华鑫证券研报指出，深圳新星2025H1实现收入15亿元/yoy+29%，实现归母净利润为-0.22亿元，亏损大 幅收窄。Q2实现归母净利润-0.25亿元，主要受六氟磷酸锂业务拖累。伴随六氟磷酸锂价格触底回升， 公司盈利有望迎来拐点。截止到9月10日，根据Wind数据，六氟磷酸锂报价5.65万元/吨，较7月21日上 涨约15%，对应提升0.73万元/吨。伴随六氟磷酸锂价格触底回升，公司业绩有望迎来拐点，此外，公司 积极加码新业务，未来成长路径清晰。公司目前2万吨三氟化硼络合物生产线和1万吨三氟化硼气体生产 线设备安装已进入尾声，预计2025年10月投产。三氟化硼主要用来生产硼10同位素，高丰度的硼10同位 素主要用于核反应堆控制剂和快堆控制棒、核废料处理等，需求前景好。基于公司业绩拐点明确，新项 目投产在即，给予"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating for the company [2][9] Core Views - The company has shown significant revenue recovery, with a 29% year-over-year increase in revenue for the first half of 2025, reaching 1.5 billion yuan, and a notable reduction in net loss to 22 million yuan [4][5] - The recovery in lithium hexafluorophosphate prices is expected to lead to a turning point in profitability, with prices rising approximately 15% since July 21, 2025 [5] - The company is actively developing new business lines, indicating a clear growth path for the future [5] - The aluminum foil segment is entering a performance release phase, with a production capacity of 100,000 tons expected to contribute positively to profitability [6] - The company is nearing the completion of its boron trifluoride production lines, with expected production starting in October 2025, which is anticipated to have strong demand due to its applications in nuclear technology [7] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.5 billion yuan, a 29% increase year-over-year, while the net loss was reduced to 22 million yuan [4][5] - For Q2 2025, revenue was 760 million yuan, a 15% increase year-over-year, with a net loss of 25 million yuan primarily due to the lithium hexafluorophosphate business [5] Future Projections - The company forecasts net profits of 51 million yuan, 224 million yuan, and 392 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 77, 18, and 10 times [8][9] - Revenue projections for 2025 to 2027 are 3.059 billion yuan, 3.698 billion yuan, and 4.452 billion yuan, with growth rates of 19.4%, 20.9%, and 20.4% respectively [11] Business Development - The company completed a 100,000-ton battery aluminum foil project by the end of 2024, which is expected to enhance profitability [6] - The boron trifluoride production lines are set to commence operations in October 2025, with high barriers to entry and promising profit potential due to the complexity of production [7]

深圳新星发布公告： 2025H1 公司实现收入15 亿元/yoy+29%，实现归母净利润为-0.22 亿元，亏损大幅 收窄。 业绩大幅修复，拐点值得期待 公司2025H1 实现收入15 亿元/yoy+29%，收入表现强劲；2025H1 实现归母净利润-0.22 亿元，亏损明显 大幅收窄。 2025Q2 公司实现收入7.6 亿元/yoy+15%，实现归母净利润-0.25 亿元，主要受六氟磷酸锂业务拖累。伴 随六氟磷酸锂价格触底回升，公司盈利有望迎来拐点。截止到9 月10 日，根据Wind 数据，六氟磷酸锂 报价5.65 万元/吨，较7 月21 日上涨约15%，对应提升0.73 万元/吨。 伴随六氟磷酸锂价格触底回升，公司业绩有望迎来拐点，此外，公司积极加码新业务，未来成长路径清 晰。 铝箔进入业绩释放期，爬坡顺畅 公司积极储备新的增长点。 2024 年底公司完成了年产10 万吨电池铝箔坯料项目（10 条铸轧生产线，每 条产能 1 万吨和配套2 条冷轧生产线，每条产能5 万吨）建设与投产，其中第一条冷轧生产线于 2024 年 7 月试产，第二条冷精轧生产线于2024 年12 月试产。 该项目目前已持续爬坡，目前产 ...