2025 年 08 月 26 日 铜箔业务开始好转，构造业绩增长核心驱动力 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 (%) 亨通股份 沪深300 相关研究 —亨通股份（600226.SH）公司事件点评报告 亨通股份发布 2025 年半年报：公司 2025 年上半年实现营业 收入 8.18 亿元，同比+45.80%；实现归母净利润 1.27 亿元， 同比+8.91%。 分季度来看，2025Q2 公司实现营业收入 4.36 亿元，同比 +22.43%，环比+14.00%；实现归母净利润 0.57 亿元，同比 +6.49%，环比-18.90%。 投资要点 ▌ 铜箔业务好转，营收同步增长 买入(首次) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：覃前 | S1050124070019 | | qinqian@cfsc.com.cn | | | 基本数据 | 2025-08-26 | | --- | --- | | 当前股价（元） | 3.43 | | 总市值（亿元） ...

Core Viewpoint - Hengtong Holdings reported significant growth in revenue and net profit for the first half of 2025, driven primarily by its copper foil business, which is positioned as a key growth engine for the company [1][2]. Financial Performance - The company achieved a revenue of 818 million yuan, representing a year-on-year increase of 45.80% - Net profit attributable to shareholders was 127 million yuan, up 8.91% year-on-year [1]. Business Segments - The copper foil business contributed 553 million yuan in revenue, accounting for 67.59% of total revenue, with sales volume increasing by 131.33% [1]. - The company has a production capacity of 10,000 tons/year for electronic circuit copper foil and 5,000 tons/year for lithium battery copper foil, with ongoing construction to expand capacity [3]. Market Demand and Trends - The demand for electronic circuit copper foil is closely linked to the rapid development of AI computing power, 5G communication, and new energy vehicles, with a projected compound annual growth rate of 5.2% for global PCB output from 2024 to 2029 [1][2]. - The lithium battery copper foil market is driven by the needs of new energy vehicles and energy storage systems, with increasing demands for higher energy density and longer battery life [1]. Strategic Direction - Hengtong Holdings is focusing on high-end copper foil products, avoiding price wars, and emphasizing R&D and industrial application to capture domestic substitution opportunities [2]. - The company has developed high-value-added products such as RTF, LP, and HTE copper foils, which have already entered mass production [2]. Production and Supply Chain - The company’s production base in Deyang, Sichuan, benefits from local sulfuric acid resources and copper material storage advantages, which help reduce production and transportation costs [3]. - Hengtong Holdings is strengthening partnerships with leading PCB manufacturers, with products being increasingly adopted by major clients [2][3]. Other Business Developments - In addition to copper foil, the company is advancing in the biosynthesis sector, with a project in Inner Mongolia expected to add 11,880 tons/year of amino acid production capacity [3]. - The export performance of products like Monensin is strong, with a 23.50% year-on-year increase in sales [3].