恒邦股份三季度扣非净利润大增128.07% 稀散金属业务迎发展机遇

Core Insights - Hengbang Co., Ltd. reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 76.44 billion yuan, a year-on-year growth of 31.44%, and a net profit attributable to shareholders of 562 million yuan, up 20.89% [1] - The company’s third-quarter performance was particularly strong, with revenue of 33.39 billion yuan, reflecting a 94.26% increase year-on-year, and a net profit of 253 million yuan, which is a 52.08% increase [1] - Hengbang's core business is focused on precious metal smelting, including gold, silver, and electrolytic copper, while also exploring value enhancement through technological innovation and resource efficiency [1] Business Model and Strategy - Hengbang operates on a business model of "purchased raw materials + smelting processing," leveraging its core technological advantages in precious metal smelting and comprehensive recovery [1] - The company is actively extending its industrial chain and diversifying its business through technological innovations aimed at efficient resource utilization [1] - The smelting of precious metals and multi-element materials allows for the efficient recovery of valuable elements, contributing significantly to the company's profit growth [1] Market Trends and Opportunities - Hengbang's expansion into the rare metal sector aligns with global industrial development trends and domestic policy directions, presenting significant growth opportunities [2] - The accelerating global energy transition and the booming semiconductor industry are increasing the strategic importance of rare metals, leading to rising market demand [2] - Recent export controls on tungsten, tellurium, bismuth, molybdenum, and indium by the Chinese government highlight the importance of rare metals as strategic resources, which will enhance the domestic rare metal industry chain [2] Financial Performance in Rare Metals - As of the third quarter, the price of domestic refined bismuth surged from 73,600 yuan per ton to 129,100 yuan per ton, marking a 75.41% increase, while antimony prices rose from 140,000 yuan per ton to 174,900 yuan per ton, a 24.93% increase [2] - The profitability of Hengbang's rare metal business has significantly improved, with revenue from this segment reaching 447 million yuan in the first half of 2025 and a gross margin of 47.82%, substantially higher than traditional smelting operations [2]