Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [6]. Core Views - The company's revenue for 2024 is projected to be 8.98 billion, a year-on-year increase of 17.39%, primarily driven by increased sales volume [1]. - The magnesium price has been on a downward trend, with an average price of 18,000 per ton in 2024, down 18% year-on-year, indicating a potential recovery phase ahead [2]. - The company is expanding its magnesium alloy applications in the automotive sector, achieving significant partnerships with major automotive manufacturers [3]. - Despite profit pressures from magnesium prices, the company maintains a competitive cost advantage in magnesium smelting [4]. - The long-term growth potential is supported by the increasing demand for lightweight materials in various industries, including robotics and new energy vehicles [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.98 billion, with a net profit of 160 million, reflecting a 48% year-on-year decline [1]. - The gross margin for 2024 was 11.7%, slightly down from the previous year, with a gross profit contribution from magnesium and aluminum alloy products accounting for 59% of total gross profit [4]. Industry Position - The company has a complete magnesium industry chain with a production capacity of 100,000 tons of raw magnesium and 200,000 tons of magnesium alloy, aiming for a total capacity of over 500,000 tons annually [2]. - The magnesium price has been declining for nearly four years, positioning the company favorably for new applications as prices stabilize [5]. Application Expansion - The magnesium alloy and deep processing business generated 3.44 billion in revenue in 2024, representing 38% of total revenue, with significant advancements in automotive applications [3]. - The company is also making strides in the aluminum alloy extrusion sector, with a 67% year-on-year revenue increase [3]. Cost Structure - The company’s gross margin is under pressure due to magnesium prices, but it remains competitive with an average gross profit of nearly 2,800 per ton for magnesium alloy products [4].

Group 1: Key Insights on Gujinggong Liquor (古井贡酒) - The company reported 2024 revenue of 23.58 billion, a year-on-year increase of 16.4%, and a net profit of 5.52 billion, up 20.2% year-on-year [12][16] - For Q1 2025, revenue reached 9.15 billion, growing 10.4% year-on-year, with net profit at 2.33 billion, a 12.8% increase [12][16] - The company maintains a buy rating with projected net profits for 2025-2027 at 5.92 billion, 6.29 billion, and 6.63 billion respectively, reflecting growth rates of 7.3%, 6.3%, and 5.3% [16] Group 2: Key Insights on Chongqing Bank (重庆银行) - In Q1 2025, Chongqing Bank achieved revenue of 3.6 billion, a 5.3% year-on-year increase, and a net profit of 1.6 billion, also up 5.3% [15][20] - The bank's non-performing loan ratio decreased to 1.21%, with a provision coverage ratio rising to 248% [15][20] - The bank's loan growth accelerated, with a 16.4% year-on-year increase, driven by a more than 30% growth in corporate loans [20] Group 3: Industry Insights on Real Estate - The recent political bureau meeting emphasized the importance of stabilizing the real estate market, highlighting the need for high-quality housing supply [22][26] - The meeting also called for optimizing the policies for acquiring existing housing stock, indicating a proactive approach to address market challenges [26] - The real estate sector is viewed as crucial for economic stability, with ongoing support expected to enhance market conditions [22][26]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.27 RMB [7][8]. Core Views - The company achieved a revenue of 8.983 billion RMB in 2024, a year-on-year increase of 17.39%, but the net profit attributable to the parent company was only 160 million RMB, down 47.91% year-on-year, primarily due to unexpected declines in magnesium prices [1][2]. - The global magnesium production is expected to grow by 12% in 2024, leading to a significant oversupply and a projected 16% decrease in magnesium ingot prices to 19,759 RMB per ton [2][4]. - The company is positioned as a leader in the magnesium industry, with a robust production capacity of 100,000 tons of raw magnesium and 200,000 tons of magnesium alloy, alongside ongoing expansions [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.636 billion RMB, a year-on-year increase of 26.20%, but a net profit of only 5.8688 million RMB, reflecting a 94.07% decline year-on-year [1][2]. - The company's main business revenue is expected to grow by 19.27% in 2024, while the gross margin is projected to decline by 1.75 percentage points [2]. Industry Positioning - The company is leveraging opportunities in automotive lightweighting, securing contracts with major automotive manufacturers for large magnesium alloy components [3]. - Collaborations with technology partners have led to the development of innovative magnesium alloy products, including a lightweight electric drive assembly and a new magnesium alloy robot [3]. Future Projections - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.42 RMB, 0.67 RMB, and 0.94 RMB respectively, with significant downward adjustments of 55% and 54% for 2025 and 2026 EPS estimates [4][6]. - The target price is based on a price-to-earnings (PE) ratio of 34 times for 2025, reflecting the company's strong market position and growth potential despite current challenges [4][6].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance in 2024 was impacted by declining magnesium prices, but the deep processing business shows resilience. The average price of magnesium ingots in 2024 was approximately 19,800 yuan per ton, a year-on-year decrease of 16.63% [7] - The company has successfully developed new magnesium alloy products for the automotive sector, gaining contracts with major companies like Geely and Seres. The deep processing business is expected to be a significant growth driver in the future [7] - The forecast for the company's net profit for 2025-2026 has been revised down due to lower magnesium prices, with expected profits of 359 million yuan and 509 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2024 was 898.3 million yuan, a year-on-year increase of 17.39%, while net profit attributable to the parent company was 160 million yuan, a decline of 47.91% [6][7] - The company anticipates total revenue of 976.5 million yuan in 2025, with a projected net profit of 359 million yuan, reflecting a year-on-year growth of 125% [6] - The gross profit margin is expected to improve from 12.8% in 2025 to 16.0% in 2027, indicating a positive trend in profitability [6]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 12.24 CNY [7]. Core Views - The company reported a revenue of 8.983 billion CNY in 2024, a year-on-year increase of 17.4%, but the net profit attributable to shareholders decreased by 47.9% to 160 million CNY [3][4]. - In Q4 2024, the company achieved a revenue of 2.636 billion CNY, a year-on-year growth of 26.2%, but the net profit dropped significantly by 94.1% year-on-year to 5.87 million CNY [3][4]. - For Q1 2025, the company reported a revenue of 2.033 billion CNY, a year-on-year increase of 9.1%, while the net profit decreased by 53.58% year-on-year to 28.18 million CNY [3][6]. Summary by Sections Financial Performance - The company's net profit in 2024 decreased by 147 million CNY, primarily due to increased expenses and taxes, which reduced profits by 156 million CNY [4]. - Despite a significant drop in magnesium prices, the company's gross profit increased by 22.39 million CNY, driven by growth in aluminum alloy deep processing products and other segments [4]. - In Q4 2024, the net profit decreased by 28.1 million CNY, while gross profit increased by 76.46 million CNY, indicating a mixed performance [5]. Price and Cost Analysis - Magnesium product prices fell both year-on-year and quarter-on-quarter, with Q4 2024 magnesium ingot and alloy prices at 16,900 CNY/ton and 18,700 CNY/ton, respectively [5][6]. - The cost of silicon iron and coal decreased in Q4 2024, contributing to a reduction in overall production costs [5]. Growth Potential - The company has significant growth potential with ongoing projects, including a 300,000-ton magnesium and alloy project in Qingyang and a 50,000-ton magnesium project in Chao Lake [6][9]. - The company plans to enhance its cost advantages with a new 300,000-ton silicon iron project, which will help reduce production costs further [6][9]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted downward due to declining magnesium prices, with expected net profits of 306 million CNY, 529 million CNY, and 692 million CNY for the respective years [9][10].

Financial Performance - In Q1 2025, the company reported total revenue of 2.033 billion yuan, an increase of 9.08% year-on-year [1] - The net profit attributable to shareholders was 28.18 million yuan, a decrease of 53.58% year-on-year [1] - The gross margin was 9.72%, down 18.14% year-on-year, while the net margin was 1.28%, down 61.32% year-on-year [1] - The company's accounts receivable reached 1.833 billion yuan, an increase of 18.91% year-on-year, with accounts receivable to net profit ratio at 1148.3% [1][3] Business Overview - The company, formerly known as Nanjing Yunhai Special Metals Co., Ltd., was established in 1993 and listed in 2007, focusing on magnesium and aluminum alloy materials production and processing [5] - It operates a complete industrial chain from mining to processing, enhancing cost structure and risk resilience [5] - The main products include magnesium alloys, aluminum extrusions, and other metal products, primarily serving the automotive, electronics, and construction sectors [5] Investment Insights - The company's return on invested capital (ROIC) was 2.44%, indicating weak capital returns [3] - Cumulative financing since listing amounts to 2.022 billion yuan, with total dividends of 689 million yuan, resulting in a dividend financing ratio of 0.34 [3] - Analysts project a performance of 566 million yuan for 2025, with an average earnings per share of 0.57 yuan [3] Fund Holdings - The largest fund holding the company’s shares is Guotou Ruijin Beautiful China Mixed A, with 1.8787 million shares, which has reduced its holdings [4] - Other funds have also adjusted their positions, indicating a mixed sentiment among institutional investors [4]

众会字（2025）第 04220 号 我们审计了宝武镁业科技股份有限公司（以下简称宝武镁业）财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司现金流量 表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 宝武镁业 2024 年 12 月 31 日的合并及公司财务状况以及 2024 年度的合并及公司经营成果和 现金流量。 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则，我们独立于宝武镁业，并履行了职业道德方面的其他责任。我们相信，我们获 取的审计证据是充分、适当的，为发表审计意见提供了基础。 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事项。这些 事项的应对以对财务报表整体进行审计并形成审计意见为背景，我们不对这些事项单独发表 意见。 确定的关键审计事项：收入确认 事项描述：参阅财务报表附注"三、27 收入"及附注"五、45 营 ...

我们接受委托，依据中国注册会计师审计准则审计了宝武镁业科技股份有限公 司（以下简称宝武镁业）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及 母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、 合并及母公司股东权益变动表，以及财务报表附注，并于 2025 年 4 月 23 日签发了 众会字（2025）第 04220 号标准无保留意见审计报告。 根据中国证监会联合公安部、国资委、中国银保监会发文《上市公司监管指引 第 8 号——上市公司资金往来、对外担保的监管要求》和《深圳证券交易所上市公 司自律监管指南第 1 号——业务办理》的要求，宝武镁业编制了后附的宝武镁业科 技股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 (以 下简称"汇总表")。 如实编制和对外披露汇总表并确保其真实、合法及完整是宝武镁业管理层的责 任。我们对汇总表所载资料与本所审计宝武镁业 2024 年度财务报表时所复核的会 计资料和经审计的财务报表的相关内容进行了核对，在所有重大方面没有发现不一 致。除了对宝武镁业实施 2024 年度财务报表审计中所执行的对关联方交易有 ...

宝武镁业科技股份有限公司全体股东： 宝武镁业科技股份有限公司 2024年度内部控制自我评价报告 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合宝武镁业科技股份有限公司（以 下简称"宝武镁业"或"公司"）内部控制管理制度和评价办法，在内部控制日 常监督和专项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基 准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变 ...

证券代码： 002182 证券简称：宝武镁业 公告编号：2025-19 宝武镁业科技股份有限公司 关于2025年度投资理财计划的公告 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。 重要内容提示： 委托理财受托方：以大型商业银行及其理财子公司为主。 委托理财金额：预计单日理财余额最高不超过人民币5亿元，此理财额度 可循环使用。 委托理财产品名称：银行理财。 委托理财期限：原则上不超过12个月。 特别风险提示：受市场风险、政策风险、流动性风险、不可抗力风险等 风险因素的影响，公司及子公司使用闲置自有资金购买理财产品，其投资收益 具有不确定性。敬请广大投资者注意投资风险。 一、委托理财计划概况 （一）委托理财目的 为提高日常经营过程中存量资金的收益、备付期间融资到期兑付，在保证 资金安全性、流动性的前提下，公司拟适当开展委托理财业务。 （五）投资期限 公司委托理财产品将以大型商业银行及其理财子公司等发行的稳健型理财 产品且投资期限原则上不超过12个月。 二、投资风险分析及风控措施 （二）投资金额 根据公司经营情况、投资计划，结合公司资金结余情况，公司及合并报表 范 ...