公司发布2025半年报，2025年上半年公司实现营业收入83.76亿元，同比-12.65%；实现归母净利润-5.31亿 元，同比减亏。 点评： 业绩同比改善主要系公允价值变动净收益减亏 查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 考虑到2024年初至今部分国内外矿山出现停产、减产，行业持续出清中，板块或进入锂价越跌越买的逐步 增配阶段。考虑到锂价过去的波动性，当资产的账面价值与真实价值不匹配时，或可采用重置成本法更公 允地反映企业的资产价值，针对市值较重置成本有折价的公司或已具备长期配置价值。 风险提示： 下游电动车产量不及预期；原材料价格波动风险；市场竞争加剧等。 2025年上半年公司公允价值变动净收益-2.78亿元，同比大幅减亏。公司在2025年上半年采用了 ...

2025 年 8 月 25 日 公司研究 2025 上半年同比减亏，固态电池上下游一体化布局 ——赣锋锂业（002460.SZ）2025 半年报点评 要点 事件：公司发布 2025 半年报，2025 年上半年公司实现营业收入 83.76 亿元， 同比-12.65%；实现归母净利润-5.31 亿元，同比减亏。 点评：业绩同比改善主要系公允价值变动净收益减亏。2025 年上半年公司公允 价值变动净收益-2.78 亿元，同比大幅减亏。公司在 2025 年上半年采用了领式 期权对冲，领式期权收益 3.75 亿元。此外，公司通过处置部分储能电站和联营 企业产生的收益增厚了投资收益，其中出售深圳易储能源科技有限公司下属子公 司产生投资收益 2.24 亿元。 全球资源端步入收获期，远期冶炼产能规划达到 60 万吨。在新项目方面，公司 将积极推进 Mariana 锂盐湖项目产能爬坡进展；加快非洲马里 Goulamina 等锂 辉石项目的产能爬坡进度，提高公司锂辉石自给比例。公司与 LAR 计划整合合 资公司，将阿根廷 PPG 锂盐湖、PG 锂盐湖以及 Puna 锂盐湖三块锂盐湖资产注 入合资公司，共同开发 PPGS 盐湖项目 ...

Group 1 - The core viewpoint of the article emphasizes the significance of the supply-side reform 2.0, which aims to eliminate backward production capacity and effectively address chaotic competition in the industry [1] - The supply-side reform initiated in 2015 led to substantial price increases in commodities, with rebar futures soaring from 843 yuan/ton to 3147 yuan/ton, a 273% increase, and coking coal prices rising from 203 yuan to 719 yuan, a 3.5-fold increase [1] - The recent performance of the steel industry, particularly the China Steel Index, has mirrored past trends, with a notable increase of over 3.5% in a single day, indicating a potential revival similar to the previous supply-side reform [1][4] Group 2 - The current supply-side reform is characterized by unprecedented policy strength, focusing on eliminating low-price competition and orderly phasing out of backward production capacity, suggesting a potential for significant market recovery [6] - The valuation of steel stocks should consider the cyclical nature of the industry, with many steel companies currently valued below their replacement cost by 0.35 times, indicating a sufficient margin of safety [6] - The comparison between the China Steel Index and the National Steel Industry Index shows a high degree of overlap, with both indices focusing on the steel industry, although the China Steel Index includes some coal companies [7] Group 3 - The performance of funds tracking the China Steel Index and the National Steel Industry Index has been similar, with differences in returns being minimal, generally within 0.1% [12] - Specific funds, such as the Guolian National Steel A and Penghua National Steel Industry A, have shown significant returns of 8.10% and 7.66% respectively, outperforming the CSI 300 index [14] - The article suggests that as the economy develops, steel consumption will stabilize, with a shift from rebar consumption in construction to sheet metal consumption in manufacturing, indicating a potential improvement in profitability for the steel sector [14]

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【有色】从重置成本角度再看锂矿板块投资价值——碳酸锂产业链研究报告之八 点击注册小程序 查看完整报告 参考上轮周期，出清阶段股价整体呈上涨趋势。锂矿缺乏估值的"锚"，重置成本法或可更公允地反映企业 的资产价值。锂矿重置成本测算包括以矿业权为主的无形资产以及锂盐冶炼厂、矿山采选厂为主的固定资 产等。从重置成本计算结果看，即使只考虑锂矿业务部分公司也已经处于折价。 （王招华/马俊） 2025- 03-13 您可点击今日推送内容的第1条查看 【石化化工交运】商业航天产业带动需求，铬产业链有望打开成长空间——行业日报第33期 （20250312） 2013年起国家逐步引导、鼓励社会资本参与我国航天事业，政府工作报告明确提出"推动商业航天、低空 经济等新兴产业 ...

Core Viewpoint - The lithium industry is entering a clearing phase, with potential for price increases due to production cuts and supply-demand improvements [2][3]. Group 1: Market Trends - Historical data shows that during the last lithium cycle, stock prices generally trended upward despite fluctuations, with Ganfeng Lithium's stock rising by 162.3% over a 15-month clearing period [2]. - As of January 2024, six Australian mines have announced production cuts or delays, indicating a potential for further reductions in 2025, which could enhance the supply-demand balance [2]. Group 2: Valuation Methods - The lithium sector lacks a clear valuation anchor, with companies experiencing extreme fluctuations in price-to-earnings (PE) ratios, sometimes exceeding hundreds of times during upswings and dropping below 10 times after peaks [3]. - Alternative valuation methods, such as the replacement cost method, may provide a more accurate reflection of asset values, especially given the volatility of lithium prices [3]. Group 3: Replacement Cost Calculation - The replacement cost method assesses the total cost required to acquire or construct a new asset under current conditions, including intangible assets like mining rights and fixed assets such as lithium refining and mining facilities [4]. - The calculation of replacement costs involves determining the value of lithium resources per ton and applying it to the resource quantities of various lithium mines, as well as estimating the investment costs for refining and mining operations [4]. Group 4: Current Valuation Status - Based on replacement cost calculations, companies like Ganfeng Lithium, Tianqi Lithium, Shengxin Lithium, and Yahua Group are already trading below their replacement costs, indicating potential undervaluation [5]. - Other companies, while having lower replacement costs than their current market values, may still be undervalued due to uncalculated non-lithium business assets [5].