中伟股份的增长烦恼：前驱体材料“踩刹车”，新能源金属拖后腿

Core Viewpoint - Zhongwei Co., Ltd. (300919.SZ) reported a significant increase in sales volume of nickel, cobalt, phosphorus, and sodium products, exceeding 188,000 tons, a year-on-year growth of 33.91%. However, the company's net profit declined by 15.2% to 733 million yuan, indicating a decrease in profitability despite revenue growth [2][6]. Group 1: Financial Performance - In the first half of 2025, Zhongwei Co. achieved operating revenue of 21.323 billion yuan, a year-on-year increase of 6.16%, while operating costs rose by 6.97% to 18.742 billion yuan, leading to a decline in gross margin from 12.77% to 12.1% [6]. - The company's gross profit margin has been under pressure, with significant increases in operating expenses, including a 51.09% rise in financial costs due to exchange losses, reaching 581 million yuan [6][7]. - The sales volume of nickel, cobalt, phosphorus, and sodium products increased, but the revenue from ternary precursor products decreased by 15% to 7.5 billion yuan, with a gross margin of 18% [6][7]. Group 2: Market Dynamics - The average price of 8-series ternary precursors in the first seven months of the year was 87,642 yuan per ton, a decrease of 0.8% year-on-year, primarily due to falling prices of nickel sulfate and lithium carbonate [3]. - Analysts expect a slight increase in prices for high-nickel ternary precursors and cathode materials in the second half of the year, driven by strong raw material prices, but potential consumption shrinkage in overseas markets may limit price increases [3][6]. Group 3: Company Background and Strategy - Zhongwei Co. was founded by Chairman Deng Weiming, who shifted focus to new energy materials in 2012, leading to the establishment of Zhongwei Co. in 2014, which specializes in lithium battery new energy materials [4][5]. - The company has expanded its production capacity significantly, with a ternary precursor capacity of 192,500 tons, accounting for 20% of the global market share, making it the industry leader [5][6].