Sinoma Science & Technology (002080) — Company Comment
Fiberglass & Wind Blades as Twin Engines; Specialty Fiberglass Builds a New Growth Pillar
Key Data Snapshot
| Metric | Value |
|---|---|
| Ticker | 002080.SZ |
| Rating | Buy (maintain) |
| Report date | March 19, 2026 |
Company snapshot (RMB)
| Item | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|
| Revenue (RMB mn) | 23,984 | 30,195 | 34,522 | 39,139 | 43,370 |
| Revenue growth | -7.36% | 25.90% | 14.33% | 13.37% | 10.81% |
| Net profit to parent (RMB mn) | 892 | 1,818 | 2,868 | 3,684 | 4,346 |
| Net profit growth | -59.90% | 103.82% | 57.76% | 28.46% | 17.98% |
| Diluted EPS (RMB) | 0.531 | 1.083 | 1.709 | 2.195 | 2.590 |
| Operating cash flow per share | 2.15 | 3.22 | 1.72 | 4.27 | 4.56 |
| ROE (diluted) | 4.82% | 9.13% | 13.30% | 15.50% | 16.48% |
| P/E | 24.61 | 33.55 | 24.54 | 19.10 | 16.19 |
| P/B | 1.19 | 3.06 | 3.26 | 2.96 | 2.67 |
Investment Thesis
I. Strong 2025; full-year net profit to parent RMB 1.82 billion
Full-year 2025:
- Revenue RMB 30.2 billion, +26% YoY
- Net profit to parent RMB 1.82 billion, +104% YoY
- Recurring net profit RMB 1.28 billion, +235% YoY
2025Q4:
- Revenue RMB 8.49 billion, +18% YoY
- Net profit to parent RMB 0.34 billion, +19% YoY
- Recurring net profit RMB 0.09 billion, +44% YoY
Full-year net profit to parent above the mid-point of guidance (RMB 1.75 billion).
II. Segment breakdown
Total net profit to parent RMB 1.818 billion; contribution by segment:
| Segment | Net profit contribution |
|---|---|
| Taishan Fiberglass (incl. specialty fiberglass) | RMB 1.1 billion |
| Wind blades | RMB 0.364 billion |
| Lithium separator film | -RMB 0.025 billion |
| Other | RMB 0.38 billion |
III. Fiberglass: specialty products as new growth
2025 operations:
- Fiberglass & products sales 1.37 million tons, +5% YoY
- Taishan Fiberglass net profit RMB 1.1 billion
- Implied profit per ton RMB 802 (incl. specialty fiberglass on full scope)
Specialty fiberglass:
- Five low-Dk / low-CTE specialty fiber lines commissioned cumulatively
- Three specialty fabric projects totaling 94 million meters capacity approved and progressing
- Specialty fabric sales 19.17 million meters for the year
- Portfolio covers Gen1/Gen2 low-Dk, low-CTE, and Q-glass fabrics across the range
- Qualified and in volume supply with leading domestic and global customers
Capital: Private placement funds specialty projects; company positioned as a full-stack specialty fiberglass player
IV. Wind blades: profitability recovery
2025 operations:
- Sales 36.2 GW, +51% YoY
- Sinoma Blade net profit RMB 0.62 billion
- Wind blade segment net margin 4.9% (only 3.7% in 2024)
Three-statement summary (RMB mn)
Income statement
| Item | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|
| Revenue | 25,889 | 23,984 | 30,195 | 34,522 | 39,139 | 43,370 |
| Growth | — | -7.4% | 25.9% | 14.3% | 13.4% | 10.8% |
| COGS | 19,508 | 19,901 | 24,479 | 26,058 | 28,853 | 31,672 |
| Gross profit | 6,381 | 4,083 | 5,717 | 8,465 | 10,286 | 11,697 |
| Gross margin | 24.6% | 17.0% | 18.9% | 24.5% | 26.3% | 27.0% |
| Net profit to parent | 2,224 | 892 | 1,818 | 2,868 | 3,684 | 4,346 |
Cash flow statement
| Item | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|
| Operating cash flow | 4,820 | 3,600 | 5,402 | 2,880 | 7,163 | 7,648 |
| Investing cash flow | -7,511 | -4,506 | -3,697 | -3,327 | -3,525 | -2,025 |
| Financing cash flow | 307 | 241 | -1,334 | 272 | -3,555 | -5,287 |
| Net change in cash | -2,364 | -649 | 373 | -176 | 82 | 335 |
Key financial ratios
| Metric | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|
| Per share | ||||||
| EPS (RMB) | 1.325 | 0.531 | 1.083 | 1.709 | 2.195 | 2.590 |
| Book value per share (RMB) | 11.062 | 11.032 | 11.865 | 12.849 | 14.166 | 15.720 |
| Returns | ||||||
| ROE | 8.2% | 4.8% | 9.13% | 13.30% | 15.50% | 16.48% |
| ROA | 3.92% | 1.49% | 2.77% | 4.23% | 5.24% | 6.00% |
| Growth | ||||||
| Revenue growth | 17.10% | -7.36% | 25.90% | 14.33% | 13.37% | 10.81% |
| EBIT growth | -0.90% | -68.73% | 125.35% | 79.99% | 31.59% | 17.52% |
| Net profit growth | -36.65% | -59.90% | 103.82% | 57.76% | 28.46% | 17.98% |
| Leverage | ||||||
| Debt-to-assets | 53.35% | 55.34% | 56.79% | 54.77% | 52.11% | 48.59% |
| Working capital | ||||||
| Days sales outstanding | 93.6 | 111.9 | 87.8 | 112.0 | 102.0 | 102.0 |
| Days inventory | 66.3 | 68.7 | 61.5 | 76.0 | 74.0 | 74.0 |
Risks
- Specialty fiberglass business underperforms expectations
- Fiberglass supply/demand balance weaker than expected
- Wind blade margin recovery slower than expected
- Further pressure on lithium separator profitability
Source: Guojin Securities Research
