CITIC Securities: China Stone's Q2 performance exceeded expectations, significant advantages in product structure.

The research report of Zhongyou Securities pointed out that China Giant Stone is expected to achieve a net profit attributable to the parent of 1.65 billion to 1.7 billion yuan in the first half of 2025, an increase of 71.65% to 76.85% year-on-year; The net profit attributable to the parent in Q2 quarter was 945 million, a year-on-year increase of 54.7%, and the non-net profit was 931 million, a year-on-year increase of 102.3%, exceeding expectations. The high structural prosperity continues, and the explosive demand for AI is worth looking forward to: Looking forward to the second half of the year, it is judged that the wind power and thermoplastic fields will still maintain a high degree of prosperity, and at the same time, the explosive demand in the AI field will bring about a large increase in demand for Low-DK/LowCTE electronic cloth. The company will continue to strengthen its advantages in high-end product structure on the one hand, and strengthen the research and development of Low-DK electronic cloth on the other hand.