Investment Rating - The report initiates coverage on Western Materials with a "Buy" rating, citing its strong position in the rare metal materials industry and its potential for rapid growth in the military sector [7][150] Core Views - Western Materials is a leading rare metal materials platform in China, with a focus on titanium alloys and layered metal composites used in high-growth sectors such as next-generation fighter jets, missiles, naval equipment, and nuclear power [2][5] - The company is expected to benefit from the rapid expansion of downstream demand in military applications, particularly in missile, naval, and aviation equipment [2][6] - Western Materials has completed capacity expansion, with its military-grade titanium alloy production capacity doubling to 3,000 tons, positioning it to meet the growing demand in defense-related industries [6][100] Demand-Side Analysis - **Missiles**: Titanium alloys are widely used in missile casings to reduce weight and improve structural performance. After a period of suppressed demand, missile-related titanium alloy demand is expected to surge by 2025 [2][58] - **Naval Equipment**: Titanium alloys are ideal for naval applications due to their corrosion resistance and strength. The demand for titanium in naval equipment, particularly submarines and underwater vehicles, is expected to grow significantly [2][62] - **Aviation**: Titanium alloys are critical for military aircraft and engines, with usage ratios increasing as aircraft performance improves. The demand for titanium in aviation is expected to continue growing [2][64] - **Armored Vehicles**: Titanium alloys are increasingly used in armored vehicles for lightweighting and enhanced protection, presenting a significant market opportunity [2][97] Supply-Side Analysis - Western Materials has doubled its military-grade titanium alloy production capacity to 3,000 tons, with total titanium alloy capacity reaching 10,000 tons. This expansion is aimed at meeting the rapid growth in downstream demand [6][100] - The company has also initiated a project to produce large-scale, low-cost titanium alloys for marine engineering, which is expected to further enhance its production capabilities [100] Future Development Strategy - Western Materials follows a "1+3+X" development model, aiming to become a comprehensive rare metal materials platform. This includes focusing on titanium alloys, layered metal composites, rare and precious metals, and filtration materials [9][102] - Key subsidiaries include **Tianli Composite** (a leader in layered metal composites), **Xinorui** (the sole domestic supplier of nuclear-grade stainless steel and nickel-based alloys for nuclear reactor control rods), and **Feierte** (a pioneer in metal fiber products) [9][104][108] Financial Projections - The report forecasts Western Materials' net profit attributable to shareholders to reach 184 million, 409 million, and 606 million yuan in 2024, 2025, and 2026, respectively, with corresponding PE ratios of 48X, 22X, and 15X [7][150] - The company's titanium products are expected to see revenue growth of -2.40%, 51.00%, and 29.51% in 2024-2026, with gross margins of 23.01%, 26.27%, and 27.98%, respectively [111] Industry Comparison - Western Materials is compared with peers such as Western Superconductor, Baoti, and Gaona Aero Material. The company's valuation is considered reasonable, with a PE ratio of 48X for 2024, higher than peers but justified by its growth potential [142][150]

证券代码：002149 证券简称：西部材料 公告编号：2024-049 具体内容详见公司刊载于《证券时报》《中国证券报》和巨潮资讯网 www.cninfo.com.cn 的《关于控股子公司西安诺博尔稀贵金属材料股份有限公司 终止向不特定合格投资者公开发行股票并在北京证券交易所上市申请的公告》 （2024-051）。 表决结果：9 票同意，0 票反对，0 票弃权。 该议案须提交股东大会审议。 西部金属材料股份有限公司 第八届董事会第十四次会议决议公告 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。 西部金属材料股份有限公司（以下简称"公司"）第八届董事会第十四次会议 的会议通知于 2024 年 12 月 16 日以电子邮件等形式送达公司全体董事，会议于 2024 年 12 月 18 日以通讯方式召开，应参加董事 9 人，实际参加董事 9 人。会 议的召开符合《公司法》和《公司章程》规定。会议审议通过了以下议案： 审议通过《关于控股子公司西安诺博尔稀贵金属材料股份有限公司终止向 不特定合格投资者公开发行股票并在北京证券交易所上市申请的议案》。 特此公告。 西部金属 ...

证券代码：002149 证券简称：西部材料 公告编号：2024-050 西部金属材料股份有限公司 第八届监事会第十四次会议决议公告 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。 西部金属材料股份有限公司（以下简称"公司"）第八届监事会第十四次会议 的会议通知于 2024 年 12 月 16 日以电子邮件等形式送达公司全体监事，会议于 2024 年 12 月 18 日以通讯方式召开，应参加监事 4 人，实际参加监事 4 人。会 议的召开符合《公司法》和《公司章程》规定。会议审议通过了以下议案： 审议通过《关于控股子公司西安诺博尔稀贵金属材料股份有限公司终止向 不特定合格投资者公开发行股票并在北京证券交易所上市申请的议案》。 具体内容详见公司刊载于《证券时报》《中国证券报》和巨潮资讯网 www.cninfo.com.cn 的《关于控股子公司西安诺博尔稀贵金属材料股份有限公司 终止向不特定合格投资者公开发行股票并在北京证券交易所上市申请的公告》 （2024-051）。 表决结果：4 票同意，0 票反对，0 票弃权。 该议案须提交股东大会审议。 特此公告。 西部金属 ...

证券代码：002149 证券简称：西部材料 公告编号：2024-051 关于控股子公司西安诺博尔稀贵金属材料股份有限公司 终止向不特定合格投资者公开发行股票并在北京证券交易 所上市申请的公告 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。 西部金属材料股份有限公司（以下简称"西部材料""公司"）控股子公司西 安诺博尔稀贵金属材料股份有限公司（以下简称"西诺稀贵"）综合考虑当前政 策环境、公司自身实际情况和战略发展安排等各方面因素，经认真研究和审慎分 析后，拟终止向不特定合格投资者公开发行股票并在北京证券交易所上市的申请 并撤回相关申请材料。 一、基本情况 西部材料分别于2023年6月9日、2023年6月26日召开第八届董事会第三次会 议、2023年第一次临时股东大会审议通过关于同意控股子公司向不特定合格投资 者公开发行股票并在北京证券交易所上市的相关议案。具体内容详见公司刊载于 《证券时报》《中国证券报》和巨潮资讯网www.cninfo.com.cn的《西部金属材料 股份有限公司关于同意控股子公司向不特定合格投资者公开发行股票并在北京 证券交易所上市的提示性公 ...

证券时报网讯，西部材料11月25日在交易所互动平台中披露，截至11月20日公司股东户数为28873户， 较上期（11月10日）减少66户，环比降幅为0.23%。 这已是该公司股东户数连续第3期下降，累计降幅达11.70%，也就是说筹码呈持续集中趋势。 证券时报•数据宝统计，截至发稿，西部材料最新股价为16.18元，下跌2.47%，筹码持续集中以来股价 累计上涨8.15%。 具体到各交易日，13次上涨，13次下跌。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][28]. Core Insights - The company specializes in rare metal materials, primarily serving critical sectors such as defense, nuclear power, environmental protection, marine engineering, petrochemicals, and electricity [4][6]. - The company has seen a significant increase in gross profit margins for titanium products and is accelerating the construction of technological transformation projects [4][6]. - Despite a slight decline in revenue and profit in the first three quarters of 2024, the company is well-positioned to benefit from growing demand in key national projects and emerging markets [4][6]. - The company has increased its R&D investment significantly, with R&D expenses growing from 94 million to 185 million from 2020 to 2023, reflecting a compound annual growth rate of 25.21% [4][17]. - The company has a substantial increase in construction projects, with ongoing projects valued at 115 million, up 137.33% from the beginning of the year [4][25]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.22 billion, a decrease of 5.55% year-on-year, and a net profit attributable to shareholders of 138 million, down 8.53% year-on-year [4][7]. - The gross margin for the first three quarters of 2024 was 22.23%, a decrease of 0.38 percentage points year-on-year [13][14]. - The company expects net profits for 2024-2026 to be 183 million, 306 million, and 423 million respectively, with corresponding EPS of 0.38, 0.63, and 0.87 [4][28].

西安市高新区锦业路绿地中心 B 座 46 层 邮编：710065 联系电话：029-8819 9711 46th Floor, B Tower, Greenland Center, Jinye Road, High-tech District, Xi'an, Shaanxi, China 国浩律师（西安）事务所 关于西部金属材料股份有限公司 法律意见书 致：西部金属材料股份有限公司 根据《中华人民共和国证券法》（以下简称"证券法"）、《中华人民共和国公 司法》（以下简称"《公司法》"）及中国证券监督管理委员会《上市公司股东大会 规则》（以下简称"《股东大会规则》"）等法律、行政法规和规范性文件的规定， 国浩律师（西安）事务所（以下简称"本所"或"国浩"）接受西部金属材料股 份有限公司（以下简称"公司"）的委托，指派律师出席公司 2024 年第五次临时 股东大会（以下简称"本次股东大会"）并对本次股东大会的相关事项进行见证， 依法出具本法律意见书。 国浩及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或存在的事 ...

西部金属材料股份有限公司 2024 年第五次临时股东大会决议公告 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： ●本次股东大会无否决提案的情形。 一、会议召开及出席情况 证券代码：002149 证券简称：西部材料 公告编号：2024-048 （一）会议召开情况 1．现场会议召开时间：2024 年 11 月 15 日（星期五）下午 14:30。 2．网络投票时间：2024 年 11 月 15 日。 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 15 日 9:15～9:25、9:30～11:30、13:00～15:00；通过深圳证券交易所互联网投 票的具体时间为 2024 年 11 月 15 日 9:15～15:00 期间的任意时间。 3．现场会议召开地点：陕西省西安市经开区泾渭工业园西金路西段 15 号西 部材料会议中心会议室-1； 4．召集人：公司董事会； 5．召开方式：本次股东大会采取现场投票与网络投票相结合的方式； 6．会议主持人：董事长杨延安先生； 7．公司部分董事、监事出席了会议，部分高级管理人员，见证 ...

证券代码：002149 证券简称：西部材料 公告编号：2024-047 西部金属材料股份有限公司 2024 年半年度权益分派实施公告 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、股东大会审议通过利润分配方案等情况 2024 年 9 月 19 日，公司 2024年第四次临时股东大会审议通过了 《2024年中期现金分红方案》：以现有总股本 488,214,274 股为基数，向全体股 东每 10 股派发现金股利 1 元人民币（含税），合计派发现金股利 48,821,427.4 元（含税）。本次分配不实施资本公积转增股本、不分红股。 公司总股本自 2024年第四次临时股东大会审议通过分配方案至本次权益分 派实施时未发生变化。 本次实施分配方案与 2024年第四次临时股东大会审议通过的分配方案一 致。本次利润分配方案分配总额不变。 本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、权益分派方案 本公司 2024 年半年度权益分派方案为：以公司现有总股本 488,214,274 股为 基数，向全体股东每 10 股派 1 元人民币现金（含税）。本次分配不 ...

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [22]. Core Views - The company has experienced a decline in performance in the first three quarters of 2024, with revenue of 2.22 billion yuan, down 5.55% year-on-year, and a net profit of 138 million yuan, down 8.53% [1]. - Despite the short-term pressure on performance, the company is focusing on optimizing its product structure and increasing its market share in high-value-added products, particularly in aerospace and high-end civilian materials [6]. - The company aims to enhance its competitiveness in the marine engineering sector through significant investments in production line upgrades [5]. - The company is actively pursuing the listing of its subsidiaries to improve its governance structure and expand financing channels [5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 676 million yuan, a year-on-year decrease of 13.08% and a quarter-on-quarter decrease of 19.48%. The net profit for the same period was 42 million yuan, down 10.63% year-on-year and 28.30% quarter-on-quarter [1]. - The gross margin slightly decreased to 20.85%, down 1.92 percentage points year-on-year, while the net margin fell to 5.89%, down 3.85 percentage points year-on-year [1]. R&D and Operational Efficiency - The company has maintained growth in R&D investment, with R&D expenses increasing by 20.91% to 148 million yuan, reflecting a commitment to product development and market demand [4]. - The company's accounts receivable increased by 36.92% compared to the end of 2023, primarily due to the rise in contracts for high-value-added products in aerospace and marine engineering [4]. Strategic Initiatives - The company is investing 192 million yuan in a project to upgrade its production line for large-scale low-cost titanium alloys, expected to enhance its competitiveness in marine engineering [5]. - The successful listing of its subsidiary Tianli Composite on the Beijing Stock Exchange in July 2023 is seen as a step towards achieving high-quality development and improving brand effect [5]. Future Outlook - Revenue projections for 2024-2026 are estimated at 3.12 billion yuan, 3.42 billion yuan, and 3.95 billion yuan, respectively, with net profits expected to reach 185 million yuan, 198 million yuan, and 270 million yuan [9].