在此背景下，人造石墨负极龙头杉杉股份（600884.SH）交出了一份出色的半年报——上半年，公司实现营业收入98.58亿元，同比增长11.78%； 归属于上市公司股东的净利润2.07亿元，同比增长1079.59%；两大核心主业合计实现净利润达4.15亿元。用实打实的业绩印证了行业复苏的强劲 动能，展现出头部企业在产业周期切换中的核心竞争力。 负极赛道迎结构性优化 要理解杉杉股份的业绩爆发，首先需看清其背后锂电行业的"复苏大图景"。 2025年上半年，全球电动化与储能需求的双重拉动，让锂电行业摆脱了2024年的低谷期，进入"复苏-繁荣"的新阶段，且这种复苏并非单点突破， 而是全产业链的协同增长。 从下游应用端来看，新能源汽车市场持续"领跑"。中国汽车工业协会数据显示，上半年国内新能源汽车销量达693.7万辆，同比大幅增长40.3%， 这一增速不仅远超传统燃油车，更直接带动了动力电池需求的激增——同期动力电池出货量达到477GWh，同比增长49%。 （原标题：锂电行情强势复苏，杉杉股份上半年核心业务盈利4.15亿元） 21世纪经济报道记者费心懿 在全球能源结构转型与电动化浪潮的双重推动下，2025年上半年锂电行业 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The Q2 performance of the company met market expectations, with a significant year-on-year revenue increase of 61.8% in H1 2025 and a net profit increase of 34.4% [8] - The company is expected to achieve a sales volume of 320,000 tons in 2025, representing a year-on-year growth of over 45% [8] - The report anticipates stable profitability in the second half of 2025, with a projected net profit per ton of approximately 0.3 million yuan [8] - The target price for the company's stock is set at 78.8 yuan, based on a 20 times price-to-earnings ratio for 2025 [8] Financial Summary - Total revenue projections for the company are as follows: 4,391 million yuan in 2023, 5,229 million yuan in 2024, 8,414 million yuan in 2025, 10,474 million yuan in 2026, and 12,588 million yuan in 2027, with respective year-on-year growth rates of -8.18%, 19.10%, 60.90%, 24.48%, and 20.19% [1] - The net profit attributable to the parent company is forecasted to be 722.90 million yuan in 2023, 838.33 million yuan in 2024, 1,026.77 million yuan in 2025, 1,425.47 million yuan in 2026, and 1,749.14 million yuan in 2027, with year-on-year growth rates of -43.94%, 15.97%, 22.48%, 38.83%, and 22.71% [1] - The earnings per share (EPS) are projected to be 2.77 yuan in 2023, 3.21 yuan in 2024, 3.94 yuan in 2025, 5.46 yuan in 2026, and 6.71 yuan in 2027 [1]