Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company achieved a revenue of 133 million yuan in H1 2025, representing a year-on-year increase of 22.42%, while the net profit attributable to the parent company was 2.15 million yuan, a decrease of 85.85% year-on-year. The company maintains its profit forecast for 2025-2027, expecting net profits of 41 million yuan, 54 million yuan, and 72 million yuan respectively [2][4] - The company is making progress in the research and development of new products, specifically Low-α ray spherical alumina, and is gradually releasing production capacity from newly established production lines, which is expected to drive future performance growth [2][4] Financial Summary - In H1 2025, the company reported a gross margin of 13.21%, down 12.87 percentage points year-on-year, primarily due to increased depreciation costs as investment projects transitioned to fixed assets [4] - The company’s total market capitalization is approximately 4.094 billion yuan, with a circulating market capitalization of 3.286 billion yuan [2] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.39 yuan, 0.51 yuan, and 0.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 100.3, 76.5, and 56.5 [2][6] Industry Outlook - The global consumer electronics market is expected to reach 1.046 trillion USD in 2025, with a projected growth rate of 15.4% from 2024 to 2029. The Chinese consumer electronics market is anticipated to grow at a rate higher than the global average, reaching 268 billion USD in 2025, a year-on-year increase of 5.1% [3]

事件：公司发布 2025 年半年报，25H1 公司实现营收 7.97 亿元，同比 +34.45%，实现归母净利 1.45 亿元，同比+29.08%。其中 25Q2 公司实现营 业收入 4.59 亿元，同比+37.42%，环比+35.65%，实现归母净利润 0.88 亿 元，同比+41.39%，环比+56.17%。 募投项目产能逐步释放，钽铌主业持续快速增长。由追求经营规模的企业战 略转向追求效益的经营战略，公司逐步优化和调整产业结构，聚焦于钽铌主 业，持续加大高温合金、半导体、超导等领域的市场开发力度，主营业务盈 利能力明显提升，25H1 年公司实现毛利 1.47 亿元，同增 31.52%，实现毛 利率 18.47%。若剔除西材院贡献投资收益 0.42 亿元，钽铌等主业贡献归母 净利 1.03 亿元，同比+51.0%。公司项目建设遍地开花，募投项目产能也正 逐步释放,具体来看，钽铌板带制品、年产 100 支铌超导腔生产线技术改造 两个重点投资项目建成投产，钽铌火法冶金熔铸产品生产线、新增年产 400 支铌超导腔智能生产线、钽铌湿法冶炼废渣处置场、高纯钽粉实验线建设项 目已全面开工，钽铌湿法冶金数字化工厂建设项 ...

Core Insights - The company has established a leading position in the tantalum and niobium industry, with a complete industrial chain from wet metallurgy of tantalum and niobium ores to deep processing of various tantalum and niobium products, and possesses advanced R&D capabilities in this field [1][2] Group 1: Production and Capacity - In 2024, the company will complete key investment projects, including the technical transformation of tantalum and niobium strip products and the production line for 100 niobium superconducting cavities, leading to significant increases in production and sales [1] - The company's production volume is expected to reach approximately 702 tons in 2024, a year-on-year increase of 61%, while sales volume is projected to be 703 tons, up 49% year-on-year [1] Group 2: Market Demand and Product Optimization - The demand for tantalum and niobium products is expected to grow significantly due to advancements in high-frequency communications, smart vehicles, high-performance AI chips, and new infrastructure projects [2] - As of May 7, the price of tantalum pentoxide was 2,175 RMB per kilogram, an increase of 4.8% since the beginning of the year, while niobium pentoxide was priced at 465 RMB per kilogram, up 5.7% [2] Group 3: Financial Performance - The company reported a revenue of 1.28 billion RMB in 2024, a year-on-year increase of 15.6%, and a net profit attributable to shareholders of 210 million RMB, up 13.9% [3] - In Q1 2025, the company achieved a revenue of 340 million RMB, a 30.8% increase year-on-year, and a net profit of 56.5 million RMB, reflecting a 13.6% year-on-year growth [3] Group 4: Strategic Investments - The company holds a 28% stake in the only beryllium processing base in China, which is involved in the research, production, and sales of beryllium and beryllium alloys, with applications in aerospace and nuclear industries [2] - The beryllium processing base is recognized for its specialized research and has achieved a net profit of 230 million RMB in 2024 [2]