公司点评 | 隆达股份 业绩稳健增长，高温合金产能持续提升 隆达股份（688231.SH）2025 年半年报点评 事件：2025 年 8 月 27 日，公司发布 2025 年半年度报告，25 年上半年实现 营收 8.3 亿（同比+15.7%），实现归母净利润 0.5 亿（同比+15.5%），实现扣 非归母净利润 0.5 亿（同比+29.4%）。 1 | 请务必仔细阅读报告尾部的投资评级说明和声明 证券研究报告 2025 年 08 月 28 日 业绩稳健增长，核心业务高温合金产能稳步提升。公司 2025 年上半年实现 营收 8.3 亿（同比+15.7%），实现归母净利润 0.5 亿（同比+15.5%），其中 25 年二季度实现营收 4.85 亿（同比+21.3%，环比+41.0%），实现归母净利润 0.25 亿（同比+34.2%，环比-14.1%）。2025 年上半年度，公司始终围绕既定发展 战略和年度经营目标，坚持"目标导向"和"效果导向"，产能稳步提升。 分产品来看，25 年上半年，高温耐蚀合金板块实现营收 6.03 亿元，同比增 长 17.98%；合金管材板块实现营收 1.86 亿元，同比增长 15.36 ...

证券研究报告 | 公司点评报告 2025 年 08 月 28 日 隆达股份（688231.SH） 高温合金业务快速增长，境外收入占比持续提升 中游制造/军工 公司2025H1实现营业收入8.29亿元（同比+15.72%）；实现归母净利润5304.32 万元（同比+15.53%），扣非归母净利润 5037.62 万元（同比+29.44%）。 ❑ 风险提示：市场开拓不及预期、原材料价格波动风险。 强烈推荐（维持） 目标估值：NA 当前股价：21.48 元 基础数据 | 总股本（百万股） | 247 | | --- | --- | | 已上市流通股（百万股） | 126 | | 总市值（十亿元） | 5.3 | | 流通市值（十亿元） | 2.7 | | 每股净资产（MRQ） | 11.2 | | ROE（TTM） | 2.7 | | 资产负债率 | 27.7% | | 主要股东 | 浦益龙 | | 主要股东持股比例 | 35.8% | 股价表现 % 1m 6m 12m 绝对表现 20 49 93 相对表现 12 37 59 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 Aug/24 D ...

Core Viewpoint - The Gansu Jinchuan Group is leveraging its local resources and innovative capabilities to enhance its competitive position in the nickel-cobalt and copper industries, driving growth and collaboration among over 100 related enterprises in the region [1][4][6]. Group 1: Production and Cost Efficiency - The company produces batteries with lower manufacturing costs, approximately 12% less than coastal regions, by sourcing most raw materials locally [1]. - The Jinchuan Group's smart copper smelting factory has implemented intelligent control in its operations, enhancing efficiency [2]. Group 2: Innovation and Product Development - The establishment of the "Gansu Nickel-Cobalt Resource Efficient Utilization and New Product Development Innovation Consortium" has facilitated collaborative innovation and technology research [3]. - New products such as 4N5 oxygen-free copper and 6N5 high-purity nickel have been developed, breaking foreign monopolies and meeting critical material demands [3]. Group 3: Economic Impact and Industry Collaboration - The industrial cluster around Jinchuan Group achieved a production value of 2.8 billion yuan in the first quarter of the year, reflecting a year-on-year growth of 27.3% [4]. - The collaboration with other companies has effectively addressed long-standing issues related to hazardous waste and by-product utilization in the region [4]. Group 4: Market Expansion and High-End Products - The company is expanding into high-end nickel alloys and copper foil markets, with products like "hand-torn nickel" achieving significant market differentiation [6]. - The copper foil project has reached full production capacity, with a monthly output of 900 tons, catering to high-end applications such as lithium batteries and 5G base stations [7]. Group 5: Future Development Strategy - Jinchuan Group aims to deepen the integration of its supply chain, focusing on vertical and horizontal expansion of its industrial chain to enhance product quality and production capabilities [7].

Group 1 - In the first quarter of this year, Gansu Province's industrial added value above designated size grew by 11% year-on-year, ranking second in the country [1] - The non-ferrous metals and electricity industries made significant contributions, driving industrial growth by 4.4 and 2.3 percentage points, respectively [1] - Key industrial products such as gold, lead, refined copper, nickel, and integrated circuits experienced double-digit growth, with natural gas production increasing by 89.3%, the highest in the country [1] Group 2 - The non-ferrous metal industry accounts for 25.5% of Gansu's total industrial output, with the "Jinbailanwu Non-ferrous Metal Cluster" selected as a national advanced manufacturing cluster for 2024 [1] - Recently, 29 projects, including a 12,000-ton ultra-fine high-purity metal powder material project, were signed with a total investment of 10.5 billion yuan [1] - A nickel-based alloy advanced material production line project with a capacity of 10,000 tons is under construction, expected to produce high-temperature corrosion-resistant alloys and pure nickel for various industries [1] Group 3 - The petrochemical industry is the largest pillar industry in Gansu, projected to account for 29.7% of the province's industrial output in 2024 [2] - Gansu is focusing on the high-end, intelligent, and green development of the petrochemical industry through various strategies, including integrated chain strengthening and green expansion [2] - In the first quarter, Lanzhou Petrochemical Company produced 409,000 tons of ethylene, an increase of 17,000 tons year-on-year, and new material output reached 171,000 tons, up by 9.3% [2] Group 4 - Gansu is a significant base for new energy and new energy equipment manufacturing, with 1.606 million kilowatts of new energy added to the grid in the first quarter [2] - The total installed capacity of new energy reached 65.97 million kilowatts, with a 12.4% increase in new energy generation [2] - By the end of March, Gansu's external electricity delivery from new energy reached 8.848 billion kilowatt-hours, a year-on-year increase of 71.55% [2]