研报掘金丨长江证券：中伟股份港股正式调入港股通 加快海外布局

Core Viewpoint - Zhongwei Co., Ltd. completed its H-share issuance and listing on the Hong Kong Stock Exchange on November 17, 2025, marking a key step in its strategy of technological diversification, global development, digital operation, and industrial ecology, and positioning itself as a new starting point for Chinese new energy material companies to serve the global zero-carbon economy [1] Group 1: Company Performance - The company's shipments of ternary precursor materials continued to grow quarter-on-quarter in Q3 2025, indicating a sustained recovery in market conditions [1] - The shipments of cobalt tetroxide materials remained at a high level quarter-on-quarter, with a significant year-on-year increase expected due to the high demand in the consumer battery supply chain [1] - The shipments of iron phosphate are expected to see slight quarter-on-quarter growth, with capacity utilization already at a high level [1] Group 2: Future Outlook - Looking ahead, Zhongwei Co., Ltd. is expected to see continued growth in its ternary precursors and cobalt tetroxide businesses, with growth rates likely to exceed industry averages and market share continuing to increase [1] - The recovery in the ternary precursor market and ongoing growth in cobalt tetroxide are anticipated to drive sustained increases in shipments [1] - The company is projected to achieve a net profit attributable to shareholders of 2.2 billion yuan in 2026, with continued recommendations for investment [1]