| 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 02 日│中国内地/中国香港 | 稀有金属 | 天齐锂业发布一季报，2025 年 Q1 实现营收 25.84 亿元（yoy-0.02%、 qoq-13.82%），归母净利 1.04 亿元（yoy+102.68%、qoq+104.73%），扣 非净利 4442.55 万元（yoy+101.13%）。存货错配影响减弱,公司一季度业绩 修复明显,考虑公司 24 年存在的不利因素已逐步消除,且公司旗下资源禀赋 优异,未来矿端成本优势依旧突出,我们维持增持评级. 成本错配情况明显缓解，公司一季度盈利能力环比明显修复 证券研究报告 天齐锂业 (9696 HK/002466 CH) 公司一季度业绩实现明显修复 25Q1 公司综合毛利率、净利率分别为 44.31%/30.28%，同比分别-4.08pct、 +62.41pct，环比分别+8.16pct/+89.08pct。毛利率和净利率环比提升主因公 司控股子公司锂矿定价周期缩短，成本错配影响大幅减弱，且锂化合物及衍 生品产销量同比增长，联营公司投资收 ...

公司点评 产销量大幅增长，持续优化生产 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-05-05 | | | [Table_BaseData] 收盘价（元） | | 23.29 | | 近 12 个月最高/最低（元） | 27.85/15.97 | | --- | --- | | 总股本（百万股） | 3,615 | | 流通股本（百万股） | 3,615 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 842 | | 流通市值（亿元） | 842 | [公司价格与沪深 Table_Chart] 300 走势比较 北方稀土（ [Table_StockNameRptType] 600111） -26% -7% 12% 30% 49% 4/24 7/24 10/24 1/25 4/25 北方稀土 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj ...

| [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-05-05 | | | [Table_BaseData] 收盘价（元） | | 23.29 | | 近 12 个月最高/最低（元） | 27.85/15.97 | | --- | --- | | 总股本（百万股） | 3,615 | | 流通股本（百万股） | 3,615 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 842 | | 流通市值（亿元） | 842 | [公司价格与沪深 Table_Chart] 300 走势比较 北方稀土（ [Table_StockNameRptType] 600111） 公司点评 产销量大幅增长，持续优化生产 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj@hazq.com -26% -7% 12% 30% 49% 4/24 7/24 10/24 1/25 4/25 北 ...

Core Viewpoint - The company experienced a decline in revenue in 2024, but its gross margin improved due to lower raw material costs, while the tungsten-molybdenum segment showed resilience with increasing profit contribution [2][4]. Group 1: Sales Performance - In 2024, the company sold 7,352 tons of hard alloys, an increase of 8.35% year-on-year. Cutting tools sales reached approximately 51.3 million units, up 2.22% [1]. - The sales of fine tungsten wire reached 135.4 billion meters, a significant increase of 55.97%, driven by market demand growth and optimized marketing strategies [1]. - Lithium cobalt oxide sales were 46,200 tons, up 33.52%, attributed to the recovery in the 3C industry and the launch of new 4.5V high-voltage lithium cobalt oxide products [1]. - Sales of ternary materials reached 51,400 tons, an increase of 37.45%, due to accelerated demand in the new energy sector [1]. - In Q1 2025, fine tungsten wire sales dropped to 32.5 billion meters, a year-on-year decrease of 5%, with revenue declining by 28% due to reduced demand in downstream photovoltaic applications [1]. Group 2: Financial Performance - The company achieved operating revenue of 35.196 billion yuan in 2024, a decrease of 10.66%. Tungsten-molybdenum revenue was 17.414 billion yuan, up 5.78%, while energy new materials revenue fell by 23.19% to 13.297 billion yuan [2]. - The overall gross margin for 2024 was 18.03%, an increase of 1.51 percentage points, primarily due to lower costs of energy new materials and rare earth raw materials [2]. - In Q1 2025, the company reported operating revenue of 8.376 billion yuan, a year-on-year increase of 1.29%, with rare earth revenue rising by 46.36% due to increased sales of deep-processing magnetic materials [2]. - The gross margin for Q1 2025 was 16.47%, a decrease of 0.22 percentage points compared to the previous year [2]. Group 3: Cost and Profitability - The company's expense ratio increased to 9.04% in 2024, with selling expenses rising to 1.17% and management expenses to 2.86% due to higher employee compensation and depreciation [3]. - The net profit attributable to shareholders for 2024 was 1.728 billion yuan, an increase of 7.88%. However, in Q1 2025, net profit decreased by 8.46% to 391 million yuan [3]. - The cash flow remained stable, with a cash collection ratio of 0.8545, down 1.45 percentage points, and a cash payment ratio of 0.7924, down 0.73 percentage points [3]. - The company's asset-liability ratio decreased to 46.44%, down 5 percentage points, due to a significant increase in cash and cash equivalents [3]. Group 4: Investment Outlook - The company has a significant advantage in the tungsten-molybdenum sector, with a continuous increase in profit contribution, indicating a long-term positive trend [4]. - Projected net profits for 2025-2027 are 1.984 billion, 2.301 billion, and 2.531 billion yuan, respectively, maintaining a "strongly recommended" rating [5].

华夏时报（www.chinatimes.net.cn）记者 胡雅文 北京报道 4月29日晚，有研新材料股份有限公司（下称"有研新材"，600206.SH）发布了2024年和2025年一季度业 绩。继去年大幅下滑之后，有研新材一季度业绩实现"大翻身"。今年一季度，有研新材盈利6738.47万 元，而去年同期仅为45.54万元，增长了6692.93万元，增幅高达14698.12%。 有研新材的销售毛利率仍保持在6%上下，业绩回春其实和减持亏损子公司有关。据了解，有研新材的 控股子公司有研稀土新材料股份有限公司（下称"有研稀土"）自2023年以来持续亏损，2024年亏损达 2.91亿元。2024年，有研新材将持股比例从88.72%减少到45%，从而在今年一季度实现了同比大幅减 亏。 有研稀土是有研新材旗下主要从事稀土业务的公司，在近两年，有研稀土的持续亏损拖累了有研新材的 业绩。有研新材方告诉《华夏时报》记者，"主要是跟中国稀土集团的股权合作，此前就已经进行过披 露。" 铂族产品难赚钱 有研新材起家于半导体硅材料领域，由北京有色金属研究总院（现为中国有研科技集团有限公司，下 称"中国有研"）发起，成立于1999年。 ...

证券研究报告 赣锋锂业 (1772 HK/002460 CH) 港股通 费用环增对公司一季度净利形成拖累 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国内地/中国香港 | 稀有金属 | 赣锋锂业发布一季报，2025 年 Q1 实现营收 37.72 亿元（yoy-25.43%、 qoq-24.28%），归母净利-3.56 亿元（前值 24Q4：-14.34 亿元，yoy+18.93%、 qoq+75.18%），考虑到公司在行业底部持续扩张上游优质资源和中游冶炼 产能，待行业景气反转有望获得较大业绩弹性，维持增持评级。 公司一季度毛利率环比修复，但费用环增对公司净利形成一定拖累 公司 25Q1 毛利率为 12.95%，环比+0.81pct，根据 SMM，碳酸锂现货价格 一季度均价为 7.58 万元/吨，环比持平；锂辉石（CIF）一季度均价 834.4 美元/吨，环比上涨 5.8%，此外公司旗下矿山 Mt Marion（持有 50%股权） 一季度成本下降幅度明显，环比下降 34.2%，矿端盈利增长支撑公司一季度 毛利率环比修复。费用方面，公司 ...

顶端新闻记者 金艾琳 4月29日晚，河南111家A股上市公司公开披露2024年年报。 2024年，谁才是河南A股上市公司中的 "KPI达人"?是稳扎稳打的老牌巨头，还是异军突起的后起之秀？ 通过2024年年报数据，一探究竟。 【营收双雄！洛阳钼业、牧原股份营收超千亿】 | 序号 证券代码 | 证券名称 | x VIV X | | | | --- | --- | --- | --- | --- | | 1 | 603993.SH | | 洛阳铝业 可 | 2,130.2866 | | 2 | 002714.SZ | | 牧原股份 = | 1,379.4689 | | 3 | 000895.SZ | 双 发展 四 | | 595.6122 | | ব | 600531.SH | 豫光金铝 四 | | 393.4454 | | 5 | 000933.SZ | | 神火股份 " | 383.7266 | | e | 600066.SH | | 宇通客车 四 | 372.1759 | | 7 | 601717.SH | | 郑煤机 ~ | 370.2457 | | 8 | 601677.SH | | 明泰铝业 可 | ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 9.287 billion yuan for Q1 2025, a decrease of 18.58% quarter-on-quarter but an increase of 61.19% year-on-year. The net profit attributable to shareholders was 431 million yuan, down 28.10% quarter-on-quarter but up 727.30% year-on-year [2] - Significant growth in sales was observed, with major products such as rare earth oxides, rare earth metals, and magnetic materials showing quarter-on-quarter increases of 81.39%, 47.83%, and 16.76%, respectively [3] - The gross profit margin slightly declined, with gross profit and gross margin at 1.041 billion yuan and 11.21%, respectively, reflecting a quarter-on-quarter decrease of 27.15% and 1.32 percentage points [3] - The company is focusing on cost reduction and efficiency improvement, with operating expenses down 34.27% quarter-on-quarter to 349 million yuan [3] - The strategic value of rare earths is expected to increase due to export controls and a significant reduction in overseas mining supply, which may lead to a continued recovery in supply and demand [4] Summary by Sections Financial Performance - Q1 2025 revenue was 9.287 billion yuan, with a year-on-year growth of 61.19% and a quarter-on-quarter decline of 18.58% [2] - Net profit attributable to shareholders was 431 million yuan, reflecting a year-on-year increase of 727.30% [2] - The company expects revenues of 34.849 billion yuan, 40.530 billion yuan, and 45.816 billion yuan for 2025, 2026, and 2027, respectively [10] Sales and Cost Analysis - Sales volume for key products increased significantly, with rare earth oxides, metals, and magnetic materials showing substantial quarter-on-quarter growth [3] - The cost of rare earth concentrate increased by 4.70%, leading to a decline in gross profit margin [3] Market Outlook - The report anticipates a continued recovery in the rare earth supply-demand balance, driven by domestic demand from sectors like robotics and low-altitude economy [4] - The overall attention on the rare earth sector is expected to increase due to its strategic importance in the context of global economic shifts [4] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.58 yuan, 0.69 yuan, and 0.97 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 40, 34, and 24 [5]

事件 4 月 29 日公司发布 2025 年一季报，实现营收 92.87 亿元，环比 -18.58%，同比+61.19%；归母净利润为 4.31 亿元，环比-28.10%， 同比+727.30%；扣非归母净利润为 4.35 亿元，环比-31.57%、同 比显著增加。 点评 销量显著增长，毛利率有所下滑。1Q25 公司销量环比显著增加， 主要产品稀土氧化物、稀土金属和磁性材料销量分别环比 +81.39%/+47.83%/+16.76%至 10558/11330/16166 吨。价格小幅上 涨，1Q25 氧化镨钕价格、钕铁硼（N35）价格分别环比+3.20%、持 平至 429.58 元/公斤、137.50 元/公斤。成本方面，1Q25 公司与 包钢股份稀土精矿关联交易价格环比+4.70%。成本涨幅大于售价， 1Q25 公司毛利、毛利率分别环比-27.15%、-1.32pct 至 10.41 亿 元、11.21%。 降本增效推进。1Q25 公司期间费用环比-34.27%至 3.49 亿元，期 间费率环比-0.90pct 至 3.76%；其中销售、管理费率分别环比持 平/-0.16pct 至 0.12%/2.64%。 ...

证券研究报告 北方稀土 (600111 CH) 25Q1 市场回暖，公司经营数据改善 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 稀有金属 | 北方稀土 2024 年实现营收 329.66 亿元（yoy-1.58%），归母净利 10.04 亿 元（yoy-57.64%），扣非净利 9.01 亿元（yoy-61.12%）。其中 Q4 实现营收 114.07 亿 元 （ yoy+33.04% ， qoq+33.10% ）， 归 母 净 利 5.99 亿 元 （ yoy-39.52% ， qoq+66.41% ）。 2025 年 Q1 实 现 营 收 92.87 亿 元 （yoy+61.19%、qoq-18.58%），归母净利 4.31 亿元（yoy+727.30%、 qoq-28.10%），扣非净利 4.35 亿元（yoy+11622.98%）。考虑到稀土行业或 至景气拐点，25Q1 市场开始回暖，维持增持评级。 价格下跌及资产减值影响 24 年业绩表现，25Q1 市场回暖 2024 年公司稀土氧化物/稀土盐类/稀土金属/磁性材 ...