公司报告 | 半年报点评 宝武镁业（002182） 证券研究报告 至暗时期或已过，镁价上行的受益者 业绩：25H1 公司实现营收 43.52 亿元，同比+6.78%，主要由于铝合金挤压产品、中 间合金销量增加，单 Q2 实现营收 23.19 亿，同比+4.88%，环比+14.07%；利润端来 看，25 年 H1 实现归母净利润 6412.42 万元，同比-46.47%，扣非 5294.89 万元，同 比-48.77%，主要受镁价下行影响，镁合金毛利率下降；25Q2 实现归母利润 0.36 亿 元，同比-39%，环比+28.57%，环比已开始修复。 全镁产业链布局，价格探底静待修复 公司拥有镁完整产业链，三大原镁基地+四大镁合金基地达产后原镁和镁合金产能 分别高达 50 万吨/年以上。上半年镁价整体在 15,000-17,000 元/吨（含税）区间波 动，Q1/Q2 季度均价分别为 1.61/1.67 万元/吨，镁铝比降至 0.8-0.9 的历史低位。 持续拓展镁合金应用领域 公司镁合金及深加工业务实现营收 16.16 亿，占比 37.13%，与赛力斯问界建立战略 合作关系，后舱、尾门内板已实现装车路试，也与吉 ...

Group 1 - Minglida has invested nearly $200 million in Mexico and Hungary, completing its "dual hub" strategic layout for North America and Europe [1] - In 2024, Minglida's automotive segment achieved revenue of 1.434 billion yuan, a year-on-year increase of 20.67%, becoming the new growth pillar by surpassing solar and energy storage businesses [1] - In Q1 2025, Minglida reported revenue of 655 million yuan, reflecting a year-on-year growth of 17.99%, indicating steady operational progress [1] Group 2 - Minglida is strategically positioning itself in Mexico to address the restructuring of the global new energy supply chain and local customer demands, with cumulative investments exceeding 710 million yuan since 2023 [1] - The company is developing an integrated production capacity for aluminum alloy extrusion, die-casting, injection molding, and deep processing, with a planned area of 200 acres and a building area of 100,000 square meters [1] - The Mexican base will import mature manufacturing technologies and management systems from China while enhancing local innovation capabilities, becoming a core hub for the North American market [2]