| 600884 | 杉杉股 | 3.10 | 6.92 | 6484.36 | 4.49 | | --- | --- | --- | --- | --- | --- | | | 份 | | | | | | 000603 | 盛达资 | 9.99 | 4.57 | 4545.90 | 7.94 | | | 源 | | | | | | 605376 | 博迁新 | 3.05 | 3.89 | 4152.53 | 8.09 | | | 材 | | | | | | 601061 | 中信金 | 3.22 | 10.26 | 3514.16 | 7.37 | | | 属 | | | | | | 300919 | 中伟股 | 1.31 | 2.33 | 2783.03 | 3.49 | | | 份 | | | | | | 601618 | 中国中 | 0.59 | 0.95 | 1987.47 | 3.43 | | | 冶 | | | | | | | 寒锐钴 | | | | | | 300618 | 业 | 10.14 | 15.50 | 1883.93 | 1.02 | | 603568 | 伟明环 | 0.42 | ...

Group 1 - As of August 29, the metal nickel concept increased by 1.67%, ranking 10th among concept sectors, with 24 stocks rising, including Shengtun Mining hitting the daily limit, and other notable increases from Lanxiao Technology, Xiangtan Electric, and Xingye Silver Tin at 7.01%, 5.94%, and 4.87% respectively [1] - The metal nickel sector saw a net inflow of 1.16 billion yuan from main funds today, with 15 stocks receiving net inflows, and 9 stocks exceeding 50 million yuan in net inflows, led by Huayou Cobalt with a net inflow of 441 million yuan [2] - The top three stocks by net inflow rate were Shengtun Mining at 13.51%, China Metallurgical Group at 10.89%, and Huayou Cobalt at 7.84% [3] Group 2 - The metal nickel concept had a total of 24 stocks rising, with the highest increase from Shengtun Mining at 10.04%, followed by Huayou Cobalt at 3.18% and Xiangtan Electric at 5.94% [4] - Stocks with significant declines included *ST Qingyan at -3.67%, ST Hezhong at -1.88%, and Huaxin Environmental at -1.63% [5] - The trading volume and turnover rates for the top stocks in the metal nickel sector indicate strong investor interest, with notable turnover rates for Shengtun Mining at 10.53% and Xiangtan Electric at 13.73% [3][4]

Core Viewpoint - Zhongwei Co., Ltd. (300919.SZ) reported a significant increase in sales volume of nickel, cobalt, phosphorus, and sodium products, exceeding 188,000 tons, a year-on-year growth of 33.91%. However, the company's net profit declined by 15.2% to 733 million yuan, indicating a decrease in profitability despite revenue growth [2][6]. Group 1: Financial Performance - In the first half of 2025, Zhongwei Co. achieved operating revenue of 21.323 billion yuan, a year-on-year increase of 6.16%, while operating costs rose by 6.97% to 18.742 billion yuan, leading to a decline in gross margin from 12.77% to 12.1% [6]. - The company's gross profit margin has been under pressure, with significant increases in operating expenses, including a 51.09% rise in financial costs due to exchange losses, reaching 581 million yuan [6][7]. - The sales volume of nickel, cobalt, phosphorus, and sodium products increased, but the revenue from ternary precursor products decreased by 15% to 7.5 billion yuan, with a gross margin of 18% [6][7]. Group 2: Market Dynamics - The average price of 8-series ternary precursors in the first seven months of the year was 87,642 yuan per ton, a decrease of 0.8% year-on-year, primarily due to falling prices of nickel sulfate and lithium carbonate [3]. - Analysts expect a slight increase in prices for high-nickel ternary precursors and cathode materials in the second half of the year, driven by strong raw material prices, but potential consumption shrinkage in overseas markets may limit price increases [3][6]. Group 3: Company Background and Strategy - Zhongwei Co. was founded by Chairman Deng Weiming, who shifted focus to new energy materials in 2012, leading to the establishment of Zhongwei Co. in 2014, which specializes in lithium battery new energy materials [4][5]. - The company has expanded its production capacity significantly, with a ternary precursor capacity of 192,500 tons, accounting for 20% of the global market share, making it the industry leader [5][6].

Investment Highlights - Company reported a 38% quarter-on-quarter increase in net profit attributable to shareholders for Q2, aligning with expectations [1] - For the first half of 2025, the company achieved revenue of 21.32 billion yuan, a year-on-year increase of 6.2%, with a net profit of 730 million yuan, down 15.2% year-on-year [1] - The gross profit margin for the first half of 2025 was 12.1%, a decrease of 0.7 percentage points year-on-year [1] Product Performance - The company benefited from rising cobalt prices, with significant profit contributions from its four-cobalt products [2] - In the first half of 2025, the company shipped 188,000 tons of nickel, cobalt, phosphorus, and sodium products, a year-on-year increase of 34% [2] - The expected total shipment for Q2 of ternary precursors and four-cobalt products is 60,000 tons, a quarter-on-quarter increase of 30% [2] Financial Metrics - The company’s cash flow showed strong performance, with operating cash flow of 1.48 billion yuan in the first half of 2025, up 13.1% year-on-year [3] - Capital expenditures decreased by 28% in the first half of 2025, with Q2 capital expenditures down 55% quarter-on-quarter [3] - The company ended the first half of 2025 with inventory valued at 10.23 billion yuan, an increase of 4.1% from the beginning of the year [3] Profit Forecast and Valuation - The company revised its profit forecast for 2025-2027, now expecting net profits of 1.72 billion yuan, 2.02 billion yuan, and 2.7 billion yuan respectively, with year-on-year growth rates of 17%, 18%, and 33% [4] - The target price for the stock has been raised to 46 yuan, maintaining a "buy" rating based on a 25x PE for 2025 [4] - The company is recognized as the largest precursor manufacturer in China, with an increasing self-supply rate of nickel [4] Analyst Ratings - In the last 90 days, four institutions have issued ratings for the stock, all recommending a "buy" [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 net profit increased by 38% quarter-on-quarter, aligning with expectations. For the first half of 2025, revenue reached 21.32 billion yuan, a year-on-year increase of 6.2%, while net profit was 730 million yuan, a year-on-year decrease of 15.2% [7] - The company benefited from rising cobalt prices, with four-cobalt contributing to profit elasticity. The total shipment volume of nickel, cobalt, phosphorus, and sodium products in the first half of 2025 was 188,000 tons, a year-on-year increase of 34% [7] - The company is expected to maintain stable profitability in the three-element precursor segment, with a projected total shipment volume of around 230,000 tons for the year, representing a year-on-year increase of 15% [7] - The company has shown strong cash flow, with operating cash flow for the first half of 2025 reaching 1.48 billion yuan, a year-on-year increase of 13.1% [7] - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 1.72 billion, 2.02 billion, and 2.7 billion yuan respectively, reflecting a year-on-year growth of 17%, 18%, and 33% [7] Financial Summary - Total revenue for 2023 is projected at 34.273 billion yuan, with a year-on-year growth of 12.95%. By 2027, revenue is expected to reach 68.083 billion yuan, with a growth rate of 17.89% [1][8] - The net profit attributable to the parent company for 2023 is estimated at 1.947 billion yuan, with a year-on-year increase of 26.15%. By 2027, this is expected to rise to 2.696 billion yuan, reflecting a growth of 33.15% [1][8] - The latest diluted EPS for 2023 is projected at 2.08 yuan per share, with an expected increase to 2.87 yuan per share by 2027 [1][8] - The company’s P/E ratio is expected to be 19x in 2025, decreasing to 12.16x by 2027 [1][8]