其础化工 2025 年 10 月 30 日 e石资源 (603505) -- 单一萤石矿产销量同环比增长,包头"选化一体"项 目放量显著,业绩符合预期 报告原因:有业绩公布需要点评 增持(维持) 投资要点: 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2.752 | 2,758 | 3,746 | 4.591 | 5,003 | | 同比增长率(%) | 45.2 | 50.7 | 36.1 | 22.5 | 9.0 | | 归母净利润（百万元） | 257 | 236 | 338 | 568 | 763 | | 同比增长率(%) | -26.3 | -5.9 | 31.5 | 68.1 | 34.3 | | 每股收益(元/股) | 0.43 | 0.28 | 0.40 | 0.67 | 0.91 | | 毛利率(%) | 21.1 | 20.4 | 21.2 | 26.0 | 29.2 | | ROE (%) | 16.1 | 13.1 ...

上 市 公 司 基础化工 2025 年 10 月 30 日 金石资源 (603505) ——单一萤石矿产销量同环比增长，包头"选化一体"项 目放量显著，业绩符合预期 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,752 | 2,758 | 3,746 | 4,591 | 5,003 | | 同比增长率（%） | 45.2 | 50.7 | 36.1 | 22.5 | 9.0 | | 归母净利润（百万元） | 257 | 236 | 338 | 568 | 763 | | 同比增长率（%） | -26.3 | -5.9 | 31.5 | 68.1 | 34.3 | | 每股收益（元/股） | 0.43 | 0.28 | 0.40 | 0.67 | 0.91 | | 毛利率（%） | 21.1 | 20.4 | 21.2 | 26.0 | 29.2 | | ROE（%） | 16.1 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The report highlights that the company's performance in the first half of 2025 was slightly below expectations, with revenue of 1.726 billion yuan (YoY +54%) and a net profit of 126 million yuan (YoY -25%) [7] - The report anticipates a recovery in profitability in the second half of 2025, driven by seasonal demand and improvements in project execution [7] - The company is expected to benefit from rising fluorite prices in the medium to long term due to industry supply constraints [7] Financial Data and Profit Forecast - Total revenue projections are as follows: - 2024: 2.752 billion yuan - 2025: 3.746 billion yuan - 2026: 4.591 billion yuan - 2027: 5.003 billion yuan - Year-on-year growth rates for total revenue are projected at 45.2% for 2024, 36.1% for 2025, 22.5% for 2026, and 9.0% for 2027 [3] - Net profit forecasts are as follows: - 2024: 257 million yuan - 2025: 338 million yuan - 2026: 568 million yuan - 2027: 763 million yuan - Year-on-year growth rates for net profit are projected at -26.3% for 2024, 31.5% for 2025, 68.1% for 2026, and 34.2% for 2027 [3] Market Data - As of August 22, 2025, the closing price was 16.80 yuan, with a market capitalization of 14.14 billion yuan [4] - The company has a price-to-earnings ratio of 55 for 2024, projected to decrease to 19 by 2027 [3][4] Operational Insights - The report notes that the company's fluorite price has slightly declined, but the integrated project is expected to gradually realize profits [7] - The Mongolian project is progressing smoothly, with expectations for increased production and profitability in the fourth quarter of 2025 [7] - The report emphasizes the importance of the company's strategic focus on resource and technology integration, particularly in the fluorochemical sector [7]