Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [10]. Core Viewpoints - The company is positioned as a leading integrated player in the magnesium industry, benefiting from strong resource reserves and a comprehensive production chain [18][29]. - The company has significant growth potential in its magnesium alloy business, with expected capacity increases and market share expansion [40][39]. - The company's financial forecasts indicate substantial revenue and profit growth over the next few years, driven by increased production capacity and market demand [10][11]. Summary by Sections Company Overview - The company, established in 1993 and listed in 2007, has become a leading integrated player in the magnesium industry, with a complete production chain from raw material extraction to alloy processing [18][29]. - The company has received strategic support from Baosteel, which has become the controlling shareholder [18][22]. Resource and Production Capacity - The company holds approximately 1.97 billion tons of dolomite reserves, accounting for nearly 10% of China's total identified reserves [2][30]. - The company's magnesium production capacity is set to increase from 100,000 tons in 2023 to 300,000 tons by the end of 2024, marking a 200% growth [3][32]. Market Position and Growth Potential - The company currently holds over 50% market share in the domestic magnesium alloy market, with plans to increase its capacity from 200,000 tons in 2023 to 600,000 tons by the end of 2025 [39][40]. - The company is expected to benefit from the growing demand in sectors such as automotive lightweighting, robotics, and new energy vehicles [40][45]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 88.5 billion, 109.2 billion, and 144.0 billion yuan respectively, with corresponding net profits of 2.56 billion, 5.66 billion, and 9.91 billion yuan [10][11]. - The company's earnings per share (EPS) are expected to grow significantly, reflecting its operational efficiency and market expansion [10][11].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [10]. Core Views - The company is positioned as a leading integrated player in the magnesium industry, benefiting from strong resource reserves and a comprehensive production chain [18][29]. - The company's magnesium alloy business is expected to see significant growth, with a projected increase in market share due to new capacity expansions [40]. - The overall demand for magnesium products is anticipated to rise, driven by trends in automotive lightweighting and advancements in robotics [45]. Summary by Sections Company Overview - The company, established in 1993 and listed in 2007, has become a key player in the magnesium industry, with a complete production chain from raw material extraction to alloy processing [18][22]. Resource Reserves - The company holds substantial white marble reserves, approximately 1.97 billion tons, accounting for nearly 10% of China's total known reserves [2][30]. - The company’s mining rights and production capacity are set to increase significantly by 2025, reaching a total annual capacity of 53 million tons [30]. Production Capacity - The company's raw magnesium production capacity is expected to grow from 100,000 tons in 2023 to 300,000 tons by the end of 2024, marking a 200% increase [3][32]. - The company’s market share in raw magnesium production is projected to rise from 7.4% in 2023 to 20.2% in 2024 [3][32]. Magnesium Alloy Business - The company currently holds over 50% market share in the domestic magnesium alloy sector, with production capacity expected to increase from 200,000 tons in 2023 to 600,000 tons by the end of 2025 [39][40]. - The anticipated growth in magnesium alloy production is linked to new projects, including a 300,000-ton facility in Anhui, which will be the largest magnesium alloy production base globally [40]. Financial Projections - Revenue forecasts for the company are projected at 8.84 billion, 10.92 billion, and 14.40 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 256 million, 566 million, and 991 million yuan [10][11]. - The report highlights a significant improvement in profitability due to increased production capacity and market demand [10]. Industry Trends - The report notes a growing demand for magnesium in various sectors, particularly in automotive lightweighting and robotics, which is expected to drive future growth [45]. - The overall market for magnesium products in China is projected to grow from 10.3 billion yuan in 2023 to 18.2 billion yuan by 2028, with a compound annual growth rate of 12% [2].

Company Overview - Baowu Magnesium Industry Technology Co., Ltd. was established in 1993 and listed on the Shenzhen Stock Exchange in 2007, evolving into a high-tech enterprise integrating mining, non-ferrous metal smelting, and recycling processing [1] - The company specializes in the production and sales of magnesium and aluminum alloy materials, with key products including magnesium alloys, magnesium alloy die-castings, aluminum alloys, and metal strontium [1] - The complete industry chain from "dolomite mining - primary magnesium smelting - magnesium alloy melting - magnesium alloy precision casting and deformation processing - magnesium alloy recycling" optimizes product cost structure and enhances risk resistance [1] Downstream Processing Expansion - The company operates six die-casting bases nationwide, equipped with over 200 die-casting units and nearly 1,000 processing centers, providing comprehensive lightweight solutions [2] - Key areas of focus for magnesium alloy deep processing products include automotive parts, electric bicycle components, robot parts, and magnesium construction templates [2] - Specific automotive components include small parts like steering wheels and larger components such as dashboard supports and seat brackets [2] Magnesium Alloys in Robotics - The company emphasizes the promotion of magnesium materials in the robotics sector, highlighting advantages such as lightweight, speed, stability, and cost-effectiveness [3] - Magnesium alloys meet the demands for efficient transmission and reliable stability in robotics, while also being environmentally friendly due to their recyclability [3] Strontium Products - Strontium, a rare alkaline earth metal, enhances the strength, hardness, and corrosion resistance of alloys when added to aluminum and magnesium [4] - The company has an annual production capacity of 3,000 tons of metal strontium, with an output of approximately 2,500 tons [4] Future Development Strategy - The company prioritizes research and innovation, focusing on technological advancements and new product development as core strategies [5] - Significant investments have been made in developing magnesium reduction and alloy production technologies, with energy-saving levels leading the industry [5] - The company aims to upgrade its industrial technology, promoting high-end, intelligent, and green transformations, while expanding its deep processing business for magnesium alloy automotive die-castings [5]

Group 1: Production Capacity and Export - In 2024, global primary magnesium production capacity reached 175 million tons, with a production volume of 112 million tons, marking a 12% increase year-on-year [1] - China's primary magnesium production capacity in 2024 was 148.75 million tons, reflecting a year-on-year growth of 9.29% [1] - China's magnesium product exports in 2024 totaled 459,800 tons, a 13.62% increase from 2023's 404,700 tons [1] Group 2: Market Opportunities and Strategies - The company is leveraging the automotive lightweight trend by expanding downstream processing of magnesium alloys, focusing on new automotive components to meet market demands [2] - With magnesium prices lower than aluminum, the company sees this as an opportunity to promote magnesium applications in large automotive parts, robots, and construction templates [2] Group 3: Cost Reduction and Innovation - The company aims to reduce magnesium production costs to enhance competitive advantages and has established technical and marketing teams across various sectors [3] - Continuous innovation in product types, production technology, and applications is prioritized to meet performance requirements [3] Group 4: Future Development Strategy - The company emphasizes research and development as a core strategy, focusing on technological innovation and new product development [4] - It has developed advanced magnesium reduction and alloy production technologies, positioning itself at the forefront of the industry [4] - The company is committed to upgrading industrial technology and transitioning towards high-end, intelligent, and green production [4]

证券代码：002182 证券简称：宝武镁业 公告编号：2025-06 宝武镁业科技股份有限公司 关于向特定对象发行股票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。 特别提示： ●宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）本次解禁限 售股数量为 86,800,000 股，占上市公司总股本的 8.75%。 ●本次解除限售股份的上市流通日为 2025 年 3 月 10 日（星期一）。 一、公司向特定对象发行股份概况 经中国证券监督管理委员会《关于同意南京云海特种金属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]1685 号）同意，南京云海特种金属股份 有限公司（以下简称"云海金属"）向特定对象宝钢金属有限公司（以下简称"宝钢 金属"）发行人民币普通股（A 股）6,200.00 万股，上述新增股份已于 2023 年 9 月 8 日在深圳证券交易所上市。本次发行后，云海金属总股本由 646,422,538 股增加至 708,422,538 股。 2023 年 9 月 20 日，公司中文名称由"南京云海 ...

核查意见 华泰联合证券有限责任公司关于 宝武镁业科技股份有限公司限售股份上市流通事项 的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）向特定对象发行股 票持续督导阶段的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所股票上市规则》及《深圳证券交易所上市公司自律监管指引第 13 号—— 保荐业务》等有关规定，对宝武镁业限售股份持有人持有的限售股份将上市流通 情况进行了认真、审慎的核查，并发表本核查意见，具体情况如下： 一、公司向特定对象发行股票并上市及之后的股本变化情况 经中国证券监督管理委员会证监许可[2023]1685 号文同意，宝武镁业向特定 对象发行人民币普通股（A 股）6,200.00 万股，发行后股本总额为 708,422,538 股，上述新增股份已于 2023 年 9 月 8 日在深圳证券交易所上市。 经 2023 年年度股东大会审议同意，宝武镁业于 2024 年 6 月实施了以 2023 年 12 月 31 日总股本 708,422,538 股为基数向全体股东每 10 股送红股 4 股的 ...

Core Viewpoint - Baowu Magnesium Industry (002182) announced that its subsidiary, Wutai Baomai, successfully acquired mining rights for a limestone mine in Shanxi Province for 1.168 billion yuan on November 3, 2023, and has received the mining license from the local planning and natural resources bureau [1] Group 1 - The acquisition price for the mining rights is 1.168 billion yuan [1] - The mining rights pertain to a limestone mine located in Dapu Village, Dongye Town, Wutai County, Xinzhou City, Shanxi Province [1] - The mining license was issued recently by the Xinzhou City Planning and Natural Resources Bureau [1]

证券代码：002182 证券简称：宝武镁业 公告编号：2025-07 宝武镁业科技股份有限公司 关于子公司五台宝镁取得采矿许可证的公告 矿山名称：五台县东治镇大朴村白云岩 矿区面积：2.7778平方公里 有效期限：叁拾年（2025年3月4日至2055年3月4日） 特此公告。 宝武镁业科技股份有限公司 董 事 会 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚 假记载、误导性陈述或者重大遗漏。 宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）子公司五台云 海镁业有限公司（以下简称"五台宝镁"）为了保证原镁及镁合金生产原材料的稳定 供应，参加了忻州市规划和自然资源局进行的关于"山西省忻州市五台县东冶镇大朴 村白云岩矿采矿权"的竞拍，并于2023年11月3日以116,793万元的价格竞得了山西省忻 州市五台县东冶镇大朴村白云岩矿采矿权，详见公司于2023年11月3日在巨潮资讯网上 发布的《关于公司子公司五台云海参与竞拍采矿权并竞得采矿权的公告》（公告号： 2023-85）。公司于近日收到忻州市规划和自然资源局颁发的《采矿许可证》(证号： C1409002025036200158040)。 ...

Core Viewpoint - Baowu Magnesium Industry (002182.SZ) has faced regulatory scrutiny due to issues related to the independence commitments of its controlling shareholder, Baosteel Metal Co., Ltd, which has been ordered to rectify its actions by the Jiangsu Securities Regulatory Bureau [1][2]. Group 1: Regulatory Issues - Baosteel Metal was found to have violated its commitment to ensure the independence of Baowu Magnesium's management, as several senior managers held positions or received salaries from Baosteel Metal or its subsidiaries [2]. - The Jiangsu Securities Regulatory Bureau has issued an administrative order for Baosteel Metal to correct these issues, which will be recorded in the securities market integrity archive [2]. Group 2: Environmental Violations - Baowu Magnesium's subsidiary, Chaohu Yunhai Magnesium Industry Co., Ltd, was fined 384,000 yuan for failing to construct environmental protection facilities as required by environmental assessments [3]. - The company stated that the regulatory measures against its controlling shareholder would not affect its normal business operations [3].

Company Overview - Baowu Magnesium Industry Co., Ltd. was established in 1993 and listed in 2007, focusing on mining, non-ferrous metal smelting, and recycling processing [1] - The company specializes in the production and deep processing of magnesium and aluminum alloy materials, with key products including magnesium alloys, aluminum extrusions, and intermediate alloys [1] Market and Export - Magnesium products are primarily exported to Europe, North America, and Southeast Asia [2] Impact of Magnesium Pricing - The decline in magnesium prices below aluminum prices presents a significant opportunity for the magnesium industry, enhancing the adoption of magnesium in automotive and construction applications [2] - This shift allows for promoting magnesium from a cost perspective, in addition to performance benefits [2] Strategic Measures for Promotion - The company aims to lower production costs to enhance competitive advantages [2] - Establishing technical and marketing teams across various sectors (automotive, 3C, construction, etc.) to engage deeply in product design phases [2] - Innovating and developing a wider range of magnesium products to meet performance requirements [2] Application in Robotics - Magnesium alloys are positioned to empower the robotics industry, offering advantages such as lightweight, speed, stability, and cost-effectiveness [2] Compliance and Communication - The company ensures compliance with information disclosure regulations, maintaining the accuracy and completeness of disclosed information [2]