Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for the first three quarters of 2024 was 26.37 billion yuan, a year-on-year decrease of 10.7%, while the net profit attributable to shareholders was 1.4 billion yuan, an increase of 20.8% year-on-year [1] - The company's tungsten and molybdenum business saw a decline in profitability in Q3 due to falling prices and decreased sales volume of fine tungsten wire [2] - The energy new materials segment showed improved profitability in Q3, driven by increased demand and sales growth [4] - The rare earth business demonstrated a gradual recovery in profitability, with stable growth in magnetic material sales [4] - The company is positioned as a materials platform enterprise with growth potential across its tungsten, rare earth, and cathode materials segments [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 9.21 billion yuan, a year-on-year decrease of 14.7%, but a quarter-on-quarter increase of 3.5% [1] - The net profit for Q3 was 390 million yuan, a year-on-year increase of 4.3% but a quarter-on-quarter decrease of 34.6% [1] - The company’s total revenue for the first three quarters was 26.37 billion yuan, with a net profit of 1.4 billion yuan [1] Business Segments - Tungsten and Molybdenum: Q3 revenue was 4.47 billion yuan, a year-on-year increase of 0.1% but a quarter-on-quarter decrease of 5.6% [2] - Energy New Materials: Q3 revenue was 3.582 billion yuan, a year-on-year decrease of 28.4% but a quarter-on-quarter increase of 19.4% [4] - Rare Earth: Q3 revenue was 1.15 billion yuan, a year-on-year decrease of 11.8% but a quarter-on-quarter increase of 0.6% [4] Profitability Metrics - The profit margin for the tungsten and molybdenum business in Q3 was 11.9%, down 0.8 percentage points year-on-year and 6.8 percentage points quarter-on-quarter [2] - The profit margin for the energy new materials segment was 3.9%, with a year-on-year increase of 0.4 percentage points [4] - The rare earth business turned profitable in Q3 with a profit margin of 5.5%, up 8.7 percentage points year-on-year [4] Future Outlook - The company expects net profits for 2024, 2025, and 2026 to be 1.866 billion yuan, 2.136 billion yuan, and 2.378 billion yuan respectively, with year-on-year growth rates of 16.53%, 14.45%, and 11.32% [5] - The current stock price corresponds to price-to-earnings ratios of 15, 13, and 12 for the years 2024, 2025, and 2026 respectively [5]

二、进展情况 2024 年 10 月 29 日，金龙稀土收到全国中小企业股份转让系统有限责任公 司出具的《受理通知书》（编号为 GP2024100009），内容如下："金龙稀土报送的 在全国中小企业股份转让系统挂牌的申请材料，经审查符合《非上市公众公司信 息披露内容与格式准则第 2 号——公开转让股票申请文件》的相关要求，现予受 理"。 三、风险提示 本次挂牌尚需经全国中小企业股份转让系统有限责任公司审核，审核结果存 在不确定性。公司将根据相关法律法规及时履行信息披露义务，敬请广大投资者 关注投资风险。 股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-084 厦门钨业股份有限公司 关于控股子公司金龙稀土申请新三板挂牌的进展公告 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。 一、基本情况 厦门钨业股份有限公司（以下简称"公司"）分别于 2024 年 9 月 30 日、 2024 年 10 月 17 日召开的第十届董事会第六次会议和 2024 年第三次临时股东大 会审议通过了《关于控股子公司福建省金龙稀土股份 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's revenue for the first three quarters of 2024 was 26.369 billion yuan, a year-on-year decrease of 10.70%, while the net profit attributable to shareholders was 1.402 billion yuan, an increase of 20.78% year-on-year [1]. - The tungsten and molybdenum segment faced challenges due to a slowdown in photovoltaic tungsten wire sales and a decline in tungsten prices, with Q3 profits down 39.91% quarter-on-quarter [1]. - The energy new materials segment showed improvement in Q3, with lithium cobalt oxide sales increasing by 30% year-on-year [1]. - The rare earth segment's profits decreased in Q3, but overall profits for the first three quarters increased by 62% year-on-year [2]. - The real estate segment reported a slight increase in losses, but the company is actively divesting from this sector [2]. Financial Summary - For 2024-2026, the projected net profits are 1.863 billion yuan, 2.141 billion yuan, and 2.448 billion yuan, respectively, with corresponding PE ratios of 15, 13, and 12 [2][5]. - The company expects a revenue growth rate of -18.3% in 2024, followed by a recovery with growth rates of 14.1% and 8.7% in 2025 and 2026, respectively [3][5]. - The gross profit margin is projected to improve from 16.52% in 2023 to 19.09% in 2024 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - In Q3 2024, the prices of tungsten and related products declined, leading to a decrease in tungsten wire sales and a drop in profitability for most rare earth products, except for magnetic materials. However, the energy new materials segment saw an increase in shipment volume and improved profits on a quarter-on-quarter basis [1]. - For the first three quarters of 2024, the company achieved a net profit attributable to shareholders of approximately 1.402 billion yuan, representing a year-on-year increase of 20.78%. In Q3 alone, the net profit was 386 million yuan, up 4.32% year-on-year but down 34.56% quarter-on-quarter [2]. - The report adjusts the company's earnings per share (EPS) forecasts for 2024-2026 to 1.31, 1.51, and 1.71 yuan respectively, reflecting a decrease of 0.09 yuan for 2024 and 2025, and a decrease of 0.08 yuan for 2026 [2]. - The target price has been raised to 25.67 yuan from the previous 24.50 yuan, based on a 17x price-to-earnings (PE) ratio for 2025 [2]. Financial Summary - For the first three quarters of 2024, the tungsten and molybdenum segment's revenue increased by 7.04% year-on-year to 13.249 billion yuan, with total profit rising by 17.34% to 1.96 billion yuan. However, Q3 revenue was 4.47 billion yuan, down 6% quarter-on-quarter, and total profit was 533 million yuan, down 40% quarter-on-quarter [2]. - The average price of domestic tungsten concentrate (65% WO3) in Q3 2024 was 136,100 yuan, down 6% quarter-on-quarter, while the average price of tungsten powder was 305.3 yuan per kilogram, down 4.34% [2]. - The energy materials segment reported revenue of 9.882 billion yuan for the first three quarters of 2024, a year-on-year decrease of 24.69%, but Q3 revenue was approximately 3.58 billion yuan, up 19% quarter-on-quarter [2]. - The rare earth segment's revenue for the first three quarters of 2024 was 3.203 billion yuan, down 18.25% year-on-year, but total profit increased by 61.92% to 180 million yuan [2]. Market Data - The current stock price is 20.10 yuan, with a target price of 25.67 yuan [4]. - The market capitalization is approximately 28.504 billion yuan [5]. - The stock has traded within a range of 14.06 to 21.55 yuan over the past 52 weeks [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2]. Core Insights - In the first three quarters of 2023, the company achieved a revenue of 26.369 billion yuan, a year-on-year decrease of 10.70%, while the net profit attributable to shareholders was 1.402 billion yuan, an increase of 20.78% [1]. - The third quarter of 2024 saw revenues of 9.207 billion yuan, a quarter-on-quarter increase of 3.55% but a year-on-year decrease of 14.73%. The net profit attributable to shareholders was 386 million yuan, down 33.57% quarter-on-quarter but up 4.32% year-on-year [1]. - The tungsten and molybdenum segment experienced a decline in both revenue and profit due to a drop in sales volume and price fluctuations, while the energy new materials segment showed growth driven by increased sales of lithium cobalt oxide and ternary materials [1]. - The company plans to raise up to 3.527 billion yuan for expansion projects in hard alloy cutting tools, photovoltaic tungsten wire production, and tungsten-molybdenum mining, which is expected to enhance its upstream resource and downstream processing capabilities [1]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 35.970 billion yuan, with net profit expected to reach 1.909 billion yuan, resulting in an EPS of 1.35 yuan [2]. - The company’s revenue growth rates are forecasted to be -8.70% in 2024, 14.17% in 2025, and 11.43% in 2026 [5]. Segment Analysis - Tungsten and Molybdenum: Q3 2024 revenue and profit are estimated at 4.468 billion yuan and 533 million yuan, respectively, reflecting a quarter-on-quarter decline of 5.62% and 39.91% [1]. - Energy New Materials: Q3 2024 revenue and profit are estimated at 3.582 billion yuan and 140 million yuan, with quarter-on-quarter increases of 19.36% and 6.06% [1]. - Rare Earth Business: Q3 2024 revenue and profit are estimated at 1.149 billion yuan and 63 million yuan, with a slight quarter-on-quarter increase in revenue but a decline in profit [1]. - Real Estate Business: Revenue for the first three quarters of 2024 was 3.5 million yuan, down 68.38% year-on-year, while profit totaled 68 million yuan, reflecting a significant increase due to investment gains [1]. Cost Management and Capital Structure - The company’s expense ratio decreased to 8.80% in Q3 2024, with reductions in sales, management, and R&D expense ratios [1]. - The asset-liability ratio improved to 51.27%, down 0.68 percentage points quarter-on-quarter and 2.16 percentage points year-on-year [1].

证券代码：600549 证券简称：厦门钨业 公告编号：临-2024-083 厦门钨业股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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。 重要内容提示： 股东大会召开日期：2024年11月12日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 12 日 14 点 30 分 召开地点：厦门市展鸿路 81 号特房波特曼财富中心 A 座 21 层本公司 1 号 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 12 日 (一) 股东大会类型和届次 2024 年第四次临时股东大会 至 2024 年 11 月 12 日 采用上海证券交易所网络投票 ...

厦门钨业股份有限公司 募集资金管理办法 （修订稿待公司 2024 年第四次临时股东大会审议通过后生效） 1 总则 1.1 为规范厦门钨业股份有限公司（以下简称"公司"）募集资金的管理和 运用，提高募集资金使用效率，保护投资者利益，根据《中华人民共和国公司法》、 《中华人民共和国证券法》、《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求（2022 年修订）》、《上海证券交易所股票上市规则》、《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、法规和规范 性文件及公司章程规定，结合公司实际情况，制定本办法。 1.2 本办法所称募集资金是指公司通过发行股票及其衍生品种，向投资者 募集并用于特定用途的资金。 1.3 公司募集资金的存储、使用和管理适用本办法。 公司募集资金投资项目（以下简称"募投项目"）通过公司子公司或公司控 制的其他企业实施的，应遵守本办法。 1.4 公司董事会根据有关法律法规、规范性文件等有关规定及时披露募集 资金使用情况，充分保障投资者的知情权，接受相关方的监督。 1.5 公司董事、监事、高级管理人员应当勤勉尽职，督促公司规范运用募 集资金，自觉维护公 ...

厦门钨业股份有限公司 审计委员会关于第十届董事会第七次会议相关事项的书面 确认意见 根据《公司章程》《上海证券交易所股票上市规则》等有关规定，我们认真 审核了《关于控股子公司厦钨新能为其下属参股公司提供融资担保的议案》，并 发表如下书面确认意见： 审计委员会委员：叶小杰、程文文、谢小彤 2024 年 10 月 25 日 1 公司控股子公司厦门厦钨新能源材料股份有限公司（以下简称"厦钨新能"） 按 49%的间接持股比例为其下属参股公司 Orano/XTC New Energy-PCAM,Société par actions simplifiée 向银行等金融机构的融资提供担保的决策程序合法、合理， 厦钨新能对其下属参股公司的经营状况、资信及偿债能力有充分了解和控制，合 作方 Orano PCAM 同步按照 51%的持股比例提供等比例连带责任担保，风险总 体可控。该事项为满足厦钨新能下属参股公司正常生产经营、项目建设资金的需 要，不存在损害公司及股东利益的情形。同意将该议案提交第十届董事会第七次 会议审议。 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-081 厦门钨业股份有限公司 关于控股子公司厦钨新能为其下属参股公司 提供担保的公告 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。 重要内容提示： 被担保人：厦门钨业股份有限公司（以下简称"公司"）控股子公司厦门厦 钨新能源材料股份有限公司（以下简称"厦钨新能"）的下属参股公司 Orano/XTC New Energy–PCAM, Sociétépar actions simplifiée（暂定名）（中文名称：法国厦钨新 能源科技有限公司，以下简称"法国厦钨新能科技"）。 本次担保金额：厦钨新能拟按 49%的间接持股比例为法国厦钨新能科技向银 行等金融机构申请的融资（含借款、银行承兑汇票、信用证、保函等）提供连带责 任担保，担保总额不超过人民币 10,000 万元或其他等值货币；合资方 Orano PCAM 同步按照 51%的持股比例提供等比例担保。 已实际提供的担保余额：截至本公告披露日，公司实际对外担保余额为人民 币 5,664.40 万元；厦钨新能无对 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-080 厦门钨业股份有限公司 第十届监事会第五次会议决议公告 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。 厦门钨业股份有限公司（以下简称"公司"）第十届监事会第五次会议于 2024 年 10 月 25 日以通讯方式召开，会前公司董秘办公室于 2024 年 10 月 14 日 以电子邮件及专人送达的方式通知了全体监事。会议由监事会主席李翔先生主持， 应到监事 9 人，实到监事 9 人。会议的召开符合《中华人民共和国公司法》和 《公司章程》的规定。会议审议通过了如下议案： 一、会议以 9 票同意，0 票反对，0 票弃权的表决结果通过了《2024 年第三 季度报告》。详见同日登载于上海证券交易所网站（www.sse.com.cn）的《2024 年第三季度报告》。 2、公司《2024 年第三季度报告》的内容和格式符合中国证监会和证券交易 所的各项规定，所包含的信息能从各方面真实地反映出公司报告期的经营管理和 财务状况等事项。 3、在提出本意见前，没有发现参与《20 ...