华安证券研报指出，天赐材料上半年实现归母净利润2.68亿元，同比增长12.79%；其中，2025年Q2实 现归母净利润1.18亿元，环比有所下滑，业绩基本符合市场预期。公司核心产品电解液业务保持强劲增 长势头，2025年上半年实现营收63.02亿元，同比增长33.18%。尽管产品价格面临压力，但得益于产能 利用率提升带来的成本下降，以及公司通过布局关键原材料和开展碳酸锂期货套期保值业务有效对冲成 本波动，单吨盈利能力保持稳定。公司特种化学品产品正负极粘结剂及锂电池用胶类产品业务正在快速 起量中，目前已形成一定市场规模。另外，公司持续推进全球化产能建设，美国德州年产20万吨电解液 项目及摩洛哥锂电池材料一体化项目正按计划推进。同时，公司前瞻性布局新兴材料，在硫化物固态电 解质领域已规划中试产线，预计2026年中落地。PEEK材料已与机器人公司合作送样，有望在机器人及 航空航天等领域实现应用。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][18]. Core Views - The company has shown improvement in its performance with a significant increase in revenue and net profit in the first half of 2025, driven by the growth in lithium-ion battery materials [2][3]. - The company is focusing on expanding its product offerings and enhancing its competitive edge through innovation and integrated operations, particularly in new lithium battery materials and technologies [8][9]. Financial Summary - For the first half of 2025, the company reported a revenue of 7.03 billion, a year-on-year increase of 28.97%, and a net profit attributable to shareholders of 268 million, up 12.79% year-on-year [1][2]. - The overall gross margin for the first half of 2025 was 18.69%, slightly down from the previous year, while the net profit margin was 3.77%, reflecting a decrease of 0.61 percentage points year-on-year [2]. - The company’s cash flow from operating activities increased by 12.26% year-on-year, amounting to 409 million [3]. - The revenue from lithium-ion battery materials reached 6.30 billion, representing a 33.18% increase year-on-year, accounting for 89.66% of total revenue [3][4]. Future Projections - The company is projected to achieve revenues of 16.98 billion, 21.46 billion, and 25.71 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 811 million, 1.38 billion, and 1.93 billion [9]. - The expected EPS for the years 2025, 2026, and 2027 are 0.42, 0.72, and 1.01, respectively, with the current P/E ratios projected to decrease from 49.2 to 20.7 over the same period [9].

风险提示：原材料价格波动风险，下游需求不及预期，技术路线替代。 研发固态电解质，应对未来技术迭代发展。全固态电池具备能量密度更高、安全性更好等诸多优势。公 司通过利用现有的液态锂盐生产平台，开发出了硫化锂路线的固态电解质，并成功完成实验室公斤级生 产，形成部分专利与初代产品。由此形成了"液态＋固态"的双轮驱动业务格局，获得领先优势。 多业务协同构建竞争优势。天赐材料横向拓展正极材料、电池回收、电池用胶等业务。1）公司拥有行 业内领先的液体六氟磷酸锂工艺技术，成本低于行业平均水平，获得了国际各大客户的高度认可；2） 在磷酸铁锂电池回收方面，公司完成渠道网络规模化拓展，与多家战略伙伴与头部企业协同合作，实 现"资源 - 材料 - 回收"的闭环生态；3）特种化学品产品正负极粘结剂及锂电池用胶类产品业务快速起 量，完成体系闭环。 投资建议：我们预计公司2025-2027 年实现营收分别为162.2/208.3/250.3 亿元，归母净利润分别为 8.3/13.2/19.8 亿元，EPS分别为0.44/0.69/1.03 元，PE 为50/32/21 倍。首次覆盖，给予"推荐"评级。 公司发布25 年半年报，2025 ...