Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten (600549.SH) [1] Core Views - The company's profit has significantly increased, with a net profit of 1.017 billion yuan in the first half of 2024, representing a year-on-year growth of 28.47% [4] - The tungsten and molybdenum segment has shown rapid growth, driven by rising tungsten concentrate prices and the expansion of photovoltaic tungsten wire production [4][5] - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 37.351 billion yuan, 40.110 billion yuan, and 43.299 billion yuan respectively, with corresponding net profits of 2.125 billion yuan, 2.590 billion yuan, and 2.977 billion yuan [5] Summary by Sections Market Performance - The stock has shown a relative performance of -6.01% over the last month and -10.59% over the last two months compared to the CSI 300 index [3] Financial Performance - In the first half of 2024, the company reported total revenue of 17.162 billion yuan, a decrease of 8.37% year-on-year, while the tungsten and molybdenum business achieved revenue of 8.781 billion yuan, a year-on-year increase of 10.98% [4][5] - The average price of domestic black tungsten concentrate was 134,400 yuan per ton, up 13.04% year-on-year, and APT (88.5%) averaged 198,400 yuan per ton, up 11.02% year-on-year [4] Business Segments - The tungsten and molybdenum segment's profit totaled 1.427 billion yuan, reflecting a year-on-year increase of 29.50% [4] - The rare earth business saw a revenue decline of 21.48% to 2.054 billion yuan, primarily due to the integration with China Rare Earth Group [5] - The energy materials segment reported revenue of 6.3 billion yuan, down 22.43% year-on-year, despite a 29.98% increase in cobalt acid lithium sales [5] Investment Recommendations - The report suggests that the company is well-positioned to benefit from rising tungsten prices and the expansion of its photovoltaic product line, maintaining a "Buy" rating [5]

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 ...

厦门钨业股份有限公司董事、监事和高级管理人员 所持公司股份及其变动管理办法 第一章 总则 第一条 为加强对厦门钨业股份有限公司（以下简称"公司"或"本公司"） 董事、监事和高级管理人员所持本公司股份及其变动的管理，根据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称 《证券法》）、《上市公司董事、监事和高级管理人员所持本公司股份及其变动 管理规则》《上海证券交易所上市公司自律监管指引第15号——股东及董事、 监事、高级管理人员减持股份》和《上海证券交易所上市公司自律监管指引第8 号——股份变动管理》等法律、行政法规、部门规章和规范性文件以及《厦门 钨业股份有限公司章程》（以下简称《公司章程》）的规定，结合公司实际情况， 制定本办法。 第二条 本办法适用于公司董事、监事和高级管理人员所持本公司股份及 其变动的管理。其所持本公司股份是指登记在其名下和利用他人账户持有的所 有本公司股份；从事融资融券交易的，其所持本公司股份还包括记载在其信用 账户内的本公司股份。 第三条 公司董事、监事和高级管理人员应当遵守《公司法》《证券法》和 有关法律、行政法规、中国证监会规章、规范性文件以及 ...

Financial Data and Key Indicator Changes - In 2023, the company's operating revenue was approximately 394 billion, a decrease of 18.3% year-on-year, while the net profit attributable to shareholders was 16.02 billion, an increase of 10.75% year-on-year, marking the best performance since its listing in 2002 [4][14][6] - For the first half of 2024, the net profit attributable to shareholders was 10.15 billion, representing a year-on-year growth of 28% [6] Business Line Data and Key Indicator Changes - The battery materials segment saw revenue drop from 286 billion in 2022 to 171.4 billion in 2023, while the tungsten-aluminum business increased from 126 billion to 155.7 billion [15][14] - The rare earth business revenue decreased from 59 billion to 51.7 billion, and the real estate segment reported a significant impairment loss of 3 billion [15][14] Market Data and Key Indicator Changes - The company holds the largest tungsten resources in A-shares, with a self-sufficiency rate of 36.6% for tungsten ore, which is higher than its competitors [20] - The market capitalization as of August 1, 2024, was 240 billion, with a static P/E ratio of 15, the lowest in the industry [7][8] Company Strategy and Development Direction - The company is pursuing a "dumbbell strategy," balancing low-risk defensive assets with high-risk growth assets, focusing on tungsten and new energy businesses [1] - A new round of fundraising was initiated to raise 35.3 billion for projects related to tungsten and photovoltaic materials, aligning with national industrial development directions [9][11] Management Comments on Operating Environment and Future Outlook - Management noted that the performance in 2023 was achieved despite a downturn in the new energy business, indicating resilience [6] - The company expects to enhance its market position in the photovoltaic tungsten wire sector, with production capacity projected to reach 2000 billion meters by 2026 [35] Other Important Information - The company is actively divesting from its real estate business, which has already yielded 1.45 billion in investment income in the first half of 2024 [44] - The integration of rare earth separation business with China Rare Earth Group has led to a significant decline in revenue and profit from this segment [43] Q&A Session Summary Question: What is the current status of the Dahu Lake tungsten mine project? - The Dahu Lake project has been included in Jiangxi Province's key construction projects for 2024, and preliminary preparations have begun, including mining license updates and feasibility studies [26] Question: How is the company addressing the downturn in the new energy materials sector? - The company is focusing on developing next-generation new energy materials and has seen some improvement in the second quarter of 2024 compared to the first quarter [39]

股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-066 厦门钨业股份有限公司 关于厦钨新能的全资子公司合资设立参股公司及 厦钨新能同步对全资子公司增资的公告 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： 投资标的：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"）拟通过全资子公司 XTC New Energy Materials Europe GmbH（中文名称：厦门厦钨新能源欧洲有限公司，以下简称"欧洲厦 钨新能"）与 ORANO Batteries, Société par actions simplifiée（以下简称 ORANO）的全资子公司 Orano PCAM 在法国合资新设 Orano / XTC New Energy - PCAM, Société par actions simplifiée（中文名：法国厦钨新能源 科技有限公司，暂定名，以下简称"法国厦钨新能科技"或"合资公司"， 最终以法国公司登记机构登记核准的名称为准），在法国投资建设年产 40, ...

厦门钨业股份有限公司（以下简称"公司"）第十届董事会第四次会议于 2024 年 8 月 2 日以通讯方式召开，会前公司董秘办公室于 2024 年 7 月 27 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《关于控股子 公司金龙稀土设立全资子公司建设 5,000 吨（首期）高性能钕铁硼磁性材料项目 的议案》。会议同意公司控股子公司福建省金龙稀土股份有限公司设立全资子公 司金龙稀土（包头）新材料有限公司（暂定名，最终以市场监督局登记核准的名 称为准，以下简称"包头金龙"），并由包头金龙投资 46,222 万元（其中固定 资产投资 39,522 万元）在内蒙古自治区包头稀土高新区建设 5,000 吨（首期） 高性能钕铁硼磁性材料项目，产品主要应用于现代高端风力发电、3C 产品、节 能电机、节能家电、新能源汽车等领域，预计于 2026 年上半年建成并投产（具 体建设周期以 ...

证券代码：600549 证券简称：厦门钨业 公告编号：临-2024-063 厦门钨业股份有限公司 2024 年第二次临时股东大会决议公告 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。 1、 公司在任董事 9 人，出席 9 人，董事王丹女士、谢小彤先生、钟可祥先 生、独立董事程文文先生通过视频方式参会； 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 8 月 1 日 (二) 股东大会召开的地点：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 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 946 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 105,737,910 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 10.9266 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》 ...