9月9日，富临精工盘中下跌2.01%，截至14:00，报15.08元/股，成交8.15亿元，换手率3.15%，总市值 257.83亿元。 分红方面，富临精工A股上市后累计派现7.36亿元。近三年，累计派现3.66亿元。 资金流向方面，主力资金净流出6054.58万元，特大单买入4031.99万元，占比4.94%，卖出7402.35万 元，占比9.08%；大单买入1.69亿元，占比20.72%，卖出1.96亿元，占比24.01%。 富临精工今年以来股价涨38.17%，近5个交易日跌1.69%，近20日涨7.03%，近60日涨24.12%。 资料显示，富临精工股份有限公司位于四川省绵阳高端制造产业园凤凰中路37号，成立日期1997年11月 10日，上市日期2015年3月19日，公司主营业务涉及汽车零部件和锂电正极材料的研发、生产和销售。 主营业务收入构成为：锂电正极材料68.09%，汽车发动机零部件31.91%。 富临精工所属申万行业为：电力设备-电池-电池化学品。所属概念板块包括：汽车热管理、减速器、机 器人概念、中盘、人形机器人等。 截至6月30日，富临精工股东户数9.12万，较上期增加18.56%；人均流通 ...

摘要 富临精工通过风力集团控制，业务涵盖汽车精密零部件、智能电控、锂 电材料和矿业等。2024 年与宁德时代签署合作协议，并拓展机器人赛 道，与上海志远等合作。 公司 2018 年因子公司客户危机导致亏损，2019 年后快速发展，2022 年达到高位。2023 年因铁锂行业竞争加剧亏损，2024 年业绩随产业出 清和技术迭代明显改善。 汽零方面，公司从发动机零部件向新能源转型，拓展电驱三合一、电控 管理系统和悬架 CDC 产品，与广汽、吉利、奇瑞、华为赛力斯阿维塔等 车企有合作。 铁锂材料方面，公司采用草酸法生产高压实产品，满足动力电池和储能 需求。新一代铁锂在容量、快充和低温性能上提出更高要求，高压实铁 锂生产难度大，供给偏紧。 公司将继续推动传统发动机零部件扩张，加速新能源汽车转型，重点发 展电驱三合一、电控管理系统及悬架 CDC 产品，扩大终端客户项目储备。 Q&A 富临精工的核心业务及其发展历程是什么？ 富临精工最初主要聚焦于汽车零部件业务，2016 年收购湖南升华后开始延展 至锂电材料领域。随着新能源车产业的爆发增长，其主业从汽车零部件扩展到 铁锂材料，实现了业绩腾飞。2024 年 8 月，富临精工 ...

Group 1 - The lithium battery sector has become a new choice for short-term capital, with significant stock price increases observed on September 5, where the Wind Power Battery Index rose by 9.64% [1] - The performance of various segments within the lithium battery industry shows a clear divergence, with the negative electrode materials and electrolyte sectors experiencing substantial revenue growth, while the positive electrode materials and lithium battery separators lagged behind [2][4] - The electrolyte sector demonstrated the most notable improvement in performance, with average revenue growth of 20.77% and net profit growth of 35.4% among the 11 sample companies analyzed [5][6] Group 2 - The core material, lithium hexafluorophosphate, showed significant performance improvements, with revenue growth of 16.07% and net profit growth of 40.87% [5] - Despite a decline in sales prices, the sales volume of electrolytes increased significantly, leading to a rise in sales revenue [5][6] - The negative electrode materials sector also saw revenue growth of 25.62% and net profit growth of 119.19%, although some companies faced challenges with declining profit margins [8][9] Group 3 - The positive electrode materials and separators faced weaker performance, with net profit declines of 54.38% and 1.3% respectively, indicating a broader trend of profit margin compression across the industry [9][10] - The overall trend shows that while some companies are experiencing revenue growth, many are struggling with declining profit margins, suggesting that the price bottom for lithium battery materials has not yet been reached [10] - The mixed operations of lithium battery companies complicate the reflection of industry conditions in their performance, as many companies engage in multiple segments [11][12]

Core Insights - On September 1, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for Zhuhai Gree, Anhui Energy, and Fulian Precision, showing target price increases of 54.55%, 42.86%, and 40.28% respectively, all within the battery and power sectors [1]. Group 1: Target Price Increases - Zhuhai Gree (688772) received a target price of 34.00 yuan, reflecting a 54.55% increase [2]. - Anhui Energy (000543) has a target price of 10.30 yuan, indicating a 42.86% increase [2]. - Fulian Precision (300432) was assigned a target price of 21.00 yuan, showing a 40.28% increase [2]. Group 2: Additional Companies with Notable Increases - Double Star New Materials (002585) has a target price of 7.80 yuan, with a 39.78% increase [3]. - Zhonglun New Materials (301565) received a target price of 33.00 yuan, reflecting a 38.36% increase [3]. - Jack Shares (603337) has a target price of 66.00 yuan, indicating a 37.47% increase [3]. Group 3: Brokerage Recommendations - A total of 39 listed companies received brokerage recommendations on September 1, 2023, with Double Star New Materials, China National Freight, and Postal Savings Bank each receiving one recommendation [3]. - Zhonglun New Materials was given a "Buy" rating in its first coverage by Citic Securities [3].

（原标题：珠海冠宇、富临精工等目标价涨幅超40%，中仑新材获"买入"评级丨券商评级观察） 南财投研通数据显示，9月1日，券商给予上市公司目标价共37次，按最新收盘价计算，目标价涨幅排名居前的公司有珠海冠宇、皖能电力、富临 精工，目标价涨幅分别为54.55%、42.86%、40.28%，分别属于电池、电力、电池行业。 从券商推荐家数来看，9月1日有39家上市公司得到券商推荐，其中双星新材获得1家推荐，中国外运获得1家推荐，邮储银行获得1家推荐。 首次覆盖方面，9月1日券商共给出了1次首次覆盖，其中中仑新材获得中信证券给予"买入"评级。 免责声明：文中涉及的观点、数据、个股等要素仅供参考，不构成投资建议，操作风险自担，投资有风险，入市需谨慎。 ...

Core Viewpoint - Fulin Precision Engineering Co., Ltd. has experienced fluctuations in stock price and significant growth in revenue and profit, indicating a strong performance in the electric vehicle and battery materials sector [1][2]. Group 1: Stock Performance - On September 1, Fulin's stock price decreased by 2.03%, trading at 14.98 CNY per share with a total market capitalization of 25.612 billion CNY [1]. - Year-to-date, Fulin's stock has increased by 37.25%, but it has seen a decline of 4.59% over the last five trading days [1]. - The stock's trading volume was 443 million CNY, with a turnover rate of 1.73% [1]. Group 2: Financial Performance - For the first half of 2025, Fulin achieved a revenue of 5.813 billion CNY, representing a year-on-year growth of 61.70% [2]. - The net profit attributable to shareholders for the same period was 174 million CNY, reflecting a year-on-year increase of 32.41% [2]. Group 3: Shareholder and Dividend Information - Since its A-share listing, Fulin has distributed a total of 736 million CNY in dividends, with 366 million CNY distributed over the past three years [3]. - As of June 30, 2025, the number of shareholders increased by 18.56% to 91,200, with an average of 18,541 circulating shares per shareholder, up by 18.07% [2][3]. - Notable institutional shareholders include Hong Kong Central Clearing Limited and Jianxin New Energy Industry Fund, which have increased their holdings [3].

Group 1: Financial Performance - The company's net profit attributable to shareholders for the first half of 2025 was 170 million yuan, a decrease of 32.4% year-on-year, with a gross margin of 10.7%, down 1.7 percentage points [1] - In Q2 2025, revenue reached 3.12 billion yuan, representing a quarter-on-quarter increase of 48.5% and a year-on-year increase of 15.6%, while net profit attributable to shareholders was 50 million yuan, down 44.9% quarter-on-quarter and 59% year-on-year [1] - The company reported a gross margin of 11.2% in Q2 2025, a decrease of 0.7 percentage points quarter-on-quarter and an increase of 1.1 percentage points year-on-year [1] Group 2: Lithium Iron Phosphate Business - Revenue from lithium iron phosphate cathodes in H1 2025 was 3.8 billion yuan, an increase of 97% year-on-year, with shipments of 105,000 tons, up 120% year-on-year [1] - Q2 2025 shipments reached 60,000 tons, reflecting a quarter-on-quarter increase of 97% and a year-on-year increase of 28% [1] - The company expects to achieve total shipments of 260,000 tons for the year, doubling year-on-year, with an average price of 41,000 yuan per ton in H1 2025 [1] Group 3: Automotive Parts and Robotics Business - The automotive parts business generated 1.8 billion yuan in revenue in H1 2025, a year-on-year increase of 13%, with a gross margin of 22.7%, down 2 percentage points [2] - The company anticipates automotive parts profits to be between 400 million and 500 million yuan for the full year [2] - In the robotics sector, the company has established partnerships with major automotive manufacturers and formed a joint venture with Zhiyuan, focusing on integrated production of robotic components [2] Group 4: Tax and Cash Flow - The company faced an increase in income tax, with Q2 2025 income tax amounting to 97 million yuan, a twofold increase quarter-on-quarter [2] - Operating cash flow for H1 2025 was -60 million yuan, a decrease of 124.3% year-on-year, while Q2 operating cash flow was 90 million yuan, down 26.5% quarter-on-quarter [2] - Capital expenditures for H1 2025 totaled 450 million yuan, an increase of 20.8% year-on-year, with Q2 capital expenditures at 150 million yuan, down 31.7% quarter-on-quarter [2] Group 5: Profit Forecast and Investment Rating - The company has revised down its net profit expectations for 2025-2027 to 630 million, 1.23 billion, and 1.63 billion yuan respectively, reflecting a year-on-year growth of 60%, 94%, and 33% [3] - The corresponding price-to-earnings ratios are projected to be 44, 22, and 17 times for the respective years [3] - The company maintains a "buy" rating, considering the positive progress in its robotics business [3]

Core Viewpoint - The report highlights that Fulin Precision (300432) has a leading advantage in high-end lithium iron phosphate (LiFePO4) products and is making comprehensive layouts in robotic joints, with a "buy" rating assigned to the company [1] Group 1: Financial Performance - In H1 2025, the company's revenue reached 5.81 billion yuan, a year-on-year increase of 61.7%, while the net profit attributable to shareholders was 170 million yuan, up 32.4% [2] - The gross margin for H1 2025 was 10.7%, a decrease of 1.7 percentage points year-on-year, and the net profit margin was 3%, down 0.7 percentage points [2] - Q2 2025 revenue was 3.12 billion yuan, showing a quarter-on-quarter increase of 48.5% and a year-on-year increase of 15.6%, while net profit for Q2 was 50 million yuan, down 44.9% quarter-on-quarter and 59% year-on-year [2] Group 2: Product and Market Insights - Revenue from lithium iron phosphate cathodes in H1 2025 was 3.8 billion yuan, a year-on-year increase of 97%, with shipments reaching 105,000 tons, up 120% year-on-year [2] - The company expects to ship 260,000 tons of lithium iron phosphate for the full year, doubling year-on-year, with an average price of 41,000 yuan per ton in H1 [2] - The company has a production capacity of 300,000 tons, which is fully utilized, and anticipates that the proportion of fifth-generation products will increase to over 70% by 2026 [2] Group 3: Business Segments - The automotive parts business generated 1.8 billion yuan in H1 2025, a year-on-year increase of 13%, with a gross margin of 22.7% [3] - The robotics segment is positioned to serve top-tier clients, with the company establishing joint ventures and maintaining partnerships with multiple automotive manufacturers [3] - The company’s operating cash flow was negative 60 million yuan in H1 2025, a decline of 124.3% year-on-year, while capital expenditures were 450 million yuan, up 20.8% [3] Group 4: Profit Forecast and Investment Rating - The profit forecast for 2025-2027 has been revised down to 630 million, 1.23 billion, and 1.63 billion yuan respectively, reflecting a year-on-year growth of 60%, 94%, and 33% [4] - The corresponding price-to-earnings ratios are projected to be 44, 22, and 17 times for 2025, 2026, and 2027 respectively [4] - The investment rating remains "buy" based on the positive outlook for the robotics business [4]

Core Viewpoint - The company reported strong revenue growth in the first half of the year, but faced a decline in net profit due to tax payments, indicating potential for future profitability improvement [1][4]. Financial Performance - In the first half of the year, the company achieved revenue of 5.813 billion yuan, a year-on-year increase of 61.70%, and a net profit attributable to shareholders of 174 million yuan, up 32.41% year-on-year [1]. - In Q2, the company recorded revenue of 3.116 billion yuan, with a year-on-year increase of 48.45% and a quarter-on-quarter increase of 15.55%, while net profit was 50.7015 million yuan, down 44.93% year-on-year and 59.03% quarter-on-quarter [1]. - The company's gross margin and net margin for Q2 were 11.22% and 2.06%, respectively, showing a year-on-year decline of 0.67 and 2.34 percentage points, but a quarter-on-quarter increase of 1.09 and a decrease of 2.70 percentage points [1]. Business Segments - The lithium battery cathode materials business generated revenue of 3.837 billion yuan in the first half, a significant year-on-year increase of 96.83%, driven by increased demand and product iteration [2]. - The automotive parts business reported revenue of 1.837 billion yuan, a year-on-year increase of 13.34%, with a gross margin of 22.68%, down 2.13% due to intensified market competition [3]. - The company is actively pursuing opportunities in the hybrid vehicle market and expanding its robot components segment, which is expected to drive future growth [3]. Profit Forecast and Valuation - The company adjusted its 2025 net profit forecast to 826 million yuan, a decrease of 13.73%, with an expected EPS of 0.48 yuan [4]. - The projected net profits for 2026 and 2027 are 1.4 billion yuan and 1.9 billion yuan, respectively, with corresponding EPS of 0.82 and 1.11 yuan [4]. - The target price for the company's shares is set at 20.48 yuan, down from a previous value of 26.77 yuan, based on comparable company valuations [4].

Report Overview - Report Date: August 29, 2025 [2] - Industry: Non-ferrous Metals (Lithium Carbonate Futures) - Research Team: Non-ferrous Metals Research Team of Jianxin Futures - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The lithium carbonate futures market continued to revolve around upstream mining issues. Although there were uncertainties regarding ore type changes before the end of September, there was support at lower levels. With the approach of the traditional peak season of "Golden September and Silver October", downstream demand had certain rigid support. The decline in futures prices narrowed in the afternoon, and the spot price followed the decline. It was expected that the downward space of lithium carbonate futures was limited under the support of spot prices, and attention should be paid to the support level of 77,000 [9]. - The weekly production of lithium carbonate decreased for two consecutive weeks, and the supply-side pressure showed a slowdown trend. The weekly inventory decreased for three consecutive weeks, and it was judged that the inventory inflection point of lithium carbonate was approaching [9]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: The lithium carbonate futures declined. The lowest price of the main contract in the morning session was 75,740. The decline narrowed in the afternoon. It was expected that the downward space was limited under the support of spot prices, and attention should be paid to the 77,000 support level [9]. - **Spot Market**: The spot price followed the decline, with the price of electric carbon dropping by 1,600 to 80,000. The market transactions were active, and the point-price and trading activities increased significantly [9]. - **Supply and Demand**: The weekly production of lithium carbonate decreased by 108 to 19,030 tons, with the increase in lithium carbonate production from pyroxene slowing down, and the production from mica and salt lakes continuing to decline. The weekly inventory decreased by 407 to 141,136 tons [9]. 3.2 Industry News - **Fulin Seiko**: In the first half of 2025, the company achieved an operating income of 5.813 billion yuan, a year-on-year increase of 61.7%; the net profit attributable to the parent company was 174 million yuan, a year-on-year increase of 32.41%. The company accelerated its layout in the super-fast charging market, and the high-voltage and high-density lithium iron phosphate 4C ultra-fast charging products entered the high-end passenger car market. With the continuous growth of market and customer demand for high-compaction lithium iron phosphate, the overall production capacity, output, and loading volume of the company's lithium iron phosphate cathode materials would increase significantly [12]. - **Porsche**: Porsche AG announced the cancellation of the production plan of its high-performance battery subsidiary Cellforce. Due to the slowdown in electric vehicle demand and changes in the market environment in China and the United States, it would focus on battery R & D in the future [12].