Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.35 yuan, down from the previous target of 4.20 yuan [4] Core Views - The company's performance in the first three quarters of 2024 declined significantly due to falling vanadium prices, with revenue dropping by 6.12% YoY to 10.474 billion yuan and net profit attributable to shareholders plummeting by 78.92% YoY to 183 million yuan [9] - Despite the decline in vanadium prices, the company's production remained stable, with vanadium and titanium product output holding steady [2] - The report expects the company's performance to gradually recover as downstream demand improves [2] Financial Performance - The company's net profit attributable to shareholders for Q1-Q3 2024 was 68 million yuan, 69 million yuan, and 46 million yuan respectively, showing a further decline in Q3 [9] - The report revised down the company's net profit forecasts for 2024-2025 to 215 million yuan and 435 million yuan, respectively, and introduced a 2026 forecast of 583 million yuan [9] - The company's EPS for 2024-2026 is expected to be 0.02 yuan, 0.05 yuan, and 0.06 yuan, respectively [9] Production and Sales - In H1 2024, the company sold 25,700 tons of vanadium products, up 6.02% YoY, while titanium slag and titanium dioxide sales were 98,800 tons and 128,600 tons, down 7.13% and 2.35% YoY, respectively [9] - The average selling price of vanadium products in H1 2024 was 83,000 yuan/ton, down 29% YoY, leading to a 25% decline in vanadium product revenue [9] Industry and Market Trends - The oversupply of vanadium products in 2024, driven by declining demand from the rebar sector, has pressured prices and dragged down the company's profits [9] - The titanium sector showed stable profitability, with titanium slag and titanium dioxide revenues increasing by 6.01% and 23.1% YoY in H1 2024, respectively [9] - The vanadium battery industry is steadily developing, with the company supplying over 16,000 tons of high-quality raw materials for vanadium electrolyte production as of Q3 2024 [9] Valuation and Comparables - The company is valued at 2.5x PB for 2024, slightly below the industry average of 2.56x PB, based on comparable companies such as Oriental Tantalum and Huaxi Nonferrous Metals [12][13] - The company's current price is 2.86 yuan, with a 52-week price range of 2.24-3.62 yuan and a market capitalization of 26.584 billion yuan [5]

股票代码：000629 股票简称：钒钛股份 攀钢集团钒钛资源股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | --- | |-----------------------------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|----------------------|-------------| | | | | 编号： | 20241018 | | 投资者关系活动类 | √特定对象调研 | □ 分析师会议 | | | | 别 | □ 媒体采访 □ | 业绩说明会 | | | | | □ 新闻发布会 □ | 路演活动 | | | | | □ 现场参观 | | | | | | 其他 （机构策略会） | | | | | 参与单位名称及人 员姓名 | 长江养老：蔡杭霖 | | | | | 时 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,316,057,499.36, a decrease of 6.04% compared to the same period last year[4] - The net profit attributable to shareholders was ¥45,925,713.97, representing a significant decline of 82.74% year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥36,159,302.37, down 85.93% from the previous year[4] - The basic earnings per share for the period was ¥0.0043, a decrease of 84.13% compared to the same period last year[4] - The total profit for the period was ¥21,929,640.00, a decrease of 77.28% compared to the previous year, primarily due to a decline in the market price of vanadium products[7] - Total operating revenue for the current period is ¥10,473,638,780.51, a decrease from ¥11,156,329,645.45 in the previous period, representing a decline of approximately 6.1%[16] - Net profit for the current period is ¥191,299,869.86, down from ¥875,803,668.55 in the previous period, indicating a decrease of about 78.1%[17] - Operating profit for the current period is ¥231,500,922.11, compared to ¥981,458,501.17 in the previous period, reflecting a decline of approximately 76.4%[17] - The total profit for the current period is ¥219,296,353.99, significantly lower than ¥965,348,006.78 in the previous period, a decrease of approximately 77.3%[17] - The company reported a basic earnings per share of ¥0.0197, down from ¥0.0973 in the previous period, a decline of about 79.8%[17] - The total comprehensive income for the current period is ¥222,009,819.12, down from ¥898,916,797.03 in the previous period, indicating a decrease of approximately 75.7%[17] Cash Flow - The company reported a net cash flow from operating activities of ¥663,034,491.48, which is an increase of 102.57% year-over-year[4] - The net cash flow from operating activities increased by 102.57% to ¥66,303.45 million compared to the previous period, primarily due to an increase in bill maturity and discount receivables[8] - Cash flow from operating activities for the current period is ¥7,986,593,858.15, an increase from ¥7,636,992,654.47 in the previous period, representing a growth of approximately 4.6%[17] - The net cash flow from operating activities for Q3 2024 was CNY 663,034,491.48, an increase from CNY 327,313,104.80 in Q3 2023, reflecting a significant growth in operational efficiency[18] - The company received CNY 3,856,022,000.00 from investment recoveries, showcasing a robust cash inflow from divestments[18] - The cash flow from operating activities was CNY 8,152,044,339.49, up from CNY 7,725,469,601.24, demonstrating improved operational performance[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥15,218,075,688.18, a decrease of 0.76% from the end of the previous year[4] - The total assets decreased from CNY 15,334,342,489.50 at the beginning of the period to CNY 15,218,075,688.18 at the end of the period, representing a decline of approximately 0.76%[14] - Current assets decreased from CNY 6,512,954,167.66 to CNY 6,205,341,506.04, a reduction of about 4.71%[14] - Inventory decreased significantly from CNY 1,103,506,421.81 to CNY 972,022,759.81, reflecting a decline of approximately 11.91%[14] - The company's total liabilities decreased from CNY 2,797,666,761.66 to CNY 2,447,445,574.20, a decrease of about 12.49%[14] - The equity attributable to shareholders increased by 2.06% year-over-year, reaching ¥12,374,313,966.26[4] - The equity attributable to shareholders of the parent company increased from CNY 12,125,101,084.78 to CNY 12,374,313,966.26, an increase of approximately 2.05%[15] - The company's total liabilities to equity ratio improved from approximately 0.22 to 0.19, indicating a stronger equity position[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 275,101[9] - The largest shareholder, Pangang Group Co., Ltd., holds 27.25% of the shares, totaling 2,533,068,341 shares[9] - The second-largest shareholder, Ansteel Group Co., Ltd., holds 10.98% of the shares, totaling 1,020,131,551 shares[9] - The third-largest shareholder, Pangang Group Jiangyou Changcheng Special Steel Co., Ltd., holds 6.04% of the shares, totaling 561,494,871 shares[9] - The total number of shares held by the top ten shareholders accounts for a significant portion of the company's equity, with the top five shareholders being state-owned entities[9] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities during the reporting period[10] - There are no preferred shareholders or related matters reported in this quarter[12] Investment Activities - The net cash flow from investing activities decreased by 89.11% to -¥56,679.60 million, mainly due to increased expenditures on financial products, time deposits, and fixed asset construction[8] - Total cash inflow from investment activities was CNY 3,927,939,373.56, compared to CNY 1,541,150.74 in the same period last year, indicating a strong recovery in investment returns[19] - Cash outflow for investment activities totaled CNY 4,494,735,404.06, compared to CNY 301,259,807.16 in Q3 2023, reflecting increased capital expenditures[19] Financial Position - The company's long-term equity investments increased from CNY 6,266,537.86 to CNY 6,350,716.50, reflecting an increase of about 1.34%[14] - The total non-current assets increased from CNY 8,821,388,321.84 to CNY 9,012,734,182.14, an increase of approximately 2.16%[14] - The cash and cash equivalents decreased from CNY 1,645,356,301.99 to CNY 1,490,867,992.75, a decline of about 9.36%[14] - The accounts receivable increased from CNY 140,478,747.68 to CNY 180,649,681.12, an increase of approximately 28.61%[14] - The company's financial expenses for the current period are reported as -¥46,857,321.41, an improvement from -¥71,407,168.24 in the previous period, reflecting a reduction in financial costs[16] - The impact of exchange rate changes on cash and cash equivalents was CNY 6,920,118.87, compared to CNY 2,019,042.10 in Q3 2023, reflecting currency fluctuations[19]

本议案已经公司第九届董事会审计与风险管理委员会（监督委员 会）第十二次会议审议通过。 二、审议并通过了《公司经营层及核心管理人员 2023 年度薪酬清 算及任期激励兑现方案》。 股票代码：000629 股票简称：钒钛股份 公告编号：2024-40 攀钢集团钒钛资源股份有限公司 第九届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 攀钢集团钒钛资源股份有限公司于 2024 年 10月 11 日以专人递送、 电子邮件等方式发出关于召开公司第九届董事会第十七次会议的通知 和议案资料，会议于 2024 年 10 月 16 日 9:30 以通讯方式召开，本次 会议应出席董事 9 名，实际出席董事 9 名。会议由董事长罗吉春先生 主持，公司监事及高级管理人员列席会议。本次会议的召开符合《中 华人民共和国公司法》及其他有关法律法规和本公司章程的规定。经 与会董事审慎讨论，本次会议形成如下决议： 一、审议并通过了《公司 2024 年第三季度报告》。 具体内容详见与本公告同日在公司指定信息披露媒体上刊登的 《2024 年第三季度报告》（公告编号：20 ...

股票代码：000629 股票简称：钒钛股份 公告编号：2024-39 公司按照上述股东大会决议，于近日完成了工商变更登记手续， 并取得了攀枝花市市场监督管理局出具的《登记通知书》及换发的营 业执照。 特此公告。 攀钢集团钒钛资源股份有限公司董事会 2024 年 9 月 5 日 1 攀钢集团钒钛资源股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 攀钢集团钒钛资源股份有限公司（以下简称"公司"）2023 年度 股东大会审议通过了《关于回购并注销离职人员已获授但尚未解锁的 限制性股票的议案》《关于减少注册资本及修订公司章程的议案》， 具体情况详见公司于 2024 年 4 月 27 日在公司指定信息披露媒体上披 露的《2023 年年度股东大会决议公告》（公告编号：2024-17）等有关 公告。 ...

Group 1: Financial Performance - The company's sales revenue decreased by 6% year-on-year in the first half of 2024 [3] - Operating costs increased by 1% year-on-year [3] - Net profit declined by 77% [3] - The gross profit margin for vanadium products dropped by over 20% [3] Group 2: Dividend and Profit Distribution - The company currently does not have the capacity to distribute dividends due to significant unrecouped losses [2] - Future dividend distribution will be strictly in accordance with relevant laws and regulations once conditions are met [2] Group 3: Market and Product Insights - Vanadium is primarily used in large-scale liquid flow energy storage in the new energy sector [2] - The new national standard for rebar will be implemented on September 25, 2024, which is expected to increase the demand for vanadium-nitrogen alloys [5] - The company adheres to a pricing mechanism approved by the shareholders' meeting for raw material procurement [5] Group 4: Stock and Market Stability - The company is actively working to improve operational performance to provide better returns to investors [5] - The stock price is influenced by various factors, and the management is committed to maintaining stability [5] Group 5: Supply Chain and Production Capacity - The company ensures that the supply of vanadium slag and titanium concentrate meets production needs [6] - The production capacity utilization rate for titanium dioxide is at full capacity [6]

股票代码：000629 股票简称：钒钛股份 公告编号：2024-38 攀钢集团钒钛资源股份有限公司 关于召开2024年半年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 攀钢集团钒钛资源股份有限公司（以下简称"公司"或"钒钛 股份"） 已于2024年8月20日在公司指定信息披露媒体披露了2024 年半年度报告及其摘要。为了让广大投资者更好地解读公司2024年 半年度报告，进一步了解公司2024年上半年经营情况，公司定于 2024年9月3日（星期二）采用网络远程的方式举行2024年半年度业 绩说明会。 为广泛听取投资者的意见和建议，提前向投资者征集问题，提 问通道自发出本公告之日起开放。投资者可通过以下方式参与互动 交流： 2024 年 8 月 29 日 方式一：在微信中搜索 "钒钛股份业绩说明会"小程序； 方式二：微信扫一扫"钒钛股份业绩说明会"小程序二维码： 1 投资者依据提示，授权登入"钒钛股份业绩说明会"小程序， 即可参与交流。 三、出席人员：公司董事、总经理马朝辉先生，独立董事米拓 先生，董事、副总经理、财务负责人、董事会秘书谢 ...

股票代码：000629 股票简称：钒钛股份 攀钢集团钒钛资源股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |------------------|------------------------|-------------|----------------| | | | | 编号：20240820 | | 投资者关系活动类 | □特定对象调研 | □分析师会议 | | | 别 | □媒体采访 □ | 业绩说明会 | | | | □新闻发布会 □ | 路演活动 | | | | □现场参观 | | | | | √其他 （电话沟通会） | | | | 参与单位名称及人 | 长江证券：赵 超 | | | | | 合众易晟：虞利洪 | | | | 员姓名 | 三亚鸿盛：雷 芳 | | | | | 正圆投资：王伟平 | | | | | 融创智富：洪嘉蓉 | | | | | 混沌投资：黎晓楠 | | | | | 榕树投资：李仕鲜 | | | | | 成泉资本：王海斌 | | | | | 利幄私募：向 遥 | | | | | 宁波银行：陈旭群 | | | | | 光大自营：刘 勇 | ...

攀钢集团钒钛资源股份有限公司 对鞍钢集团财务有限责任公司的风险评估报告 一、鞍钢集团财务有限责任公司基本情况 鞍钢集团财务有限责任公司（以下简称"鞍钢财务公司"） 于 1997 年 8 月 29 日经中国人民银行总行批准筹建（银复 [1997]345 号），于 1998年 3 月 17日正式成立（银复[1998]88 号）。 鞍钢财务公司最初成立时注册资本金为人民币 36,200 万元，由 5 家股东出资：鞍山钢铁集团公司出资 30,660 万元，持股比例 84.70%；鞍钢集团国际经济贸易公司出资 2,490 万元，持股比例 为 6.88%；鞍钢实业发展总公司出资 1,500 万元，持股比例 4.14%； 鞍钢附属企业公司出资 1,350 万元，持股比例 3.73%；鞍山银座 （集团）股份有限公司出资 200 万元，持股比例 0.55%。 1998 年 9 月 10 日，鞍钢财务公司股东会通过了"关于内部 转让股本的议案"，股东鞍钢附属企业公司、鞍山银座（集团） 股份有限公司将所持鞍钢财务公司股权转让给鞍山钢铁集团公 司，股东由五家变为三家：鞍山钢铁集团公司出资 32,210 万元， 持股比例 88.98% ...

股票代码：000629 股票简称：钒钛股份 公告编号：2024-34 一、审议并通过了《公司 2024 年半年度报告全文及摘要》。 经审核，监事会认为：董事会对 2024 年半年度报告全文及摘要的 编制和审核程序符合法律、行政法规以及中国证监会和深圳证券交易 所的有关规定，报告的内容能够真实、准确、完整地反映公司的实际 情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案表决结果：3 票同意、0 票反对、0 票弃权。 二、审议并通过了《关于继续使用部分暂时闲置募集资金进行现 金管理的议案》。 经审核，监事会认为：公司对 8.74 亿元募集资金按照与相关银行 攀钢集团钒钛资源股份有限公司 第九届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 攀钢集团钒钛资源股份有限公司（以下简称"公司"）于 2024 年 8 月 6 日以专人递送、电子邮件等方式发出关于召开公司第九届监事会 第十四次会议的通知和议案资料，会议于 2024 年 8 月 16 日 17:30 在 四川省西昌市西昌钒制品公司 601 会议室召开，在攀枝花市公司 701 ...