大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 | | | 供给端来看 ， | 上周碳酸锂产量为22130吨 环比增长2 71% 高于历史同期平均水平 ， . , | | 。 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 需求端来看 ， | 上周磷酸铁锂样本企业库存为102584吨 环比减少2 05% ， . , | | 上周三元材料 | | | | | | | | | | 样本企业库存为19290吨 | 环比增加0 41% ， . 。 | | | | | | | | | | | | 成本端来看 | 外购锂辉石精矿成本为91118元/吨 日环比增长3 28% | 生产所得为398 | | | | | | | | | 1 | 基本面: 、 | ， | ， . , | | | 中性 | | | | | 。 | | | | 元/吨 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company reported a 33% year-on-year increase in net profit for the first half of 2025, despite a 13% decline in revenue, primarily due to falling lithium prices. The stable performance of the civil explosives segment supported overall earnings [3][4]. - The lithium business saw a revenue decline of 26% year-on-year, with a gross margin of 1.63%, while the civil explosives segment experienced a 3.7% revenue increase and a gross margin of 35.9% [5][6]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 3.423 billion yuan, a decrease of 13% year-on-year. The net profit attributable to the parent company was 136 million yuan, an increase of 33% year-on-year, while the net profit after deducting non-recurring items was 75 million yuan, a decrease of 0.17% year-on-year [4]. - In Q2 2025, the company reported operating revenue of 1.886 billion yuan, a quarter-on-quarter increase of 23%, with a net profit of 53 million yuan, down 35% quarter-on-quarter [4]. Lithium Business Insights - The lithium business generated revenue of 1.764 billion yuan in the first half of 2025, down 26% year-on-year. The average market price for lithium carbonate was 70,300 yuan per ton, a decrease of 22% compared to the average price in 2024 [5]. - The company is expected to produce 280,000 tons of Kamativ lithium concentrate this year, with plans to increase production to 350,000 tons next year, significantly enhancing its self-supply capability [5]. Civil Explosives Business Insights - The civil explosives segment reported revenue of 1.465 billion yuan in the first half of 2025, an increase of 3.7% year-on-year, with a net profit of 253 million yuan, reflecting a 2.4% growth [6]. - The company holds a market share of nearly 5% in industrial explosives and over 11% in electronic detonators in China, with significant market share increases in the Sichuan region [6]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 493 million yuan, 679 million yuan, and 843 million yuan for 2025, 2026, and 2027, respectively, reflecting a downward adjustment in lithium price and production volume expectations [6]. - The corresponding price-to-earnings ratios (P/E) are estimated to be 33, 24, and 19 times for the respective years, with a maintained "Buy" rating due to the significant potential for increased self-supply in the lithium business [6].

转自：证券时报 人民财讯8月19日电，雅化集团(002497)8月19日晚间披露2025年半年报，公司上半年实现营业收入34.23 亿元，同比下降13.04%；归母净利润为1.36亿元，同比增长32.87%。基本每股收益0.1178元。报告期 内，公司锂盐长协客户订单需求稳定，同时公司积极拓展国内外新客户，持续优化客户结构，公司津巴 布韦卡玛蒂维锂矿所产出的锂精矿已用于产品生产，公司锂矿自给率的提升为锂盐产品成本端带来积极 影响，但2025年上半年，锂行业受整体供大于求以及关税事件扰动等影响，锂价自二季度开始持续下 跌，导致公司锂业务盈利受到较大影响。 ...