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银邦股份：铝价波动对公司盈利的影响解析

2025-12-10 16:47:06 来源：北方有色网责任编辑：王欣悦

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2025年12月8日，银邦股份在投资者互动平台针对铝价波动相关问题作出明确回应，结合公司“铝锭+加工费”的核心定价模式，系统阐述了铝价变动对经营盈利的具体影响，为投资者理解企业盈利逻辑提供了关键参考。作为国内金属层状复合材料领域的龙头企业，银邦股份采用行业常见的“铝锭+加工费”销售定价模式，其中铝锭价格参照市场化标准确定——国内业务主要以长江有色金属网或上海有色金属网现货均价为基准，国际业务部分参照伦敦金属交易所（LME）现货铝锭均价，而加工费则构成公司的核心利润来源，其定价需综合考量产品规格、生产工艺复杂度、技术附加值等多重因素，由公司与客户协商确定。从经营闭环来看，该模式与公司“以销定产、以产定购”的采购生产体系高度匹配，公司会根据客户订单及生产计划，持续分批量向长期合作的铝锭供应商采购原材料，采购价以订货当日长江有色金属网公布的现货中间价为基础，形成“采购-生产-销售”的有序衔接。

铝锭作为公司最主要的原材料，其价格波动会同时作用于产品售价和采购成本，但由于“采购在前、定价在后”的时间差特性，不同波动方向会产生差异化影响：若某一订单对应的铝锭采购完成后，销售定价时铝价出现持续上涨，将形成“低采购成本+高售价”的有利格局，原材料成本已锁定在低位，而产品售价随市场价提升，直接增厚当期利润；反之，若采购后铝价持续下跌，会导致“高采购成本+低售价”的被动局面，原材料成本高于当期市场水平，而产品售价随市场价下调，对当期利润产生压制作用。值得注意的是，当铝价在短期内出现剧烈震荡时，公司库存中的铝锭及在产品会面临价值重估，直接影响库存损益金额，进而对短期盈利产生不确定性冲击。

尽管铝价短期波动会引发盈利波动，但银邦股份明确表示长期影响较小，这一结论源于其稳固的核心竞争力。一方面，公司利润核心来自加工费而非铝锭价差，而加工费的定价权建立在技术优势之上，截至2025年6月，公司累计拥有85项授权专利，其中发明专利80项，并建有多个省级研发平台，其生产的铝钢复合材料在国内电站空冷行业市场占有率超50%，技术壁垒支撑了加工费的稳定性；另一方面，成熟的经营模式具备风险缓冲能力，公司通过“以销定产”减少盲目库存，与大型供应商的长期合作保障了原材料供应稳定性，而分散的直销网络（国内国际并行）则增强了市场议价能力，这些因素共同削弱了铝价长期波动对盈利的实质性影响。

综上，银邦股份的盈利逻辑聚焦于“技术变现”，加工费是利润基石，铝锭价格更多体现为成本传导载体。短期来看，采购与定价的时间差使铝价涨跌对盈利产生阶段性影响，尤其需关注短期剧烈波动带来的库存风险；但长期而言，依托技术优势、稳定的加工费定价机制及成熟的经营体系，公司具备较强的抗铝价周期能力。

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