Investment Rating - The report upgrades the investment rating of the company to "Buy" [4][6] Core Insights - The company achieved a revenue of 5.853 billion yuan in the first three quarters of 2024, a year-over-year decrease of 3.16%, while the net profit attributable to the parent company was 340 million yuan, reflecting a year-over-year increase of 74.06% [1] - The company focuses on core products and has significantly improved profitability in the refractory tungsten and molybdenum sectors, maintaining stable market share in the rare earth permanent magnet market despite a slight decline in revenue [2] - The company has a strong reserve in cutting-edge fields such as amorphous materials and controlled nuclear fusion, with significant sales growth in the non-crystalline and nanocrystalline sectors [3] Financial Performance - The company reported a net profit of 60 million yuan in Q3 2024, a year-over-year increase of 55.16%, but a quarter-over-quarter decrease of 70.46% [1] - The revenue for Q3 2024 was 1.931 billion yuan, showing a year-over-year increase of 6.17% but a quarter-over-quarter decrease of 4.89% [1] - The company expects net profits attributable to the parent company to be 418.03 million yuan, 442.23 million yuan, and 535.38 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30.09, 28.44, and 23.49 [4][5] Market Position and Strategy - The company is actively promoting new product launches and cost reduction measures to enhance efficiency, ensuring stable market share in key application areas such as automotive magnets and consumer electronics [2] - The company has completed the installation and debugging of its high-end rare earth permanent magnet production project, which is now in trial production, solidifying its capacity for high-performance magnetic materials [2] - The company leverages its technological advantages and capital operations to integrate industry resources and strengthen its core industries while expanding into emerging sectors [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 5.853 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.16%, while the net profit attributable to shareholders increased by 74.06% to 340 million yuan [2] - The decline in revenue is attributed to seasonal factors, but the rare earth and molybdenum sectors are experiencing improved profitability [3] - The company has successfully reduced costs and improved efficiency, maintaining a good capital structure with a debt-to-asset ratio of 41.87% [3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 1.931 billion yuan, a quarter-on-quarter decrease of 4.89% but a year-on-year increase of 6.17% [2] - The net profit for Q3 2024 was 60 million yuan, down 70.46% quarter-on-quarter but up 55.16% year-on-year [2] - The company’s gross profit and gross margin for Q3 2024 were 356 million yuan and 18.44%, respectively, reflecting a quarter-on-quarter increase of 5.33% and 1.79 percentage points [3] Cost Management - The company’s operating expenses in Q3 2024 increased by 2.01% to 254 million yuan, with a period expense ratio of 13.15% [3] - Sales expenses decreased by 17.14% to 29 million yuan, indicating effective cost control measures [3] Future Projections - Revenue projections for 2024 to 2026 are 8.351 billion, 9.472 billion, and 10.538 billion yuan, respectively, with net profits expected to be 432 million, 461 million, and 511 million yuan [4] - The estimated EPS for the same period is projected to be 0.41, 0.44, and 0.49 yuan, with corresponding PE ratios of 24.84, 23.30, and 21.01 [4]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,931,483,400.60, representing a 6.17% increase year-over-year[2] - Net profit attributable to shareholders for the same period was CNY 59,602,832.99, a significant increase of 55.16% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses surged by 403.90% to CNY 89,205,049.24[2] - The weighted average return on net assets was 1.10%, reflecting a slight increase of 0.34% compared to the previous year[2] - Total comprehensive income for Q3 2024 was approximately ¥404.76 million, an increase of 57.73% from ¥256.29 million in the same quarter last year[21] - The basic earnings per share for Q3 2024 was ¥0.3295, compared to ¥0.1904 in Q3 2023, reflecting a growth of 73.36%[21] Cash Flow - The net cash flow from operating activities reached CNY 247,096,500.85, an increase of 81.9% year-over-year[2] - Cash flow from operating activities was approximately ¥4.60 billion, down 12.35% from ¥5.25 billion in the same period last year[22] - Operating cash inflow for Q3 2024 was CNY 4,786,008,361.06, a decrease of 12.8% from CNY 5,488,983,354.45 in Q3 2023[23] - Net cash outflow from operating activities was CNY 4,711,429,283.35, down from CNY 5,462,200,921.48 in the previous year[23] - The net increase in cash and cash equivalents was -CNY 399,358,962.42, compared to -CNY 53,126,016.58 in Q3 2023[24] - The ending balance of cash and cash equivalents was CNY 2,110,585,865.50, up from CNY 1,737,273,859.58 year-over-year[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 10,933,409,634.20, down 3.84% from the end of the previous year[2] - The company's total equity decreased to CNY 6,355,526,539.62 from CNY 6,670,724,842.58, reflecting a decrease of approximately 4.7%[18] - Total current liabilities decreased to CNY 3,631,937,108.14 from CNY 3,875,508,780.09, a decline of about 6.3%[18] - Accounts receivable increased significantly to CNY 1,476,181,329.40 from CNY 965,308,322.96, reflecting a growth of about 53.0%[17] - Inventory decreased to CNY 2,158,585,540.25 from CNY 2,467,297,953.19, indicating a reduction of approximately 12.5%[17] Investments and Projects - The company reported a 476.98% increase in long-term equity investments, amounting to CNY 206,026,679.88, due to loss of control over a subsidiary[5] - The company is currently involved in a project to build a new production line with an annual capacity of 9,000 tons, which is underway[12] - A joint venture has been established with Northern Rare Earth and Baotou Steel Magnetic Materials to develop high-end rare earth permanent magnet products, with equipment installation completed[11] - The company is actively pursuing market expansion through strategic partnerships and joint ventures in the rare earth sector[11] - The company is currently evaluating the progress of its investment projects and their impact on future performance[12] Shareholder Information - The total number of common shareholders at the end of the reporting period is 62,365, with the largest shareholder, China Steel Research Group Corporation, holding 34.68% of shares[7] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest individual holding being 364,366,724 shares[7] - The company has a total of 364,366,724 unrestricted shares held by its largest shareholder, China Steel Research Group Corporation[8] - The company reported no changes in the top ten shareholders due to margin trading activities[9] Governance and Management - The company elected new non-independent and independent directors for its ninth board, indicating a governance transition[14] - The company approved the repurchase and cancellation of 70,000 restricted shares as part of its incentive plan[13] - The board approved the disposal of certain fixed assets of AnTai TianLong Tungsten Molybdenum Technology Co., Ltd., indicating a strategic asset management move[14] Other Financial Metrics - The company achieved an investment income of approximately ¥138.28 million, a substantial increase from ¥11.37 million in the previous year[20] - The company reported a decrease in total operating costs to approximately ¥5.61 billion, down 2.94% from ¥5.78 billion in Q3 2023[20] - Research and development expenses rose to approximately ¥371.46 million, an increase of 8.33% from ¥342.86 million in the previous year[20] - Other comprehensive income after tax was approximately ¥6.34 million, compared to a loss of ¥7.01 million in Q3 2023[21]

证券代码：000969 证券简称：安泰科技 公告编号：2024-050 安泰科技股份有限公司 第九届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 安泰科技股份有限公司第九届董事会第二次会议通知于 2024 年 10 月 16 日 以书面或邮件形式发出。据此通知，会议于 2024 年 10 月 28 日以通讯方式召开， 会议应出席董事 9 名，实际亲自出席 9 名。会议的召开符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定。 本次会议讨论并通过如下决议： 1、《安泰科技股份有限公司 2024 年第三季度报告》 赞成 9 票；反对 0 票；弃权 0 票。 相关内容详见公司 2024 年 10 月 30 日在巨潮资讯网刊登的《安泰科技股份 有限公司 2024 年第三季度报告》。 2、《关于修订<安泰科技股份有限公司资产减值与核销管理办法>的议案》 赞成 9 票；反对 0 票；弃权 0 票。 为了加强公司的资产减值与核销管理，公司结合实际情况，修订《安泰科技 股份有限公司资产减值与核销管理办法》。 特此公告。 安泰科技股份有限 ...

证券代码：000969 证券简称：安泰科技 公告编号：2024-051 安泰科技股份有限公司 第九届监事会第二次会议决议公告 赞成 5 票；反对 0 票；弃权 0 票。 经审核，监事会认为：董事会编制和审议《安泰科技股份有限公司 2024 年 第三季度报告》的程序符合法律、行政法规及中国证监会的规定，报告内容真实、 准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或 者重大遗漏。 相关内容详见公司 2024 年 10 月 30 日在巨潮资讯网刊登的《安泰科技股份 有限公司 2024 年第三季度报告》。 特此公告 安泰科技股份有限公司监事会 2024 年 10 月 30 日 1 本公司及其监事保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 安泰科技股份有限公司（以下简称"公司"）第九届监事会第二次会议通知于 2024 年 10 月 16 日以书面或邮件形式发出，据此通知，会议于 2024 年 10 月 28 日以通讯方式召开。会议应到监事 5 名，实到 5 名。会议主持人为金戈监事会主 席。会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的 规定。 ...

Financial Performance - The estimated net profit attributable to shareholders for the period from January 1 to September 30, 2024, is expected to be between 330 million and 345 million CNY, representing a year-on-year growth of 68.93% to 76.61% compared to 195.35 million CNY in the same period last year [2]. - For the third quarter of 2024, the estimated net profit attributable to shareholders is projected to be between 49.57 million and 64.57 million CNY, indicating a year-on-year increase of 29.05% to 68.90% compared to 38.41 million CNY in the same quarter last year [3]. - The estimated net profit after deducting non-recurring gains and losses for the first three quarters of 2024 is expected to be between 220.10 million and 235.10 million CNY, reflecting a growth of 30.10% to 38.97% from 169.18 million CNY in the previous year [2]. - Non-recurring gains and losses are expected to impact the net profit attributable to shareholders by approximately 109.90 million CNY, with investment income from the transfer of 14% equity in Antai Environmental Engineering Technology Co., Ltd. contributing about 130.59 million CNY [4]. - The estimated basic earnings per share for the first three quarters of 2024 is approximately between 0.3180 CNY and 0.3340 CNY, compared to 0.1904 CNY in the same period last year [2]. - The estimated basic earnings per share for the third quarter of 2024 is projected to be around 0.0466 CNY to 0.0626 CNY, compared to 0.0374 CNY in the same quarter last year [3]. - The company anticipates significant growth in operating performance for the first three quarters of 2024 compared to the previous year [4]. - The financial data in this performance forecast has not been audited by a registered accounting firm [3]. R&D and Innovation - The company has increased its R&D investment to enhance innovation capabilities, optimizing product structures in its tungsten and molybdenum processing, amorphous materials, and specialty powder businesses [4]. Government Support - Government subsidies have increased during the reporting period, contributing positively to the financial performance [4].

证券代码：000969 证券简称：安泰科技 公告编号：2024-047 安泰科技股份有限公司 关于聘任高级管理人员、董事会秘书及证券事务代表的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 安泰科技股份有限公司（以下简称"公司"）于 2024 年 10 月 9 日召开了第 九届董事会第一次会议，会议审议通过了《关于聘任公司总经理的议案》《关于 聘任公司副总经理、财务总监、财务负责人及总法律顾问的议案》《关于聘任公 司董事会秘书的议案》《关于聘任公司证券事务代表的议案》，现将具体情况如 下： 一、公司高级管理人员组成情况 公司董事会完成了高级管理人员的换届聘任，具体人员组成情况： 总经理：毕林生先生 副总经理：喻晓军先生、王铁军先生、陈哲先生 财务总监兼财务负责人：刘劲松先生 总法律顾问：王劲东先生 上述高级管理人员任期与第九届董事会任期一致，简历详见附件。 公司第九届董事会提名委员会对上述高级管理人员的任职资格进行了审查， 第九届董事会审计委员会对财务总监的任职资格进行了审核，均发表了同意意见。 上述高级管理人员均具备与其行使职权相适应的任职条件，其任职 ...

证券代码：000969 证券简称：安泰科技 公告编号：2024-044 安泰科技股份有限公司 关于公司监事会换届选举完成的公告 本公司及其监事保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 安泰科技股份有限公司（以下简称"公司"）于 2024 年 10 月 9 日召开 2024 年第二次临时股东大会审议通过《安泰科技股份有限公司关于选举第九届监事会 股东代表监事的议案》。会议选举金戈女士、傅喻女士为公司第九届监事会股东 代表监事，与公司职工代表大会主席团联席会议选举产生的 3 名职工代表监事路 明正先生、杜桂涛先生、高小淇女士共同组成公司第九届监事会，任期三年，自 公司 2024 年第二次临时股东大会审议通过之日起生效。 公司第九届监事会成员均具备担任上市公司监事的任职资格，不存在《公司 法》《公司章程》等相关法律法规、部门规章、规范性文件中规定的不得担任公 司监事的情形，也不存在被中国证监会及证券市场禁入处罚的情况，不属于失信 被执行人。 特此公告。 安泰科技股份有限公司监事会 2024 年 10 月 10 日 1 第九监事会股东代表监事及职工监事简历 金戈女士： 1975 年生， ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 安泰科技股份有限公司第九届董事会第一次会议通知于 2024 年 9 月 23 日以 书面或邮件形式发出。据此通知，会议于 2024 年 10 月 9 日以现场暨通讯方式召 开，会议应出席董事 9 名，实际亲自出席 9 名。会议的召开符合有关法律、行政 法规、部门规章、规范性文件和公司章程的规定。 本次会议讨论并通过如下决议： 1、《关于选举公司第九届董事会董事长的议案》 赞成 9 票；反对 0 票；弃权 0 票。 证券代码：000969 证券简称：安泰科技 公告编号：2024-041 安泰科技股份有限公司 第九届董事会第一次会议决议公告 公司董事会同意选举李军风先生为公司第九届董事会董事长，任期自本次董 事会审议通过之日起至第九届董事会届满时止。 具体内容详见深圳证券交易所网站（https://www.szse.cn/index/index.html）刊 登的《安泰科技股份有限公司关于选举第九届董事会董事长的公告》。 2、《关于选举公司第九届董事会专门委员会成员的议案》 赞成 9 票；反对 0 票；弃权 0 票。 ...

证券代码：000969 证券简称：安泰科技 公告编号：2024-045 特此公告。 安泰科技股份有限公司董事会 2024 年 10 月 10 日 安泰科技股份有限公司 关于选举第九届董事会董事长的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 安泰科技股份有限公司（以下简称"公司"）于 2024 年 10 月 9 日召开了第 九届董事会第一次会议，审议通过了《关于选举公司第九届董事会董事长的议案》， 同意选举李军风先生为第九届董事会董事长，任期自本次董事会审议通过之日起 至第九届董事会届满时止。 李军风先生简历详见附件。 安泰科技股份有限公司 第九董事会董事长简历 李军风先生： 1966 年生，中国国籍，无境外永久居留权，工商管理硕士，正高级工程师。 曾任安泰科技股份有限公司精细制品分公司副经理，安泰科技股份有限公司企业 管理部部长、总裁助理，同时兼任粉末冶金事业部总经理，空港产业园总经理， 空港新材分公司总经理，精细制品分公司总经理；中国钢研科技集团有限公司企 划部主任兼信息化处处长、中国钢研科技集团有限公司办公厅主任兼董事会办公 室主任，安泰科技第七 ...