氟化液产能释放，在建项目为公司发展奠定基础

氟化液产能释放，在建项目为公司发展奠定基础 Fluoride liquid production capacity release& projects lay the foundation 最新动态 ➢氟化液产能释放，提供稳定供应。在海外市场方面，公司与韩、台地区知名大厂的合作已具备供货条件，整体进程顺利。公司当前已完成氟化液核心产品的阶段性产能建设，具体产能布局聚焦两大主力产品：一是氢氟醚，已建成3000吨年产能，主要应用于精密仪器和手机摄像头模组的清洗、半导体设备的清洗及屏膜油溶剂等领域；二是全氟聚醚，已建成2500吨年产能，用于数据中心浸没式液冷和晶元制造干法蚀刻的控温冷却等多场景需求。当前产能规模可有效支撑下游客户的现有合作订单交付。未来，为应对国际主流厂商停产后释放的替代需求，以及数据中心、半导体等下游行业的增量需求，公司已制定明确的扩产规划：一方面，将通过现有生产装置的技术改造，优化产能利用效率、提升单位产能产出；另一方面，将依托“年产3万吨高端氟精细化学品项目”，系统性扩大氢氟醚、全氟聚醚等氟化液产品的产能规模，后续将根据项目建设进度及市场需求变化，及时推进产能释放，保障对下游客户的长期稳定供应。 ➢在建项目为公司发展奠定基础。1）石磊氟材料预计2025年年底产能进一步提升。截至2025年8月，石磊氟材料六氟磷酸锂产品目前处于满产满销状态，凭借独特的工艺技术优势，在成本控制与品质稳定性上表现突出，且25H1运营已充分验证该优势有效性，预计25H2盈利水平将在25H1基础上进一步改善。扩产计划方面，2025H1六氟磷酸锂单月出货量1800-2000吨，25H2正推进技术改造，预计2025年年底产能将进一步提升。2）海德福和海斯福新项目预计于2026-2027年投产。海德福“年产5000吨高性能氟材料项目（1.5期）项目预计于2026年底实现投产；海斯福“年产3万吨高端氟精细化学品项目”预计于2027年底实现投产。 动向解读 ➢波兰工厂匹配海外订单需求。公司波兰电解液工厂自2023年投产后，已完成运营体系搭建、产品工艺验证及核心客户认证等关键工作，整体运营状态良好。2025年上半年，该工厂电解液产能利用率稳定在50%-70%区间，产能释放节奏与海外订单需求匹配度较高。从客户需求满足层面来看，目前波兰工厂的产能及交付能力，已基本覆盖海外客户（尤其是欧美地区客户）的现有订单需求；同时，依托波兰的区位优势，工厂向欧美客户供货可有效降低物流成本与关税影响，保障供应链响应效率，为后续海外市场份额提升奠定基础。 策略建议 ➢盈利预测。我们预计公司2025-2027年归母净利润分别为11.21、13.44、16.03亿元。参考同行业公司，我们给予公司2025年39倍PE，对应目标价58.50元，首次覆盖给予“收集”评级。 风险提示 市场竞争加剧、原材料价格波动、产品技术迭代。 What’s New ➢Release of fluoride liquid production capacity and provide stable supply.In terms of overseas markets, thecompany's cooperation with well-known factories in South Korea and Taiwan has met the supply conditions and theoverall process is smooth. The company has completed the phased production capacity construction of its corefluorinated liquid products, with a specific production capacity layout focusing on two main products: one ishydrofluoroether, which has an annual production capacity of 3000 tons and is mainly used for cleaning precisioninstruments and mobile phone camera modules, cleaning semiconductor equipment, and screen film oil solvents;The second is perfluoropolyether, which has an annual production capacity of 2500 tons and is used for variousscenarios such as immersion liquid cooling in data centers and temperature controlled cooling for dry etching incrystal cell manufacturing. The currentproduction capacity can effectively support the delivery of existingcooperative orders for downstream customers. In the future, in response to the replacement demand released byinternational mainstream manufacturers after shutdown, as well as the incremental demand of downstreamindustries such as data centers and semiconductors, the company has formulated a clear expansion plan: on theone hand, it will optimize capacityutilization efficiency and improve unit capacity output through technologicaltransformation of existing production facilities; On the other hand, relying on the "Annual Production of 30000 Tonsof High end Fluorine Fine Chemicals Project", we will systematically expand the production capacity of fluorinatedliquid products such as hydrofluoroethers and perfluoropolyethers. In the future, we will timely promote the releaseof production capacity according to the project construction progress and market demand changes, to ensure long-term stable supply to tourists. ➢The ongoing project lays the foundation for the company's development.1) Shilei Fluorine Materials isexpected to further increase its production capacity by the end of the year. Shilei Fluorine Materials' lithiumhexafluorophosphate products are currently in a state of full production and sales. With unique technologicaladvantages, they have shown outstanding performance in cost control and quality stability. The effectiveness of thisadvantage has been fully verified in25H1, and it is expected that the profitability level in25H2will further improveMoM. In terms of expansion plans, the monthly shipment of lithium hexafluorophosphatein 25H1will be 1800-2000tons, and technological transformation is being promoted in25H2. It is expected that the production capacity willfurther increase by the end of2025. 2) TheHEPTALUOandHEXAFLUOnewprojects are expected to be put intooperation in 2026-2027. TheHEPTALUO"Annual Production of 5000 Tons of High Performance Fluorine MaterialsProject (Phase 1.5) is expected to be put into operation by the end of 2026, while the" Annual Production of 30000Tons of High end Fluorine Fine Chemicals Project "is expected to be put into operation by the end of 2027. What’s Different ➢Polish factory matches overseas order requirements.Since its commissioning in 2023, the Polish electrolytefactory of the company has completed key tasks such as establishing an operational system, verifying productprocesses, and certifying core customers. The overall operational status is good. In the first half of 2025, theutilization rate of electrolyte production capacity in the factory will remain stable in the range of 50%-70%, and thepace of capacity release will be well matched with overseas order demand. From the perspective of meetingcustomerneeds, the current production capacity and delivery capability of the Polish factor