Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company reported a revenue of 17.162 billion yuan in the first half of 2024, a decrease of 8.4% year-on-year, while achieving a net profit attributable to shareholders of 1.017 billion yuan, an increase of 28.5% year-on-year [4]. - The tungsten and molybdenum business experienced significant growth due to rising tungsten concentrate prices and increased production of photovoltaic tungsten wire, with revenue reaching 8.781 billion yuan, up 11% year-on-year [4]. - The rare earth business faced profitability challenges due to industry competition and asset integration, with revenue declining by 21.5% to 2.054 billion yuan [4]. - The positive materials segment benefited from the recovery in the 3C industry, with lithium cobalt oxide sales increasing by 30% year-on-year [4]. - The company is actively expanding its three main business segments: tungsten and molybdenum, rare earths, and positive materials, with several projects underway [4]. Summary by Sections Tungsten and Molybdenum Business - Revenue for the tungsten and molybdenum segment was 8.781 billion yuan, with a profit of 1.427 billion yuan, reflecting a 29% increase year-on-year [4]. - The average price of tungsten concentrate in the first half of 2024 was 134,400 yuan per ton, up 13% year-on-year [4]. - The company sold 74.3 billion meters of fine tungsten wire, with photovoltaic tungsten wire sales reaching 62.8 billion meters, a 120% increase year-on-year [4]. Rare Earth Business - Revenue from the rare earth segment was 2.054 billion yuan, down 21.5% year-on-year, with a profit of 117 million yuan, down 23.5% [4]. - The decline in profitability was attributed to business integration with China Rare Earth Group and increased competition in the industry [4]. - The company managed to increase magnetic material sales by 13% year-on-year [4]. Positive Materials Business - Revenue for the positive materials segment was 6.3 billion yuan, a decrease of 22.4% year-on-year, with a profit of 246 million yuan, down 10.1% [4]. - The company sold 18,400 tons of lithium cobalt oxide, marking a 30% increase year-on-year [4]. - The competitive landscape in the ternary materials sector has intensified, leading to a decrease in profitability [4]. Expansion Projects - The company is progressing with expansion projects across its three main business segments, including the completion of the tailings project at the Ninghua Xingluo tungsten mine and the construction of a new photovoltaic tungsten wire project [4]. - The rare earth segment is also expanding with a new high-performance rare earth magnetic material project [4]. - In the positive materials segment, the company is advancing its projects in Ningde and Ya'an [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.97 billion yuan, 2.18 billion yuan, and 2.41 billion yuan for 2024, 2025, and 2026, respectively [4]. - The corresponding price-to-earnings ratios (PE) are projected to be 12X, 11X, and 10X for the same years [4]. - The report compares the company with peers like Zhongtung High-tech and Zhangyuan Tungsten Industry, which have higher average PE ratios [4].

厦门钨业（600549.SH）2024 年半年报点评 钨价走高增厚矿山利润，钨钼板块表现强劲 2024 年 08 月 29 日 ➢ 事件：公司发布 2024 年半年报。2024H1，公司实现营收 171.62 亿元，同 比-8.37%；归母净利润 10.17 亿元，同比+28.47%，扣非后归母净利 8.58 亿 元，同比+18.92%。分季度看，2024Q2，公司实现营收 88.92 亿元，同比-12.55%、 环比+7.52%；归母净利润 5.90 亿元，同比+67.84%、环比+38.02%；扣非归 母净利 5.57 亿元，同比+69.13%、环比+85.21%。 ➢ 钨钼板块：钨价走高增厚矿山利润，光伏钨丝持续放量。1）2023 年公司钨 钼业务实现利润总额 14 亿元，同比增长 30%。测算 24Q2 钨钼板块实现利润总 额 8.9 亿元，同比增长 65%、环比增长 64%。2）光伏钨丝持续放量，2024H1 光伏钨丝销量达到 628 亿米（2023 年全年 760 亿米），光伏钨丝替代高碳钢丝 大势所趋。子公司厦门虹鹭实现净利润 6.19 亿元，同比增长 51.15%。3）钨价 强势，2024H1 ...

Investment Rating - The report maintains a rating of "Add" for the company [4]. Core Views - The company achieved a revenue of 17.162 billion yuan in the first half of 2024, a year-on-year decrease of 8.37%, while the net profit attributable to shareholders increased by 28.47% to 1.017 billion yuan [1]. - The tungsten and molybdenum segment showed strong performance, with revenue of 8.781 billion yuan, up 10.98% year-on-year, and total profit of 1.427 billion yuan, up 29.50% [1]. - The average price of domestic black tungsten concentrate (65% WO3) was 134,400 yuan per ton, a 13.04% increase compared to the same period in 2023 [1]. - The company’s three major mines reported significant revenue growth, with total revenue of 806 million yuan, an increase of 11.83% year-on-year, and net profit of 310 million yuan, up 36.32% [1]. Summary by Sections Performance Overview - The company’s tungsten and molybdenum business maintained rapid growth, contributing over 75% to the total profit [1]. - The company’s overall profitability improved, with a gross margin of 19.02%, up 2.13 percentage points year-on-year, and a net margin of 9.34%, up 2.65 percentage points [8]. Business Segments - The tungsten refining products segment saw a significant increase in profits due to enhanced export share and increased overseas ore procurement [2]. - The photovoltaic tungsten wire products experienced rapid expansion, with sales of fine tungsten wire reaching 74.3 billion meters, including 62.8 billion meters for photovoltaic applications, achieving a penetration rate of over 40% [2]. - The energy materials segment reported a revenue of 6.3 billion yuan, a year-on-year decrease of 22.43%, but the company maintained its leading position in the lithium cobalt oxide market with a sales volume of 18,400 tons, up 29.98% [3]. Project Development - Key projects in the tungsten and molybdenum segment are progressing, including the construction of a recovery project for feldspar and quartz at the Ninghua Xingluokeng tungsten mine, expected to gradually commence production in the second half of 2024 [9]. - The company is expanding its production capacity in the rare earth segment and has initiated several projects in the energy materials sector, including a lithium-ion battery materials project with an annual capacity of 15,000 tons [9]. Financial Forecast - The company is expected to achieve net profits of 1.967 billion yuan, 2.448 billion yuan, and 3.046 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 11.91, 9.57, and 7.69 [10].

Investment Rating - The report maintains a rating of "Add" for the company [4]. Core Views - The company achieved a revenue of 17.162 billion yuan in the first half of 2024, a year-on-year decrease of 8.37%, while the net profit attributable to shareholders increased by 28.47% to 1.017 billion yuan [1]. - The tungsten and molybdenum segment showed strong performance, with revenue of 8.781 billion yuan, up 10.98% year-on-year, and total profit of 1.427 billion yuan, up 29.50% [1]. - The average price of domestic black tungsten concentrate (65% WO3) was 134,400 yuan per ton, a 13.04% increase compared to the same period in 2023 [1]. - The company is expanding its production capacity in various segments, including tungsten and rare earth materials, with several key projects underway [9]. Summary by Sections Performance Overview - In the first half of 2024, the tungsten and molybdenum business maintained rapid growth, contributing over 75% to the company's total profit [1]. - The company's three major mines reported significant revenue increases, with total revenue of 806 million yuan, up 11.83% year-on-year, and net profit of 310 million yuan, up 36.32% [1]. Market Trends - The penetration rate of photovoltaic tungsten wire products has exceeded 40%, significantly increasing from 2023, with total sales of fine tungsten wire reaching 74.3 billion meters [2]. - The company is focusing on enhancing product quality in cutting tools, particularly in the 3C market, leading to revenue and profit growth [2]. Financial Metrics - The company's gross margin improved to 19.02%, up 2.13 percentage points year-on-year, while the net margin reached 9.34%, an increase of 2.65 percentage points [8]. - The report forecasts net profits of 1.967 billion yuan, 2.448 billion yuan, and 3.046 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 11.91, 9.57, and 7.69 [10]. Strategic Initiatives - The company is advancing several key projects, including the expansion of production lines for high-performance rare earth magnetic materials and lithium-ion battery materials [9]. - The company is leveraging its competitive advantages in the tungsten industry and expanding its presence in energy materials and rare earth sectors [10].

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten Co., Ltd. with a target price of 24.50 CNY, up from the previous target of 24.17 CNY [4][5]. Core Insights - In H1 2024, the tungsten and molybdenum segment experienced significant growth due to rising prices of tungsten ore and increased sales in photovoltaic tungsten wire and cutting tools, contributing to the overall performance of the company [4][5]. - The company achieved a net profit attributable to shareholders of approximately 1.016 billion CNY in H1 2024, representing a year-on-year increase of 28.47%. In Q2 alone, the net profit was 589 million CNY, up 67.83% year-on-year and 38.02% quarter-on-quarter [5]. - The report anticipates that the earnings per share (EPS) for 2024-2026 will be 1.40 CNY, 1.60 CNY, and 1.80 CNY respectively, with a reference PE ratio of 17.5 times for 2024 [5]. Summary by Sections Tungsten and Molybdenum Segment - Revenue for the tungsten and molybdenum segment in H1 2024 increased by 11.98% year-on-year to 8.781 billion CNY, with total profit rising by 29.5% to 1.427 billion CNY. Q2 revenue was 4.74 billion CNY, up 17% quarter-on-quarter, and total profit reached 888 million CNY, up 64% quarter-on-quarter [5]. - The average price of domestic tungsten concentrate (65% WO3) increased by 13.04% year-on-year to 134,400 CNY, enhancing the profitability of the company's self-produced ore [5]. New Energy Materials Segment - Revenue from the new energy materials business in H1 2024 was 6.3 billion CNY, down 22.43% year-on-year, with total profit decreasing by 10.06% to 246 million CNY. Q2 revenue was 3.001 billion CNY, down 9% quarter-on-quarter, but profit increased by 16% quarter-on-quarter [5]. - The decline in revenue was primarily due to falling raw material prices and intensified competition, but the company remains a leader in cobalt acid lithium products, with sales expected to improve as the industry stabilizes [5]. Rare Earth Segment - The rare earth segment reported revenue of 2.054 billion CNY in H1 2024, down 21.48% year-on-year, with total profit of 117 million CNY, down 23.50%. Q2 revenue was 1.14 billion CNY, up 25% quarter-on-quarter, and profit increased by 92.5% quarter-on-quarter [5]. - The segment's performance was affected by the integration and divestiture of rare earth smelting and separation businesses, along with price declines due to raw material costs and competition [5]. Real Estate Segment - The real estate segment generated revenue of 25 million CNY in H1 2024, down 67.47% year-on-year, but total profit increased by 174 million CNY due to the disposal of property equity in Chengdu Tengwangge, resulting in an investment income of 145 million CNY [5].

[Table_Main] 证券研究报告 | 公司点评 厦门钨业(600549.SH) 2024 年 08 月 22 日 买入（维持） 所属行业：有色金属/小金属 当前价格(元)：15.96 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 市场表现 厦门钨业 沪深300 -23% -11% 0% 11% 23% 34% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -6.01 | -10.59 | -16.99 | | 相对涨幅(%) | 0.38 | -5.37 | -7.12 | 资料来源：德邦研究所，聚源数据 相关研究 1.《厦门钨业（600549.SH）：2023 年 钨钼板块带动业绩稳健增长，2024 年 Q1 三 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with a total revenue of RMB 1.2 billion, representing a year-on-year growth of 15%[10]. - The company's operating revenue for the first half of 2024 was ¥17,161,676,195.77, a decrease of 8.37% compared to the same period last year[15]. - Net profit attributable to shareholders was ¥1,016,603,061.16, an increase of 28.47% year-on-year[15]. - The net cash flow from operating activities increased by 83.02% to ¥1,834,681,993.01 compared to the previous year[15]. - Basic earnings per share rose to ¥0.7186, reflecting a growth of 28.14% from the same period last year[16]. - The company's total assets at the end of the reporting period were ¥40,675,642,161.29, up 3.57% from the end of the previous year[15]. - Non-recurring gains totaled ¥158,663,295.82, primarily from the disposal of non-current assets and government subsidies[18]. - The company's operating revenue for the current period is approximately ¥17.16 billion, a decrease of 8.37% compared to ¥18.73 billion in the same period last year[68]. - Operating costs decreased by 10.72% to approximately ¥13.90 billion from ¥15.57 billion, primarily due to a drop in prices of energy new materials and rare earth raw materials[69]. Market Expansion and Strategy - User data indicates a growing customer base, with an increase of 20% in active users compared to the same period last year, reaching 500,000 active users[10]. - The company has set a future outlook with a revenue target of RMB 2.5 billion for the full year 2024, which would represent a growth of 25% year-on-year[10]. - The company is expanding its market presence in Southeast Asia, with plans to open two new distribution centers in Thailand and Vietnam by Q3 2024[10]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance market share by 10% in the region[10]. - The company has established strong partnerships with major battery manufacturers, including ATL and BYD, expanding its market presence in the lithium battery sector[27]. - The company is actively exploring rare earth applications and has invested in rare earth permanent magnet motor businesses, targeting energy-saving and green technology sectors[26]. Research and Development - The company has invested RMB 50 million in R&D for new technologies aimed at improving production efficiency by 15% over the next year[10]. - The company focuses on three core businesses: tungsten-molybdenum, rare earths, and new energy materials, aiming for continuous innovation and management improvement[22]. - The company has a strong R&D capability, with numerous patents in tungsten wire technology, supporting its innovation in product development[23]. - The company added 126 authorized patents during the reporting period, including 58 invention patents, bringing the total to 1,803 authorized patents[32]. - The company undertook 31 national-level research projects during the reporting period, focusing on key technological breakthroughs[32]. Environmental and Compliance - The company reported a total wastewater discharge of 30.57 tons in the first half of 2024, with specific pollutants such as chemical oxygen demand at 30.57 tons and ammonia nitrogen at 4.07 tons[104]. - The company has implemented a comprehensive risk management system to enhance decision-making and risk prevention in daily operations[67]. - The company is focused on maintaining compliance with environmental standards across all operational areas, including air and water quality[121]. - The company has established emergency response plans for environmental incidents, ensuring preparedness and compliance with local regulations[125]. - The company has implemented strategies for the comprehensive utilization of waste, including the transfer of hazardous waste to qualified third parties[120]. Production and Operations - The company operates three tungsten mines and has one under construction, ensuring stable resource supply for downstream processing[31]. - The company is advancing the construction of key projects in the tungsten and molybdenum industry, including the Xiamen Jinlu Hard Alloy Industrial Park and the Xiamen Honglu 100 billion meter photovoltaic tungsten wire production line[57]. - The company is constructing a new production line for 15,000 tons of lithium-ion battery materials, with progress ongoing and some workshops already completed[64]. - The company is expanding its production capacity for high-performance rare earth materials, with a new project aiming for 5,000 tons for energy-saving motors currently under construction[63]. - The company has completed the construction of a 40,000 tons lithium-ion battery material production project, which is now operational[64]. Financial Management and Investments - The company has implemented a comprehensive budget management system to effectively integrate business development and financial operations[29]. - The company has received approval from the Shanghai Stock Exchange for its A-share refinancing application, with the China Securities Regulatory Commission granting registration approval on July 22, 2024[59]. - The company reported a significant increase in investment income of 10,561.99%, primarily due to the disposal of real estate and integration with China Rare Earth Group[70]. - The company has completed a share buyback plan, acquiring 2,942,000 shares, representing 0.21% of the total issued shares, with a total expenditure of RMB 50.37 million[195]. - The company has established a framework agreement for daily related transactions, ensuring compliance with regulatory disclosures[184]. Risks and Challenges - The management highlighted potential risks, including fluctuations in raw material prices, which could impact profit margins by up to 5%[10]. - The company faces risks related to economic fluctuations impacting demand and prices for tungsten, molybdenum, and rare earth products, which are closely tied to global economic conditions[93]. - The company is subject to policy risks due to the strategic nature of tungsten and rare earth resources, which may affect its operations if regulations change[93]. - The company has invested significantly in safety production management but still faces risks of accidents and environmental compliance issues in its mining operations[94]. - The company is currently in the design phase for a new production line that will produce 1,500 tons of tungsten powder, with gradual production expected to start in 2024[61].

证券代码：600549 证券简称：厦门钨业 公告编号：临-2024-069 厦门钨业股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024 年 8 月 30 日（星期五）上午 10:00-11:30。 会议召开地点：上 海 证 券 交 易 所 上 证 路 演 中 心（网址： http://roadshow.sseinfo.com）"路演-业绩说明会"栏目。 会议召开方式：上证路演中心视频和网络互动方式。 三、参加人员 1 公司参加本次说明会的人员包括：公司董事兼总裁吴高潮先生、独立董事程 文文先生、副总裁兼财务负责人钟炳贤先生、副总裁兼董事会秘书周羽君女士、 财务管理中心总经理林浩女士（如有特殊情况，参会人员将可能进行调整）。 四、投资者参加方式 投资者可于 2024 年 8 月 29 日（星期四）16:00 前登录上证路演中心网 站首页，点击"提问预征集"栏目或通过公司邮箱 600549.cxtc@cxtc.com 进行 提问。公司将 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-068 厦门钨业股份有限公司 第十届监事会第三次会议决议公告 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"） 第十届监事会第三次会议在 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 号会议室以现场与 通讯相结合的方式召开，会前公司董秘办公室于 2024 年 8 月 9 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《2023 年度总 裁班子工作报告》。 二、会议以 9 票同意，0 票反对，0 票弃权的表决结果通过了《2024 年半年 度报告及其摘要》。详见同日登载于上海证券交易所网站（www.sse.com.cn）的 《厦门钨业 2024 年半年度报告》及《厦门钨业 2024 年半年 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-067 二、会议以 9 票同意，0 票反对，0 票弃权的表决结果通过了《2024 年半年 度报告及其摘要》。详见同日登载于上海证券交易所网站（www.sse.com.cn）的 《厦门钨业 2024 年半年度报告》及《厦门钨业 2024 年半年度报告摘要》。 该议案已通过审计委员会会议审议，审计委员会会议表决结果：3 票同意， 0 票反对，0 票弃权。 三、会议以 9 票同意，0 票反对，0 票弃权的表决结果通过了《关于制定<董 事、监事和高级管理人员所持公司股份及其变动管理办法>的议案》。详见同日 登载于上海证券交易所网站（www.sse.com.cn）的《董事、监事和高级管理人员 所持公司股份及其变动管理办法》。 四、会议以 9 票同意，0 票反对，0 票弃权的表决结果审议通过了《五年 （2024-2028 年）战略发展规划》。2024 年是公司新一届董事会、监事会、总裁 班子工作的开局之年，根据公司《战略管理制度》的相关规定，公司编制了新一 厦门钨业股份有限公司 第十届董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 ...