调研纪要：2024年东方钽业实现营业收入12.81亿元，同比增长15.57%，净利润2.13亿元，同比增长 13.94%。公司产品结构优化，高温合金、半导体等领域产品增长明显。管理层调整已完成，经营战略 未发生重大变化。美国加征关税对公司影响较小，国内外销售比例分别为64%和36%。公司主要进口钽 铌精矿，合理采购安全库存，降低矿石价格变动风险。2024年每10股派发红利1.32元，现金分红总额 66,655,810.58元。未来将推进多个技术改造项目，提升核心竞争力。公司看好高频通讯、智慧汽车、高 算力AI芯片等领域的钽铌需求增长。2025年预计超高纯铌材、半导体用高纯钽材等市场需求回升。管 理费用增加主要是加强人才引进、提高职工薪酬。募投项目已投入生产，火法项目大部分设备满负荷生 产。消费电子市场弱复苏，高温合金、半导体靶材、超导市场需求增长。子公司东方超导生产低温超导 用高纯超导铌材及铌超导腔，应用于大科学装置。公司具有品牌、技术、研发、营销网络、管理五大优 势支撑持续发展。 根据市场公开信息及4月16日披露的机构调研信息，知名私募望正资产近期对1家上市公司进行了调研， 相关名单如下： 1）东方钽业 （ ...

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].

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].

全年研发投入5687.85万元，研发投入强度4.44%，创新活力显著增强。报告期内设立公司级科研项目81 项，同比增长62%，累计研发经费（R&D）投入9172万元，同比增长11%。科技成果不断涌现。2024年 公司申请专利69件、授权16件，申请、制修订标准22项，发布国家标准1项、行业标准2项，科技成果产 出数量和质量均创历史最好水平。 2025年，公司设定了15亿元的经营目标，将全力以赴开拓市场，在细分市场开拓、新兴领域需求响应、 创新技术支撑等方面提速提质。积极实施"走出去"战略，深入开展海外资源拓展行动，提升供应链韧性 和稳定性。持续优化产业布局；协同推进项目建设，在保障质量和安全的前提下往前赶，能早则早、能 快则快，尽快形成现实生产力。全面发展新质生产力，不断提升技术实力与管理能力，创建世界一流专 业领军示范企业。（全景网） 东方钽业是我国最早从事钽铌生产、研究及制造的高新技术企业，经过近60年的积累与发展，在钽铌技 术研发、高纯化冶炼、规模化应用方面处于行业主导地位。随着高频通讯、智慧汽车、高算力AI芯 片、大科学工程、新基建等行业的发展，钽铌在电子、半导体、超导、特种钢等应用领域的需求会呈现 ...

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]