证券代码：000962 证券简称：东方钽业 宁夏东方钽业股份有限公司 投资者活动记录表 编号：2025-018 | 投资者关 | □特定对象调研 | □ | 分析师会议 | | | | | --- | --- | --- | --- | --- | --- | --- | | 系活动类 | □ | 媒体采访 | □ | 业绩说明会 | | | | 别 | | | | | | | | □ | 新闻发布会 | □ | 路演活动 | | | | | □ | 现场参观 | 电话会议 | ☑ | | | | | □ | 其他 | （请文字说明其他活动内容） | | | | | | 参与单位 | 2025 | 年 | 8 | 月 | 26 | 日：华源证券：张明磊、陈婉妤、方皓；深圳山石基金管理有 | | 名称及人 | 限公司：张骊；上海洪毅私募基金管理有限公司：羿世海；上海杭贵投资管理 | | | | | | | 员姓名 | 有限公司：饶欣莹；华安证券：邓军；上海途灵资产管理有限公司：赵梓峰； | | | | | | | 中国太保投资管理（香港）有限公司：魏巍；深圳市尚诚资产管理有限责任公 | | | | | | | ...

证券日报网讯东方钽业（000962）8月27日在互动平台回答投资者提问时表示，公司将持续关注钽铌材 料在新兴领域的应用，公司将持续加大科研投入强度和科研攻关力度，加强市场开拓力度，不断提升公 司产品的技术含量和市场竞争力，打造钽铌高端制品新材料的新增长点，推动公司实现高质量发展。 ...

Group 1 - The company, Dongfang Tantalum Industry, primarily engages in the research, production, sales, and import-export business of rare metals such as tantalum, niobium, and their alloys [1] - The company does not involve itself in the tungsten industry [1]

Core Viewpoint - Dongfang Tantalum achieved a net profit attributable to shareholders of 145 million yuan in the first half of the year, representing a year-on-year increase of 29.08%, with a second-quarter net profit of 84 million yuan, showing a quarter-on-quarter increase of 47.37% and a year-on-year increase of 55.56%, exceeding expectations [1] Group 1 - The company's performance growth is primarily driven by the gradual release of production capacity from fundraising projects, leading to improvements in product structure and sales growth [1] - The company has commenced production on three key projects: tantalum-niobium strip, tantalum-niobium pyrometallurgy, and an annual output of 100 niobium superconducting cavities [1] - The construction of five major projects, including high-end tantalum-niobium products, pyrometallurgical casting, pyrometallurgical smelting, an annual output of 400 superconducting cavities, and digitalization of tantalum-niobium wet processes, is accelerating [1] Group 2 - Considering that the fundraising projects in Q2 are still in the ramp-up phase, the company is expected to see significant capacity release in the second half of the year, leading to continued performance growth [1] - The long-term prospects of wet fundraising projects and the recovery of the semiconductor and military industries provide new growth momentum for the company [1] - The company maintains a "buy" rating based on its performance outlook [1]

格隆汇8月27日丨东方钽业(000962.SZ)在互动平台表示，公司主要从事稀有金属钽、铌及合金等的研 发、生产、销售和进出口业务，不涉及钨产业。 （原标题：东方钽业(000962.SZ)：不涉及钨产业） ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][11]. Core Insights - The company reported a revenue of 797 million yuan for the first half of 2025, representing a year-on-year growth of 34.45%. The net profit attributable to shareholders reached 145 million yuan, up 29.08% year-on-year [4]. - The growth in performance is attributed to the gradual release of production capacity from fundraising projects, which improved product structure and sales volume. The main business segments, tantalum and niobium products, generated revenues of 784 million yuan, with a gross profit of 147 million yuan, reflecting a growth of 35.50% and 31.38% respectively [5]. - The company is focusing on high-end tantalum materials, with key products like high-purity tantalum targets and powders driving revenue growth. The ultra-high purity tantalum target with a purity of 5N9 meets the demands of advanced chip manufacturing [6]. Financial Projections - The company is expected to achieve revenues of 1.969 billion yuan, 2.522 billion yuan, and 2.822 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 53.72%, 28.12%, and 11.88% [6][9]. - The net profit attributable to shareholders is projected to be 291 million yuan, 371 million yuan, and 417 million yuan for the same years, with growth rates of 36.57%, 27.38%, and 12.36% respectively [6][9]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 36.43, 28.60, and 25.46 respectively [6][9].

据证券之星公开数据整理，近期东方钽业（000962）发布2025年中报。截至本报告期末，公司营业总收 入7.97亿元，同比上升34.45%，归母净利润1.45亿元，同比上升29.08%。按单季度数据看，第二季度营 业总收入4.59亿元，同比上升37.24%，第二季度归母净利润8824.11万元，同比上升41.39%。本报告期 东方钽业公司应收账款体量较大，当期应收账款占最新年报归母净利润比达214.76%。 商业模式：公司业绩主要依靠资本开支驱动，还需重点关注公司资本开支项目是否划算以及资本支出是 否刚性面临资金压力。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司现金流状况（近3年经营性现金流均值/流动负债仅为10.04%） 本次财报公布的各项数据指标表现尚佳。其中，毛利率18.47%，同比减4.87%，净利率18.22%，同比减 4.12%，销售费用、管理费用、财务费用总计4070.44万元，三费占营收比5.11%，同比减13.18%，每股 净资产5.37元，同比增7.78%，每股经营性现金流-0.12元，同比增70.19%，每股收益0.29元，同比增 30.0% | 项目 | 2 ...

Core Viewpoint - The company is issuing shares to specific investors, which will dilute immediate returns but has proposed measures to compensate for this dilution [1][4]. Financial Impact - The total number of shares will increase significantly from 50,486.43 million to 65,632.35 million after the issuance [2]. - The estimated total fundraising amount is 120,000 million [2]. - Under three scenarios of net profit growth (10%, 0%, and -10%), the basic and diluted earnings per share (EPS) will be affected, with the EPS potentially decreasing from 0.46 to 0.34 in the worst-case scenario [3][4]. Measures to Mitigate Dilution - The company plans to accelerate the investment in projects funded by the raised capital to enhance returns and reduce the risk of immediate return dilution [8]. - A dedicated management plan for the raised funds has been established to ensure proper usage and compliance with regulations [8]. - The company aims to improve governance and cost management to enhance overall profitability and operational efficiency [8]. Necessity and Reasonableness of the Issuance - The fundraising aligns with industry trends and the company's future development plans, enhancing financial strength and competitive position [4][6]. - The projects funded will expand production capacity and improve market share, which is crucial for sustainable growth [6][7]. Commitment from Stakeholders - The controlling shareholders and management have committed to ensuring the effectiveness of the measures to compensate for the dilution of immediate returns [10][11].

东方钽业 20250826 摘要 东方产业 2025 年上半年营收 7.97 亿元，同比增长 35%；归母净利润 1.45 亿元，同比增长 29%，主业净利润增长 50%。二季度环比增长显 著，营收 4.6 亿元，环比增长 36%；归母净利润 8,824 万元，环比增 长 57%；主业净利润环比增长 88%，毛利率提升至 20%。 公司正推进总投资约 20 亿元的项目建设，包括湿法冶金数字化、火法 熔炼和高端制品项目，并积极进行第二次融资。同时，调整销售队伍和 市场规划，布局新产品研发方向，以支持未来发展和收入增长。 定增项目完成后，湿法冶金数字化项目预计新增 3,000 吨湿法产能，火 法熔炼项目新增 960 吨熔炼产能，高端制品项目新增 145 吨制品产能， 分别用于碳粉、氧化铌、高温合金、超导和半导体碳化硅领域。 二季度业绩增长主要来自光合金和半导体及超导领域，分别贡献约 4,000 万元和 3,000 万元的营收增长。高温合金业务稳定发展，上半年 营业额同比增长一倍，达 200 吨，受益于产能增加。 半导体靶材方面，公司规划第二次募集资金项目完成后达到 100 吨产能， 目前国内外客户正在送样验证。预 ...

Core Insights - Dongfang Tantalum Industry Co., Ltd. reported a revenue of 797 million yuan for the first half of 2025, representing a year-on-year increase of 34.45% [1] - The net profit attributable to shareholders reached 145 million yuan, marking a year-on-year growth of 29.08% [1] - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares to all shareholders [1] Company Overview - Dongfang Tantalum focuses on the research, production, and sales of tantalum and niobium metals and products, and is the largest production base for tantalum and niobium products in China [1] - The company is recognized as a national key high-tech enterprise and one of the first innovative enterprises in the country [1] Strategic Initiatives - The company has implemented a "Quality and Return Dual Improvement" action plan to enhance core competitiveness and value creation [2] - Specific measures include focusing on core business, improving operational quality, and enhancing innovation capabilities [2] - The company aims to optimize governance, improve information disclosure quality, and strengthen investor return mechanisms [2]