Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared 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 anticipates a net profit of 52 to 65 million yuan for Q1 2025, reflecting a year-on-year growth of 4.57% to 30.71% [1]. - The company is experiencing robust growth in its tantalum and niobium business, with operating profit estimated at 151 million yuan in 2024, a significant increase of approximately 57% year-on-year [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 company plans to distribute a total cash dividend of 66.65 million yuan for 2024, which constitutes 31.26% of the net profit attributable to shareholders [3]. Business Expansion and Demand - The company is expanding its production capacity, with key projects such as the tantalum and niobium strip products and the production line for niobium superconducting cavities nearing completion. This expansion is expected to contribute to revenue growth [2]. - The demand for tantalum and niobium products is on the rise, driven by recovery in consumer electronics and strong orders from emerging sectors such as high-temperature alloys and semiconductors [2]. Future Outlook - The company forecasts net profits of 308 million yuan, 413 million yuan, and 530 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 24, 18, and 14 [5][10].

证券时报·数据宝统计，4月15日共17家公司被机构调研，按调研机构类型看，基金参与14家公司的调研 活动，其中，10家以上基金扎堆调研公司共6家。东方钽业最受关注，参与调研的基金达35家；翔楼新 材、艾为电子等分别获34家、18家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有4家，创业板公司有5家，沪市主板公司有2 家，科创板公司有3家。所属行业来看，基金调研的公司共涉及10个行业，所属电子、机械设备、计算 机、有色金属等行业个股最多，均有2只个股上榜。 从基金调研公司的A股总市值统计，总市值不足100亿元的有9家，分别是凌霄泵业、东方钽业、翔楼新 材等。 市场表现上，基金调研股中，近5日上涨的有13只，涨幅居前的有翔楼新材、茂莱光学、艾为电子等， 涨幅为28.82%、19.06%、13.16%；下跌的有1只，跌幅居前的有苏试试验等，跌幅为0.24%。 数据宝统计，基金参与调研股中，近5日资金净流入的有7只，翔楼新材近5日净流入资金1.24亿元，主 力资金净流入最多；净流入资金较多的还有茂莱光学、艾为电子等，净流入资金分别为5724.57万元、 2197.18万元。 昨日基金共对14家公 ...

Summary of Dongfang Tantalum Industry Conference Call Company Overview - Dongfang Tantalum Industry reported a revenue of 1.281 billion yuan in 2024, representing a year-on-year growth of 15.57% [2][3] - The net profit attributable to shareholders was 213 million yuan, with a year-on-year increase of 13.94% [2][3] - The company maintains a low debt-to-asset ratio of 14.83%, indicating a robust financial structure [2][3] Key Points and Arguments Financial Performance - The company achieved a total asset value of 3 billion yuan and liabilities of 451 million yuan by the end of 2024 [3] - The product structure is stable, with significant contributions from tantalum ingots and carbon steel cookware [3] - The gross margin improvement is attributed to the increased sales of high-value-added products and fixed cost dilution [4][17] Management Changes - A management reshuffle occurred on April 3, 2025, with the former general manager promoted to chairman and a new general manager appointed [5] - The management change aims to enhance project production and safety management without altering the core business strategy [6] Strategic Focus - The company continues to focus on the tantalum industry, increasing the sales share of high-value-added products, and promoting domestic substitution [6] - Ongoing projects include research and compliance modifications to adapt to high-tech market changes and environmental policies [6] Market Dynamics - The impact of U.S. tariffs is minimal, with exports to the U.S. accounting for less than 1% of revenue, while domestic market revenue has risen to 64% [7][8] - The lithium carbonate production is performing well, and the consumer electronics market is showing signs of steady recovery [9] Business Growth Projections - The tantalum powder business is expected to grow by over 10% in 2025, supported by sufficient orders [10] - The high-temperature alloy market is experiencing strong demand, with a high completion rate of tasks and positive contributions to profitability [11] - Semiconductor target materials orders are robust, with a projected growth of over 200% in 2024 compared to 2023, and continued growth expected in 2025 [12] Research and Development - The company has invested 91.72 million yuan in R&D, with several projects receiving national and provincial funding [3] - The management plans to introduce a new equity incentive plan to boost employee motivation [4][14] Supply Chain and Raw Materials - The raw material inventory cycle is approximately three to four months, with over 80% of tantalum sourced from Africa [16][14] - The ongoing conflicts in Africa have caused some fluctuations in the raw materials market, but the overall supply remains stable [15] Future Outlook - The company aims for a revenue target of 1.5 billion yuan in 2025, expecting a growth of about 17% [4][13] - The alignment of gross margin and net margin trends is expected to continue due to effective cost management and increasing government subsidies [18] Human Resources Investment - Increased management expenses in the second half of 2024 are attributed to the hiring of new employees, reflecting a strategic investment in human resources for long-term growth [19] Industry Trends - The superconducting cavity business is on track to meet annual targets, while the tin industry chain is also showing positive trends for the year [20]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company's tantalum and niobium main business profits have significantly increased, with a reported revenue of 1.28 billion yuan in 2024, up 15.6% year-on-year, and a net profit attributable to shareholders of 210 million yuan, up 13.9% year-on-year [1][5]. - The company is progressing well with multiple ongoing projects, including the construction of a digital factory for tantalum and niobium hydrometallurgy [5]. - The forecast for the first quarter of 2025 indicates a net profit of 52 to 65 million yuan, representing a year-on-year growth of 4.6% to 30.7% [1]. Financial Data and Valuation - The total revenue for 2023 is projected at 1.108 billion yuan, with a year-on-year growth of 12%. This is expected to increase to 1.549 billion yuan in 2025, reflecting a growth rate of 21% [1][12]. - The net profit attributable to shareholders is expected to reach 310 million yuan in 2025, with a significant growth of 45% compared to 2024 [1][12]. - The company's price-to-earnings (PE) ratio is projected to decrease from 39.2 in 2023 to 23.7 in 2025, indicating an improving valuation [1][13]. Shareholder Information - The major shareholder, Zhongse (Ningxia) Dongfang Group Co., Ltd., holds a 39.99% stake in the company [2]. Performance Metrics - The company's return on equity (ROE) is reported at 8.2% [2]. - The asset-liability ratio stands at 14.8%, indicating a strong balance sheet [2]. Project Developments - Key investment projects, including the production line for niobium superconducting cavities and the digital factory for tantalum and niobium hydrometallurgy, are progressing well [5].

Company Overview - The company, Dongfang Tantalum Industry Co., Ltd., focuses on tantalum and niobium products, with a full industry chain from mining to deep processing [4][12]. - The company is a key high-tech enterprise in China, recognized for its innovation and research capabilities [21][22]. Financial Performance - In 2024, the company achieved a revenue of CNY 1.281 billion, a year-on-year increase of 15.57% [4]. - The net profit attributable to shareholders was CNY 213 million, up 13.94% from the previous year [4]. - As of December 2024, total assets amounted to CNY 3.061 billion, with total liabilities of CNY 454 million, resulting in a debt-to-asset ratio of 14.83% [4]. Product Structure - The main products include high-temperature alloys, tantalum powder, tantalum wire, semiconductor tantalum targets, and high-purity niobium materials [5]. - The company has seen significant growth in high-value-added products, particularly in high-temperature alloys and semiconductors [5]. Market Impact and Strategy - The U.S. tariffs imposed on Chinese imports have had a minimal and controllable impact on the company's sales, as direct exports to the U.S. account for less than 1% of total revenue [6]. - Domestic sales reached CNY 823 million, representing 64% of total revenue, while international sales were CNY 457 million, or 36% [6]. Management and Strategic Adjustments - The company has completed management adjustments without significant changes to its operational strategy, continuing to focus on tantalum and niobium core businesses [5][11]. - Future plans include enhancing domestic market development and increasing the proportion of domestic sales [8]. Raw Material Sourcing - The company primarily sources raw materials from imported tantalum and niobium concentrates, with a focus on maintaining a stable supply chain [9]. - Current raw material inventory is sufficient to support normal production operations [9]. Dividend Policy - The company has a clear profit distribution policy, proposing a cash dividend of CNY 0.77 per 10 shares for 2024, totaling CNY 66.66 million [10]. Future Development Outlook - The company anticipates growth in demand for tantalum and niobium products driven by advancements in high-frequency communications, smart vehicles, and AI chips [15]. - Ongoing projects include the construction of new production lines and technology upgrades to enhance production capacity [11][17]. Competitive Advantages - The company holds a leading position in the industry due to its strong brand, technological advancements, and extensive marketing network [21][22][23]. - It has established long-term partnerships with major capacitor manufacturers, ensuring stable sales channels [23].

Core Viewpoint - Dongfang Tantalum Industry (000962.SZ) reported a revenue of 1.281 billion yuan for 2024, marking a year-on-year increase of 15.57%, and a net profit attributable to shareholders of 213 million yuan, up 13.94% [1] Financial Performance - The company achieved a net profit of 213 million yuan, with a non-recurring net profit of 193 million yuan, reflecting a growth of 21.92% [1] - Basic earnings per share stood at 0.43 yuan [1] - A cash dividend of 0.77 yuan per 10 shares is proposed, totaling 38.8826 million yuan, which represents 31.26% of the net profit [1] Industry Position and Market Strategy - Dongfang Tantalum is a leading high-tech enterprise in tantalum and niobium production, with nearly 60 years of development, maintaining a strong market position and competitive advantage [2] - The company has established extensive partnerships with major tantalum capacitor manufacturers in the US, Taiwan, Japan, and South Korea [2] - In 2024, the company aims to expand market space and optimize product structure, focusing on high-value-added products [2] Development and Innovation - The company is actively responding to changes in the tantalum and niobium industry, focusing on high-temperature alloys, semiconductors, and superconductors [3] - Key investment projects include the production lines for tantalum and niobium products, which are now operational, and several new projects are underway [3] - The company has completed a feasibility study for a digital factory project, enhancing its core functions and competitiveness [3] Research and Development - R&D investment reached 56.8785 million yuan, with an intensity of 4.44%, showing significant innovation vitality [4] - The company initiated 81 research projects, a 62% increase year-on-year, and applied for 69 patents in 2024 [4] - The company aims for a revenue target of 1.5 billion yuan in 2025, focusing on market expansion and technological innovation [4]

Core Viewpoint - Oriental Titanium Industry (000962) has shown strong financial performance in 2024, with a focus on market expansion and product structure optimization, while also enhancing investor returns through dividend distribution [1][2][7]. Financial Performance - The company achieved an operating income of 1.281 billion yuan, a year-on-year increase of 15.57% [1] - Net profit attributable to shareholders reached 213 million yuan, up 13.94% year-on-year [1] - Total assets increased to 3.061 billion yuan, with a debt-to-asset ratio of only 14.83% [1] - The company plans to distribute a cash dividend of 0.77 yuan per 10 shares, totaling 38.8826 million yuan, which represents 31.26% of the net profit attributable to shareholders [1] Market Strategy and Product Development - The company is actively expanding market space and optimizing product structure, increasing the sales share of high-value-added products [2] - Revenue from tantalum-niobium and its alloy products grew by 15.80%, with a gross margin increase of 0.41 percentage points [2] - Revenue from titanium and titanium alloy products surged by 81.94% [2] - The company aims to capitalize on opportunities in high-end sectors such as large scientific projects, high-end chips, smart vehicles, and national defense equipment [2][3] Innovation and R&D - In 2024, the company invested 91.72 million yuan in R&D, a year-on-year increase of 11% [5] - The number of company-level research projects rose by 62% to 81 [5] - The company received multiple awards for technological progress and achieved a record number of patents and standards [5] Management and Governance - The company emphasizes investor rights protection and value creation, responding to new capital market reforms and policies [7] - A "Quality Return Dual Improvement" action plan has been disclosed to enhance operational performance and governance structure [7] - The company has implemented a mid-to-long-term incentive mechanism to boost team vitality and overall development quality [7] Strategic Goals - The company aims to achieve high-quality development by focusing on five strategic areas: strengthening industry, enhancing technology, creating a first-class enterprise, solidifying foundations, and risk prevention [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 委托人（签字）： 身份证号（营业执照号码）： 委托人持有股数： 委托人股东账号： 委托书有效期限： 受托人（签字）： 受托人身份证号： 签署日期：2025年 月 日 附注： 1、授权委托书剪报、复印或按以上格式自制均有效；单位委托须加盖单位公章。 证券代码：000962 证券简称：东方钽业 公告编号：2025-018号 宁夏东方钽业股份有限公司 第九届监事会第十次会议决议公告 4、以赞成票5票，反对票0票，弃权票0票，通过了《关于公司2025年董事、监事薪酬的议案》。 5、以赞成票5票，反对票0票，弃权票0票，通过了《关于公司2024年度提取任意盈余公积及利润分配预 案的议案》。 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 宁夏东方钽业股份有限公司第九届监事会第十次会议通知于2025年4月1日以电子邮件、短信等形式向各 位监事发出。会议于2025年4月11日在东方钽业办公楼二楼会议室召开。会议应到监事5人，实到4人， 监事会主席李毛毛因出差未能到会，特授权监事吕良代为出席会议并行 ...

宁 夏 东 方 锂 业 股 份 有 限 公 司 2024 年 度 涉 及 财 务 公 司 关 联 交 易 的 存 款 、 贷 款 等 金 融 业 务 的 专 项 说 明 天 职 业 字 [2025]17779 号 目 专项说明 - -1 2024 年度涉及财务公司关联交易的存款、贷款等金融业务情况汇总表 -3 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.cncf.gov.cn）"进行查测 "招 关于宁夏东方锂业股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务的专项说明 天职业字[2025]17779 号 宁夏东方锂业股份有限公司董事会: 我们接受委托,审计了宁夏东方锂业股份有限公司(以下简称"贵公司")及其子公司(以 下简称"贵集团")2024年12月31日的合并及母公司资产负债表、2024年度的合并及母公 司利润表、合并及母公司股东权益变动表、合并及母公司现金流量表和财务报表附注(以下简 称"财务报表"),并于 2025 年 4 月 11 日出具了"天职业字[2025]17753 号"的无保留意见 的审计报告。 按照中国证监会、中国银保监会《关于规范上 ...

宁 夏 东 方 锂 业 股 份 有 限 公 司 ， 内 部 控 制 审 计 报 告 . 天 职 业 字 [2025]17769 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"并在查 。 目 内部控制审计报告 - 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 -1 宁夏东方银业股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了宁 夏东方锂业股份有限公司(以下简称"东方组业")2024年 12月 31 日的财务报告内部控制的 有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并 ...