证券研究报告|行业研究报告 [Table_Date] 2025 年 10 月 27 日 [Table_Title] Pilbara Minerals 2025Q3 锂精矿产销量分别环比 +2%、-1%至 22. 48、21.4 万吨，单位运营成本 （含运费和特许权使用费）环比下降 9%至 422 美 元/吨 [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、锂精矿 2025Q3，锂精矿产量达 22.48 万吨，环比增长 2%，同比 增长 2%。环比增长表明在成功完成 P1000 扩建后，工厂的可 靠性和处理能力得以持续保持。锂回收率显著提升至 78.2%， 高于上一季度的 71.6%，体现了扩建后的工厂和矿石分选设施 持续优化所取得的成效。 包括 P1000 扩建项目在内的 P850 运营模式正在持续优 化，通过精心制定的运营策略来提高接触矿石给矿比例，并利 用矿石分选能力实现单位成本效益最大化。随着该运营策略的 推进，锂回收率预计将出现一定程度的波动；但 2026 财年的 产量仍有望达成全年目标。 2025Q3，锂精矿销量为 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [5]. Core Insights - In Q2 2025, the company produced 85,892 tons of lithium concentrate, a 10% decrease from Q1 2025, while sales increased by 4% to 97,330 tons [1][2]. - The average realized price for lithium concentrate (SC6) in Q2 2025 was $740 per ton, down 9% from $815 in Q1 2025 [2]. - The unit operating cost (FOB) for sold lithium concentrate rose by 31% to $576 per ton, reflecting increased sorting costs and reduced inventory [2]. - The company reported a revenue of 96 million AUD in Q2 2025, an 8% decrease from 104 million AUD in Q1 2025, primarily due to the decline in average realized prices [3]. Production and Sales Summary - Q2 2025 lithium concentrate production: 85,892 tons, down 10% from Q1 2025 [1]. - Q2 2025 lithium concentrate sales: 97,330 tons, up 4% from Q1 2025 [1]. - Q2 2025 average realized price for SC6: $740 per ton, down from $815 in Q1 2025 [2]. - Q2 2025 unit operating cost (FOB): $576 per ton, up from $440 in Q1 2025 [2]. - Q2 2025 cash balance: 156 million AUD [4]. Financial Metrics - Q2 2025 net cash inflow from operating activities: 23 million AUD [7]. - Q2 2025 net cash outflow limited to 17 million AUD due to business optimization efforts [7]. - Expected non-cash impairment of inventory between 75 million to 85 million AUD for the fiscal year 2025 [8]. Future Guidance - For FY 2026, production guidance is set at 365,000 to 450,000 tons, reflecting a growth of 24% to 53% compared to FY 2025 [10]. - The company plans to transition to 100% underground mining operations in FY 2026, focusing on operational and strategic discipline [9]. - Unit operating costs for FY 2026 are expected to range from 855 to 1,045 AUD per ton [13].