安泰科技 20250826 摘要 安泰科技 2025 年上半年营收虽受并购项目缺席影响，但扣除该项目后， 净利润同比增长 25%，扣非归母净利润增长 19%，显示公司经营业绩 稳健，整体增速保持在 20%左右。 钨钼业务受出口管制影响，营收下降 18%，净利润下降 9%，但合同额 基本持平。石材业务合同额增长 9%，但价格下跌及出口积压导致收入 和利润下降，公司正积极拓展东南亚市场。 安泰飞金受益于非晶材料在节能环保领域的广泛应用，实现高增长。公 司正推动电动汽车驱动电机用铁芯背心带牌的测试和检测，并与飞行联 盟合作制定技术规范，以适应不同应用领域的需求。 高速工具钢行业保持高增长，合冶公司粉末高速钢营收增长十几个百分 点，净利润同比增长 90%以上，预计未来三到五年内仍将是国内主要产 品。 可控核聚变项目中标金额显著提升，但结算周期影响收入确认。公司将 调整组织架构和资源投入以匹配 2026 年至 2027 年进入实践阶段的需 求。 Q&A 安泰科技在 2025 年上半年的经营情况如何？ 2025 年上半年，安泰科技的营业收入下降了 5%，主要受到出口业务结算和市 场结构变化的影响。归母净利润下降了 33% ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **metal industry**, particularly **strategic metals** and **new materials** for the first half of 2025, highlighting the revaluation of strategic metals and opportunities in new materials due to technological iterations [1][3][29]. Core Insights and Arguments - **Strategic Metals Pricing**: By mid-2025, the pricing of strategic metals has fully reflected actual metal prices, influenced by global uncertainties and U.S. tariff policies [1][3]. - **Focus on Key Metals**: Emphasis on rare earth magnets, tungsten, and antimony, which have strong domestic resource control [1][3]. - **Export Controls**: China has implemented export controls on gallium, germanium, antimony, tungsten, bismuth, molybdenum, and indium to counter U.S. technology restrictions, leading to significant price increases in overseas markets compared to domestic prices [1][6][9][11]. - **Supply-Demand Dynamics**: The supply-demand balance is expected to improve gradually, potentially shifting from surplus to shortage, which will drive prices upward [2][12]. Specific Metal Insights - **Tungsten**: - The tungsten quota has decreased for two consecutive years due to resource depletion, with demand linked to macroeconomic conditions and growth in sectors like 3C and military, pushing prices to historical highs [4][15][16]. - Current tungsten prices exceed 170,000 yuan per ton, with production challenges due to low ore grades [14][15]. - **Antimony**: - Antimony market is strong, with domestic supply accounting for over 60% of global production. The photovoltaic industry is a major driver of demand, expected to grow as installation capacity expands [4][17][18]. - **Molybdenum**: - Molybdenum prices are expected to remain high due to stable production and lack of new mining projects, with demand primarily from stainless steel and special steel applications [19][22]. New Materials Sector - **Growth Opportunities**: The electronic and military sectors are highlighted as key areas for growth in new materials, driven by advancements in AI and electronic components [5][23][24]. - **Technological Upgrades**: The demand for upgraded electronic materials is increasing, particularly for components like capacitors and inductors, which require smaller particle sizes and higher performance [23][24]. Geopolitical and Market Impacts - **China's Dominance**: China holds a significant advantage in the smelting of strategic metals, with over 90% of rare earth separation occurring domestically, despite U.S. technology restrictions [1][10][11][12]. - **U.S. Dependency**: The U.S. remains highly dependent on China for strategic metals, with significant portions of its tungsten, antimony, and rare earth needs met by Chinese imports [11]. Emerging Trends - **Military Sector Recovery**: The military industry is showing signs of recovery, particularly in aerospace, with increased demand for strategic metals [26]. - **New Applications**: The demand for tantalum, niobium, and titanium in high-temperature applications and aerospace is expected to grow, driven by advancements in technology and military needs [28]. Conclusion - The strategic metals market is poised for growth, supported by strong demand fundamentals and geopolitical factors. Companies in this sector, such as Jinchuan Group and Xiamen Tungsten, are recommended for their promising outlooks [29].