事件：公司于2025年10月30日发布2025年三季度报告，2025年前三季度实现营业收入4.35亿元，同比增长16.03%；归母净利润为-0.14亿元，同比下降193.67%；扣非归母净利润为-0.41亿元，同比下降283.37%。其中2025Q3实现营业收入1.63亿元，同比增长20.47%，环比增长7.73%；归母净利润为0.04亿元，同比下降59.07%，环比增长637.32%；扣非归母净利润为-0.10亿元，同比下降266.14%，环比增长6.09%。
　　小粒径产品量价齐升，勃姆石业务优势持续巩固。公司勃姆石产品凭借优异的产品性能与稳定的供应能力，已广泛应用于动力电池、储能电池及消费类电池的隔膜涂覆与正极边缘涂覆领域。2025年以来勃姆石也已批量应用于锂电池集流体安全涂层，进一步拓展了产品应用场景。公司小粒径勃姆石产品已经得到重点客户认可并实现批量采购，出货量增长明显且产品占比持续提升，应用范围拓展进一步提升产品溢价能力。同时，公司作为锂电池涂覆用勃姆石领域龙头企业，出货量和市场占有率连续多年位列全球第一，其勃姆石、陶瓷化阻燃制品等相关产品作为锂电池安全材料关键保障环节，有望在技术创新与市场需求双重驱动下迎来加速增长。
　　产能利用率显著提升，高端新材料验证稳步推进。截至2025年三季度末，公司勃姆石产线的产能利用率已经大幅提升，受益于下游客户对于勃姆石产品的需求有望持续旺盛，预计2026年市场供应或将偏紧，为公司业绩增长筑牢基础。在高端新材料领域，公司高端芯片封装用low-α球形氧化铝产品在2025年持续推动了客户端多批次验证，部分客户已形成样品级销售，规划产能为200吨/年，公司正加快推进市场导入节奏，未来有望成为新材料领域的重要增长支点。
　　海内外双线布局，SOC打开成长新空间。固态氧化物燃料电池业务领域，目前公司正在积极推动海内外市场拓展，尤其是欧洲海外市场。欧洲主要的应用场景为居民家庭、小型工业场景的热电联供系统，以使用氢气发电的需求为主；国内市场则对接部分大型热电厂、化工厂等客户，特别是固体氧化物电解池（SOEC）与光伏、风电结合，用于制备绿色甲醇、高纯氢等领域。发电端，SOFC是算力中心和数据中心的理想解决方案，AIDC等大型用电、热电联供等场景也是公司未来发展目标。截至目前，公司在SOFC关键粉体材料、单电池、电堆及关键部件等产业链核心环节均可实现自主供应。同时，公司固体氧化物电池（SOC）系统项目正在按计划稳步推进，首个示范工程项目的第一个8kW级SOC系统已安装完成，有望在2026年第一季度逐步投入运行。
　　投资建议：随着锂电池安全材料需求持续释放，叠加高端芯片封装材料验证落地，公司核心业务增长确定性强，新兴赛道也将逐步贡献业绩增量。我们预计2025-2027年公司营业收入分别为6.32/8.55/9.70亿元，同比增长25.20%/35.28%/13.50%；归母净利润0.37/1.05/1.54亿元，同比增速为206.03%/186.12%/46.28%，EPS分别为0.18/0.53/0.77元，对应PE为183X/64X/44X，首次覆盖，予以“买入”评级。
　　风险提示：新能源车销量不及预期；原材料价格大幅波动、锂电池涂覆材料毛利率下滑、技术迭代风险。

Anhui Estone Materials Technology (Estone) has reported 2025 revenue of RMB0.63bn (+25% YoY), with the attributable net profit (NP)/recurring NP at -RMB22,122.4k/-RMB56.41mn (-284/-138% YoY). The 4Q25 revenue/attributable NP were RMB195mn/-RMB8.30mn (+50/-201% YoY, +20/-327% QoQ). The full-year NP was below our expectation (RMB96mn), mainly due to slight price reductions from some customers and increased depreciation and amortization expenses. The company plans to distribute a cash dividend of RMB0.2 per share. Maintain OVERWEIGHT, as we think new projects and products could gradually contribute to earnings.
Steady growth in inorganic functional powder materials
The inorganic functional powder materials segment recorded revenue of RMB0.57bn for 2025, up by 25.1% YoY, mainly driven by increased shipments of products such as boehmite. Estone's boehmite products have covered most domestic lithium battery manufacturers and major wet-process separator producers, with its market position and brand influence continuing to strengthen in 2025. In terms of internationalization, in 2025 the company achieved bulk supply to overseas factories of Chinese-funded customers, while steadily advancing market expansion among downstream target customers in Japan and South Korea. Segment gross margin declined by 2.6pp YoY to 19.1%, mainly due to slight price reductions from certain customers and increased depreciation and amortization expenses. The polymer materials segment recorded revenue of RMB52mn for 2025 (+14.9% YoY). The company's ceramicized polymer products have been successfully introduced into the core supply chain of major domestic automakers and achieved bulk sales. Its joint venture in South Korea has completed production line validation and initiated designated development projects with several South Korean customers. Segment gross margin dipped by 0.5pp YoY to 30.3%. The company's overall gross margin for 2025 fell by 2.7pp YoY to 20.03%, mainly due to intensified industry competition and slight price reductions for some smaller customers.
Industrialization of new businesses to unlock growth potential
According to the 2025 annual report, in the high-purity quartz sand field, Estone has engaged with large single-crystal manufacturers for application testing and is likely to achieve initial small-batch shipments in the inner-layer sand segment of photovoltaic crucibles in 2026. In the solid oxide cell (SOC) field, Estone has achieved full-stack independent R&D and small-batch production. The first 120kW demonstration project is progressing steadily, while the first 8kW-class SOFC system has completed installation and trial operation and is poised for ramp-up in 2Q26. In high-end chip packaging materials, the company continues advancing customer verification and market introduction of Low-α spherical alumina, while actively positioning itself in opportunities within the domestic HBM industry chain, which we expect to become a new driver of earnings growth in the future.
Earnings forecasts and valuation
As we expect the sales volumes of products such as boehmite to continue growing, we raise our revenue forecasts for 2026-2027. We maintain our 2026/2027 attributable NP forecasts at RMB150/210mn and introduce a 2028 forecast of RMB260mn, representing YoY growth of +764/+41/+28% for 2026-2028, corresponding to EPS of RMB0.74/1.03/1.33. Considering that the company's projects under construction may commence production successively, we value the stock at 42x 2026E PE, at par with its peers' average on Wind consensus, for our target price of RMB31.08 (previous: RMB29.6, based on 40x 2026E PE). Maintain OVERWEIGHT.
Risks: slow progress in new projects; weak growth in downstream demand.

　　壹石通公布年报：2025年实现营收6.3亿元（yoy+25%），归母净利-2212.24万元（yoy-284%），扣非净利-5641万元（yoy-138%）。其中Q4实现营收1.95亿元（yoy+50%，qoq+20%），归母净利-830万元（yoy-201%，qoq-327%）。25全年净利低于我们预期（0.96亿元），主要系部分客户价格略有下调、折旧摊销费用增加等。公司拟每股派发现金红利0.2元。考虑新项目、新产品有望逐步兑现，维持“增持”评级。
　　无机功能粉体材料稳健增长，聚合物材料海外拓展有序推进
　　无机功能粉体材料方面，25年公司板块实现营收yoy+25.1%至5.7亿元，主要系勃姆石等产品出货量增长，公司勃姆石产品下游已覆盖国内大多数锂电池厂商及主要湿法隔膜厂商，市场地位和品牌影响力在25年持续提升。国际化方面，25年公司已实现对中资客户海外工厂的批量供货，对日韩市场下游目标客户的开拓有序推进，板块毛利率yoy-2.6pct至19.1%，主要系部分客户价格略有下调、折旧摊销费用增加等。聚合物材料方面，25年板块实现营收yoy+14.9%至0.52亿元，公司陶瓷化聚合物产品已成功导入国内大型整车厂的核心供应链并实现批量销售，公司在韩国的合资公司已完成产线验证并与多家韩国客户开展定点开发，毛利率yoy-0.5pct至30.3%。公司25年综合毛利率yoy-2.7pct至20.03%，主要系行业竞争加剧、部分小客户价格略有下调等原因。
　　新领域布局持续推进，产业化落地有望打开成长空间
　　据25年年报，在高纯石英砂领域，公司已对接大型单晶厂开展应用端测试，预计2026年有望在光伏坩埚内层砂领域率先实现小批量出货。在固体氧化物电池（SOC）领域，公司已实现全栈自主研发和小批量生产，首个120kW示范工程稳步推进，首套8kW级SOFC系统已完成安装及试运行，有望于2026年二季度逐步投入运行。高端芯片封装材料方面，公司持续推进Low-α球形氧化铝的客户验证与市场导入，并积极布局国内HBM产业链机会，未来有望形成新的业绩增长点。
　　盈利预测与估值
　　考虑到公司勃姆石等产品销量有望持续增长，我们上调26-27年收入，我们维持公司26-27年归母净利润预测为1.5/2.1亿元，引入28年利润为2.6亿元，26-28年同比+764%/+41%/+28%，对应EPS为0.74/1.03/1.33元。参考可比公司26年平均42xPE的Wind一致预期，考虑到公司在投项目陆续投产，给予公司26年42xPE，给予目标价31.08元（前值为29.6元，对应26年40xPE），维持“增持”评级。
　　风险提示：新建项目进展不及预期风险；下游需求增长不及预期风险。