多氟多 20250826 摘要 多氟多 2025 年新能源材料营收占比 34.97%，新能源电池占比 25.3%，销量同比分别增长 31.4%和 136%，但电子信息材料受光伏行 业影响销量下降 45%。 公司六氟磷酸锂总产能 6.5 万吨，实际运行 5.5-6 万吨，计划 2025 年 出货 5 万吨。暂无新增产能计划，若 2026 年市场需求回升且碳酸锂价 格稳定，盈利能力有望提升，或考虑新增产能。 公司长单周期较短，多为半年内框架协议，要求客户支付预付款以应对 市场波动。国内订单以短期为主，海外订单存在一年期战略合同。 2025 年上半年锂电池出货量 3G 瓦，收入十亿多元，预计下半年增长 50%以上，全年 8.5G 瓦。小动力电池需求旺盛，年底产能达 15G 瓦以 上，2026 年底超 20G 瓦，毛利水平较好。 碳酸锂价格上涨缓解成本压力，预计四季度盈利能力改善。公司无主动 涨价计划，仅跟随碳酸锂价格调整，以保供为主。 公司看好小动力电池市场，并布局东南亚市场，该领域两轮车铅酸电池 替代趋势明显，产品供不应求，多数客户已支付预付款。 电子信息材料业务受光伏行业影响亏损，未来将关注半导体和芯片客户， ...

Core Viewpoint - The recent financial report of Tongchen Beijian (300146) indicates a decline in revenue and net profit for the first half of 2025, with significant changes in various financial metrics compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 3.532 billion yuan, a decrease of 23.43% year-on-year [1] - Net profit attributable to shareholders was 737 million yuan, down 17.34% year-on-year [1] - In Q2 2025, total revenue was 1.741 billion yuan, a decline of 11.51% year-on-year, while net profit for the quarter increased by 71.44% to 282 million yuan [1] - Gross margin stood at 68.55%, a slight decrease of 0.01% year-on-year, while net margin increased by 13.29% to 21.61% [1] - Total operating expenses were 1.448 billion yuan, accounting for 40.98% of revenue, a decrease of 7.78% year-on-year [1] - Earnings per share (EPS) was 0.43 yuan, down 17.31% year-on-year, while operating cash flow per share increased by 118.12% to 0.38 yuan [1] Accounts Receivable and Liabilities - Accounts receivable amounted to 504 million yuan, representing 77.24% of the latest annual net profit [1] - Interest-bearing liabilities surged by 6320.54% to 84.3 million yuan [1] Market and Business Model - The company's return on invested capital (ROIC) was 4.81% last year, indicating weak capital returns, with a historical median ROIC of 14% over the past decade [1] - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers of this approach [1] Analyst Expectations - Analysts project a net profit of 781 million yuan for 2025, with an average EPS estimate of 0.46 yuan [2] Fund Holdings - The largest fund holding Tongchen Beijian is the Manulife Consumer Dividend Index A, with 2.1437 million shares and a total size of 576 million yuan [3][4] - The fund has seen a 12.47% increase in value over the past year [4] Southeast Asia Market Focus - The company is currently focusing on the Southeast Asian market, particularly Indonesia, where it is in the process of obtaining market access [5]

先看一组数据： 48家涨停，77家跌停，除了清明节后的那天千股跌停，今天是跌停最多的一天，战况极其惨烈。 扫描一下这77家跌停股，一多半是业绩问题，年报或者一季报比较差，或者增长了，但不及预期。 其他的大多是高位股泄洪，涨不动了，直接按跌停。 所以，现在这个阶段，高位股接力真的不建议啊！ 当然，也有个别股是例外，例如，我们周五高抛的永安今天再次反包涨停，但是，这种反包，我也不建议跟进，因为今晚公布业绩，一旦市场不认可，明 天可能又是大跌。 另外一个比较活跃的是电力方面。 西昌，乐山，今天都止步上涨了。 华银一字带队，带着三峡，华电，廊坊，京能等开启补涨，说明也进入鱼尾阶段了。 看看就行了，这种补涨如果没有先手而去追涨就很不划算了。 那么，当下，还有什么可以看好的呢？ 新题材还是要回归到政策上面去。 周五的会议，有一个突出的重点，稳外贸！ 既然上面提出来了，就说明，这是当下各种关系中的主要矛盾，抓住各种关系的主要矛盾，也就抓住了股市的主要矛盾。 国际贸易现在真实的状况，我们可以通过航运数据去判断。 03/ 欧地航线 欧洲:5月上旬船期众多市场整体货量不足,各联盟收 货热情空前高涨。上旬运价较4月小幅下跌,舱位充 ...