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]

Core Viewpoint - The company has shown significant revenue growth and a notable reduction in losses, indicating a potential turning point in its financial performance [2][7]. Financial Performance - In H1 2025, the company achieved a revenue of 1.5 billion yuan, representing a year-on-year increase of 29% [1][2]. - The net profit attributable to shareholders for H1 2025 was -22 million yuan, reflecting a substantial narrowing of losses [1][2]. - In Q2 2025, the company reported a revenue of 760 million yuan, with a year-on-year growth of 15%, although it incurred a net loss of 25 million yuan, primarily due to the lithium hexafluorophosphate business [2]. Business Developments - The company has completed a 100,000-ton battery aluminum foil project by the end of 2024, which includes 10 casting and rolling production lines and 2 cold rolling production lines [3][4]. - The production line for 20,000 tons of boron trifluoride complex and 10,000 tons of boron trifluoride gas is nearing completion, with an expected launch in October 2025 [5][6]. Market Outlook - The price of lithium hexafluorophosphate has rebounded, with a current price of 56,500 yuan per ton, up approximately 15% since July 21, which is expected to positively impact the company's profitability [2]. - The high barriers to entry and the complex environmental assessment procedures for boron trifluoride production suggest a promising profit elasticity for the company [6]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 51 million yuan, 224 million yuan, and 392 million yuan for the years 2025, 2026, and 2027, respectively [7].

公告显示，深圳新星公司预计2025年半年度归属于母公司所有者的净利润为 -2350万元到 -1570万元，与上年同期相比，亏损减少3383.77万元到4163.77万 元；归属于母公司所有者的扣除非经常性损益后的净利润为 -2950万元到 -1970万元。深圳新星上年同期利润总额为 -5501.30万元，归属于母公司所有者的净 利润为 -5733.77万元，归属于母公司所有者的扣除非经常性损益的净利润为 -7127.41万元，每股收益为 -0.36元。 深圳新星表示，本期业绩预亏主要有三方面原因。一是受关税贸易战影响，铝锭价格大幅波动，4月初铝价较3月底下跌约1000元/吨，因生产周期及备货影 响，第一季度末约1万吨的铝锭存货、铝晶粒细化剂及电池铝箔坯料半成品等库存成本顺延至二季度，使第二季度产品成本偏高，产品综合毛利率下降，毛 利减少约1000万元。二是本期铝箔坯料产品等销售收入增加，应收账款增加，预期信用减值损失金额较一季度增加约500万元。三是铝箔坯料冷精轧生产线 处于调试过程中，产能未能完全稳定放量，成材率未达预期，导致铝箔冷轧坯料产品毛利率下降，不过截至业绩预告披露日，该生产线已调试完成，处于稳 定 ...

证券代码：603978 证券简称：深圳新星 公告编号：2025-068 深圳市新星轻合金材料股份有限公司 关于 2024 年年度报告的信息披露监管问询函 的回复公告 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个别及连带责任。 深圳市新星轻合金材料股份有限公司（以下简称"公司"或"深圳新星"）于 司 2024 年年度报告的信息披露监管问询函》（以下简称"问询函"）（上证公函 【2025】0913 号），根据相关规定，现对问询函有关问题回复如下： 问题一、关于业绩亏损。公司已连续三年亏损，年报显示，公司 2024 年度 实现营业收入 25.63 亿元，同比增长 62.32%，归母净利润-2.91 亿元，同比增亏 现金流量净额-2.06 亿元，流出同比增加 20.04%。综合毛利率 2.94%，同比下 滑 1.74 百分点，其中，六氟磷酸锂毛利率-44.89%，同比下降 37.12 个百分点。 年报披露，营业收入增长主要系铝箔坯料投产销售，业绩亏损主要系六氟磷酸 锂经营亏损及相关减值。 请公司：（1）结合行业趋势、市场竞争、业务结构变化等 ...

Core Viewpoint - Shenzhen New Star (603978.SZ) is enhancing its subsidiary's capital structure by introducing a local state-owned investment fund, aiming to improve competitiveness and operational support for its subsidiary, Luoyang New Star [1][7]. Group 1: Capital Increase and Structure - Luoyang New Star plans to raise 200 million yuan through a capital increase, with the registered capital increasing from 1 billion to 1.184 billion yuan, reducing Shenzhen New Star's ownership from 100% to 84.47% while maintaining control [1][3]. - The investment fund, Gongkong New Star Fund, is established with contributions from Shenzhen New Star and local state-owned assets, with a total subscription of 500 million yuan planned [4]. Group 2: Financial Performance and Commitments - Luoyang New Star achieved revenues of 2.423 billion yuan and a net profit of 6.9914 million yuan in 2024, with a performance commitment of a cumulative net profit of no less than 77 million yuan from 2025 to 2027 [2][6]. - Shenzhen New Star reported revenues of 2.563 billion yuan in 2024, but incurred a net loss of 291 million yuan, marking three consecutive years of losses totaling approximately 480 million yuan [2][9]. Group 3: Business Segments and Challenges - Shenzhen New Star operates in three main segments: aluminum grain refiners, battery aluminum foil materials, and lithium hexafluorophosphate, with Luoyang New Star being crucial for the battery aluminum foil segment [1][7]. - The lithium hexafluorophosphate segment faced significant challenges due to low market prices and increased competition, leading to a loss of 42.3482 million yuan in 2024 [8].