招商证券股份有限公司 关于宁夏东方钽业股份有限公司 2023年向特定对象发行股票之持续督导保荐总结报告书 | 保荐机构名称： | 招商证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z27174000 | 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意宁夏东 方钽业股份有限公司向特定对象发行股票注册的批复》（证监许可[2023]2052号） 同意注册，公司向特定对象发行人民币普通股（A股）的数量为59,281,818股，发 行价为11.38元/股，募集资金总额为人民币674,627,088.84元，扣除承销费用及其 他发行费用（不含增值税）人民币4,422,703.62元（含税），实际募集资金净额为 人民币670,204,385.22元。本次发行证券已于2023年10月30日在深圳证券交易所主 板上市。招商证券股份有限公司（以下简称"保荐机构"或"招商证券"）担任其持 续督导保荐机构，履行持续督导职责期限至2024年12月31日。 截至2024年12月31日，上述持续督导期已届满，招商证券根据《证券发行上 市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第13 ...

北京金诚同达（上海）律师事务所 关于 宁夏东方钽业股份有限公司 2022 年限制性股票激励计划 调整、首次授予部分第一个解除限售期解除限售条件 成就和回购注销部分限制性股票事项的 法律意见书 金沪法意[2025]第 135 号 上海市浦东新区世纪大道88号金茂大厦18层 电话：86-21-3886 2288 传真：021-3886 2288*1018 北京金诚同达（上海）律师事务所 法律意见书 释 义 在本法律意见书中，除非文义另有所指，下列词语具有下述涵义： 关于宁夏东方钽业股份有限公司 2022 年限制性股票激励计划调整、 首次授予部分第一个解除限售期解除限售条件成就和 回购注销部分限制性股票事项的 法律意见书 | 东方钽业、公司 | 指 | 宁夏东方钽业股份有限公司 | | --- | --- | --- | | 本激励计划、2022 | 指 | 宁夏东方钽业股份有限公司 年限制性股票激励计划 2022 | | 年激励计划 | | | | 《激励计划（草 | 指 | 《宁夏东方钽业股份有限公司 年限制性股票激励计划（草 2022 | | 案）》 | | 案）》 | | 限制性股票 | 指 | 公司根据本 ...

证券代码：000962 证券简称：东方钽业 公告编号：2025-029 号 宁夏东方钽业股份有限公司 关于向特定对象发行股票的部分限售股份 上市流通的提示性公告 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。 特别提示: 1.本次解除限售股份为向特定对象发行股票的部分限售股份，本 次解除限售的股东 1 名，解除限售的股份数量为 4,462,214 股，占公 司总股本的 0.8837%。 2.该部分股份于 2023 年 10 月 30 日在深圳证券交易所上市，本 次解除限售的 1 名股东发行时承诺的限售期限为股份上市之日起十 八个月，本次限售股份可上市流通日为 2025 年 4 月 30 日。 记结算有限责任公司深圳分公司办理完成。向特定对象发行股票结束 后，公司新增股份 59,281,818 股，总股本为 505,228,262 股。 本次申请上市流通的限售股份数量为 4,462,214 股，占公司目前 股本总数 504,968,262 股的 0.8837%，将于 2025 年 4 月 30 日起上市 流通。 （二）股份发行后公司股本变动情况 1、公司于 20 ...

招商证券股份有限公司 关于宁夏东方钽业股份有限公司 向特定对象发行股票的部分限售股份上市流通的核查意见 （二）股份发行后公司股本变动情况 1、公司于 2024 年 4 月 26 日发布《宁夏东方钽业股份有限公司关于向特定 对象发行股票的部分限售股份上市流通的提示性公告》。此次解除限售股份为公 司于 2023 年 10 月 30 日在深圳证券交易所上市的向特定对象发行股票的部分限 售股份，解除限售的股东 9 名，解除限售的股份数量为 54,819,604 股，占公司总 股本的 10.8505%。公司已在中国证券登记结算有限责任公司深圳分公司办理完 成限售股份解除限售手续，此次限售股份可上市流通日为 2024 年 4 月 30 日。此 次限售股份解除限售后，公司总股本仍为 505,228,262 股（公告编号：2024-024 号）。 2、公司于 2024 年 4 月 26 日召开 2023 年年度股东大会审议通过了《关于回 购注销部分限制性股票的议案（9 届董事会 6 次会议议案）》、《关于回购注销 部分限制性股票的议案（9 届董事会 9 次会议议案）》、《关于变更注册资本及 修订<公司章程>的议案》等议案，回 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [12]. Core Insights - The company reported a revenue of 1.281 billion yuan for 2024, representing a year-on-year growth of 15.57%. The net profit attributable to shareholders was 213 million yuan, up 13.94% year-on-year [3][5]. - The company's performance is driven by product structure optimization, with a focus on high-temperature alloys, semiconductors, and superconductors, despite challenges in the tantalum powder and wire market [3]. - The company has several projects underway, including the construction of new production lines and a digital factory, which are expected to enhance production capacity and efficiency [4]. - Research and development investments reached 91.72 million yuan in 2024, a year-on-year increase of 11%, with significant achievements in technology and patent applications [4]. Financial Summary - Projected revenues for 2025, 2026, and 2027 are 1.969 billion yuan, 2.522 billion yuan, and 2.822 billion yuan, respectively, with year-on-year growth rates of 53.72%, 28.12%, and 11.88% [5][8]. - The net profit attributable to shareholders is expected to be 291 million yuan in 2025, 371 million yuan in 2026, and 417 million yuan in 2027, with corresponding growth rates of 36.57%, 27.38%, and 12.36% [5][8]. - The company's earnings per share (EPS) are projected to be 0.58 yuan in 2025, 0.73 yuan in 2026, and 0.83 yuan in 2027 [5][8].

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 [5][12]. Core Insights - The company reported a revenue of 1.281 billion yuan for 2024, reflecting a year-on-year growth of 15.57%. The net profit attributable to shareholders was 213 million yuan, up 13.94% year-on-year [3][5]. - The growth in performance is primarily driven by product structure optimization, with a focus on high-temperature alloys, semiconductors, and superconductors, despite a decline in the tantalum powder and wire market [3][4]. - The company has several projects underway, including the construction of new production lines and a digital factory, which are expected to enhance production capacity and efficiency [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.969 billion yuan, 2.522 billion yuan, and 2.822 billion yuan, respectively, with year-on-year growth rates of 53.72%, 28.12%, and 11.88% [5][8]. - The net profit attributable to shareholders is projected to be 291 million yuan, 371 million yuan, and 417 million yuan for the years 2025, 2026, and 2027, with corresponding growth rates of 36.57%, 27.38%, and 12.36% [5][8]. - The earnings per share (EPS) are expected to increase to 0.58 yuan, 0.73 yuan, and 0.83 yuan over the same period [5][8]. Company Overview - The company has a total share capital of 505 million shares, with a market capitalization of 7.3 billion yuan [2][3]. - The company’s debt-to-asset ratio stands at 14.8%, indicating a relatively low level of financial leverage [2].

Group 1: Xianglou New Materials - Xianglou New Materials reported that the profit margin for bearing materials at their Anhui factory is slightly higher than that of automotive materials, with prices potentially exceeding 10,000 yuan per ton, and expected profits higher than the automotive business [1] - The company is focusing on the development of sheet materials to replace rod materials in automotive, bearing, and robotics sectors, leveraging successful case studies to drive technological collaboration [1] - The company has a stable profit margin due to a pricing model where 50% of clients adjust prices monthly while the other 50% have locked prices [1] - The company anticipates growth in the automotive sector from both existing and new clients, particularly in passive safety systems [1] - The Anhui factory will allocate some production for bearing materials in the second half of the year, with equipment upgrades similar to automotive materials [1] - Schaeffler is expected to become the company's largest client in 2024, with growth trends continuing into 2025 [1] - The company is exploring other fields such as high-speed rail and aviation, but development is limited by the size of their R&D team [1] Group 2: Dongfang Tantalum Industry - Dongfang Tantalum Industry achieved a revenue of 1.281 billion yuan in 2024, a year-on-year increase of 15.57%, and a net profit of 213 million yuan, up 13.94% [2] - The company has optimized its product structure, with significant growth in high-temperature alloys and semiconductor sectors [2] - The impact of US tariffs on the company is minimal, with domestic and international sales accounting for 64% and 36% respectively [2] - The company plans to advance multiple technological transformation projects to enhance core competitiveness [2] - The consumer electronics market is showing signs of weak recovery, while demand for high-temperature alloys, semiconductor targets, and superconductors is increasing [2] Group 3: Doctor Glasses - Doctor Glasses is embracing the trend of smart technology, focusing on integrating traditional and smart eyewear to meet consumer needs [3] - The company is building a specialized team for smart eyewear selection to ensure product offerings remain at the forefront of the industry [3] - The company has set up smart eyewear display areas in over 100 retail stores, allowing consumers to experience the technology firsthand [3] - Doctor Glasses plans to invest 350.12 million yuan to establish 225 new eyewear stores in key cities and upgrade existing ones to enhance market share and brand recognition [3] - The company is strengthening its advantages through multi-channel strategies, digital transformation, and supply chain management [3]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Shenzhen Wangzheng Asset Management Co., Ltd. on Dongfang Tantalum Industry, indicating positive growth in revenue and net profit for 2024 [1] - Dongfang Tantalum Industry is projected to achieve a revenue of 1.281 billion yuan, representing a year-on-year increase of 15.57%, and a net profit of 213 million yuan, with a growth of 13.94% [1] - The company has optimized its product structure, with significant growth in high-temperature alloys and semiconductor products, while the management team has completed adjustments without major changes to the operational strategy [1] Group 2 - The impact of U.S. tariffs on the company is minimal, with domestic and international sales accounting for 64% and 36% respectively [1] - The company primarily imports tantalum and niobium concentrates and has implemented reasonable procurement strategies to mitigate risks associated with price fluctuations [1] - A cash dividend of 1.32 yuan per 10 shares is planned for 2024, totaling approximately 66.66 million yuan in cash dividends [1] Group 3 - Future growth is anticipated in the demand for tantalum and niobium in high-frequency communications, smart vehicles, and high-performance AI chips, with a recovery expected in the market for ultra-pure niobium and high-purity tantalum for semiconductors by 2025 [1] - Increased management expenses are attributed to enhanced talent acquisition and higher employee compensation [1] - The company has initiated production for fundraising projects, with most equipment in the pyrometallurgical project operating at full capacity [1] Group 4 - The consumer electronics market is showing signs of weak recovery, while demand is increasing for high-temperature alloys, semiconductor targets, and superconducting materials [1] - The subsidiary, Dongfang Superconductor, produces high-purity superconducting niobium materials and niobium superconducting cavities for large scientific devices [1] - The company possesses five key advantages: brand, technology, research and development, marketing network, and management, which support its sustainable development [1]

Core Viewpoint - Dongfang Tantalum Industry (000962) has achieved significant growth in both performance and sustainable development in 2024, driven by market expansion and technological innovation [1][2]. Financial Performance - The company reported a total revenue of approximately 1.281 billion yuan in 2024, representing a year-on-year increase of 15.57%, marking five consecutive years of growth [2]. - The net profit attributable to shareholders was around 213 million yuan, up 13.94% year-on-year, continuing a seven-year upward trend [2]. - For the first quarter of 2025, the company expects a net profit of 52 to 65 million yuan, reflecting a growth of 4.57% to 30.71% year-on-year [2]. Market Strategy - The growth in performance is attributed to the dual drivers of market expansion and technological innovation, with a focus on optimizing product structure and increasing the sales share of high-value-added products [2]. - The company plans to achieve a revenue target of 1.5 billion yuan in 2025, emphasizing the development of high-value products and expanding into overseas markets [3]. ESG Performance - Dongfang Tantalum has been recognized for its outstanding performance in the ESG field, achieving an A-level rating from both Shandao Ronglv and Huazheng Index, ranking first and fourth in the industry respectively [4]. - The company has invested 6.98 million yuan in environmental protection in 2024, leading to significant improvements in resource utilization efficiency [4]. - The company has reduced wastewater pollutant emissions by 19.35% and volatile organic compounds (VOCs) by 45.63% in 2024 [5]. Social Responsibility - Employee satisfaction increased by 3.54% in 2024, with comprehensive training programs covering 100% of employees [6]. - The company has invested 120,000 yuan in rural revitalization efforts, benefiting 1,119 people through various projects [6]. Governance - The governance structure includes a board of nine members, with a focus on compliance and risk management, achieving a 100% coverage rate for anti-corruption training [7]. - The company has maintained a strong investor relations strategy, ensuring a 100% response rate to investor inquiries [7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Views - The company achieved a revenue of 1.281 billion yuan in 2024, representing a year-on-year growth of 15.57%. The net profit attributable to shareholders was 213 million yuan, up 13.94% year-on-year, with a non-recurring net profit of 193 million yuan, increasing by 21.92% [1][2]. - The company is expected to continue benefiting from strong demand in emerging sectors, with projected net profits for Q1 2025 estimated between 52 million to 65 million yuan, reflecting a year-on-year growth of 4.57% to 30.71% [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 385 million yuan, a quarter-on-quarter increase of 27.45% and a year-on-year increase of 17.83%. The net profit for the same quarter was 57 million yuan, up 30% quarter-on-quarter and 40.45% year-on-year [1][2]. - The main business of tantalum and niobium generated an operating profit of approximately 151 million yuan in 2024, a year-on-year increase of about 57% [2]. Capacity Expansion and Demand - The company is set to benefit from the completion of key investment projects, including the production lines for tantalum and niobium products, which are expected to contribute to increased capacity and revenue [2]. - The demand for tantalum powder and wire is recovering due to the resurgence in consumer electronics and strong orders from high-temperature alloys, semiconductors, and superconducting sectors [2]. Dividend and Shareholder Returns - The company has demonstrated confidence in its operations by distributing cash dividends totaling 66.65 million yuan for 2024, which accounts for 31.26% of the net profit attributable to shareholders [3]. Future Projections - The company is projected to achieve net profits of 308 million yuan, 413 million yuan, and 530 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 24, 18, and 14 [3][5].