证 券 研 究 报 告 公司研究 锂电化学品 2025 年 09 月 01 日 | | | 厦钨新能（688778）2025 年中报点评 强推（维持） 业绩符合预期，布局 NL、补锂等新材料 目标价：69.41 元 事项： 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,297 | 17,671 | 19,224 | 21,259 | | 同比增速(%) | -23.2% | 32.9% | 8.8% | 10.6% | | 归母净利润(百万) | 494 | 773 | 887 | 999 | | 同比增速(%) | -6.3% | 56.4% | 14.8% | 12.6% | | 每股盈利(元) | 0.98 | 1.53 | 1.76 | 1.98 | | 市盈率(倍) | 60 | 38 | 33 | 29 | | 市净率(倍) | 3.4 | 3.1 | 2.9 | 2.7 | 资料来源：公司公告，华创证券预测 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved total revenue of 7.534 billion yuan in H1 2025, representing a year-on-year increase of 18.04%. The net profit attributable to shareholders was 307 million yuan, up 27.76% year-on-year, and the net profit after deducting non-recurring gains and losses was 291 million yuan, an increase of 32.24% year-on-year [2][4]. - In Q2 2025, the company reported revenue of 4.557 billion yuan, a year-on-year increase of 47.8% and a quarter-on-quarter increase of 53%. The net profit attributable to shareholders was 190 million yuan, up 48% year-on-year, and the net profit after deducting non-recurring gains and losses was 179 million yuan, an increase of 53% year-on-year [2][4]. - The company sold 28,800 tons of lithium cobalt oxide, a year-on-year increase of 56.64%. The sales of power cathode materials (including ternary materials and lithium iron phosphate) reached 31,900 tons, up 20.76% year-on-year. In the hydrogen energy materials segment, sales were 1,974.61 tons, an increase of 6.16% year-on-year [10]. - The company is expected to maintain positive growth in sales, benefiting from differentiated competition in high-voltage and high-power ternary materials and hydrothermal lithium iron phosphate [10]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 7.534 billion yuan, with a net profit of 307 million yuan and a net profit after deducting non-recurring gains and losses of 291 million yuan [2][4]. - For Q2 2025, revenue was 4.557 billion yuan, with a net profit of 190 million yuan and a net profit after deducting non-recurring gains and losses of 179 million yuan [2][4]. Sales and Market Position - The company sold 28,800 tons of lithium cobalt oxide, 31,900 tons of power cathode materials, and 1,974.61 tons of hydrogen energy materials, indicating strong market demand and a solid industry position [10]. - The company is expected to benefit from the rising cobalt prices, which may further enhance profitability [10]. Future Outlook - The traditional business is expected to see growth due to increased market share and production rates, with a focus on AI applications driving product premium [10]. - New products in the NL cathode materials segment are progressing well, with positive feedback from downstream manufacturers [10]. - The company is well-positioned in the solid-state battery segment, with ongoing developments in lithium sulfide electrolytes and oxide solid-state electrolytes [10].

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Xiamen Tungsten New Energy, including stock price movements, financing activities, and revenue growth [1][2][3] Group 2 - As of August 25, Xiamen Tungsten New Energy's stock price increased by 1.08%, with a trading volume of 474 million yuan [1] - The company had a net financing buy of -3.64 million yuan on August 25, with a total financing and securities balance of 381 million yuan [1] - The financing balance of 375 million yuan represents 1.32% of the circulating market value, indicating a high level compared to the past year [1] Group 3 - For the first half of 2025, Xiamen Tungsten New Energy reported a revenue of 7.534 billion yuan, a year-on-year increase of 19.58%, and a net profit of 307 million yuan, up 28.36% [2] - The company has distributed a total of 738 million yuan in dividends since its A-share listing, with 612 million yuan distributed over the past three years [3] Group 4 - As of June 30, 2025, the number of shareholders increased by 3.41% to 14,700, while the average circulating shares per person decreased by 3.29% to 28,584 shares [2][3] - Notable institutional shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with increases in their holdings [3]

Core Insights - Xiamen Tungsten New Energy (688778.SH) reported a revenue of 7.534 billion yuan for the first half of 2025, representing an 18.04% year-on-year increase [2][3] - The net profit attributable to shareholders reached 307 million yuan, up 27.76% compared to the same period last year [2][3] - Basic earnings per share increased by 7.02% to 0.61 yuan [2] Financial Performance - Revenue for the reporting period was 7.534 billion yuan, compared to 6.382 billion yuan in the previous year, marking an 18.04% increase [3] - Gross profit totaled 339 million yuan, reflecting a 35.47% increase from 250 million yuan in the prior year [3] - The net profit attributable to shareholders was 307 million yuan, up from 240 million yuan, a 27.76% increase [3] - The net cash flow from operating activities was 648 million yuan, down 32.25% from 957 million yuan in the previous year, primarily due to increased material procurement costs [4] Product Performance - Lithium battery cathode materials sales reached 60,700 tons, a 35.50% increase year-on-year [4] - Sales of power battery cathode materials (including ternary materials and lithium iron phosphate) were 31,900 tons, up 20.76% [4] - Hydrogen materials sales amounted to 1,974.61 tons, reflecting a 6.16% increase [4] Research and Development - Total R&D expenditure was 243 million yuan, a 15.27% increase year-on-year [5] - R&D spending accounted for 3.23% of revenue, a slight decrease of 0.08 percentage points compared to the previous year [5] - The company is focusing on R&D in the fields of range-extended, hybrid, mid-to-high-end electric vehicles, and low-altitude applications [5] - Xiamen Tungsten has achieved supply of cathode materials for oxide-based solid-state batteries and is collaborating with leading domestic and international companies for sulfide-based solid-state battery materials [5]

厦钨新能（688778.SH）2025 年半年报点评 业绩符合预期，行业龙头地位稳固 2025 年 08 月 22 日 ➢ Q2 业绩拆分。营收和净利：公司 2025Q2 营收 45.57 亿元,同比+51.85%， 环比+53.07%，归母净利润为 1.90 亿元，同比+48.44%，环比+ 62.39%，扣非 后净利润为 1.79 亿元，同比+52.99%，环比+61.26%。毛利率：2025Q2 毛利 率为 10.26%，同比-1.36 pct，环比+0.67pcts。净利率：2025Q2 净利率为 4.2%， 同比-0.06pct，环比+0.35pct。费用率：公司 2025Q2 期间费用率为 4.63%， 同比-1.42pct，其中销售、管理、研发、财务费用率分别为 0.24%、1.23%、3.18%、 -0.02%。 ➢ 产能全球布局加速落地，国内外重点项目稳步推进。国内方面，各基地项目 有序推进：海璟基地 3 万吨锂离子电池材料扩产项目土建完成竣工验收，1.5 万 吨综合车间部分土建验收；宁德 7 万吨锂离子电池正极材料项目 C/D 车间已完 成封顶，C 车间两条生产线推进投产；雅安基地磷酸铁锂 ...

Core Insights - The company reported a revenue of 7.534 billion yuan for the first half of 2025, representing an 18.04% year-on-year increase [1][2] - The net profit attributable to the parent company was 307 million yuan, up 27.76% compared to the same period last year [1][2] - The net profit excluding non-recurring gains and losses was 291 million yuan, reflecting a 32.24% increase year-on-year [1][2] Financial Performance - Total revenue for the reporting period was 7.534 billion yuan, compared to 6.382 billion yuan in the same period last year, marking an 18.04% increase [2] - Total profit amounted to 339 million yuan, a 35.47% increase from 250 million yuan in the previous year [2] - The net profit attributable to shareholders was 307 million yuan, up from 240 million yuan, indicating a 27.76% growth [2] - The net profit after excluding non-recurring items was 291 million yuan, compared to 220 million yuan last year, a 32.24% increase [2] - The net cash flow from operating activities decreased by 32.25% to 648 million yuan from 957 million yuan [2] Product Sales and Market Position - The company sold 60,700 tons of lithium battery cathode materials, a 35.50% increase year-on-year [2] - Sales of lithium cobalt oxide reached 28,800 tons, up 56.64%, with high-voltage lithium cobalt oxide (4.5V and above) seeing significant growth [2] - In the power sector, the company maintained its technological advantage in high-voltage and high-power ternary materials, achieving sales of 31,900 tons, a 20.76% increase [3] - Sales of hydrogen energy materials reached 1,974.61 tons, reflecting a 6.16% year-on-year growth [3] Expansion and Projects - The construction of a factory in France with an annual capacity of 40,000 tons for ternary materials is progressing smoothly [3] - The project for producing 40,000 tons of cathode material precursors in France is advancing with technical authorization work [3] - The expansion project at the company's Xiamen base for producing 30,000 tons of lithium-ion battery materials has completed civil construction and is awaiting fire safety inspection [3] - The comprehensive workshop project at the Haijing base, with a planned annual capacity of 15,000 tons, has seen some workshops complete construction acceptance [3]

Group 1 - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling approximately 100.70 million RMB, based on the total share capital after deducting shares held in the repurchase account [2][63][75] - The company achieved a net profit of approximately 306.89 million RMB for the first half of 2025, representing a year-on-year increase of 27.76% [64][69] - The company’s total revenue for the first half of 2025 reached approximately 7.53 billion RMB, reflecting an 18.04% year-on-year growth [69] Group 2 - The company’s lithium battery cathode material sales reached 60,700 tons in the first half of 2025, a 35.50% increase year-on-year [68] - The company’s total profit for the first half of 2025 was approximately 339 million RMB, marking a 35.47% increase compared to the previous year [69] - The company’s research and development investment amounted to approximately 243 million RMB, accounting for 3.23% of total revenue [71] Group 3 - The company plans to use up to 500 million RMB of temporarily idle raised funds for cash management, with a validity period until December 31, 2025 [46][56] - The company has established a governance structure that includes a board of directors, a supervisory board, and management, ensuring effective decision-making processes [77][78] - The company has implemented various measures to achieve carbon neutrality, including completing carbon footprint certifications and reducing CO2 emissions by over 3.78 million kg [73]

Core Viewpoint - The company, Xiamen Tungsten New Energy (688778), reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by increased sales in lithium battery materials and hydrogen energy materials [1] Financial Performance - The company achieved operating revenue of 7.534 billion yuan, representing a year-on-year increase of 18.04% [1] - The net profit attributable to shareholders was 307 million yuan, reflecting a year-on-year growth of 27.76% [1] - Basic earnings per share were reported at 0.61 yuan [1] - The company proposed a cash dividend of 2 yuan per 10 shares (including tax) [1] Product Sales - Sales of lithium battery cathode materials reached 60,700 tons, marking a year-on-year increase of 35.50% [1] - Sales of power battery cathode materials (including ternary materials and lithium iron phosphate) amounted to 31,900 tons, up by 20.76% year-on-year [1] - In the hydrogen energy materials segment, the company sold 1,974.61 tons, which is a year-on-year growth of 6.16% [1]

Core Insights - Xiamen Tungsten New Energy Materials Co., Ltd. (hereinafter referred to as "Xiamen New Energy") reported significant challenges in its 2024 annual report, including a complex international environment, rising trade protectionism, severe competition in the new energy vehicle industry, and declining prices of bulk raw materials, leading to a substantial drop in profitability [1] Financial Performance Summary - The company achieved operating revenue of 13.297 billion yuan, a decrease of 23.19% compared to 17.311 billion yuan in 2023 [2] - Revenue from the new energy battery materials sector was 13.201 billion yuan, down 22.97% year-on-year, indicating that despite increased product sales, falling raw material prices and product prices led to a revenue decline [2] - The revenue breakdown shows that lithium cobalt oxide revenue was 6.691 billion yuan (down 24.51%), ternary materials revenue was 6.102 billion yuan (down 21.31%), and hydrogen energy materials revenue was 408 million yuan (down 21.32%) [2] Profitability Analysis - The net profit attributable to shareholders was 494 million yuan, a decline of 6.33% from 527 million yuan in 2023 [3] - The net profit excluding non-recurring gains and losses was 447 million yuan, down 4.06% year-on-year [3] - Basic earnings per share were 1.18 yuan, down 5.60%, while diluted earnings per share were 1.06 yuan, down 4.50% [3] Expense Management - Sales expenses increased by 26.55% to 41.625 million yuan, likely due to heightened market expansion and product promotion efforts [4] - Management expenses decreased by 2.04% to 188 million yuan, indicating improved management efficiency [4] - Financial expenses saw a significant drop of 69.21% to 26.835 million yuan, attributed to reduced interest-bearing liabilities and financing costs [4] - R&D expenses totaled 419 million yuan, down 9.88%, but the proportion of R&D expenses to operating revenue increased to 3.15% from 2.68% in 2023, reflecting a continued focus on technological innovation [4] Cash Flow Analysis - The net cash flow from operating activities was 1.753 billion yuan, down 32.05%, primarily due to increased payments for material procurement [5] - The net cash flow from investing activities improved to -972 million yuan from -1.485 billion yuan, indicating a slowdown in investment pace [5] - The net cash flow from financing activities was -341 million yuan, an improvement of 63.39% from -931 million yuan, reflecting reduced loan repayments [5] R&D and Talent Development - R&D investment totaled 419 million yuan, with a focus on maintaining technological leadership despite a decrease in absolute terms [6] - The number of R&D personnel increased from 427 to 503, representing 15.04% of the total workforce, up from 14.44% [8] - Total R&D personnel compensation rose from 68.1195 million yuan to 96.3549 million yuan, with average compensation increasing from 159,500 yuan to 191,500 yuan [8]