股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-070 厦门钨业股份有限公司 第十届董事会第六次会议决议公告 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"）第十届董事会第六次会议（临 时会议）于 2024 年 9 月 30 日以通讯方式召开，会前公司董秘办公室于 2024 年 9 月 24 日以电子邮件及专人送达的方式通知了全体董事。会议由董事长黄长庚 先生主持，应到董事 9 人，实到董事 9 人。公司监事、高级管理人员列席了本次 会议。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、在关联董事黄长庚先生、侯孝亮先生、吴高潮先生、谢小彤先生、钟可 祥先生回避表决的情况下，会议以 4 票同意，0 票反对，0 票弃权的表决结果通 过了《关于公司向特定对象发行股票相关授权的议案》。会议同意在公司向特定 对象发行股票过程中，如按照竞价程序簿记建档后确定的发行股数未达到认购邀 请文件中拟发行股票数量的 70%，授权董事长经与主承销商 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-072 厦门钨业股份有限公司 关于控股子公司福建省金龙稀土股份有限公司拟申 请在全国中小企业股份转让系统挂牌的公告 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。 厦门钨业股份有限公司（以下简称"公司"）于 2024 年 9 月 30 日召开了第 十届董事会第六次会议，审议通过了《关于控股子公司福建省金龙稀土股份有限 公司拟申请在全国中小企业股份转让系统挂牌的议案》，同意公司控股子公司福 建省金龙稀土股份有限公司（以下简称"金龙稀土"）在符合相关法律法规政策 和条件成熟的前提下，拟筹划申请在全国中小企业股份转让系统（以下简称"全 国股转系统"，即"新三板"）挂牌事宜，该事项尚需提交公司股东大会审议。 现将有关事项公告如下： 一、金龙稀土的基本情况 （一）基本情况 公司名称：福建省金龙稀土股份有限公司 法定代表人：钟可祥 注册资本：247,500 万元 （二）股权结构 成立日期：2000 年 3 月 3 日 统一社会信用代码：9135082115791410XF ...

厦门钨业股份有限公司 表决意见：同意 3 票，反对 0 票，弃权 0 票。 厦门钨业股份有限公司 董事会独立董事专门会议 2024 年 9 月 29 日 经核查，本议案符合有关法律、法规的规定，有利于公司本次向特定对象发 行股票工作高效、顺利进行，不存在损害公司及全体股东特别是中小股东利益的 情形。会议同意将该议案提交公司董事会审议，其决策程序符合法律、法规和《公 司章程》的规定。 第十届董事会独立董事专门会议第三次会议决议 表决意见：同意 3 票，反对 0 票，弃权 0 票。 厦门钨业股份有限公司第十届董事会独立董事专门会议第三次会议于 2024 年 9 月 29 日以通讯方式召开。本次会议的召集和召开程序符合《公司法》和《公 司章程》等相关规定。会议由独立董事专门会议召集人叶小杰主持，应到独立董 事 3 人，实到独立董事 3 人。会议审议通过了如下议案： 二、审议通过了《关于控股子公司福建省金龙稀土股份有限公司拟申请在全 国中小企业股份转让系统挂牌的议案》。 经核查，公司控股子公司金龙稀土申请在全国股转系统挂牌，有利于金龙稀 土进一步完善其法人治理结构，拓宽资本渠道，助力其业务发展，同时也有利于 上市公司 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-074 厦门钨业股份有限公司 关于参股新材料基金增加有限合伙人暨份额变动的 公告 2024 年 10 月 1 日 合伙人类型 合伙人名称 认缴出资额 （人民币万元） 出资比例 普通合伙人 厦门创合鹭翔投资管理有限公司 10,000 2% 有限合伙人 厦钨鸿鑫（厦门）投资合伙企业 （有限合伙） 173,000 34.6% 有限合伙人 国家制造业转型升级基金股份有 限公司 150,000 30% 有限合伙人 军民融合发展产业投资基金（有 限合伙） 75,000 15% 有限合伙人 福建省三钢（集团）有限责任公 司 50,000 10% 有限合伙人 厦门市产业引导股权投资基金合 伙企业（有限合伙） 25,000 5% 有限合伙人 厦门集美产业投资集团有限公司 12,000 2.4% 有限合伙人 长春市股权投资基金管理有限公 司 5,000 1% 合计 / 500,000 100% 本次变动后，创合鑫材基金合伙人及认缴出资额、出资比例情况如下： 截至 2024 年 9 月 30 日，创合鑫材基金已完成实缴出资到位 44 亿元。 公司将根据后续进展情况 ...

厦门钨业股份有限公司（以下简称"公司"） 第十届监事会第四次会议（临 时会议）于 2024 年 9 月 30 日以通讯方式召开，会前公司董秘办公室于 2024 年 9 月 24 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： 股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-071 厦门钨业股份有限公司 第十届监事会第四次会议决议公告 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。 一、在关联监事李翔先生、陈光鸿先生、陈芬清女士、聂鑫森先生回避表决 的情况下，会议以 5 票同意，0 票反对，0 票弃权的表决结果通过了《关于公司 向特定对象发行股票相关授权的议案》。会议同意在公司向特定对象发行股票过 程中，如按照竞价程序簿记建档后确定的发行股数未达到认购邀请文件中拟发行 股票数量的 70%，授权董事长经与主承销商协商一致，可以在不低于发行底价的 前提下，对簿记建 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.52 CNY per share [2]. Core Views - The company reported a revenue of 17.162 billion CNY for H1 2024, a year-on-year decrease of 8.37%, while the net profit attributable to shareholders was 1.017 billion CNY, an increase of 28.47% [1][7]. - The tungsten and molybdenum segment showed strong performance, driven by rising tungsten prices and increased sales of photovoltaic tungsten wire [1][19]. - The energy new materials segment experienced a decline in profitability due to intensified competition and falling raw material prices, despite a significant increase in sales volume for lithium cobalt oxide and ternary materials [1][35]. - The rare earth segment saw a decrease in profits due to the exclusion of certain subsidiaries from the consolidated financial statements and increased competition [1][40]. Summary by Sections 1. Company Overview - The company released its H1 2024 report, showing a revenue of 171.62 billion CNY and a net profit of 10.17 billion CNY, with significant growth in net profit compared to the previous year [1][7]. 2. Tungsten and Molybdenum Segment - The tungsten and molybdenum segment generated a revenue of 86.03 billion CNY, accounting for 50.13% of total revenue, with a gross profit margin of 28.23% [12][19]. - The segment's profit totaled 14 billion CNY in 2023, a 30% increase year-on-year, and is expected to continue benefiting from rising tungsten prices and increased production capacity [1][19]. 3. Energy New Materials Segment - The energy new materials segment reported a revenue of 62.15 billion CNY, a decrease of 22.30% year-on-year, with a gross profit margin of 9.41% [35]. - Sales volumes for lithium cobalt oxide and ternary materials increased significantly, with ternary material sales up 109% year-on-year [37]. 4. Rare Earth Segment - The rare earth segment's revenue decreased by 16.73% to 20.14 billion CNY, with a gross profit margin of 9.66% [40]. - The decline in revenue was attributed to the exclusion of certain subsidiaries from the consolidated financial statements and increased competition in the market [44]. 5. Future Outlook - The company expects continued growth in the tungsten and molybdenum segment, driven by rising prices and increased production capacity, particularly in photovoltaic tungsten wire [1][19]. - The energy new materials segment is focusing on expanding production capacity for lithium-ion battery materials to meet growing demand [39].

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].