长江商报消息 ●长江商报记者 黄聪 格林美"爆单"的场景延续到了2026年，2月22日，公司官方平台发文介绍，公司旗下荆门园区春节期 间"不停工、不停产"，重点工序保持24小时连续生产，初一到初五累计在岗人数14301人，初一到初五 制造产值超过4亿元，为公司冲刺一季度"开门红"奠定了坚实基础。 实际上，2025年的整体市场行情并不理想。 近日，华鑫证券报告指出，格林美镍钴自供能力强化，预测2025年—2027年收入持续增长，三元材料需 求结构化升级提供支撑。 2025年营收有望创新高 "爆单"之下，格林美（002340.SZ）荆门园区春节期间"不停工、不停产"，冲刺一季度"开门红。 2月22日，格林美官方平台发文介绍，公司旗下荆门园区春节期间"不停工、不停产"，重点工序保持24 小时连续生产，初一到初五累计在岗人数14301人，初一到初五制造产值超过4亿元。 20多年来，格林美聚焦创新，发展全球关键金属资源循环利用、退役动力锂电池循环利用与新能源电池 材料业务，攻克关键技术，循环再造行业核心产品，供应全球行业主流市场。 业绩方面，2025年，格林美预计实现归母净利润14.29亿元至17.35亿元，比上年同期 ...

Core Viewpoint - The company anticipates a positive net profit for the year 2025, indicating an upward trend in performance [2]. Group 1: Performance Forecast - The performance forecast period is set from January 1, 2025, to December 31, 2025 [1]. - The company has communicated with its auditing firm regarding the performance forecast, and there are no discrepancies between the two parties [3]. Group 2: Reasons for Performance Changes - In 2025, the company achieved significant growth due to its advanced technology, global production capabilities, and successful projects, including key metal recycling and the full production capacity of its nickel resources project in Indonesia [4]. - The nickel resources project in Indonesia shipped over 110,000 tons of nickel metal, marking a year-on-year increase of over 110%, with self-produced cobalt metal shipments nearing 10,000 tons [5]. - The company effectively countered the cobalt export ban from the Democratic Republic of Congo by recycling approximately 15,000 tons of cobalt, ensuring a stable supply for global markets [5]. - The company also recycled over 10,000 tons of tungsten resources and dismantled over 52,000 tons of power batteries, reflecting a year-on-year increase of over 45% [5]. - The company’s cathode materials shipments exceeded 23,000 tons, showing a year-on-year increase of over 15%, while nickel-cobalt precursors shipped over 160,000 tons, despite a decline from 2024 [5]. Group 3: Future Outlook - In 2026, the company aims to respond to national economic policies by enhancing its operational capabilities and driving business growth, with a focus on compliance, quality improvement, and global competitiveness [6].

Core Viewpoint - The company, Greeenmei (002340.SZ), anticipates a significant increase in net profit for 2025, with projections indicating a growth of 40% to 70% compared to the previous year, despite a slight decline in net profit excluding non-recurring gains and losses [1] Group 1: Financial Projections - The expected net profit attributable to shareholders for 2025 is between 1.429 billion to 1.735 billion yuan [1] - The net profit after excluding non-recurring gains and losses is projected to be between 1.226 billion to 1.549 billion yuan, reflecting a change of -5% to 20% compared to the previous year [1] Group 2: Nickel Resource Project - The company's nickel resource project in Indonesia is expected to ship over 110,000 tons of nickel metal in 2025, representing a year-on-year increase of over 110% [2] - The project is anticipated to achieve a record high in self-produced nickel resources, enhancing supply chain resilience and cost competitiveness [2] - The company plans to maintain a production capacity of 150,000 tons per year for the nickel resource project in 2026, which is expected to further drive performance growth [2] Group 3: Cobalt and Battery Recycling - The nickel resource project is also expected to ship nearly 10,000 tons of self-produced cobalt metal, while the company will recover approximately 15,000 tons of cobalt, effectively countering the six-month cobalt embargo from the Democratic Republic of Congo [2] - The company recycled over 52,000 tons of power batteries in 2025, marking a year-on-year increase of over 45%, indicating a promising outlook for recycling [2] Group 4: Other Resource Recovery - The company recovered over 10,000 tons of tungsten resources in 2025, establishing itself as a leading green tungsten resource industry base [2] - The shipment of cathode materials exceeded 23,000 tons in 2025, showing a year-on-year growth of over 15% and highlighting the company's competitive advantage [2] - The shipment of nickel-cobalt precursors surpassed 160,000 tons in 2025, despite a decline compared to 2024, with ongoing optimization of product structure contributing to quality and efficiency improvements [2]

2026 年 01 月 25 日 正极材料不断突破，镍钴自供能力强化 —格林美（002340.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2026-0 1-2 3 | | --- | --- | | 当前股价（元） | 9.66 | | 总市值（亿元） | 493 | | 总股本（百万股） | 5103 | | 流通股本（百万股） | 5073 | | 52 周价格范围（元） | 5.85-9.66 | | 日均成交额（百万元） | 1094.59 | ▌ 三元材料受益于需求结构化升级，技术持续突破 伴随 eVOTL、人形机器人、穿戴式 AI 设备的兴起与固态电池 的产业化实践，全球高镍及超高镍三元前驱体出货量占比提 升，公司三元材料业务有望受益。2025 年前三季度，公司镍 钴前驱体出货 12 万余吨，正极材料实现出货 1.7 万余吨。公 司在高端前驱体方面持续突破，超致密高镍及超高镍前驱体 已通过量产认证并实现数十吨级出货，固态电池用富锂锰基 前驱体进入吨级验证阶段。2025 年 7 月，公司全球首款超高 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the coming months [2][8]. Core Insights - The company is expected to benefit from the structural upgrade in demand for ternary materials, with continuous technological breakthroughs in high-nickel and ultra-high-nickel ternary precursors [5]. - The company's self-sufficiency in nickel and cobalt is strengthening, showcasing resilience amid tightening supply due to external factors such as export bans [6]. - The recycling of power batteries is projected to grow significantly, with the company actively participating in this emerging market [7]. - Revenue forecasts for the company are optimistic, with projected revenues of 39.27 billion, 48.18 billion, and 59.51 billion yuan for 2025, 2026, and 2027 respectively, alongside increasing earnings per share (EPS) [8][11]. Summary by Sections Market Performance - The company's stock price has shown a range from 5.85 to 9.66 yuan over the past 52 weeks, with an average daily trading volume of approximately 1.1 billion yuan [2]. Business Operations - In the first three quarters of 2025, the company shipped over 120,000 tons of nickel-cobalt precursors and 17,000 tons of cathode materials, indicating strong operational performance [5]. - The company has achieved significant production milestones, including the mass production of ultra-high nickel precursors and the establishment of a low-carbon recycling innovation lab for power batteries [7]. Financial Projections - The company is projected to see substantial growth in net profit, with estimates of 1.66 billion, 2.31 billion, and 3.53 billion yuan for 2025, 2026, and 2027 respectively, reflecting a robust growth trajectory [11]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 30 times in 2025 to 14 times by 2027, suggesting increasing valuation attractiveness [8][11].

Core Viewpoint - Greeenmei has established the world's largest recycling base for key metals such as nickel, cobalt, and tungsten, significantly enhancing its position in the global competition for these resources [1] Group 1: Company Achievements - The company has achieved an annual recycling capacity of cobalt resources that exceeds 350% of China's original cobalt mining output [1] - The annual recycled nickel resources account for 20% of China's original nickel mining output [1] - The annual recycled tungsten resources represent 10% of China's original tungsten mining output [1] Group 2: Production and Sales Data - By the third quarter of 2025, the company's nickel resource projects produced 6,534 tons of cobalt metal (including equity production capacity) [1] - Cobalt recovery exceeded 6,000 tons, while nickel-cobalt precursor shipments reached over 120,000 tons [1] - The shipment of cathode materials amounted to 17,000 tons, and the recycled tungsten resource shipment reached 5,590 tons (measured in WC) [1]

Core Viewpoint - Company Greeenme is acquiring a 16.38% stake in Henan Recycling Technology Industry Group for 400 million yuan, despite the target company reporting a net loss in the first three quarters of 2025, indicating a strategic move to enhance its circular economy strategy and leverage synergies with state-owned enterprises [1][5]. Group 1: Acquisition Details - The acquisition involves a 16.38% stake in Henan Recycling Group, which will become an associate company and not be included in Greenme's consolidated financial statements [1][3]. - The target company reported a net loss of 162.62 million yuan in the first three quarters of 2025, with a net asset value of 1.454 billion yuan as of September 30, 2025 [1][4]. - The valuation for the acquisition was based on an assessment report that valued the total equity of Henan Recycling Group at 2.442 billion yuan as of May 31, 2025, indicating a high premium for the transaction [4][5]. Group 2: Financial Performance - In the first three quarters of 2025, Greenme achieved a record revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit of 1.109 billion yuan, up 22.66% [7]. - The company reported significant growth in its nickel resource project, with shipments reaching 79,916 tons, a 151% increase year-on-year, supporting the goal of 120,000 tons for the year [2][7]. - The company also reported a 22% increase in tungsten resource shipments and a 59% increase in the recycling of power batteries, indicating strong operational performance across its key segments [8]. Group 3: Global Strategy - Greenme is actively pursuing a globalization strategy, having submitted an application for an H-share listing on the Hong Kong Stock Exchange to enhance its international brand image and competitiveness [2][9]. - The funds raised from the Hong Kong listing are intended for capacity construction in key metal resources, overseas R&D, and global marketing center development, aligning with the company's sustainable growth objectives [9].