东吴证券研报指出，中伟股份25H1归母净利润7.3亿元，同-15.2%，其中25Q2归母净利润4.3亿元，同环比-12%/38％。Q2四钴贡献利润弹性，三元前驱体维持稳定。1H25公司镍、钴、磷、钠产品出货量18.8万吨，同比增34%，其中该行预计三元前驱体9.6万吨、四钴1.7万吨，同比持平微增。全年看，我们预计三元前驱体和四钴出货量23万吨左右，同比增15%，单吨利润0.6万/吨，有望贡献13-14亿利润。盈利端，Q2镍价进一步走低，同时火法矿成本价格上涨、NNI处于爬坡中，因此该行预计二季度金属镍利润微利，全年预计贡献2-3亿利润。考虑公司为国内第一大前驱体厂商，且镍自供率持续提升，给予25年25xPE，目标价46元，维持“买入”评级。
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