证券研究报告：有色金属 | 公司点评报告 发布时间：2025-08-27 股票投资评级 资料来源：聚源，中邮证券研究所 东方钽业(000962) 募投项目逐步爬产，Q2 业绩超预期 l 投资要点 事件：公司发布 2025 年半年报，报告期内公司实现营收 7.97 亿 元，同比增长 34.45%，实现归母净利润1.45亿元，同比增长 29.08%， 实现扣非归母净利润 1.38 亿元，同比增长 34.93%。二季度，公司实 现营业收入 4.59 亿元，同环比+37.43%/+35.80%，实现扣非归母净利 润 0.84 亿元，同环比+47.37%/+55.56%。 公司基本情况 | 最新收盘价（元） | 21.01 | | --- | --- | | 总股本/流通股本（亿股）5.05 | / 5.02 | | 总市值/流通市值（亿元）106 | / 105 | | 52 周内最高/最低价 | 21.48 / 9.77 | | 资产负债率(%) | 14.8% | | 市盈率 | 49.34 | | 第一大股东 | 中色(宁夏)东方集团有 | | 限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S134 ...

8月25日晚间，东方钽业（000962）发布2025年半年度报告，上半年公司实现营业收入7.97亿元，同比 增长34.45%；归母净利润为1.45亿元，同比增长29.08%；扣非归母净利润1.37亿元，同比增长34.93%； 利润分配预案为向全体股东每10股派发现金红利0.5元(含税)。 募投项目持续满足高精尖市场新需求 公司依托国家级科研平台，上半年又实现多项技术、产品的创新突破。例如，与中国科学院金属所等开 展产学研合作，攻克高纯钽粉提纯、大尺寸靶坯成型等关键技术；公司国内首发纯度达5N9的超高纯钽 靶坯，其纯度与织构控制技术突破，满足高端产业发展需求，契合消费电子小型化、高性能化趋势。目 前，高纯钽靶坯及高纯钽粉已成为公司业绩增长关键产品，市场前景广阔。 公司优化产业布局不仅体现在产品方面，还体现在市场布局方面。公司实施"走出去"战略，拓展海外资 源，提升供应链韧性。通过创建世界一流专业领军示范企业，发展新质生产力，公司进一步巩固在世界 钽铌行业的领先地位。 根据公告，公司已形成钽金属及合金制品、铌金属及合金制品等系列产品，钽铌及其合金制品业务营收 在上半年同比增长35.50%，占公司总营收的98.35 ...

Core Viewpoint - The company has developed ultra-high purity tantalum target blanks with a purity level of 5N9, breaking foreign technology barriers and product monopolies, thus changing China's complete reliance on imports for integrated circuit materials [2] Group 1: Company Developments - The company is accelerating the domestic replacement process for 12-inch high-purity tantalum target blanks [2] - The company has formed a complete closed-loop system from R&D to production and application, overcoming key technologies in high-purity tantalum powder purification and large-size target blank formation [3] - The company has established a stable customer base in sectors such as semiconductors and aerospace, forming a complete industrial chain from raw materials to end products [3] Group 2: Product and Market Insights - High-purity tantalum target blanks and high-purity tantalum powder have become key products for the company's revenue growth, with increasing market demand driven by the rapid development of the semiconductor and AI industries [4] - The company's main products include high-temperature alloys, tantalum powder, tantalum wire, semiconductor tantalum target blanks, high-purity niobium materials, and niobium superconducting cavities [3] - The production of large-size high-purity tantalum target blanks is primarily used in semiconductor chip manufacturing, semiconductor coating, and optical coating industries, providing significant growth opportunities in the target material market [5][6] Group 3: Competitive Advantages - The company possesses a full industrial chain from tantalum and niobium ore hydrometallurgy to deep processing of various tantalum and niobium products, enhancing its market competitiveness [3] - The company is enhancing product competitiveness by improving internal management, strengthening research capabilities, increasing production volume, and enhancing product quality [6] - The company is focusing on high-value-added products and optimizing its product structure, with a gradual increase in the proportion of high-purity and high-value products [3][8] Group 4: Future Outlook - The company anticipates a recovery in the market for ultra-high-purity niobium materials, high-purity tantalum materials for semiconductors, high-pressure high-capacity tantalum powder, and high-temperature special steel driven by demand from large scientific projects, high-performance computing systems, smart vehicles, and national defense equipment by 2025 [8] - The company plans to expand market space, adjust product structure, and increase the sales share of high-value-added products, while also implementing an "outbound" strategy to enhance supply chain resilience and stability [8][9]