中信证券股份有限公司 关于中钨高新材料股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告 （修订稿） 独立财务顾问 二〇二四年十月 3-1-1 中钨高新材料股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易之独立财务顾问报告 独立财务顾问声明和承诺 一、独立财务顾问声明 （一）本独立财务顾问与本次交易各方无任何关联关系。本独立财务顾问本 着客观、公正的原则对本次交易出具独立财务顾问报告； （二）本独立财务顾问报告所依据的文件和材料由本次交易各方提供，提供 方对所提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在 虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风 险责任； （三）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履行 本次交易相关协议和声明或承诺的基础上出具； （四）本独立财务顾问报告不构成对上市公司的任何投资建议或意见，对投 资者根据本独立财务顾问报告作出的任何投资决策可能产生的风险，本独立财务 顾问不承担任何责任； （五）本独立财务顾问未委托或授权其他任何机构和个人提供未在独立财务 顾问报告中列载的信 ...

Summary of Conference Call Company and Industry - The conference call pertains to the company 中高新 (Zhong Gao Xin), which operates in the hard alloy tools industry. Key Points and Arguments 1. **Market Conditions and Performance** - The company faced a challenging external market environment in Q3, yet managed to achieve a revenue growth of approximately 7% year-on-year. [1][2][3] - Total sales volume of hard alloys reached 10,700 tons, marking a 3% increase year-on-year. [1] - Specific product sales showed significant growth, with micro-drills increasing by 27% to 497 million units and cutting blades rising by 24.9% to 94 million units. [1][2] 2. **Cost and Profitability Challenges** - The company experienced a decline in profitability due to rising raw material costs, with APT prices increasing by over 12%. [2][3] - Sales prices for most products decreased from January to September, contributing to profit margin pressure. [2] - The overall economic efficiency indicators showed a decline of over 20% year-on-year. [2] 3. **Research and Development Investment** - R&D investment intensity reached 4.03%, an increase of 0.4 percentage points year-on-year. [2] - The company is focused on enhancing internal management and controlling period expenses, which showed a slight decrease. [2] 4. **Asset Restructuring Plans** - The company is in the process of restructuring, with plans to integrate the 石竹源 (Shizhu Yuan) assets, which are currently under review by the Shenzhen Stock Exchange. [4][5] - The integration aims to enhance profitability and operational efficiency, with expectations for the restructuring to be completed within the year. [4][5] 5. **Future Outlook and Strategic Direction** - The company aims to strengthen its supply chain integration, ensuring a stable supply of raw materials for hard alloy production. [5][6] - Focus areas for future growth include high-end manufacturing sectors such as aerospace and automotive tools, with a commitment to innovation and quality improvement. [18][21] - The company anticipates that the overall demand for cutting tools will remain stable, driven by manufacturing upgrades and policy support. [18] 6. **Market Demand Insights** - Demand pressures are noted in both domestic and international markets, with specific sectors like 3C electronics showing resilience. [8][9] - The company is exploring new markets, particularly in Southeast Asia, while maintaining a strong presence in traditional markets like Europe. [14][15] 7. **Production Capacity and Efficiency** - The current production capacity for cutting blades is approximately 150 million units, with plans for gradual increases based on market demand. [16][17] - The company is also focusing on maintaining stable product quality despite natural declines in ore grades due to mining activities. [10] 8. **Financial Performance and Projections** - The company expects to see improvements in financial metrics post-restructuring, with a focus on enhancing gross margins through better cost management. [23][31] - The anticipated integration of Shizhu Yuan is expected to contribute positively to the overall financial performance of the company. [23][31] Other Important but Possibly Overlooked Content - The company is actively seeking acquisition opportunities in both upstream and downstream sectors to enhance its competitive edge. [28][29] - There is a strategic emphasis on not pursuing homogeneous acquisitions but rather focusing on unique technologies and innovations in the tool manufacturing sector. [28] - The company is monitoring market trends closely, particularly in the PCB and general tool sectors, to adapt its strategies accordingly. [30]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported a decline in Q3 earnings, attributed to intensified industry competition and rising raw material costs. The price of tungsten concentrate has increased by 14.7% since the beginning of the year, reaching 140,500 CNY/ton as of October 25, 2024. The company's product pricing adjustments lag behind the upstream raw material costs, leading to reduced profitability [2][4] - The acquisition of Hunan Shizhu Garden Nonferrous Metals Co., which includes the Shizhu Garden tungsten mine, is expected to enhance the company's resource layout in the tungsten industry chain and improve profitability. The acquisition is valued at 5.19 billion CNY, with 4.79 billion CNY to be paid in shares and 400 million CNY in cash [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 10.23 billion CNY, a year-on-year increase of 7.1%, while net profit attributable to shareholders was 210 million CNY, a year-on-year decrease of 34.7%. The third quarter alone saw revenue of 3.42 billion CNY, a 14.0% increase year-on-year but a 10.9% decrease quarter-on-quarter [1][2] - The gross profit for Q3 was 505 million CNY, with a gross margin of 14.8%, down 1.2 percentage points year-on-year and 0.7 percentage points quarter-on-quarter. The net profit margin for Q3 was 1.7%, also reflecting a decline [2][4] - The company forecasts net profits of 292 million CNY, 772 million CNY, and 821 million CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -39.7%, +164.3%, and +6.3% [5][6]

Investment Rating - The report suggests a focus on Zhongtung High-tech (000657) as a leading player in the CNC tool industry, with a projected compound annual growth rate (CAGR) of 10% for net profit from 2024 to 2026 [1][7]. Core Views - The company reported a revenue of 10.23 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.1%, while the net profit was 210 million yuan, down 34.7% year-on-year. In Q3 2024, revenue reached 3.42 billion yuan, up 14.0% year-on-year, with a net profit of 60 million yuan, a decline of 19.4% year-on-year [2][3]. - The company is experiencing pressure on profit margins due to rising raw material costs and intensified industry competition, leading to a decrease in gross margin to 14.9% for the first three quarters of 2024, down 1.3 percentage points year-on-year [3][6]. - The acquisition of the Shizhu Garden mining company is expected to enhance the company's operational stability and reduce earnings volatility, as it will integrate upstream tungsten resources into the business [3][6]. Summary by Sections Financial Performance - For 2024, the company forecasts revenues of 13.76 billion yuan, with a growth rate of 8.03%, and a net profit of 449.12 million yuan, reflecting a decline of 22.15% [4][10]. - The projected net profit for 2025 and 2026 is 520.29 million yuan and 643.11 million yuan, respectively, with growth rates of 37.91% and 23.61% [4][10]. Market Position - Zhongtung High-tech is positioned as a leader in the CNC tool market, with a focus on domestic substitution and expected order growth rates of 15%, 18%, and 15% for 2024 to 2026 [6][7]. - The company is compared with peers in the industry, with an average PE ratio of 15, 12, and 9 for the years 2024 to 2026, indicating a competitive valuation [7][8]. Operational Insights - The company has maintained a stable expense ratio of 11.9% for the first three quarters of 2024, with minor fluctuations in various expense categories [3][6]. - The integration of mining operations is anticipated to enhance the company's supply chain and profitability, particularly in tungsten concentrate and hard alloy products [3][6].

Investment Rating - The report maintains a "Recommend" rating for the company [4] Core Views - The company's Q3 2024 performance fell below expectations due to weak demand and intensified market competition [2] - The company's net profit margin and gross margin declined in Q3 2024, with gross margin dropping to 14.75% YoY [2] - The company is expected to improve profitability through increased tool production capacity and the upcoming injection of tungsten mines [2] Financial Performance - In Q1-Q3 2024, the company achieved revenue of RMB 10.229 billion, a YoY increase of 7.13%, but net profit attributable to shareholders decreased by 34.66% YoY to RMB 206 million [2] - In Q3 2024, revenue was RMB 3.422 billion, a YoY increase of 13.99%, but net profit attributable to shareholders decreased by 19.35% YoY to RMB 59 million [2] - The company's net profit margin in Q3 2024 was 2.37%, a YoY decrease of 0.75 percentage points [2] Future Prospects - The company plans to acquire 100% equity of Shizhuyuan Company, which will help complete the tungsten industry chain [2] - The company is expanding production of CNC blades and micro-drills, with expected production of 200 million CNC blades by 2025 and 700 million PCB micro-drills by the end of the 14th Five-Year Plan [2] Financial Forecasts - The company's revenue is expected to grow from RMB 13.471 billion in 2024E to RMB 15.985 billion in 2026E [3] - Net profit attributable to shareholders is forecasted to increase from RMB 282 million in 2024E to RMB 536 million in 2026E [3] - The company's PE ratio is expected to decrease from 46 in 2024E to 24 in 2026E [3] Financial Ratios - The company's gross margin is expected to improve from 15.47% in 2024E to 16.78% in 2026E [5] - ROE is forecasted to increase from 4.85% in 2024E to 8.92% in 2026E [5] - The company's debt-to-asset ratio is expected to rise from 51.98% in 2024E to 53.83% in 2026E [5]

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里一堆专业术 语不知道算利好还是利空？请看财联社公司新闻部《速读公告》栏目，我们派驻全国的记者们将于公告 当晚为您带来准确、快速、专业的解读。 财联社10月25日讯（记者 梁祥才）在钨价上涨原料成本承压等因素影响下，中钨高新（000657.SZ）前 三季度增收不增利，但在今年柿竹园钨矿山资源注入公司后，将在一定程度上缓解原料不足的压力。 今日晚间，中钨高新发布财报，今年前三季度，公司实现营业收入102.29亿元，同比增长7.13%；归属 于上市公司股东的净利润2.06亿元，同比下降34.66%。 对于业绩变化原因，中钨高新在三季报中提到，面对终端需求受阻、硬质合金市场持续萎缩局面，公司 顶住市场压力，加大专业市场推广力度，促使营收同比增长；但受行业竞争加剧，原辅材料成本上涨等 综合因素影响，1-9 月公司整体毛利率 14.86%，较去年同期 16.17%下降 1.31 个百分点。 进一步来看，公司1-9月销售费用为3.18 亿元，较去年同期 2.97 亿元上升 7.35%，主要是加大专业市场 推广力度，广告宣传和业务推广费用增加。 ...

审议通过了《2024 年第三季度报告》。 证券代码：000657 证券简称：中钨高新 公告编号：2024-107 中钨高新材料股份有限公司 第十届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 中钨高新材料股份有限公司（以下简称"公司"）第十届董事会 第二十五次会议于 2024 年 10 月 24 日以现场和视频结合的会议方式 召开。本次会议通知于 2024 年 10 月 15 日以电子邮件方式送达全体 董事、监事。本次会议由董事长李仲泽先生主持，会议应到董事 8 人， 实到董事 8 人。公司监事及部分高级管理人员列席了会议。本次会议 的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 表决结果：8 票同意、0 票反对、0 票弃权。 重点提示：本议案已经公司董事会审计委员会审议通过并同意提 交董事会审议。公司《2024 年第三季度报告》（公告编号：2024-106） 同日刊登在巨潮资讯网。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 中钨高新材料股份有限公司董 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,421,802,505.73, an increase of 13.99% compared to the same period last year[2]. - Total operating revenue for Q3 2024 reached ¥10,228,655,732.03, an increase of 7.1% compared to ¥9,548,032,998.76 in Q3 2023[13]. - Net profit attributable to shareholders was ¥59,193,959.94, a decrease of 19.35% year-on-year, while net profit after deducting non-recurring gains and losses was ¥56,230,341.44, an increase of 8.25%[2]. - Net profit for Q3 2024 was ¥262,446,953.46, a decrease of 29.8% from ¥373,853,139.16 in Q3 2023[14]. - The company reported a total profit of ¥294 million for the first nine months, a decline of 28.15% year-on-year, with net profit attributable to shareholders decreasing by 34.66% to ¥206 million[6]. - The company reported a total comprehensive income of ¥275,187,697.61, down from ¥373,673,941.04 in Q3 2023[15]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥14,309,028,379.96, reflecting a growth of 10.28% from the end of the previous year[3]. - The company's total assets as of September 30, 2024, amount to CNY 14,309,028,379.96, an increase from CNY 12,975,352,237.82 at the beginning of the period[12]. - Current assets total CNY 9,368,100,202.88, up from CNY 8,152,425,880.82[12]. - Total liabilities increased to CNY 9,368,100,202.88, reflecting the company's growth strategy[12]. - Total liabilities rose to ¥7,734,572,159.63, up from ¥6,474,115,569.66 year-over-year, indicating a growth of 19.5%[13]. - The company's total equity increased to ¥6,574,456,220.33 from ¥6,501,236,668.16, reflecting a growth of 1.1%[13]. Cash Flow - Operating cash inflow for the current period was ¥7,258,844,425.98, an increase of 6.96% from ¥6,785,208,700.40 in the previous period[16]. - Net cash outflow from operating activities was ¥379,707,424.17, an improvement from ¥434,421,265.83 in the previous period[16]. - Cash flow from investing activities resulted in a net outflow of ¥278,555,588.84, compared to a net outflow of ¥240,424,637.12 in the previous period[17]. - Cash inflow from financing activities was ¥2,482,608,248.95, up from ¥2,419,101,657.31 in the previous period[17]. - Net cash flow from financing activities decreased to ¥432,618,022.29 from ¥520,995,301.43 in the previous period[17]. - The ending balance of cash and cash equivalents was ¥645,077,301.57, compared to ¥586,758,694.13 in the previous period[17]. Research and Development - The company's R&D expenses for the first nine months of 2024 were ¥413 million, up 19.05% from ¥347 million in the same period last year, with an R&D expense intensity of 4.03%[7]. - Research and development expenses increased to ¥412,652,578.89, compared to ¥346,634,151.33 in Q3 2023, marking a rise of 19%[14]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 48,285[9]. - The largest shareholder, China Minmetals Corporation, holds 49.89% of shares, totaling 697,212,812 shares[9]. Other Financial Metrics - The gross profit for the first nine months was ¥1.52 billion, a slight decrease of 1.55% compared to ¥1.54 billion in the previous year, resulting in a gross margin of 14.86%, down 1.31 percentage points[6]. - Other income increased by 53.36% to ¥87 million, primarily due to VAT reductions, contributing an additional ¥44 million in revenue[7]. - Investment losses decreased by 79.6% to ¥6 million, attributed to foreign exchange fluctuations impacting forward foreign exchange contracts[8]. - Financial expenses for Q3 2024 were ¥67,576,559.70, an increase from ¥38,420,459.44 in the previous year, representing a rise of 75.9%[14]. - Cash received from sales of goods and services was ¥7,013,643,201.06, an increase from ¥6,509,481,183.46 in the previous period[16]. - Cash paid for goods and services was ¥5,766,223,662.26, up from ¥5,365,629,540.61 in the previous period[16]. - Cash received from investment income was ¥2,849,974.02, compared to ¥25,832.04 in the previous period[16]. - Cash paid for fixed assets and other long-term assets was ¥287,875,118.80, a decrease from ¥307,020,670.86 in the previous period[17]. Business Strategy - The company is focusing on expanding its market presence and enhancing product development capabilities[10]. - The company experienced a 43.09% increase in construction in progress, mainly due to ongoing investments in projects such as ultra-fine tungsten carbide and micro-drill technology upgrades[6].

中钨高新材料股份有限公司（以下简称"公司"）第十届监事会 第二十次会议于 2024 年 10 月 24 日以现场和视频相结合的会议方式 召开。本次会议通知于 2024 年 10 月 15 日以电子邮件方式送达全体 监事。本次会议由监事会主席闫峰先生主持，会议应到监事 5 人，实 到监事 5 人，公司部分高级管理人员列席了会议。本次会议的召开符 合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 证券代码：000657 证券简称：中钨高新 公告编号：2024-108 中钨高新材料股份有限公司 第十届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 重点提示：公司《2024 年第三季度报告》（公告编号：2024-106） 同日刊登在巨潮资讯网。 三、备查文件 经与会监事签字并加盖监事会印章的监事会决议。 特此公告。 二〇二四年十月二十六日 中钨高新材料股份有限公司监事会 审议通过了《2024 年第三季度报告》。 监事会认为：公司 2024 年第三季度报告的编制和审议程序符合 法律法规和公司章程的规定，公 ...

观点聚焦 我们认为，全球钨供需或将长期维持紧缺，钨价中枢有望迎来系统性上行。在钨价中枢抬升、中国钨业上市公司加速钨矿资源注入及开发、下游产能高端化 三大趋势下，中国钨业龙头的配置价值有望逐步凸显。 资源开发放缓；钨供给增量超预期；下游需求不足；钨价大幅波动。 T正文ext 1.供给：钨资源稀缺性强，供给有望维持偏紧格局 钨是一种战略性较强的资源，具有多种优秀且独特的性质，应用广泛并且难以替代。 据中钨在线，钨的熔点约3410摄氏度，在所有金属元素中位列第一； 钨的密度为19.35g/cm3，在非贵金属中位列第一；钨的莫氏硬度高达7.5，在金属中名列前茅。此外，钨还具有较强耐磨性、较强耐腐蚀性、高导电性、高导 热性等优势。凭借自身优良的性能，钨及其制品广泛应用于机械制造、矿山采掘、航空航天、汽车工业、新能源、国防等领域，且难以被其他金属材料替代 理由 供给侧，全球钨供给稀缺性强，集中度高，2023年中国钨的储量和产量占比均列全球第一，对全球钨供应具有较大影响力。 由于前期钨矿资源的较快消 耗，中国钨矿储采比明显低于全球平均水平，整体面临矿山老化、品位下降的压力，加之钨精矿开采总量控制及供改、环保政策趋严，使得国 ...