厦钨新能主营业务为新能源电池材料的研发、生产和销售，主要产品包括高电压钴酸锂、高电压三元材料、高镍三元材料、高功率三元材料、氢能材料等， 应用于3C消费电子、新能源汽车、储能等领域。 近日，厦钨新能（688778.SH）披露2025年上半年业绩。厦钨新能上半年实现营收75.34亿元，同比增加18.04%；实现归属于上市公司股东的净利润3.07亿 元，同比增加27.76%；基本每股收益为0.61元/股，同比增加7.02%。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | | 本报告期比上 | | | (1-6月) | 调整后 | 调整前 | 年同期增减(%) | | 营业收入 | 7.533.703.523.34 | 6.382.453.657.93 | 6.300.137.327.30 | 18.04 | | 利海总额 | 339.060.863.05 | 250.276.791.92 | 246,386,547.22 | 35.47 | | 归属于上市公司 | 306.894.646.16 | ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 57 CNY, based on a 30x P/E for 2025 [6]. Core Viewpoints - The company has a strong position in the lithium battery cathode materials market, particularly as a global leader in lithium cobalt oxide, with a market share of approximately 47% in 2024 [1][34]. - The company is expected to benefit from stable demand for lithium cobalt oxide, optimization of customer structure for ternary materials, and an increase in market share for lithium iron phosphate [5]. - New product developments, including NL cathode materials and sulfide electrolytes, are anticipated to open new growth avenues for the company [5]. Summary by Sections Company Overview - The company has over 20 years of experience in lithium battery cathode materials and is recognized as a global leader in lithium cobalt oxide [1]. - In 2024, the company shipped 46,200 tons of lithium cobalt oxide, reflecting a year-on-year growth of 33.52% [24][34]. Product Segments - **Lithium Cobalt Oxide**: The company maintains a leading position with high voltage products that are favored in the consumer electronics sector [1][34]. - **Ternary Materials**: The company has developed high voltage and high power ternary materials, which are gaining traction in applications such as drones [2][41]. - **NL Materials**: These materials are expected to meet the rising demands for high voltage, high energy density, and high cycle life in battery applications [3]. - **Lithium Sulfide**: The company is leveraging its technological expertise to produce lithium sulfide with both performance and cost advantages [4]. Financial Projections - The company forecasts net profits of 800 million CNY, 945 million CNY, and 1.19 billion CNY for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 62%, 18%, and 26% [5]. - Revenue for 2024 is projected at 13.30 billion CNY, with a decline of 23.19% year-on-year, followed by a recovery in subsequent years [24]. Market Dynamics - The global demand for lithium cobalt oxide is expected to grow steadily, driven by the increasing average capacity of consumer electronics [2]. - The company has established stable partnerships with leading global battery manufacturers, which supports its sales growth in lithium cobalt oxide [2].