晨会纪要 证券研究报告 2025 年 08 月 26 日 核心结论 【电子】汇顶科技(603160.SH) 2025 年半年报点评:多点布局新品持续 放量，旺季催化看好业绩增长 公司是指纹传感器全球领先企业，覆盖"传感、AI 计算、连接、安全"四大 核心业务,成长动力充足。我们预计汇顶科技 2025-2027 年营收分别为 55.24、65.8、78.4 亿元，归母净利润分别为 8.56、10.78、12.68 亿元。我 们持续看好公司未来业务拓展及业绩增长,维持"买入"评级。 【电子】聚辰股份（688123.SH）2025 年半年报点评：DDR5 SPD 与车规 EEPROM 齐放量,利润率显著提升 我们预计公司 25/26/27 年营收分别为 13.09/17.95/24.03 亿元,归母净利润 分别为 4.42/6.32/8.67 亿元，维持"买入"评级。 【传媒】芒果超媒（300413.SZ）2025 年上半年业绩点评: 芒果 TV 表现相 对稳定,看好新政下平台发展 我们预计公司 25-27 年归母净利润分别为 14.47/15.10/18.95 亿元, YoY+6%/+4%/+25%，内容储备丰富 ...

公司点评 | 三祥新材 25H1 业绩符合预期，锆铪分离有望贡献业绩弹性 证券研究报告 2025 年 08 月 25 日 三祥新材（603663.SH）2025 年半年报业绩点评 事件：公司发布 2025 年半年度报告。25H1 公司实现营收 5.62 亿元，同比-7.35%; 实现归母净利润 0.45 亿元，同比-28.45%，实现扣非归母净利润 0.45 亿元，同 比-17.78%；实现销售毛利率 23.10%，同比-4.47pct，销售净利率 8.04%，同 比-3.44pct。分季度看，25Q2 公司实现营收 3.31 亿元，同环比-5.59%/+43.51%， 实现归母净利润 0.31 亿元，同环比-27.79%/+132.44%，实现扣非归母净利润 0.33 亿元，同环比-17.34%/+192.51%。业绩符合市场预期。 公司海绵锆市占率较高，积极探索新兴应用场景。国内核电建设稳步推进，2025 年上半年新增核电装机容量约 2GW，带动核级海绵锆需求提升。锆基催化剂在 PTA、环氧丙烷等化工领域需求稳定，成为海绵锆消费的重要支撑。欧美市场需 求有所回暖，出口量同比增长 8%。2025 年上半年， ...

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 265,000 CNY/ton, a week-on-week increase of 6.9% [3] - The price ratio of electrolytic cobalt to cobalt powder is 0.95, up by 4.5% week-on-week; the price ratio of electrolytic cobalt to cobalt sulfate is 5.15, up by 6.2% [3] - Carbon fiber price remains at 83.8 CNY/kg with a gross profit of -8.24 CNY/kg [3] Group 2: New Energy Vehicle Materials - The CIF price of Li2O 5% lithium concentrate is 677 USD/ton, down by 4.51% week-on-week [4] - Prices for battery-grade lithium hydroxide, industrial-grade lithium carbonate, and battery-grade lithium carbonate are 73,200 CNY/ton, 70,200 CNY/ton, and 65,200 CNY/ton, with week-on-week increases of 7.9%, 6.95%, and 8.2% respectively [4] - The price of cobalt sulfate is 50,800 CNY/ton, up by 2.01% week-on-week [4] - Prices for lithium iron phosphate and 523-type cathode materials are 32,700 CNY/ton and 111,000 CNY/ton, remaining stable with slight increases of 0% and 0.4% respectively [4] - The price of neodymium oxide is 531.15 CNY/kg, up by 3.5% week-on-week [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.94 USD/kg, remaining stable [5] - EVA price is 10,100 CNY/ton, down by 0.5%, at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating remains at 24.0 CNY/sqm [5] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 14,750 CNY/ton, 150 CNY/kg, 9,000 CNY/kg, 13,950 CNY/ton, and 14,012.5 CNY/ton respectively [6] - The uranium price is projected to be 59.58 USD/lb in June 2025, up by 4.0% [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 207,500 CNY/ton, up by 2.47% week-on-week [7] - The price of lithium cobalt oxide is stable at 175.0 CNY/kg [7] - The price of silicon carbide remains at 5,400.00 CNY/ton [7] - Prices for high-purity gallium, crude indium, and refined indium are 1,755.00 CNY/kg, 2,575.00 CNY/kg, and 2,675.00 CNY/kg, with changes of -1.7%, 0%, and 0% respectively [7] - The price of germanium dioxide is stable at 9,800 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [7] Group 6: Other Materials - The prices for platinum, rhodium, and iridium are 312.00 CNY/g, 1,865.00 CNY/g, and 1,305.00 CNY/g, with changes of -6.3%, +9.4%, and +5.7% respectively [8]

Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 236,000 CNY/ton, with a week-on-week change of +0% [3] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -8.56 CNY/kg [3] - Beryllium prices are stable this week [3] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at the Chinese port is 540 USD/ton, down by -0.92% week-on-week [4] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 59,800 CNY/ton, 60,600 CNY/ton, and 60,600 CNY/ton respectively, with changes of -0.1%, +1.21%, and -2.3% [4] - The price of cobalt sulfate is 47,700 CNY/ton, unchanged [4] - The prices of lithium iron phosphate and 523-type cathode materials are 30,300 CNY/ton and 104,800 CNY/ton, with changes of +0% and -0.7% respectively [4] - The price of praseodymium-neodymium oxide is 444.11 CNY/kg, up by +0.8% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.25 USD/kg, down by -0.7% [5] - The price of EVA is 10,450 CNY/ton, unchanged, remaining at a high level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged [5] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are as follows: zirconium oxychloride at 14,750 CNY/ton, sponge zircon at 155 CNY/kg, hafnium oxide at 9,000 CNY/kg, zirconium silicate at 14,225 CNY/ton, and zircon sand at 14,012.5 CNY/ton, with various week-on-week changes [6] - The uranium price for May 2025 is 57.31 USD/pound, up by +8.8% [6] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 186,500 CNY/ton, unchanged, while lithium cobalt oxide is priced at 175.0 CNY/kg, also unchanged [7] - The price of silicon carbide is 5,600.00 CNY/ton, unchanged [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,865.00 CNY/kg, 2,425.00 CNY/kg, and 2,525.00 CNY/kg respectively, with changes of -0.5%, +0%, and +0% [7] - The price of germanium dioxide is 9,900 CNY/kg, unchanged, with 50% used for optical fibers and 15% for electronic and solar devices; high-purity gallium is primarily used in semiconductors [7]

Core Viewpoint - The company is preparing for its 2025 annual general meeting, where key financial decisions and operational strategies will be discussed, including financial results for 2024 and budget proposals for 2025 [1][2][12]. Meeting Details - The annual general meeting is scheduled for May 28, 2025, at 14:30, held at the company's conference room in Fujian Province [1]. - Shareholders can participate through both on-site and online voting, with specific time slots designated for each [1][2]. Financial Proposals - The company reported a projected revenue of 1.5 billion yuan for 2025, reflecting a strategic focus on growth despite a 7.25% decline in net profit for 2024 [12]. - A cash dividend of 0.075 yuan per share is proposed, totaling approximately 31.76 million yuan, which represents 41.92% of the net profit attributable to shareholders [12][13]. Corporate Governance - The company plans to amend its articles of association to reflect changes in registered capital, reducing it from 423.46 million yuan to 423.30 million yuan due to stock option adjustments [14]. - The board of directors has proposed the reappointment of the auditing firm, Deloitte, for the 2025 fiscal year, ensuring continuity in financial oversight [18]. Strategic Initiatives - The company aims to apply for a bank credit line of up to 2 billion yuan for operational financing, with an additional 500 million yuan in guarantees for subsidiaries [15][17]. - The company is focusing on expanding its product lines in the new materials sector, particularly in zirconium-based products, to capitalize on market opportunities in various industries [30][31]. Industry Context - The new materials industry is recognized as a strategic emerging industry in China, with significant growth potential driven by government policies and market demand [31][32]. - The company is positioned to benefit from trends in energy structure reform and the increasing demand for advanced materials in sectors such as renewable energy and automotive [32].

Summary of Key Points Core Viewpoint - The report provides an overview of the current prices and trends in various new materials across different sectors, highlighting price stability in some areas while noting fluctuations in others. Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 240,000 CNY/ton, with a week-on-week change of +0% [2] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -8.68 CNY/kg [2] - Beryllium prices are stable [2] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate has reached 708 USD/ton, reflecting a week-on-week increase of +2.46% [3] - Prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide are 65,600 CNY/ton, 63,900 CNY/ton, and 65,900 CNY/ton, showing decreases of -4.3%, -4.29%, and -1.5% respectively [3] - The price of praseodymium and neodymium oxide is 433.70 CNY/kg, with a week-on-week increase of +2.5% [3] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.30 USD/kg, down by -0.9% [4] - EVA prices are at 11,100 CNY/ton, decreasing by -1.3% but remaining at a high level since 2013 [4] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/sqm [4] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials show mixed trends, with uranium prices increasing to 52.17 USD/lb, up by +0.6% [5] - Other zirconium prices are stable or slightly decreased [5] Group 5: Consumer Electronics New Materials - The price of high-purity gallium has decreased to 1,900.00 CNY/kg, down by -1.3% [6] - The price of germanium dioxide is stable at 9,900 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [6] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 243.00 CNY/g, 1,465.00 CNY/g, and 1,045.00 CNY/g respectively, with rhodium increasing by +2.1% [7]

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a projected stock price increase of 5% to 15% over the next six months [6]. Core Insights - The controlling shareholder, Ningde City Huifu Investment Co., Ltd., plans to increase its stake in the company, demonstrating confidence in the company's long-term development and investment value. The planned increase will be between 50 million and 100 million RMB within six months starting from April 30, 2025, with a commitment not to reduce holdings for six months after the purchase [2][3]. - The company is executing an integrated development strategy in the zirconium and hafnium industry chain, having completed strategic deployments in upstream and midstream sectors. This includes core areas such as electric melting zirconia and oxychloride zirconia, with plans to expand into end-use applications like nuclear-grade zirconium materials and zirconium-based liquid metals [3]. - The company has made significant progress in solid-state electrolyte materials, which are expected to enhance growth potential. The zirconium-based composite oxides and chlorides have shown promising electrochemical performance, with ongoing trials and small-scale supply to downstream solid-state battery manufacturers [4]. Financial Summary - The company is projected to achieve a net profit attributable to shareholders of 202 million RMB in 2025, with a significant growth rate of 166.32% compared to 2024. The expected net profits for 2026 and 2027 are 274 million RMB and 309 million RMB, respectively [5]. - Revenue is forecasted to grow from 1,054 million RMB in 2024 to 1,514 million RMB in 2025, reflecting a growth rate of 43.66% [5]. - The company's earnings per share (EPS) is expected to increase from 0.18 RMB in 2024 to 0.48 RMB in 2025, with a projected price-to-earnings (P/E) ratio of 48.18 in 2025, decreasing to 31.48 by 2027 [5].

Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 240,000 CNY/ton, with no change compared to the previous week [2] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -18.31 CNY/kg [2] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate has reached 732 USD/ton, with no change [3] - The prices of electric carbon, industrial carbon, and battery-grade lithium hydroxide are 72,200 CNY/ton, 70,600 CNY/ton, and 68,900 CNY/ton, showing decreases of 1.4%, 0.8%, and 0.4% respectively [3] - The price of praseodymium and neodymium oxide is 415.67 CNY/kg, down by 2.8% [3] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.58 USD/kg, down by 7.1% [4] - The price of EVA is 11,500 CNY/ton, remaining stable at a high level since 2013 [4] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [4] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials such as zirconium oxychloride and sponge zirconium remain stable, while uranium price is 51.83 USD/lb, down by 4.6% [5] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 187,000 CNY/ton, unchanged [6] - The price of silicon carbide is 5,700 CNY/ton, also stable, while high-purity gallium, crude indium, and refined indium prices are 1,925 CNY/kg, 2,575 CNY/kg, and 2,675 CNY/kg respectively, all unchanged [6] Group 6: Other Materials - The price of rhodium has decreased [7] Group 7: Precious Metals - The prices of platinum, rhodium, and iridium are 240.00 CNY/g, 1,400.00 CNY/g, and 1,055.00 CNY/g respectively, with platinum up by 2.1% and rhodium down by 4.8% [9]

证券代码：603663 证券简称：三祥新材 公告编号：2025-009 三祥新材股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●风险提示：敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 2 月 26 日、2 月 27 日、2 月 28 日连续三个交易日内收 盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所股票交易规则》的有关 规定，属于股票交易异常波动。 二、公司关注并核实的相关情况 针对公司股票异常波动，公司对有关事项进行核查，现将有关情况说明如下： （一）生产经营情况 公司主要业务为锆系制品、铸造改性材料等工业新材料的研发、生产和销售， 主要产品为电熔氧化锆、海绵锆、氧氯化锆及特种陶瓷等。截至目前，公司的主 营业务未发生变化，内部生产经营活动秩序正常，所处的市场环境及行业政策也 未发生重大调整。 ●三祥新材股份有限公司（以下简称"公司"或"本公司"）股票于 2025 年 2 月 26 日、2 月 ...