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厦钨新能(688778)半年报点评:钴酸锂需求向好 固态材料卡位优势明显

Core Viewpoint - The company reported strong growth in its H1 2025 performance, with significant increases in revenue and net profit, driven by robust demand for lithium battery materials, particularly lithium cobalt oxide [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 75.34 billion yuan, a year-on-year increase of 18.04% - The net profit attributable to shareholders reached 3.07 billion yuan, up 27.76% year-on-year - The non-recurring net profit was 2.91 billion yuan, reflecting a 32.24% year-on-year growth - In Q2 2025, revenue was 45.57 billion yuan, showing a year-on-year increase of 47.78% and a quarter-on-quarter increase of 53.10% - The net profit for Q2 was 1.90 billion yuan, up 47.55% year-on-year and 63.02% quarter-on-quarter [1]. Product Performance - The company’s lithium battery cathode material sales volume reached 60,700 tons in H1 2025, a year-on-year increase of 35.50% - Lithium cobalt oxide sales were 28,800 tons, up 56.64% year-on-year, driven by government subsidies and increased demand in the 3C consumer electronics sector - Sales of power battery cathode materials were 31,900 tons, reflecting a year-on-year growth of 20.76% [1]. Cost Management and Profitability - The company maintained good cost control, with a gross margin of 9.99%, an increase of 0.48 percentage points year-on-year - The net profit margin was 4.06%, up 0.28 percentage points year-on-year - The expense ratios for sales, management, R&D, and finance were 0.25%, 1.29%, 3.23%, and 0.01%, respectively, with a total decrease of 0.51 percentage points [2]. Strategic Positioning - The company has a strong position in the solid-state battery sector, focusing on cathode materials and electrolytes - It has successfully supplied cathode materials for oxide route solid-state batteries and is actively collaborating with leading domestic and international companies for sulfur-based solid-state battery materials - The company has achieved ton-level production of oxide solid-state electrolytes and developed a unique lithium sulfide synthesis process, with positive testing results from clients [2]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 171.85 billion yuan, 214.42 billion yuan, and 249.17 billion yuan for 2025-2027, with year-on-year growth rates of 29.24%, 24.77%, and 16.21%, respectively - Expected net profits attributable to shareholders are 7.46 billion yuan, 10.71 billion yuan, and 11.19 billion yuan, with growth rates of 51.04%, 43.58%, and 4.48% - Corresponding price-to-earnings ratios are estimated at 54.74, 38.13, and 36.49 times, maintaining a "buy" rating [3].