钽、铌金属价格大幅上涨，各基地稳步推进产能扩张

钽、铌金属价格大幅上涨，各基地稳步推进产能扩张 Prices of tantalum and niobium metalssignificantly increased&Productionbase steadily promotes capacity 最新动态 ➢25年归母净利润同比增长38%。2025年，集团收入同比增加23.0%，主要得益于公司核心产品钽铌金属及其制品的销量增长，以及贸易业务的拓展。2025年集团净利润同比大幅增长36.5%，主要受益于营业收入的显著增长、有效的费用管控以及公司规模效应的显现，2025年行政及销售费用占比显著下降。其中，归母净利润为1.72亿元，同比增长38.2%。 ➢高附加值产品占比提升。集团高附加值产品包括高纯氧化钽、高纯氧化铌、钽粉、钽锭、铌锭等。2025年，集团高附加值产品销售收入占比再创新高产品技术含量再提升。2025年，集团高附加值产品收入占比为54.2%（2024年为44.5%），工业级产品占比为29.9%（2024年为37.4%）。 动向解读 ➢战略性库存增加。公司基于对行业周期的精准判断，在2025年战略性地增加了库存，截至25年年底存货达到10.47亿元。进入2026年，钽、铌金属价格大幅上涨，其中钽金属从26年年初的约280万元/吨上涨至26年3月中的约600万元/吨，铌金属从约50万元/吨上涨至约60多万元/吨。这部分战略性储备的存货，将为公司2026年的营收和利润增长带来积极贡献。 ➢各基地稳步推进产能扩张。1）雷州市湿法基地2026年年底预计达到1500吨产能，2027年预计完成3000吨产能爬坡。2）英德市火法基地2025年产能为150吨，预计2026年产能为300吨；3）兴义市火法基地2025年产能为1200吨，预计2026年产能为1500吨。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为3.48亿元、4.14亿元、5.03亿元，参考同行业公司，给予公司2026年20倍PE，按港币兑人民币汇率为0.88计算，对应目标价20.80港元，维持“买入”评级。 风险提示 ➢产品价格波动的风险、政策和贸易环境的风险、行业竞争的风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、中国电力、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、山高新能源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：中国宏桥、中国有色矿业、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officer of the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.