the company’s UV-curable materials.This leads us to revise our attributable net profit forecast for 2026/2027/2028 to RMB598/665/761mn(+23/+23/+23%vs our prior estimates of RMB488/541/619mn).This translates to YoY growth of+53%/+11%/+14%and corresponds to EPS of RMB1.06/1.17/1.34.Based on the average 2026E PE of 37x on Wind consensus for comparable companies,and taking into account the growth potential in areas such as photoresists and temporary bonding adhesives,as well as the progress of the company’s related products,we assign the company atarget 2026E PE of 41x.This yields atarget price of RMB43.46(previous:RMB31.82,based on 2026E PE of 37x).Maintain OVERWEIGHT.
Risks:Volatility in international crude oil prices,risk of new project commissioning falling behind schedule.

　　AI数据中心对数据传输提出更高要求，带动全球光纤出货量及价格增长。公司为国内外光纤厂商重要光纤涂料供应商，有望充分受益于下游光纤景气，据4月22日投资者关系活动记录表，公司光纤光缆涂覆材料未来量价或呈现增长趋势。考虑公司新材料仍有放量空间，维持“增持”评级。
　　AI数据中心驱动光纤行业高景气，光纤量价呈增长态势
　　AI数据中心对数据传输提出了更低延时、更高带宽、更强密度的要求，特种光纤迎来全新发展机遇。据CRU，25年全球光纤光缆需求同比+4.1%至6.5亿芯公里，其中数据中心光纤光缆需求同比+75.9%，预计27年全球光纤需求攀升至8.8亿芯公里，较25年+35.4%。25年中国光纤出货量同比+7.5%至3.72亿芯公里，占全球总出货量56.3%，其中长飞/亨通/中天/烽火全球市场份额分别为14.6%/11.4%/11.2%/10.2%，AI驱动下国内头部企业积极调整产能布局。价格方面，26年3月中国G.652.D裸纤价格同比+418%至83.40元/芯公里，较26年1月增长165%，我们认为未来AI带动的光纤需求及价格有望持续高增。
　　公司为全球重要光纤涂料供应商之一，或充分受益于光纤景气
　　据25年报，公司是国内外光纤厂商重要光纤涂料供应商之一，不断丰富包括空芯光纤在内的特种光纤涂料产品线，可实现多种应用场景覆盖，下游客户基本覆盖了国内外大中型光纤光缆制造企业。据4月22日、4月28日投资者关系活动记录表，目前公司光纤涂料产线利用率高，且存在一定的弹性产能空间，产能扩充工作正有序推进。据公司招股书及公司年报，11/12/13/14H1公司紫外固化光纤光缆涂覆材料平均销售单价为6.3/6.0/5.8/5.6万元/吨，23/24/25年公司紫外固化材料均价为4.4/4.4/4.1万元/吨，当前价格低于过去行业景气高点价格，据4月22日投资者关系活动记录表，公司预计光纤涂料价格呈现上涨趋势。我们预计伴随下游光纤景气，公司光纤光缆涂覆材料均价未来有望提升。
　　盈利预测与估值
　　考虑到下游光纤行业景气且价格有上涨趋势，我们预计公司紫外固化材料作为光纤上游材料价格有望上涨，我们上调公司紫外固化材料均价、毛利率等，由此上调公司26/27/28年归母净利润为6.0/6.7/7.6亿元（前值为4.9/5.4/6.2亿元，上调23%/23%/23%），同比+53%/+11%/+14%，对应EPS为1.06/1.17/1.34元。结合可比公司26年平均37倍PE估值，考虑到光刻胶、临时键合胶等领域的成长性以及公司相关产品有序推进，给予公司26年41倍PE，给予目标价43.46元（前值为31.82元，对应26年37xPE），维持“增持”评级。
　　风险提示：国际油价波动风险；新项目投产进度不达预期风险。

Phichem Material has reported its 2025 and 1Q26 results.For 2025,revenue was RMB3,226mn(+11%YoY),the attributable net profit(NP)was RMB390mn(+58%YoY),and the recurring NP was RMB367mn(+53%YoY).For 4Q25,revenue was RMB884mn(+18%YoY,+0.48%QoQ)and the attributable NP was RMB99.51mn(+144%YoY,+34%QoQ).For 4Q25,the attributable NP beat our estimate of RMB83mn,which we attribute mainly to robust screen display materials sales.The company plans to distribute acash dividend of RMB0.075 per share.For 1Q26,the attributable NP was RMB130mn(+10%YoY,+32%QoQ),largely in line with our estimate of RMB130mn.As new materials still offer growth potential,we maintain OVERWEIGHT.
Demand for UV-curable materials rallied
For 2025,screen display materials generated revenue of RMB1,613mn(+17.33%YoY).As the company’s market share in liquid crystal materials continued to expand and M&A synergy began to emerge,its GPM rose by 1.0pp YoY to 39.42%.Semiconductor materials generated revenue of RMB669mn,falling by 2.05%YoY,which we attribute mainly to the sale of Profound Material Technology.The company continued to ship high-value products such as dedicated advanced packaging materials,with the GPM increasing by 3.3pp YoY to 38.87%.Revenue from UV-curable materials,driven by recovering demand in sectors such as optical fiber/cable and automotive,grew by 13.71%YoY to RMB699mn.The company continued to expand its optical fiber/cable coating material and functional coating offerings.Amid abusiness upcycle,its sales volume rose by 22.9%YoY to 17,000 tonnes and its GPM edged up by 0.2pp YoY to 35.08%.For 2025,the company’s GPM was 36.4%(+1.4pp YoY).
Earnings forecasts and valuation
Factoring in an upcycle in downstream industries such as semiconductors,we raise our sales volume estimates.Thus,we lift our 2026/2027 attributable NP forecasts by 24/24%to RMB488/541mn(previous:RMB390/440mn)and introduce our 2028 forecast of RMB619mn(+25/+11/+14%YoY for 2026/2027/2028),with 2026/2027/2028 EPS of RMB0.86/0.95/1.09.Considering the growth potential in fields such as photoresists and temporary bonding adhesives,as well as the orderly progress of the company’s related products,we value the stock at 37x 2026E PE,above its peers’average of 33x on Wind consensus.Our target price is RMB31.82(previous:RMB25.74,based on 39x 2025E PE).Maintain OVERWEIGHT.
Risks:volatile global oil prices;slower commissioning of new projects than we expect.