证券研究报告|行业研究报告 [Table_Date] 2025 年 11 月 20 日 [Table_Title] SQM 锂盐销量同比增长 42 %至 7.29 万吨， Kwinana 加工厂计划在 2026 年底达到额定产能 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q3 生产经营情况 1、锂盐业务 2025Q3 锂盐销量为 7.29 万吨，同比增长 42%，环比增长 37%。其中智利锂盐销量 6.29 万吨，同比增长 22.85%，环比 增长 18.45%；国际部（Mt Holland）锂盐销量 1 万吨，上一季 度销量为 1300 吨。第三季度，公司实现了历史最高的锂销 量，这主要得益于超出预期的强劲需求增长。锂需求的强劲增 长不仅来自电动汽车行业，也来自电池储能系统，后者已占全 球锂需求的 20%以上。此外，公司观察到整个供应链的库存水 平有所下降，加之近几个月来出现的一些供应中断，共同促成 了整体价格趋势的转变。 阿塔卡马盐沼矿区的平均实际售价接近每公斤 8.8 美元， 较上一季度增长 3.5%。尽管涨幅不大，但这标志着在波动剧 烈 ...

Investment Rating - The industry is rated as "Recommended" [5] Core Insights - In Q2 2025, lithium sales volume increased by 2% year-on-year to 53,100 tons, while the average price decreased by 34% year-on-year to $8,384 per ton [1] - The company expects significant increases in lithium sales volume in the second half of 2025, with an updated annual sales guidance of approximately 20,000 tons LCE [11][12] Summary by Sections Lithium Business - Q2 2025 lithium sales volume was 53,100 tons, a 2% increase year-on-year but a 3% decrease quarter-on-quarter [1] - Average realized price for lithium was $8,384 per ton, down 34% year-on-year and 8% quarter-on-quarter [1] - Unit sales cost for lithium was $7,112 per ton, down 24% year-on-year and nearly flat quarter-on-quarter [1] - Unit gross profit for lithium was $1,272 per ton, down 62% year-on-year and 38% quarter-on-quarter [1] Specialty Plant Nutrition (SNP) - Q2 2025 SNP sales volume was 264,800 tons, a 1% decrease year-on-year and a 22% increase quarter-on-quarter [2] - Average realized price for SNP was $983 per ton, up 1% year-on-year and quarter-on-quarter [2] - Unit sales cost for SNP was $856 per ton, up 7% year-on-year and 6% quarter-on-quarter [2] - Unit gross profit for SNP was $127 per ton, down 28% year-on-year and 26% quarter-on-quarter [2] Iodine and Derivatives - Q2 2025 iodine and derivatives sales volume was 3,800 tons, a 7% decrease year-on-year and a 6% increase quarter-on-quarter [3] - Average realized price for iodine was $71,395 per ton, up 9% year-on-year and 1% quarter-on-quarter [3] - Unit sales cost for iodine was $33,724 per ton, up 11% year-on-year and 6% quarter-on-quarter [3] - Unit gross profit for iodine was $37,671 per ton, up 7% year-on-year but down 3% quarter-on-quarter [3] Potash - Q2 2025 potash sales volume was 85,300 tons, a 55% decrease year-on-year and a 15% decrease quarter-on-quarter [4] - Average realized price for potash was $474 per ton, up 23% year-on-year and 12% quarter-on-quarter [4] - Unit sales cost for potash was $433 per ton, up 25% year-on-year and 16% quarter-on-quarter [4] - Unit gross profit for potash was $41 per ton, up 1% year-on-year but down 15% quarter-on-quarter [4] Financial Performance - In Q2 2025, total revenue was $1.0427 billion, a 19% decrease year-on-year but a 1% increase quarter-on-quarter [6] - Sales cost was $789.1 million, down 13% year-on-year and up 8% quarter-on-quarter [6] - Gross profit was $253.6 million, down 34% year-on-year and 17% quarter-on-quarter [6] - Pre-tax profit was $147 million, down 49% year-on-year and 31% quarter-on-quarter [6][7] - Net income after tax was $88.4 million, down 59% year-on-year and 36% quarter-on-quarter [7]