本次财报公布的各项数据指标表现一般。其中，毛利率12.1%，同比减5.21%，净利率3.3%，同比减 42.73%，销售费用、管理费用、财务费用总计11.8亿元，三费占营收比5.53%，同比增18.87%，每股净 资产21.68元，同比增1.63%，每股经营性现金流1.57元，同比增12.7%，每股收益0.79元，同比减14.13% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 200.86 Z | 213.23亿 | 6.16% | | 归母净利润(元) | 8.64亿 | 7.33亿 | -15.20% | | 扣非净利润(元) | 7.67亿 | 6.53亿 | -14.77% | | 货币资金(元) | 126.35亿 | 105.46 Z ﻛ | -16.54% | | 应收账款(元) | 37.56亿 | 51.69 Z | 37.61% | | 有息负债 (元) | 270.83亿 | 285.08亿 | 5.26% | | 毛利率 | 12.77% | 12.10% | -5.21% | | 净 ...

东吴证券股份有限公司曾朵红,阮巧燕,岳斯瑶,胡锦芸近期对中伟股份（300919）进行研究并发布了研究报 告《2025半年报点评：Q2四钴贡献利润弹性，三》，上调中伟股份目标价至46.0元，给予买入评级。 中伟股份 投资要点 Q2归母净利润环比提升38%，符合预期。公司25H1营收213.2亿元，同6.2%，归母净利润7.3亿元， 同-15.2%，毛利率12.1%，同-0.7pct；其中25Q2营收105.4亿元，同环比-2.4%/-2.3%，归母净利润4.3亿 元，同环比-12%/38%，毛利率12.3%，同环比0.1/0.3pct。 Q2受益于钴涨价，四钴贡献利润弹性。1H25公司镍、钴、磷、钠产品出货量18.8万吨，同比增34%，其中 我们预计三元前驱体9.6万吨、四钴1.7万吨，同比持平微增。我们预计Q2三元和四钴合计出货量6万吨+， 环比+30%，其中四钴1万吨。盈利情况看，三元前驱体1H25收入75亿，同比-15%，毛利率18%，同 比-0.3pct，基本稳定，对应均价9万左右，单吨利润0.5万。四钴1H收入14.5亿，同比+30%，毛利率26%， 同比+16pct，盈利大幅改善受益于钴涨价，我们预 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 net profit increased by 38% quarter-on-quarter, aligning with expectations. For the first half of 2025, revenue reached 21.32 billion yuan, a year-on-year increase of 6.2%, while net profit was 730 million yuan, a year-on-year decrease of 15.2% [7] - The company benefited from rising cobalt prices, with four-cobalt contributing to profit elasticity. The total shipment volume of nickel, cobalt, phosphorus, and sodium products in the first half of 2025 was 188,000 tons, a year-on-year increase of 34% [7] - The company is expected to maintain stable profitability in the three-element precursor segment, with a projected total shipment volume of around 230,000 tons for the year, representing a year-on-year increase of 15% [7] - The company has shown strong cash flow, with operating cash flow for the first half of 2025 reaching 1.48 billion yuan, a year-on-year increase of 13.1% [7] - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 1.72 billion, 2.02 billion, and 2.7 billion yuan respectively, reflecting a year-on-year growth of 17%, 18%, and 33% [7] Financial Summary - Total revenue for 2023 is projected at 34.273 billion yuan, with a year-on-year growth of 12.95%. By 2027, revenue is expected to reach 68.083 billion yuan, with a growth rate of 17.89% [1][8] - The net profit attributable to the parent company for 2023 is estimated at 1.947 billion yuan, with a year-on-year increase of 26.15%. By 2027, this is expected to rise to 2.696 billion yuan, reflecting a growth of 33.15% [1][8] - The latest diluted EPS for 2023 is projected at 2.08 yuan per share, with an expected increase to 2.87 yuan per share by 2027 [1][8] - The company’s P/E ratio is expected to be 19x in 2025, decreasing to 12.16x by 2027 [1][8]

证券时报·数据宝统计，8月18日共有18家公司公布2025年半年报，其中10家净利润同比增长，8家同比 下降，14家营业收入同比增长，4家同比下降，净利润和营业收入同时增长的公司有圣农发展等10家， 净利润和营业收入均下降的有三峡新材等4家，业绩增幅翻倍的公司有4家，其中圣农发展增幅最大，达 791.93%。（数据宝） 今日公布半年报公司一览 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 002299 | 圣农发 | 0.7382 | 91024.96 | 791.93 | 885640.52 | 0.22 | | 展 | | | | | | | | 300967 | 晓鸣股 份 | 0.9928 | 18472.13 | 733.34 | 75181.40 | 93.65 | | 301095 | 广立微 | 0.0796 | 1568.42 | 518.42 | 24593.73 | 43 ...

经济观察网 2025年8月17日，中伟股份(300919)发布2025年半年度报告，2025年上半年实现营业收入 213.23亿元，同比增长6.16%；实现净利润7.33亿元，同比下降15.20%；基本每股收益0.79元；加权平均 净资产收益率ROE为3.64%。 ...

Core Viewpoint - The company is positioned as a key upstream supplier of materials for solid-state batteries, focusing on the development and optimization of precursor materials [1] Group 1: Company Positioning - The company identifies itself as a supplier of precursor materials for solid-state batteries, which are essential for battery manufacturers [1] - The main products include high nickel and ultra-high nickel materials, which are suitable for various forms of solid-state batteries, including sulfide, oxide, and polymer types [1] Group 2: Product Development - The company is actively engaged in research, development, and process optimization for solid-state battery precursors, responding to industry trends and customer demands [1] - New products have been launched, including "ultra-small particle size lithium-rich manganese-based precursor materials," which have passed relevant certifications and achieved supply levels exceeding tens of tons [1]

Group 1 - Zhongwei Co., Ltd. (300919.SZ) released its semi-annual report for 2025 on August 18, 2025, showing that as of August 17, 2025, 12 institutional investors held a total of 587 million shares, accounting for 62.61% of the total share capital [1] - The top ten institutional investors include Hunan Zhongwei Holding Group Co., Ltd., Tongren Hongxin Chengda Enterprise Management Consulting Partnership (Limited Partnership), Qianhai Equity Investment Fund (Limited Partnership), Hong Kong Central Clearing Limited, among others, with a combined holding ratio of 62.61% [1] - Compared to the previous quarter, the combined holding ratio of the top ten institutional investors decreased by 0.03 percentage points [1] Group 2 - In the public fund sector, four public funds reduced their holdings compared to the previous quarter, with a total reduction rate of 0.16% [2] - One new public fund was disclosed during this period, namely Dacheng CSI 300 Enhanced Initiation A, while one public fund, Changxin Low Carbon Environmental Quantitative Stock A, was no longer disclosed [2] - Regarding foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.14% compared to the previous period [2]

Core Viewpoint - Globalization is no longer a choice for companies but a consensus for industrial development and the ultimate direction, especially in the current highly competitive environment [2]. Group 1: Globalization Progress in China's Lithium Battery Industry - The 24潮产业研究院 (TTIR) analyzed 13 leading companies in China's lithium battery industry, showing that their total overseas revenue increased from 39.156 billion yuan in 2020 to 228.740 billion yuan in 2024, a growth of 484.18% [3][5]. - However, in 2024, the overseas revenue of these companies decreased by 7.14% year-on-year, and the proportion of overseas revenue to total revenue only increased by 6.48 percentage points over five years [5]. Group 2: Company-Specific Performance - Companies like 阳光电源, 中伟股份, 恩捷股份, and 科达利 have shown strong growth in overseas revenue from 2020 to 2024, with 中伟股份 maintaining over 30% growth for four consecutive years [5]. - Conversely, companies such as 天齐锂业, 贝特瑞, 格林美, 宁德时代, and 华友钴业 experienced negative growth in 2024, with 天齐锂业 facing the most significant decline of 81.13% [5][7]. Group 3: Investment and Capacity Planning - As of now, major companies like 宁德时代, 华友钴业, and others have planned or established significant overseas operations, with total investment budgets nearing 370 billion yuan [9]. - 宁德时代 is leading in overseas investment, planning to build five factories with a total investment budget of approximately 178.948 billion yuan [9]. Group 4: Challenges in Globalization - The globalization process is facing challenges, including project delays and terminations due to changing market conditions and legal disputes, as seen with 国轩高科 and other companies [10][12]. - The global lithium battery industry is experiencing a downturn, affecting the globalization efforts of Chinese companies, with many projects being postponed or canceled [12][13]. Group 5: Future Outlook - The future of globalization in the lithium battery sector is uncertain, with potential for more projects to be delayed or terminated due to ongoing global economic and policy fluctuations [14][15]. - Companies must balance their investment strategies with the need for financial health to survive in a competitive landscape [15].

中伟股份2025半年报 ...

Group 1 - The core viewpoint of the article highlights that Zhongwei Co., Ltd. reported a decline in net profit for the first half of 2025 despite an increase in revenue [1] - Zhongwei Co., Ltd. achieved a net profit of approximately 733 million yuan, representing a year-on-year decrease of 15.2% [1] - The company's revenue for the first half of 2025 was approximately 21.32 billion yuan, reflecting a year-on-year growth of 6.16% [1] Group 2 - The increase in revenue was primarily attributed to the rise in sales of new energy metals [1] - As of August 15, 2025, Zhongwei Co., Ltd.'s stock price was reported at 34.95 yuan per share, with a total market capitalization of 32.78 billion yuan [2]