Sino-Platinum Metals has reported 1H26 revenue of RMB22,652mn (-23.36% YoY), an attributable NP of RMB350mn (+7.63% YoY), and a recurring attributable NP of RMB329mn (+12.75% YoY). The revenue decline was due to the company’s adjustment of its business mix, compressing the scale of trading and low-margin refining businesses; profit growth was driven by a higher share of high-margin products and growth in processing-fee income. Looking ahead, as high-end segments such as semiconductor materials and biomedical materials ramp up and the secondary resource-recycling system improves, the company’s earnings quality should continue improving. Maintain OVERWEIGHT.
Strides made in high-end materials
The company continues to advance its ‘3815’ strategy, focusing on the businesses of precious-metal new materials manufacturing and resource recycling. By segment, the precious-metal new materials manufacturing segment generated revenue of RMB7,997mn, of which biomedical materials revenue grew by 69.60% YoY, with order sales revenue from three major product categories—medical contrast rings, electrode components, and precision wire—growing by nearly 2x YoY. In the semiconductor field, evaporation materials, sputtering targets, and bonding-wire materials are deeply tied to leading customers, with ultra-fine bonding gold wire achieving domestic substitution. On resource recycling, Guiyan Resources recovered 10.00 tonnes of platinum group metals, 5.59 tonnes of gold, and 822.00 tonnes of silver, with Guiyan-brand platinum and palladium becoming delivery brands on the Guangzhou Futures Exchange, and the company’s share of the Shandong precious-metal recycling market continuing to expand. As the development for recycling of electronic waste, new-energy batteries, and retired PV modules materialize during the 15th Five-Year Plan period, the company’s ability to security resources should be enhanced further.
Earnings forecasts and valuation
Considering the ramp-up of high-end segments such as semiconductor materials and biomedical materials, and the potential development of secondary resource recycling that could enhance the company’s resource security capability, we maintain our earnings forecasts, estimating 2026/2027/2028 attributable NP of RMB723/813/900mn, with EPS of RMB0.88/0.99/1.09. We adopt an SOTP valuation method, forecasting that precious-metal product trading/precious-metal materials each contribute 50% of gross profit in 2026, with 2026E EPS of RMB0.44/0.44. Given that comparable companies trade at average 2026 PEs of 16.11x/35.40x on iFinD consensus, we assign 2026E PEs of 16.11x/35.40x for precious-metal product trading/precious-metal materials, deriving our target price of RMB22.66 (previous: RMB23.47, on 2026E 15.23x/38.11x PE). Maintain OVERWEIGHT.
Risks: Commodity price swings; continued decline in automotive catalyst demand; semiconductor material customer adoption falling short of our expectations; secondary resource recycling channel construction below our expectations.

　　2026H1公司实现营业收入226.52亿元（yoy-23.36%），归母净利润3.50亿元（yoy+7.63%），扣非归母净利润3.29亿元（yoy+12.75%）。营收下滑主要因为公司主动调整业务结构，压缩贸易及低毛利精炼业务规模；利润增长主要因为高毛利产品占比提升及加工费收入增长。展望后市，随着半导体材料、生物医用材料等高端板块放量及二次资源回收体系完善，公司盈利质量有望持续提升。维持"增持"评级。
　　26H1结构优化驱动利润增长，毛利率显著提升
　　2026H1营收下滑主要因为公司主动压缩贸易业务及低毛利精炼业务规模，其中贵金属供给服务板块收入65.60亿元，占比降至28.96%。公司整体毛利率为4.43%（yoy+2.24pct），47项贵研精品合计销售收入145.00亿元，加工费6.47亿元（yoy+12.52%），成为利润核心支撑。期间费用率2.16%（yoy+0.78pct），其中财务费用1.20亿元（yoy+149.23%），主要因为贵金属价格上涨导致负债融资规模及利息支出增加；研发费用1.61亿元（yoy+8.26%），主要因为公司持续投入半导体材料、生物医用材料等高端领域。现金流方面，2026H1经营活动现金流净额7.17亿元，同比下降34.50%，主要因为贵金属价格上涨导致存货和应收账款占用资金增加。
　　26Q1利润稳增，Q2贸易收缩致环比回落
　　26Q1公司实现营业收入130.17亿元（yoy-0.84%），归母净利润2.22亿元（yoy+9.13%），扣非归母净利润2.09亿元（yoy+15.99%），毛利率3.63%（yoy+1.09pct）。Q2实现营业收入96.35亿元，归母净利润1.27亿元，扣非归母净利润1.20亿元，环比分别下降25.98%和42.63%，主要因为Q2进一步压缩贸易业务规模及贵金属价格震荡下跌计提存货跌价准备0.88亿元。公司注重股东回报，2026年中期拟每10股派发现金红利0.67元，合计派现0.55亿元，占H1归母净利润15.78%。
　　高端材料多点突破，资源循环体系完善
　　公司持续推进"3815"战略，聚焦贵金属新材料制造与资源循环利用双主业。业务层面，贵金属新材料制造板块收入79.97亿元，其中生物医用材料收入同比增长69.60%，医用显影环、电极元件、精密丝材三大类产品订货销售收入同比增长近2倍；半导体领域蒸发材料、溅射靶材、键合丝材深度绑定头部客户，超细键合金丝实现国产替代。资源循环层面，贵研资源公司回收产出铂族金属10.00吨、黄金5.59吨、白银822.00吨，贵研牌铂、钯成为广期所交仓品牌，山东市场贵金属回收份额持续扩大。随着"十五五"期间电子废料、新能源电池、退役光伏组件回收布局落地，公司资源保障能力将进一步增强。
　　盈利预测及估值
　　考虑公司半导体材料、生物医用材料等高端板块放量，且二次资源回收布局有望落地进而增强公司资源保障能力，我们维持盈利预测，测算2026-2028年公司归母净利润分别为7.23/8.13/9.00亿元，对应EPS为0.88/0.99/1.09元。我们采用分部估值方法，预测公司2026年贵金属产品贸易与贵金属材料毛利占比分别为50%、50%，对应2026年EPS为0.44/0.44元。可比公司2026年iFind一致预期PE均值分别为16.11X/35.40X，给予公司2026年16.11X/35.40XPE，目标价22.66元（前值23.47元，基于2026年15.23/38.11XPE），维持“增持”评级。
　　风险提示：贵金属价格大幅波动；汽车催化剂需求持续下滑；半导体材料客户导入不及预期；二次资源回收渠道建设低于预期。

For 2025, revenue rose 17.20% YoY to RMB55,675mn, attributable net profit grew 10.54% YoY to RMB641mn, and recurring net profit increased 14.00% YoY to RMB607mn. Net profit missed our estimate of RMB696mn. Top-line growth was driven by higher sales volumes in precious metals recycling and other materials, but a YoY decline in gross margin reflects rising raw material cost pressure that weighed on profitability. We expect this earnings uptrend to persist as the company extends its precious metals value chain and optimizes the product mix. Maintain OVERWEIGHT.
Recycling volumes ramped but margins under pressure
We attribute revenue growth mainly to a 50.03% YoY jump in precious metals recycling material sales volumes, alongside volume increases in precious metals specialty functional materials (+25.43% YoY) and precursor materials (+3.78% YoY). Overall gross margin came in at 2.63% in 2025, down 0.29pp YoY, with precious metals recycling materials at 2.50% (-0.65pp YoY) and precious metals precursor materials at 2.89% (-1.13pp YoY), largely reflecting higher precious metals feedstock costs and margin compression in the recycling business. The expense ratio improved to 1.55%, down 0.32pp YoY under disciplined cost control. 2025 saw a net operating cash outflow of RMB1,923mn, worsening by 337.33% YoY, driven by inventory build-up and higher procurement spending.
Precious metals leadership intact; value chain extension advances
The company continues to push forward with the development of new precious metals materials, reinforcing its leadership in the sector. It focuses on precious metals specialty functional materials, precursor materials and recycling materials. We believe its product mix upgrade should lift the share of high-end new precious metals materials. Currently, the company has built an integrated chain spanning precious metals resource recovery to new materials manufacturing, with surging recycling material volumes driving revenue expansion. As demand from new energy and environmental protection sectors rises, and as capacity expansion and value chain synergies deepen, we see a steady earnings growth trajectory.
Precious metals demand on a steady rise
China’s precious metals market size reached RMB850bn in 2025, up 8% YoY, supported by strong investment demand, expanding industrial applications and policy backing. The industry now benefits from growing demand in new energy, environmental protection and high-end manufacturing, with the markets for platinum group metals and new precious metals materials continuing to expand. As the global green transition accelerates and the hydrogen economy develops, we believe demand for precious metals catalysts and new materials should continue to grow.
Maintain OVERWEIGHT
Given the ramp-up in recycling materials but margin pressure in the precursor segment, we raise our volume and gross margin assumptions for precious metals recycling materials while trimming precursor gross margin. We forecast 2026/2027/2028 attributable net profit of RMB723/813/900mn, with 2026/2027 estimates cut by 12.48/14.86% vs prior, implying EPS of RMB0.88/0.99/1.09. In our SOTP valuation, we estimate precious metals product trading and precious metals materials will each contribute 50% of gross profit in 2026E, translating to EPS of RMB0.44/0.44. Applying the 2026E average PE of 15.23x and 38.11x for comparable companies on iFind consensus, we derive a target price of RMB23.47 (previous: RMB25.69, on 2026E 16.3x and 29.5x PE for the above two segments).
Risks: Commodity price swings, policy implementation falling short of our expectations, weaker downstream demand than we expect.

　　2025年，公司实现营业收入556.75亿元（yoy+17.20%），归母净利润6.41亿元（yoy+10.54%），扣非归母净利润6.07亿元（yoy+14.00%），不及我们预期（6.96亿元）。公司收入增长主要受益于贵金属再生资源等材料销量增长，但毛利率同比下滑反映原料成本上升压力致使盈利能力不及预期。展望后市，随着贵金属产业链延伸及产品结构优化，业绩有望保持稳健增长。维持"增持"评级。
　　25年营收增长17.20%，再生资源放量但毛利率承压
　　我们认为公司营收增长主因贵金属再生资源材料销量同比增长50.03%，以及贵金属特种功能材料（yoy+25.43%）和前驱体材料（yoy+3.78%）销量增长。2025年整体毛利率为2.63%（yoy-0.29pct），其中贵金属再生资源材料毛利率2.50%（yoy-0.65pct），贵金属前驱体材料毛利率2.89%（yoy-1.13pct），主因贵金属原料成本上升及再生资源业务毛利率下行。期间费用率1.55%（yoy-0.32pct），各项费用控制良好。现金流方面，2025年经营活动现金流净额-19.23亿元，同比-337.33%，主要系存货增加及采购支出增加所致。
　　贵金属龙头地位稳固，产业链延伸持续推进
　　公司持续推进贵金属新材料产业发展，致力于巩固贵金属行业龙头地位。业务层面，公司聚焦贵金属特种功能材料、前驱体材料及再生资源材料，产品结构持续优化，高端贵金属新材料产品占比有望提升。产业链层面，公司已形成从贵金属资源回收到新材料制造的完整产业链，再生资源材料销量高增带动营收扩张。随着新能源及环保领域需求释放，叠加公司产能扩张及产业链协同效应增强，业绩有望保持稳健增长。
　　贵金属行业需求稳步增长，新能源与环保领域驱动长期发展
　　2025年中国贵金属全市场规模8500亿元，同比增长8%，主因投资需求增加，工业应用扩展以及政策支持。贵金属行业受益于新能源、环保及高端制造领域需求增长，铂族金属及贵金属新料市场需求持续扩张。随着全球绿色转型加速及氢能产业发展，贵金属催化剂及新材料需求有望持续增长。
　　维持“增持”评级
　　考虑到公司再生资源材料板块放量，但前驱体板块盈利能力承压，我们调高公司贵金属再生资源材料销量预期及毛利率，调低前驱体板块毛利率，测算2026-2028年公司归母净利润分别为7.23/8.13/9.00亿元，26/27年调低12.48%/14.86%，对应EPS为0.88/0.99/1.09元。我们采用分部估值方法，预测公司2026年贵金属产品贸易与贵金属材料毛利占比分别为50%、50%，对应2026年EPS为0.44/0.44元。可比公司2026年iFind一致预期PE均值分别为15.23、38.11X，给予公司2026年15.23、38.11XPE，目标价23.47元（前值25.69元，基于2026年16.3、29.5XPE），维持“增持”评级。
　　风险提示：大宗商品价格波动、政策执行不如预期、下游需求不及预期。