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矿山停产致2026H1业绩承压，氟化工增益兑现

2026-08-26 19:46:10
3 浏览
共 4 页

金石资源（603505）：矿山停产致

2026H1 业绩承压，氟化工增益兑现

事件描述

金石资源发布2026年半年度报告。2026H1公司实现营业收入18.95 亿元，同比+9.8%；归母净利润 0.90 亿元，同比-28.9%；扣非归母净利润 0.98 亿元，同比-23.9%；分季度看，2026Q2 单季实现营业收入约9.75亿元，同比+12.5%；归母净利润约 0.29亿元，同比-51.3%。

事件点评

2026H1公司收入稳定而利润下滑，主要受两大短期因素拖累：1）因合资公司股东方原因，金鄂博外销包钢金石萤石粉业务未能开展，而全部转为自用；上年同期该项外销约 7.8 万吨，对应归母净利润约 3,500 万元，本期形成明显基数缺口，期末金鄂博萤石粉库存约 32 万吨。2）浙江省内单一萤石矿山自5月下旬起全面停产，H1单一萤石矿山产量14.18万吨，同比-23.7%；销量靠消化库存基本持平，但萤石精矿均价同比下降约 209元/吨，叠加停工损失计入成本，拖累矿山盈利。

氟化工板块量价齐升，AHF盈利弹性持续兑现。报告期内金鄂博氟化工生产无水氟化氢（AHF）11.89万吨，销量同比+1.7 万吨、不含税单价同比+1,360元/吨，实现收入 12.23 亿元、毛利率 7.66%，在成本同比+1,600 元/吨下仍保持正向盈利。氟化工板块营收 13.70 亿元，营收占比升至 71.8%。其中，金鄂博氟化工 H1 实现净利润 0.56 亿元，包钢金石 H1 生产萤石粉 42.23 万吨，实现营业收入 6.28 亿元、净利润 1.75 亿元，按 43%权益对应公司投资收益约0.75亿元（上年同期联营合营企业投资收益约 0.55 亿元）。

新材料与多元业务边际改善，资源端增量项目推进有序。1）江山新材料六氟磷酸锂产量约1,300吨（上年同期仅 160吨），售价与成本已接近盈亏平衡；2）江西金岭锂云母精矿销售约 1.86 万吨、扭亏为盈（净利约 820 万元）；3）蒙古国预处理项目处理原矿约 25 万吨，生产平均 40%品位萤石块矿近 4万吨，取水工程预计9月完工、尾矿库力争 10 月底完工，为选矿厂投产奠定基础；4）公司参股诺亚液冷科技15.22%切入AI算力液冷赛道，其已申请创业板IPO辅导备案。

投资建议

我们认为，本期业绩下滑主要由外销暂停与矿山停产两项短期因素造成，核心资产经营趋势并未恶化：AHF 量价齐升验证产业链延伸的成本优势，包钢金石投资收益稳健增长，六氟磷酸锂接近盈亏平衡、锂云母扭亏，边际改善信号明确。展望下半年，浙江省内矿山复工复产推进、萤石粉外销业务有望部分恢复、蒙古国选矿厂年内投产贡献增量，业绩环比改善可期。基于半年报实际经营情况，我们下调2026 年盈利预测：预计公司 2026/2027/2028 年归母净利润分别为 2.34/3.86/4.42 亿元，当前股价对应 PE 为 68/41/36 倍，维持“增持”评级。

<sup>[Table\_I</sup>采掘

评级： 增持

日期： 2026.08.26

[Table\_Author]分析师 何能锋

登记编码：S0950524080001

图1

：010-56307033

：henengfeng@wkzq.com.cn

公司基本数据2026/8/25
总股本（万股）84,166.88
流通A股/B股(万股)84,166.88
资产负债率（%）69.44
每股净资产（元）2.24
市盈率（当前）142.59
市净率（当前）6.79

[Table\_D相关研究

《金石资源（603505）：氟化工驱动 2025业绩增长，2026Q1 产销短期承压》(2026/5/11)

《金石资源（603505）：2025Q3 营收与利润双增，新项目产能顺利释放》(2025/11/17)

《金石资源（603505）：2025H1 营收延续高增，新项目支撑稳健成长》(2025/9/2)

《金石资源（603505）：锂业务拖累 2024业绩，2025Q1 氟化工利润改善明显》(2025/5/6)

《金石资源（603505.SH）：首次覆盖报告，勇做领头羊，迈向萤石产业新范式》(2024/11/1)

主要财务指标

2025A2026E2027E2028E
营业收入(百万元)3,8884,2105,8776,745
增长率(%)41.2%8.3%39.6%14.8%
归属母公司所有者净利润(百万元)326234386442
增长率(%)26.7%-28.2%65.3%14.4%
每股收益(元)0.3900.2780.4590.525
净资产收益率(%)17.8%11.7%17.1%17.2%

财务报表及指标预测

利润表(百万元)
2025A2026E2027E2028E
营业收入3,8884,2105,8776,745
营业成本3,1943,5174,8285,540
毛利6936931,0491,206
%营业收入17.8%16.5%17.9%17.9%
营业税金及附加6096134156
%营业收入1.5%2.3%2.3%2.3%
销售费用15192630
%营业收入0.4%0.4%0.4%0.5%
管理费用178231329355
%营业收入4.6%5.5%5.6%5.3%
财务费用113113122136
%营业收入0000
资产减值损失-6000
公允价值变动收益0000
投资收益156155165165
营业利润424279459527
%营业收入10.9%6.6%7.8%7.8%
营业外收支-10000
利润总额414279459527
%营业收入10.6%6.6%7.8%7.8%
所得税费用52416778
净利润362238392449
归属于母公司所有者的净利润326234386442
少数股东损益36457
EPS(元/股)0.3900.2780.4590.525
资产负债表(百万元)
2025A2026E2027E2028E
货币资金5461,0891,2902,397
交易性金融资产0000
应收账款490558760883
存货8521,1641,4431,745
预付账款26364554
其他流动资产1,0431,0731,4711,649
流动资产合计2,9583,9215,0096,729
可供出售金融资产
持有至到期投资
长期股权投资5196748391,004
投资性房地产0000
固定资产合计2,9853,3963,3002,904
无形资产701747796737
商誉0000
递延所得税资产66626262
其他非流动资产341281227184
资产总计7,5709,08010,23311,621
短期贷款1,4251,5251,6251,745
应付款项1,0061,5601,8312,279
预收账款0161120
应付职工薪酬43547083
应交税费7189116137
其他流动负债1,0051,3471,5201,634
流动负债合计3,5504,5925,1735,898
长期借款1,5291,8292,1292,479
应付债券0000
递延所得税负债6777
其他非流动负债61636363
负债合计5,1456,4907,3718,446
归属于母公司1,8341,9952,2622,568
少数股东权益591595600608
股东权益2,4252,5902,8633,175
负债及股东权益7,5709,08010,23311,621
现金流量表(百万元)
2025A2026E2027E2028E
经营活动现金流净额1341,0105501,035
取得投资收益47000
长期股权投资-166000
无形资产投资46-96-1053
固定资产投资-517-846-392-116
其他97-400
投资活动现金流净额-493-945-497-113
债券融资0000
股权融资0000
银行贷款增加(减少)710400400470
筹资成本-186-190-252-285
其他5027000
筹资活动现金流净额574480148185
现金净流量1975432011,107

资料来源：Wind, 五矿证券研究所

基本指标
2025A2026E2027E2028E
EPS0.3900.2780.4590.525
BVPS2.182.372.693.05
PE47.9067.9141.0835.92
PEG1.79—0.632.50
PB8.577.967.026.18
EV/EBITDA25.3520.1616.2914.56
ROE17.8%11.7%17.1%17.2%

分析师声明

作者在中国证券业协会登记为证券投资咨询(分析师)，以勤勉的职业态度，独立、客观地出具本报告。作者保证：（i）本报告所采用的数据均来自合规渠道；（ii）本报告分析逻辑基于作者的职业理解，并清晰准确地反映了作者的研究观点；（iii）本报告结论不受任何第三方的授意或影响；（iv）不存在任何利益冲突；（v）英文版翻译若与中文版有所歧义，以中文版报告为准；特此声明。

投资评级说明

投资建议的评级标准报告中投资建议所涉及的评级分为股票评级和行业评级(另有说明的除外)。评级标准为报告发布日后6到12个月内的相对市场表现,也即:以报告发布日后的6到12个月内的公司股价(或行业指数)相对同期相关证券市场代表性指数的涨跌幅作为基准。其中:A股市场以沪深300指数为基准;香港市场以恒生指数为基准;美国市场以纳斯达克综合指数或标普500指数为基准。评级说明
股票评级买入预期个股相对同期相关证券市场代表性指数的回报在20%及以上;
增持预期个股相对同期相关证券市场代表性指数的回报介于5%~20%之间;
持有预期个股相对同期相关证券市场代表性指数的回报介于-10%~5%之间;
卖出预期个股相对同期相关证券市场代表性指数的回报在-10%及以下;
无评级预期对于个股未来6个月市场表现与基准指数相比无明确观点。
行业评级看好预期行业整体回报高于基准指数整体水平10%以上;
中性预期行业整体回报介于基准指数整体水平-10%~10%之间;
看淡预期行业整体回报低于基准指数整体水平-10%以下。

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五矿证券有限公司（以下简称“本公司”）具有中国证监会批复的证券投资咨询业务资格。本公司不会因接收人收到本报告即视其为客户，本报告仅在相关法律许可的情况下发放，并仅为提供信息而发放，概不构成任何广告。本报告的版权仅为本公司所有，未经本公司书面许可，任何机构和个人不得以任何形式对本研究报告的任何部分以任何方式制作任何形式的翻版、复制或再次分发给任何其他人。如引用须联络五矿证券研究所获得许可后，再注明出处为五矿证券研究所，且不得对本报告进行有悖原意的删节和修改。在刊载或者转发本证券研究报告或者摘要的同时，也应注明本报告的发布人和发布日期及提示使用证券研究报告的风险。若未经授权刊载或者转发本报告的，本公司将保留向其追究法律责任的权利。若本公司以外的其他机构（以下简称“该机构”）发送本报告，则由该机构独自为此发送行为负责。

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