本报告导读： 2024 年公司业绩转亏主要来自稀土跌价导致的减值损失，已基本消化完毕，随着稀土价格回暖，公司 新丰左坑产能释放，未来公司业绩有望回归增长轨道。 风险提示：稀土价格大幅波动，公司扩产不及预期。 维持"增持" 评级，上调目标价至42.15 元。综合考虑稀土跌价幅度较大与公司业绩传导，下调预测2025- 2026 年公司EPS 至0.71/1.40元(原1.00/1.41 元)，新增2027 年EPS 预测2.12 元。考虑公司全产业链业务布 局以及所处行业地位，选取稀土资源、冶炼和磁材公司作为可比公司，综合可比公司平均估值，给予公 司2026 年30x 估值，对应目标价42.15 元，维持公司"增持"评级。 稀土跌价消化，业绩逐步企稳。2024 年公司实现营收126 亿元，同比-39%，归母净利润-3.0 亿元，同比 转亏，扣非归母净利-3.1 亿元，同比转亏。其中Q4 归母净利-0.2 亿元，扣非归母净利-0.3 亿元，业绩符 合预期。分板块看，2024 年公司归母净利润-3.0 亿元，其中铜矿权益+1.8 亿，稀土矿+0.3 亿，冶炼分 离-1.9 亿，磁材-0.8 亿，贸易-0.5 亿，钨矿 ...

Core Insights - The report highlights a positive outlook for the rare earth industry, driven by a recovery in market conditions and increased sales profits, with a projected net profit for Guangsheng Nonferrous of 40 to 50 million yuan in Q1 2025, marking a significant turnaround from losses in the previous year [3] - The agricultural chemicals sector is also showing signs of recovery, with Limin Co. forecasting a net profit of 100 to 120 million yuan in Q1 2025, a substantial increase from a loss of 8.49 million yuan in the same period last year, attributed to rising product prices and a favorable market environment [3] - Tiande Yu expects a revenue increase of 60.52% year-on-year, with net profit reaching approximately 70.57 million yuan in Q1 2025, driven by the expansion of new products and markets, particularly in display driver chips and electronic price tag chips [4] Industry Analysis - The home appliance export sector faces significant challenges due to the recent implementation of a 10% minimum baseline tariff and additional tariffs that could raise the average tariff rate to around 80% for Chinese white goods exported to the U.S., creating a substantial impact on trade dynamics [6][7] - Companies with diversified production capacities and lower exposure to the U.S. market, such as TCL and Hisense, are better positioned to withstand tariff pressures due to localized production strategies [7] - Smaller enterprises that rely heavily on exports to the U.S. and lack overseas operations are likely to face severe cost pressures and may struggle to remain competitive, potentially leading to reduced orders and financial difficulties [8]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 40 million to 50 million yuan in the first quarter of 2025, marking a turnaround from a loss in the same period last year, with an increase of 34395.37 million to 35395.37 million yuan compared to the previous year [1][2]. Performance Forecast - The performance forecast period is from January 1, 2025, to March 31, 2025 [1]. - The company anticipates a net profit attributable to shareholders of 44.535 million to 54.535 million yuan after deducting non-recurring gains and losses, representing an increase of 34944.80 million to 35944.80 million yuan year-on-year [2]. Previous Year Performance - In the same period last year, the net profit attributable to shareholders was -30395.37 million yuan, and the net profit after deducting non-recurring gains and losses was -30491.30 million yuan [2]. Earnings Per Share - The earnings per share for the previous year was -0.90 yuan [3]. Reasons for Performance Improvement - The improvement in performance for the first quarter of 2025 is attributed to the stabilization and recovery of the rare earth market, increased production efforts, strict cost control, enhanced market analysis, and collaborative marketing efforts, leading to increased sales profits and a reduction in inventory impairment provisions compared to the previous year [4]. - The company’s equity investment in the Dabaoshan company has also contributed to increased profits, with the investment income recognized under the equity method rising [5].

4月7日，上证指数下跌7.34%，深证成指下跌9.66%，创业板指下跌12.5%。盘后龙虎榜数据显示，共有 60只个股因当日异动登上龙虎榜，资金净流入最多的是宏景科技（301396.SZ），达2.04亿元。 据21投资通智能监测，32只个股龙虎榜出现了机构的身影，北向资金参与龙虎榜中的个股共涉及18只。 2.04亿资金抢筹宏景科技，9.45亿资金出逃中际旭创 60只上榜的龙虎榜个股中，30只个股被净买入，30只个股被净卖出。其中，资金净买入最多的是宏景科 技，达2.04亿元，占总成交金额的14.04%。宏景科技当日收盘下跌13.42%，换手率为34.73%。 | 名称 | 涨跌幅 | 龙虎榜净买 | 净买额占 | 换丰浓 | | | --- | --- | --- | --- | --- | --- | | | | 额(万元 | 总成交比 | | | | 宏景科技 | -13.42% | 20444 | 14.04% | 34.73% | 2家机构卖出,成功 | | | | | | | 率36.92% | | 凯美特气 | 9.99% | 17123 | 7.3% | 32.28% | 普通席位买入,成功 | ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of 40 million to 50 million yuan for Q1 2025, marking a turnaround from a loss in the previous year, with an increase of 343.95 million to 353.95 million yuan compared to the same period last year [3]. - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be 44.535 million to 54.535 million yuan, an increase of 349.448 million to 359.448 million yuan year-over-year [5]. - The previous year's net profit attributable to shareholders was a loss of 303.9537 million yuan, and the loss excluding non-recurring items was 304.913 million yuan [6]. Factors Influencing Performance - The company attributes the improved performance to a stable recovery in the rare earth market, increased production efforts, cost control, and enhanced marketing collaboration, leading to increased sales profits and reduced inventory impairment provisions [7]. - The investment income from the associated company, Da Baoshan, has increased due to stable and high production levels [7]. Forecast Data and Auditing - The performance forecast data has not been audited by registered accountants, and there are no significant uncertainties affecting the accuracy of the forecast [8]. - The forecast data is preliminary and the final financial data will be disclosed in the official Q1 2025 report [9].

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

证券简称：广晟有色 证券代码：600259 公告编号：临2025-023 广晟有色金属股份有限公司 关于对控股子公司实施清算退出的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 广晟有色金属股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第九届董事会 2025 年第三次会议和第九届监事会 2025 年第三次会议，审议通过了《关于拟对控股子公司实施清算退出的议 案》。 根据《上海证券交易所股票上市规则》《上市公司重大资产重组 管理办法》的有关规定，清算注销深圳福义乐磁性材料有限公司（下 称"深圳福义乐"）和惠州福益乐永磁科技有限公司（下称"惠州福 益乐"）不涉及关联交易，不构成重大资产重组，无需提交公司股东 大会审议。 一、深圳福义乐及惠州福益乐基本情况 深圳福义乐成立于 1997 年 9 月，员工人数 1 人，注册及实缴资 本 2,787.0731 万元。其全资子公司惠州福益乐成立于 2008 年 9 月， 公司在职员工人数 77 人，注册及实缴资本金 1000 万元人民币，主要 从事磁性材料生产 ...

广晟有色金属股份有限公司 董事会审计、合规与风险管理委员会 的负责人及注册会计师进行了审前沟通，认真听取、审阅了大 华会计师事务所对公司年报审计的工作计划和时间安排，确保 工作安排是合理的，积极保障公司年审工作的正常运行。 师事务所进行了充分的沟通，且听取了大华会计师事务所关于 公司审计内容的相关调整事项、审计过程中发现的问题。在了 解相关情况后及时解决问题，并督促其在约定时限内提交审计 报告，避免工作中出现不合规的情形。公司审计、合规与风险 管理委员会按照相关规定要求，在大华会计师事务所出具 2024 年年度审计报告初步审计意见后，审阅了其编制的 2024 年年度 财务会计报表，并形成书面意见。 告后，对年度财务会计报表进行表决，确保大华会计师事务所 编制的报告是真实的、准确的、完整的，并同意提交公司董事 会审核。 三、总结评价 公司审计、合规与风险管理委员会对公司聘请的大华会计 师事务所的工作情况进行了认真的分析和评估，大华会计师事 务所是符合《证券法》规定的审计机构（会计师事务所），并遵 循独立、客观、公正的职业准则，能较好地完成公司委托的审 计工作。大华会计师事务所参与审计的人员均具备实施审计工 作所 ...

证券简称：广晟有色 证券代码：600259 公告编号：临2025-022 广晟有色金属股份有限公司 关于未弥补亏损达到实收股本总额三分之一的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 广晟有色金属股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第九届董事会 2025 年第三次会议和第九届监事会 2025 年第三次会议，审议通过了《关于公司未弥补亏损达到实收股本总额 三分之一的议案》。现将具体情况公告如下： 一、情况概述 截至 2024 年 12 月 31 日，公司经审计的合并财务报表未分配利 润为-4.07 亿元，公司母公司未分配利润为-8.47 亿元，实收股本为 司法》及《公司章程》的相关规定，该事项需经董事会研究后，提交 股东大会审议。 二、亏损原因 降，但 2015 年和 2018 年因稀土产品价格处于低谷导致公司分别产生 年均实现盈利，公司未弥补亏损额逐年减少，但 2024 年受稀土产品 价格大幅下降的影响，增加了公司亏损。 三、应对措施 公司将以"拓资源、深改革、强管理、提效能"为主 ...

广晟有色金属股份有限公司 为提升广晟有色金属股份有限公司（以下简称"公司"）投 资者关系管理水平，促进公司与投资者之间的沟通与交流，增 进投资者对公司的了解和认同，维护公司资本市场良好形象， 根据《公司法》《上市公司信息披露管理办法（2021 年修订）》 《上海证券交易所上市公司自律监管指引第 1 号--规范运作》 等相关法律法规、监管规定以及公司《投资者关系管理制度》， 结合公司实际情况，特制定 2025 年度投资者关系管理工作计划 如下： 一、投资者关系管理工作的组织机构 公司董事会秘书为投资者关系管理具体实施负责人，全面 负责公司投资者关系管理工作；证券法律部为公司投资者关系 管理职能部门，具体承办公司投资者管理日常事务。董事会秘 书在全面了解公司运作、管理、经营状况和发展战略等情况下， 负责策划、安排和组织各类投资者关系活动，使投资者了解公 司的生产经营情况。 （六）良性互动原则。公司应主动听取投资者意见、建议， 实现公司与投资者之间的双向沟通，形成良性互动。 三、投资者关系管理的目标 通过充分的信息披露加强与投资者多维度沟通，促进投资 者对公司的了解和认同，推动公司与投资者之间营造诚信互信 的氛围， ...