业绩稳定增长，看好固态进展 厦钨新能(688778) ——厦钨新能系列之二十一：25 年上半年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 证书编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 孔淑媛(分析师) | 021-23183806 | kongshuyuan@gtht.com | S0880525070017 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | 本报告导读： 公司钴酸锂龙头地位稳固，下游需求旺盛有望量利齐升。此外，公司 NL 新结构正 极材料、硫化锂、补锂剂等进展顺利，未来有望贡献新增长点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 ...

[Table_Tag] [Table_Summary] 投资要点 2025 年 07 月 23 日 证券研究报告·公司点评报告·电池 厦钨新能（688778） 买入（维持） 2025 年半年度业绩快报点评：Q2 业绩略超 预期，钴酸锂销量高增盈利亮眼 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,311 | 13,297 | 17,063 | 19,551 | 22,496 | | 同比（%） | (39.79) | (23.19) | 28.33 | 14.58 | 15.07 | | 归母净利润（百万元） | 527.46 | 494.07 | 806.44 | 930.15 | 1,117.73 | | 同比（%） | (52.93) | (6.33) | 63.22 | 15.34 | 20.17 | | EPS-最新摊薄（元/股） | 1.05 | 0.98 | 1.60 | 1.84 | 2.21 | | ...

本报告导读： 风险提示。市场竞争加剧的风险；原材料价格波动的风险；下游需求不及预期的风险。 2025 年上半年业绩稳定增长。根据公司2025 年半年度业绩快报公告，2025 年上半年公司实现营业收入 75.34 亿元左右，同比增长18.04%，实现归母净利润3.07 亿元左右，同比增长27.76%，扣非归母净利润 2.91 亿元左右，同比增长32.24%。 消费电子需求旺盛，钴酸锂出货大幅增长；差异化竞争优势显著，促进动力正极材料出货增加。公司是 全球钴酸锂龙头企业，充分受益于国补换机政策和3C 消费设备AI 功能带电量提升带来的需求增长， 2025 年上半年钴酸锂实现销量2.88 万吨，同比增长56.64%。 动力领域，公司继续巩固高电压、高功率三元材料优势，充分发挥水热法磷酸铁锂的差异化竞争优势， 2025 年上半年动力电池正极材料（含三元材料、磷酸铁锂及其他）实现销量3.19 万吨，同比增长 20.76%。 稳步推进新技术研发，培育新增长极。（1）正极补锂剂：已完成高稳定性补锂材料研发，实现批量供 货。（2）NL 新结构正极材料：相比传统正极材料，NL 新结构正极材料更稳定，层间距更宽，能量密 度和倍率 ...

证券研究报告 | 2025年07月22日 电力设备新能源行业点评 固态产业应用加速推进，关注低空经济博览会进展 行业研究·行业快评 电力设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 李全 021-60375434 liquan2@guosen.com.cn 执证编码：S0980524070002 国信电新观点：近期固态电池产业呈现加速发展态势：电池端：1）欣旺达计划 2026 年推出第一代全固态 电池产品，目前在 320Wh/kg 和 360Wh/kg 产品上已经实现小批量量产；2）蜂巢能源将在 2025 年量产第一 代的半固态能量密度为 300Wh/kg 的软包电池；3）孚能科技已积累广汽、东风、三一等多领域的固态电池 头部客户资源，计划于 2025 年推出并交付第一代硫化物全固态电池；车端：近期上汽名爵 4 沟通会上公 司总经理表示 MG4 车型预计定价在 10 万级别，并将搭载半固态电池方案；其他应用场景：2025 国际低空 经济博览会将于 7 月 23 日至 26 ...

其2025年半年度业绩快报公告的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 厦门钨业股份有限公司控股子公司厦门厦钨新能源材料股份有限公司（以下简称"厦钨新能"）于2025年 7月22日在上海证券交易所网站（www.sse.com.cn）披露了《厦门厦钨新能源材料股份有限公司2025年 半年度业绩快报公告》。 厦钨新能2025年半年度主要财务数据和指标情况如下： 单位：万元 ■ 注：1.追溯调整或重述的原因说明：厦钨新能完成对厦门钨业股份有限公司所持赣州市豪鹏科技有限公 司47%股权收购交易，将其纳入合并财务报表范围，该交易构成同一控制下企业合并，厦钨新能对相关 财务数据进行追溯调整。 证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-066 厦门钨业股份有限公司关于控股子公司厦钨新能披露 3.数据若有尾差，为四舍五入所致。 厦钨新能本次业绩快报数据为初步核算数据，未经会计师事务所审计，具体财务数据以厦钨新能2025年 半年度的定期报告为准。目前厦钨新能尚未发现对本次业绩快报内容准确性构成影响的 ...

Group 1 - China Electric Power Construction announced new contract amount of 686.699 billion yuan for the first half of 2025, a year-on-year increase of 5.83% [2] - The new contracts in energy and power business reached 431.388 billion yuan, up 12.27% year-on-year [2] - The new contracts in water resources and environment business were 77.321 billion yuan, down 14.05% year-on-year [2] Group 2 - Yanghe Brewery elected Gu Yu as the chairman of the board, with a term consistent with the current board [3] - Gu Yu has a background in local government and has been involved in economic work and investment promotion [3] Group 3 - BYD announced a profit distribution plan for 2024, proposing a cash dividend of 39.74 yuan per 10 shares and a stock distribution of 8 shares for every 10 shares held [4] - The total cash dividend amounts to approximately 12.077 billion yuan [4] Group 4 - Xie Chuang Data plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance international strategy and overseas business layout [6] - The specific details and plans are yet to be determined and require further approvals [6] Group 5 - Jin Chengxin's convertible bond issuance has been approved, with a financing amount of 2 billion yuan [10] - Huafeng Technology plans to raise no more than 1 billion yuan through a private placement for various projects [11] Group 6 - Huilv Ecology is planning to acquire 49% equity of Wuhan Junheng, which is expected to constitute a major asset restructuring [13] - Yunnan Copper intends to purchase 40% equity of Liangshan Mining for 2.324 billion yuan, making it a subsidiary [14] Group 7 - Anning Co. plans to participate in the restructuring of Jingzhi Mining and acquire 100% equity for 6.508 billion yuan [15] - The restructuring is expected to enhance the company's resource reserves and market share [15] Group 8 - Changchun Bank reported a net profit increase of 13.55% for the first half of 2025, reaching 1.969 billion yuan [34] - The bank's total assets grew by 9.46% to 401.251 billion yuan [34] Group 9 - Wohua Pharmaceutical reported a net profit increase of 303.16% for the first half of 2025, amounting to 44.676 million yuan [25] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares [25] Group 10 - Xiamen Tungsten's net profit increased by 27.76% in the first half of 2025, reaching 307 million yuan [30] - The company reported a 56.64% increase in lithium cobalt oxide sales [30]

Group 1 - Haier Air Conditioning's subsidiary terminates investment in a new energy materials project due to economic feasibility concerns stemming from tariff policy adjustments, transportation and exchange rate fluctuations, and intensified market competition [1] - Chengdu XianDao's majority of self-developed new drug projects are in various pre-clinical stages, with significant uncertainty regarding future external transfers [1] - Huafeng Technology plans to raise up to 1 billion yuan through a private placement to fund expansion projects including high-speed line modules and defense connectors [1] Group 2 - Hehe Information expects a revenue increase of 19.15% to 26.13% year-on-year for the first half of 2025, driven by advancements in AI technology and enhanced product competitiveness [2] - Xiamen Tungsten's net profit for the first half of 2025 is reported at 307 million yuan, a year-on-year increase of 27.76%, benefiting from national subsidy policies and increased demand for 3C consumer devices [3] - China Power Construction signed new contracts worth 686.699 billion yuan in the first half of 2025, a year-on-year growth of 5.83%, with energy and power contracts increasing by 12.27% [4] Group 3 - Beilu Zhikong plans to invest approximately 600 million yuan to establish a smart mining driving industrialization base in Nanjing [5] - Zhongshi Technology anticipates a net profit increase of 85.01% to 105.75% for the first half of 2025, driven by recovering market demand in the consumer electronics sector [6] - Yongli Co. intends to establish a joint venture focused on smart pet appliances, with an investment of 2.55 million yuan for a 51% stake [7] Group 4 - Sanquan Foods plans to set up a wholly-owned subsidiary in Hong Kong and invest approximately 280 million Australian dollars to establish a production base in Australia [7] - Yunda Technology's controlling shareholder intends to transfer 10% of the company's shares at a price of 9.01 yuan per share, totaling 400 million yuan [7] - Zhongya Co.'s actual controller plans to reduce their stake by up to 1.27% over the next three months [8] - Delian Group plans to invest up to 60 million yuan of idle funds in securities to enhance cash utilization and returns [9]

Core Viewpoint - The Tianhong Advanced Manufacturing A Fund (011851) reported a profit of 300,400 yuan for Q2 2025, with a net value growth rate of 0.26% and a fund size of 147 million yuan as of the end of Q2 2025 [2][17]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.002 yuan [2]. - As of July 18, 2025, the fund's unit net value was 1.059 yuan [2]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 10.59%, ranking 100 out of 171 comparable funds [4]. - 6-month net value growth rate: 4.78%, ranking 112 out of 171 comparable funds [4]. - 1-year net value growth rate: 16.01%, ranking 97 out of 166 comparable funds [4]. - 3-year net value growth rate: -11.88%, ranking 26 out of 125 comparable funds [4]. - The fund's Sharpe ratio over the past three years was 0.0736, ranking 26 out of 120 comparable funds [10]. - The maximum drawdown over the past three years was 40.31%, ranking 112 out of 122 comparable funds [12]. Investment Strategy and Outlook - The fund manager anticipates a more optimistic market in the second half of the year, contingent on a stable external environment [3]. - Key investment directions for the second half include: - Cyclical sectors benefiting from domestic economic improvement, extending from consumption to manufacturing and from downstream to upstream [3]. - High-tech sectors benefiting from domestic industrial restructuring, including new energy, AI applications, computing power construction, aerospace manufacturing, and innovative pharmaceuticals [3]. Fund Holdings - As of June 30, 2025, the fund's top ten holdings included: - Geely Automobile, CATL, Air China, China Power, Zhongtian Technology, Shantui, Guangdong Hongda, Xiamen Tungsten, AVIC Shenyang Aircraft, and Torch Electronics [20]. Fund Positioning - The fund maintained an average stock position of 87.59% over the past three years, with a peak of 93.24% at the end of 2024 and a low of 70.32% in mid-2021 [15].

证券代码：688778 证券简称：厦钨新能 公告编号：2025-043 厦门厦钨新能源材料股份有限公司 2025 年半年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公告所载 2025 年半年度主要财务数据为初步核算数据，未经会计师事务 所审计，具体数据以厦门厦钨新能源材料股份有限公司（以下简称"公司"）2025 年半年度的定期报告为准，提请投资者注意投资风险。 | 项目 | 2025 年 1-6 月 | 2024 年 | 1-6 月 | 增减变动 幅度 | | --- | --- | --- | --- | --- | | | | 调整后 | 调整前 | （％） | | 营业总收入 | 753,370.35 | 638,245.37 | 630,013.73 | 18.04 | | 营业利润 | 34,085.72 | 25,050.12 | 24,644.21 | 36.07 | | 利润总额 | 33,906.09 | 25,027.68 | 24,638.65 | 35.47 | | 归属于母公 ...

Core Viewpoint - The discussion on solid-state batteries highlights the significant expectations for their "ultimate battery" technology potential, juxtaposed with the harsh realities of "industrialization and cost" challenges [1][3]. Group 1: Technical Challenges and Innovations - The industry is currently experiencing a "route dispute" and "engineering challenges," with various materials like oxides, sulfides, and polymers being explored, indicating that solid-state batteries are still in a phase of "hundreds of schools of thought contending" [2]. - The solid-solid interface issue is recognized as the primary challenge, leading to a dual-line battle focusing on improving the performance of primary materials and employing advanced interface engineering techniques [2][3]. - The industry is engaged in a fierce competition between "performance leaps" and "cost bottlenecks," with energy density targets ranging from 400-500 Wh/kg and significant breakthroughs in ionic conductivity [2][3]. Group 2: Material Development and Performance - Solid-state batteries are seen as a crucial direction for future energy storage, with core advantages in safety and energy density, achieving energy densities of up to 400 Wh/kg [6]. - High-voltage solid-state electrolytes enable the use of high-voltage cathode materials, with short-term dominance of high-nickel ternary materials like NCM811, which has a practical specific capacity exceeding 200 mAh/g [6]. - Long-term prospects favor lithium-rich manganese-based materials, with theoretical specific capacities reaching 350 mAh/g and voltage platforms of 4.5V, viewed as ideal for all-solid-state batteries [6]. Group 3: Industry Trends and Strategic Goals - The global industrialization process is accelerating, with China focusing on semi-solid-state technologies in the short term and sulfide routes in the long term, while Japan, Europe, and the U.S. set clear energy density and commercialization goals [7]. - Leading companies in China, such as Rongbai Technology and Ningxia Hanyao, have made technological breakthroughs in high-nickel ternary and lithium-rich manganese-based materials, expediting the industrialization of solid-state battery cathode materials [7]. Group 4: Key Material Innovations - Ganfeng Lithium has achieved significant breakthroughs in both sulfide and oxide solid-state battery technologies, developing high ionic conductivity materials and successfully producing thin electrolyte ceramics [14][15]. - Xiamen Tungsten has focused on optimizing cathode materials to enhance mechanical performance and interface stability, employing various coating technologies to reduce interface resistance [17]. - MOFs (Metal-Organic Frameworks) are emerging as innovative materials in solid-state batteries, showing potential in enhancing battery performance through their unique structural properties [25][26].