证券代码： 002182 证券简称：宝武镁业 公告编号：2024-43 宝武镁业科技股份有限公司 关于变更公司财务总监及聘任副总经理的公告 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"）于2024 年8月15日召开第七届董事会第四次会议，审议通过了《关于变更公司财务总监 的议案》和《关于聘任公司副总经理的议案》，具体情况如下： 一、关于变更公司财务总监的情况 2024年8月15日，公司董事会收到财务总监范乃娟女士提交的书面辞职报告。 由于工作调整，范乃娟女士申请辞去公司财务总监职务。范乃娟女士原定任期 自2024年3月29日至第七届董事会届满之日止，根据《中华人民共和国公司法》 《公司章程》等有关规定，辞职报告在递交公司董事会之日起生效。 为完善公司治理结构，根据《中华人民共和国公司法》《公司章程》等有 关规定，公司第七届董事会第四次会议审议通过了《关于变更公司财务总监的 议案》，同意聘任曹娅晴女士为公司财务总监，任期自第七届董事会第四次会 议决议通过之日起至本届董事会任期届满之日止。上述事项经公司董 ...

宝武镁业科技股份有限公司 关于召开2024年第四次临时股东大会的通知 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"）定于2024 年9月5日（星期四）召开公司2024年第四次临时股东大会，审议董事会提交的相 关议案。就召开本次股东大会的相关事项通知如下： 证券代码：002182 证券简称：宝武镁业 公告编号：2024-45 一、会议召开基本情况 1.会议届次：2024 年第四次临时股东大会 2.会议召集人：公司董事会 3.会议召开的合法、合规性：公司第七届董事会第四次会议决议召开本次股 东大会。本次股东大会的召开符合《中华人民共和国公司法》《上市公司股东大 会规则》等有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4.会议召开时间 （1）现场会议时间：2024 年 9 月 5 日（星期四）下午 14:00 （2）网络投票时间：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 9 月 5 日（星期四）上午 9:15－9:25，9:30－11:30，下午 13:00－ 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5][10]. Core Views - The company's performance in H1 2024 showed a revenue increase of 15.37% year-on-year, reaching 4.075 billion yuan, while the net profit slightly decreased by 1.28% to 120 million yuan [4]. - The decline in magnesium prices has pressured the company's Q2 performance, with the average price of magnesium ingots dropping to 19,924 yuan per ton, a decrease of 14.5% year-on-year [3][6]. - The company is positioned as a leader in the magnesium industry, with a complete industrial chain from raw material extraction to deep processing, which is expected to benefit from the rapid growth of magnesium alloy applications in various sectors [6][8]. Summary by Sections Financial Performance - In H1 2024, the company achieved an operating income of 40.75 billion yuan, a year-on-year increase of 15.37%, and a net profit of 1.20 billion yuan, a slight decrease of 1.28% [4]. - The average gross profit margin for magnesium alloy products was 14.31%, showing a minor decline of 0.11 percentage points compared to H1 2023 [3]. Market Dynamics - The magnesium industry is experiencing a downturn due to oversupply, leading to a significant drop in profitability, with the average gross profit per ton in the magnesium industry falling from 2,393 yuan in H1 2023 to 505 yuan in H1 2024 [3][6]. - The company is expanding its production capacity, with new projects expected to come online, which will enhance its market position and production volume [6][8]. Future Outlook - The report forecasts that the company's net profit will grow to 3.40 billion yuan in 2024, 6.69 billion yuan in 2025, and 9.05 billion yuan in 2026, with corresponding earnings per share (EPS) of 0.34, 0.67, and 0.91 yuan respectively [7][8]. - The company is expected to benefit from the increasing applications of magnesium alloys in automotive and construction sectors, driven by trends towards lightweight materials [3][6].

2024 年 8 月 1 日 公司研究 Q2 归母净利润环比 Q1 微降，镁铝价格比长期处于低位或利于下游推广 ——宝武镁业（002182.SZ）2024 半年报点评 要点 事件：公司 2024 年上半年实现营业收入 40.75 亿元，同比增长 15.37%；实现 归属于上市公司股东的净利润 1.2 亿元，同比减少 1.28%。 点评： 以量补价营收同比增长，镁价下行拖累业绩。根据公司公告，公司营收 同比增长主要系产品销量增长。根据 WIND 数据，2024 年上半年镁锭均价为 2.05 万元/吨，同比-14.1%。截至 2024 年 7 月 30 日，镁锭价格为 1.94 万元/吨，较 年初下滑 11.7%，镁价下行拖累公司业绩。 镁铝价格比已连续 14 个月低于 1.5 以内，与汇川发布镁合金电驱产品。根据 WIND 数据，截至 2024 年 7 月 30 日，镁铝价格比已下滑至 1.03，该比值已连 续 14 个月低于 1.5 以内。镁铝价格比长期在低位或有利于下游推广。2024 年 7 月 3 日，公司与苏州汇川联合动力系统股份有限公司共同发布镁合金轻量化电驱 总成，与传统铝合金材料结构相比减重 2. ...

Investment Rating - The report maintains a "Recommend" rating for Baowu Magnesium (002182 SZ) [2][29] Core Views - Baowu Magnesium achieved revenue of 4 075 billion yuan in H1 2024, a year-on-year increase of 15 4%, while net profit attributable to the parent company decreased by 1 3% to 120 million yuan [2] - In Q2 2024, revenue reached 2 212 billion yuan, up 20 3% year-on-year and 18 7% quarter-on-quarter, with net profit attributable to the parent company declining by 16 5% year-on-year and 2 7% quarter-on-quarter to 59 million yuan [2] - The company's magnesium alloy and aluminum deep-processing products contributed to a quarter-on-quarter gross profit increase of 40 33 million yuan, despite a decline in magnesium prices [2] - The Qingyang project, which started production at the end of 2023, is expected to ramp up capacity, supporting future growth [2] Financial Performance H1 2024 Performance - Revenue: 4 075 billion yuan (+15 4% YoY) [2] - Net profit attributable to the parent company: 120 million yuan (-1 3% YoY) [2] - Gross profit increased by 68 92 million yuan, driven by higher production and sales volumes [14] Q2 2024 Performance - Revenue: 2 212 billion yuan (+20 3% YoY, +18 7% QoQ) [2] - Net profit attributable to the parent company: 59 million yuan (-16 5% YoY, -2 7% QoQ) [2] - Magnesium prices declined, with magnesium ingot and magnesium alloy prices down 5 1% quarter-on-quarter and 19 9%/20 2% year-on-year, respectively [16] Subsidiary Performance - Wutai Yunhai remained the most profitable subsidiary, with net profit increasing by 3 74 million yuan to 79 38 million yuan in H1 2024 [24] - Chaohu Yunhai reported a net loss of 11 51 million yuan due to higher costs [24] - Nanjing Yunhai Aluminum's net profit increased by 17 04 million yuan to 22 20 million yuan [24] Key Highlights - The company has significant resource advantages, with three magnesium alloy production bases equipped with dolomite mining rights [26] - Capacity expansion projects, including Qingyang, Chaohu, and Wutai, are expected to bring total magnesium and magnesium alloy production capacity to 500,000 tons each by 2025 [27] - A planned 300,000-ton ferrosilicon project will further enhance cost advantages by achieving self-sufficiency in ferrosilicon for the Qingyang project [27] - The magnesium-to-aluminum ratio averaged 1 04 in H1 2024, below the reasonable range of 1 1-1 3, indicating increased downstream acceptance and diversified magnesium applications [27] Profit Forecast - The report forecasts net profit attributable to the parent company of 361 million yuan, 732 million yuan, and 951 million yuan for 2024, 2025, and 2026, respectively [29] - EPS is projected to be 0 36 yuan, 0 74 yuan, and 0 96 yuan per share for 2024, 2025, and 2026, respectively [29] - The PE ratios based on the closing price on July 31, 2024, are 28X, 14X, and 11X for 2024, 2025, and 2026, respectively [29]

| --- | --- | --- | --- | |------------------------------------------------------|------------|-------|-----------------------------------------------------------| | 买入（维持） | 宝武镁业（ | | 002182.SZ ） : 公司持 | | 所属行业：有色金属 / 小金属 当前价格 ( 元 ) ： 10.07 | | | 续推进镁下游汽车压铸件和储氢 等应用，业绩短期受弱镁价拖累 | | 证券分析师 | | | | | 翟堃 资格编号： s0120523050002 | | | | 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 -34% -23% -11% 0% 11% 宝武镁业 沪深300 相关研究 | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for the first half of 2024 reached 4.075 billion yuan, a year-on-year increase of 15.37%, while the net profit attributable to shareholders was 120 million yuan, a decrease of 1.28% compared to the same period last year [1] - The decline in magnesium prices has impacted the company's magnesium alloy business, but the magnesium deep processing business has shown steady growth, with revenue of 533 million yuan in the first half, up 21.29% year-on-year [1] - The company is expanding its downstream applications and has entered the production ramp-up phase for its Anhui Baomei project, with the Chao Lake Yunhai expansion project set to commence production in the second half of the year [1] - The company has signed strategic cooperation agreements to promote magnesium-based solid-state hydrogen storage technology, which is expected to drive future growth [1] Financial Performance Summary - The company's projected revenues for 2024-2026 are 95.61 billion yuan, 139.22 billion yuan, and 218.29 billion yuan, respectively, with net profits of 3.37 billion yuan, 8.22 billion yuan, and 11.42 billion yuan [2] - The earnings per share (EPS) are expected to be 0.48 yuan, 1.16 yuan, and 1.61 yuan for the years 2024, 2025, and 2026, respectively [2] - The company is expected to experience a revenue growth rate of 24.95% in 2024, followed by 45.61% in 2025 and 56.79% in 2026 [2] Financial Ratios and Projections - The company's current price-to-earnings (PE) ratio is 21.92, which is projected to decrease to 21.18 in 2024 and further to 8.67 in 2025 [2] - The return on equity (ROE) is projected to improve from 5.89% in 2023 to 14.82% in 2026 [3] - The gross margin is expected to fluctuate, with projections of 13.44% in 2023 and 14.68% in 2026 [3]

[Table_Rank] 评级： 买入 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [市场指数走势（最近 Table_Chart] 1 年） -0.6 -0.4 -0.2 0 0.2 31-Jul 12-Oct 24-Dec 6-Mar18-May 30-Jul 宝武镁业 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 10.07 | | 一年内最高 / 最低价（元） | 15.95/9.05 | | 市盈率（当前） | 32.76 | | 市净率（当前） | 1.88 | | 总股本（亿股） | 9.92 | | 总市值（亿元） | 99.87 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] Q3 利润同比改善 镁基储氢项目投产 在即 镁价回 ...

並以僅供民生證券專業投資者參考名單本公司保留追究其法律責任的權利好的 各位尊敬的智庫投資者大家早上好我是民生金屬的分析師張一清歡迎大家參加我們的電話會寶物美業的話昨天是發佈了2020年的半年報我們也是第一時間邀請到了寶物美業的董秘總和南京金融的總經理助理謝總來給各位投資者進行交流 那么首先的话我先简单说一下我们这个实验队公司的观点我就简单讲两点第一点的话是关于半年报那么公司二季度在产在这个产品售价也就是每定价格环比下跌并且这个成本端硅铁价格上涨的一个情况下能够做到盈利的一个环比持平基本上说明这个量的提升应该说是形成了有利的一个业绩支撑同时的话就是三季度目前来看的话硅铁价格也有所回落 發現氫氧項目在持續放量我們預計業績後續的話會環比持續好轉第二個的話就是關於美產品的下游的應用擴張上半年的美率比的話一直是維持在1%附近那麼是遠遠低於1.1%到1.3%的合理期間的目前的美加是非常有利於美產品的下游需求擴張的近期公司也是發布了美和平製作的電機科技籃球用美量由原來方向盤的0.7千克提升到了20千克的量級 那麼美建築物外和美出行也在擴充發展那麼美行業的應用的擴張可以說是在加速進行的那過會兒謝總也會給大家詳細介紹一下美合金 ...

2024年7月30日│中国内地 根据百川盈孚，2024 年上半年国内镁锭和镁合金市场平均价格为 1.80/2.09 万元/吨，同比分别下降 11.58%/15.30%。价格同比下行主因为下游需求放 缓。镁下游需求主要为镁合金及铝合金材料，终端应用场景集中于航空航天、 汽车及建筑门窗等领域，受海外汽车销量放缓、国内建筑业投资下滑等因素 影响，镁需求端上半年相对较弱，对价格造成一定影响。展望后市，镁行业 目前依旧处于 7-8 月传统淡季当中，同时在海外新能源汽车增长放缓背景 下，镁价下半年或呈现低位震荡走势。但我们认为价格走低或对镁合金一体 化压铸推广产生积极作用。 华泰研究 中报点评 其他金属非金属新材料及加工 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|-------|-------------|----------------|----------|-------------|-----------|------- ...