2025H1点评：轻稀土步入上行新周期，盈利大幅提振

1 指标2023A2024A2025E2026E2027E营业收入（百万元）33,49732,96641,81648,57355,702增速（%）-10.1%-1.6%26.8%16.2%14.7%归母净利润（百万元）2,3711,0042,5393,2994,104增速（%）-60.4%-57.6%152.8%29.9%24.4%每股收益（元）0.660.280.700.911.14市盈率（倍）81.5192.476.158.647.1Wind Wind Wind Wind Wind 212.5304.1372.6335.0329.7188.717.4%38.8%22.5%-10.1%-1.6%45.2%-20%-10%0%10%20%30%40%50%050100150200250300350400202020212022202320242025H1营业总收入（亿元）增速8.3351.3059.8423.7110.049.3135.1%462.3%16.6%-60.4%-57.6%1951.5%-500%0%500%1000%1500%2000%2500%010203040506070202020212022202320242025H1归母净利润（亿元）增速11.7%27.8%27.8%14.6%10.2%12.3%4.3%18.4%17.1%7.8%4.8%6.7%0%5%10%15%20%25%30%202020212022202320242025H1销售毛利率销售净利率3035404550556065707580May-24Aug-24Nov-24Feb-25May-25Aug-25镨钕金属（万元/吨）镨钕氧化物（万元/吨）2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)9579.19287.011406.68569.97228.15761.78573.98440.1营业成本(百万元)8304.28246.09978.27654.56635.55320.66778.47586.4销售费用率0.1%0.1%0.1%0.1%0.2%0.2%0.2%0.1%管理费用率2.5%2.6%2.8%3.2%3.1%3.9%3.4%2.4%财务费用率0.5%0.5%0.4%0.7%0.6%0.8%0.5%0.7%研发费用率1.1%0.5%1.4%0.6%0.4%1.1%0.6%0.7%资产减值损失(百万元)-17.5 0.0-286.5 -1.3 -69.8 0.2-242.3 8.9利润总额(百万元)845.1687.8833.3670.2169.7164.11270.7544.0所得税费用(百万元)156.7110.266.678.763.140.5207.173.9净利润（百万元）688.4577.6766.7591.6106.6123.61063.7470.1EPS（元）0.140.120.170.100.000.010.270.09毛利率13.3%11.2%12.5%10.7%8.2%7.7%20.9%10.1%期间费用率4.3%3.7%4.7%4.7%4.2%6.0%4.7%3.9%所得税率18.5%16.0%8.0%11.7%37.2%24.7%16.3%13.6%净利润率7.2%6.2%6.7%6.9%1.5%2.1%12.4%5.6%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金4447.795301.975644.394181.564857.307456.62营业收入37260.0433496.9932966.3141815.6048572.9555701.64应收票据及账款6363.907370.777985.199737.8811311.5112971.62营业成本26905.4128599.9529588.7035286.2240464.9545847.87预付账款478.45497.49488.26618.64718.61824.08税金及附加255.63145.04138.87188.17218.58250.66其他应收款192.47150.11183.22229.13266.15305.21销售费用73.4351.2545.8158.5468.0077.98存货14505.3014825.8415975.1618948.2221729.1224619.68管理费用1047.34996.461042.621254.471457.191671.05其他流动资产1177.68809.761387.591629.021811.472003.94研发费用254.85243.63299.90355.43412.87473.46流动资产总计27165.6028955.9431663.8035344.4540694.1648181.15财务费用210.02168.29195.23267.74153.5359.99长期股权投资282.16679.90690.01700.01710.01720.01资产减值损失-913.59 -379.02 -357.28 -418.16 -485.73 -557.02 固定资产4452.385523.397053.575763.884602.883528.79信用减值损失30.84-64.47 -82.78 -167.26 -145.72 -167.10 在建工程1299.651438.532084.142270.112189.431842.07其他经营损益0.000.00-0.00 0.001.002.00无形资产582.81568.72622.21624.88760.88830.22投资收益-148.81 39.43-10.85 25.0025.0025.00长期待摊费用610.32706.01617.21308.600.000.00公允价值变动损益-228.88 -121.02 105.23100.00100.00100.00其他非流动资产2252.332624.172649.982853.252845.942838.63资产处置收益-17.98 0.4427.3020.0020.0020.00非流动资产合计9479.6511540.7213717.1112520.7411109.149759.72其他收益216.68346.46503.30700.00750.00800.00资产总计36645.2540496.6645380.9247865.1951803.3057940.87营业利润7451.623114.201840.104664.606062.397543.51短期借款1416.642011.842178.85967.4477.370.00营业外收入17.9733.3314.1320.0020.0020.00应付票据及账款2745.172621.634293.314833.735543.146280.53营业外支出32.1615.4316.