三祥新材 20251222 摘要 三祥新材电容氧化锆产能全球领先，达 26,000 吨，市占率超 30%，年 出货量约 1.6-1.7 万吨。工业级海绵锆产能 3,000-3,500 吨，预计 2025 年出货 3,000 吨，占全球市场 50%以上，国内超 70%。 公司计划 2025 年投产 1,300 吨核级海绵锆项目，已获法国法马通 150 吨及国内 700 吨国家收储订单共 850 吨。预计 2026 年合金海绵锆业务 持续增长，法马通上半年订单接近 2025 年全年水平，并积极拓展海外 及国内市场。 三祥新材在 2024-2025 年间突破锆铪分离技术，实现 5 个 9 以上高纯 度，计划 2026 年二季度全面投产，有望降低合金海绵锆原料成本，形 成闭环产业链。锐钛矿项目不仅解决原料问题，副产品高纯氧化铪（高 达 5 个 9 纯度）将显著提升盈利能力。 全球高纯市场需求增长，主要供应国受限，三祥新材凭借技术优势填补 缺口。高端金属市场价格接近每吨 5,000 万元，预计持续上涨，海外供 给短期难增，国内低端需求较弱，下游需求紧张，价格将保持坚挺。 Q&A 三祥新材在锆材料领域的市场地位和产品布局 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [5][10]. Core Insights - The company reported a revenue of 562 million yuan for H1 2025, a year-on-year decrease of 7.35%, and a net profit attributable to shareholders of 45 million yuan, down 28.45% year-on-year [1][5]. - The company has a strong market position in sponge zircon, with a market share exceeding 50%, and is actively exploring new application scenarios for its products [2]. - The company is developing solid-state electrolyte projects and has initiated the industrialization of zirconium-hafnium separation technology, which is expected to contribute significantly to future earnings [3]. Financial Performance Summary - For H1 2025, the company achieved a gross profit margin of 23.10%, down 4.47 percentage points year-on-year, and a net profit margin of 8.04%, down 3.44 percentage points year-on-year [1]. - The company’s revenue for Q2 2025 was 331 million yuan, showing a quarter-on-quarter decrease of 5.59% but an increase of 43.51% year-on-year [1]. - The projected net profits for 2025, 2026, and 2027 are 140 million yuan, 300 million yuan, and 425 million yuan, respectively, reflecting growth rates of 84.3%, 115.0%, and 41.6% [3][4].