Investment Rating - The investment rating for the company is "Buy" [3][15][41] Core Views - The company is experiencing accelerated capacity expansion and is expected to benefit from the growth in magnesium alloy applications [1][2][41] - In 2023, the company's net profit attributable to shareholders decreased by 50%, with revenue of 7.65 billion yuan, down 16.0% year-on-year [1][8] - The decline in profitability is primarily due to the drop in magnesium prices, which fell from an average of 30,655 yuan/ton in 2022 to 22,234 yuan/ton in 2023 [1][8] - The company has a significant magnesium smelting capacity and is well-positioned to benefit from the upward trend in magnesium smelting profits as the industry landscape improves [2][41] Summary by Sections Financial Performance - In 2023, the company achieved revenue of 76.5 billion yuan, a decrease of 16.0% year-on-year, and a net profit of 3.06 billion yuan, down 49.8% [1][8] - The operating cash flow for the year was 3.50 billion yuan, reflecting a decline of 73.9% [1][8] - For Q1 2024, the company reported revenue of 18.6 billion yuan, a year-on-year increase of 10.0%, and a net profit of 0.61 billion yuan, up 19.9% year-on-year [1][8] Capacity Expansion - The company currently has a magnesium production capacity of 100,000 tons and a magnesium alloy capacity of 200,000 tons [4][60] - Future expansions include 50,000 tons of new magnesium capacity in Chao Lake, 100,000 tons in Wutai, and 300,000 tons in Qingyang, aiming for a total capacity of 550,000 tons of magnesium and 600,000 tons of magnesium alloy [4][60] Market Position and Outlook - The price of magnesium has returned to a reasonable range, enhancing its cost-effectiveness compared to aluminum [2][61] - The company is optimistic about the applications of magnesium in solid-state energy storage, automotive components, and construction templates, which are expected to drive future growth [3][41][61] - The company is projected to achieve net profits of 4.52 billion yuan, 6.59 billion yuan, and 8.12 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 47.5%, 45.9%, and 23.1% [3][41]

宝武镁业 (002182.SZ) 4月24日，公司发布23年年报及24年一季报，23年实现营收76.52 亿元，同比-15.96%，归母净利 3.06 亿元，同比-49.82%，；1Q24 实现营收 18.64 亿元，环比-10.78%，归母净利 0.61 亿元，环比 -38.66%。 23 年主要产品盈利能力提升。（1）23 年长江有色镁锭均价 2.37 万元/吨，同比-27.53%，长江有色铝均价 1.87 万元/吨，同比 -6.21%，公司产品销量环比-13.93%至 36.38 万吨，同期镁深加工 产品毛利率同比+4.38 个百分点至 12.37%，铝合金毛利率+4.71 个百分点至 6.29%，铝深加工产品毛利率+0.05 个百分点至 10.27%，我们认为主因 23 年公司镁铝深加工产品逐步升级、优化 工艺降低生产成本，盈利能力得到提升。（2）4Q23 镁锭均价 2.31 万元/吨，环比-2.79%，包头 75%硅铁均价 7395 元/吨，环比+1.68%， 动力煤均价 848 元/吨，环比+10.93%，长江有色铝均价 1.90 万元 /吨，环比+0.71%，镁产品价格波动同时成本上行，毛利润环 ...

laifuyang@xyzq.com.cn S0190522050001 镁价下滑致 Q1 业绩环比回落。分季度来看，23Q1-24Q1 公司归母净利润分 别为 0.51/0.71/0.86/0.99/0.61 亿元，对应镁锭现货均价分别为 22923/24995/ ＃分e析m师ail：Author＃ 23736/23074/21074 元/吨，行业平均吨毛利分别为 350/4337/3861/2341/1088 元。24Q1 镁价环比下滑 8.7%至 21074 元/吨，导致行业平均吨毛利环比回落 赖福洋 1253 元至 1088 元，因此公司业绩环比下滑 38.4%。 公司点评报告(带市场行情) | --- | --- | --- | --- | --- | |-----------------------------------------|--------|-------|-------|-------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 7652 | 10277 | 1182 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown progress in deep processing and integration casting, particularly in the automotive sector, with significant collaborations for developing large-scale integrated casting components [2] - Despite a decline in revenue and profit in 2023, the company is expected to benefit from lower raw material prices and a shift towards high-value-added products, projecting revenue growth from 2024 to 2026 [30] Financial Summary - The company reported a revenue of 76.52 billion yuan in 2023, a decrease of 15.96% compared to 2022, with a net profit of 3.06 billion yuan, down 49.87% [5] - The projected revenue for 2024 is 96.94 billion yuan, with an expected growth rate of 26.69%, and net profit is anticipated to rise to 4.05 billion yuan, reflecting a growth rate of 32.03% [3][5] - Earnings per share (EPS) for 2023 was 0.43 yuan, with projections of 0.57 yuan for 2024 and 1.01 yuan for 2025 [3][5] Product Performance - The company has seen a significant increase in the proportion of deep processing products, with magnesium alloy deep processing products accounting for 38% of total revenue in 2023, up from 27% in 2022 [5] - The gross profit margins for magnesium and aluminum deep processing products were 18.1% and 12.4%, respectively, indicating a focus on improving product profitability despite market challenges [5] Market Context - The magnesium price has remained low due to weak downstream demand and reduced exports, with an average price of 22,200 yuan per ton in 2023, down 27.6% year-on-year [5] - The company is actively expanding its product structure to include high-value items such as dashboard supports and large magnesium castings, which are expected to enhance profitability [5]

2024 年 4 月 27 日 点评：2023 年业绩承压主要系镁价下行，2024 年 Q1 业绩同比增长主要系销售 量增长。根据 WIND 数据，2023 年镁锭均价为 2.37 万元/吨，同比-27.2%，2024 年 Q1 均价为 2.1 万元/吨，同比-7.9%，环比-8.9%。根据公司公告，2024 年 Q1 归母净利润同比增长主要系销售量增加。 盈利预测与评级：考虑到镁价下行，我们下调盈利预测，预计 2024-2025 年归 母净利润为 4.6 亿元/7.8 亿元，下调 45.9%/44.6%，新增 2026 年盈利预测归母 净利润为 11.8 亿元，对应 2024-2026 年 PE 为 28X/16X/11X。 鉴于公司一体化 布局优势以及宝钢金属入主后的协同效应，我们维持"增持"评级。 敬请参阅最后一页特别声明 -1- 证券研究报告 镁价下行拖累 2023 年业绩，镁合金新应用领域多点开花 ——宝武镁业（002182.SZ）2023 年报及 2024 年一季报点评 镁合金新应用领域多点开花，飞行汽车与储氢有望贡献新增长点：除了汽车端和 建筑模板领域以外，公司与小鹏飞行汽车签订合作协议，成为其 ...

Investment Rating - The report maintains a "Buy" rating for Baowu Magnesium Industry (002182.SZ) [3][7]. Core Views - The magnesium industry faced weak supply and demand in 2023, but the company's sales volume of magnesium products is expected to improve in the future [3][5]. - In 2023, the company's revenue was 7.651 billion yuan, a year-on-year decrease of 15.96%, and the net profit attributable to the parent company was 306 million yuan, down 49.82% year-on-year. However, in Q1 2024, revenue increased by 10.03% year-on-year to 1.863 billion yuan, and net profit rose by 19.94% to 60.72 million yuan [4][5]. Summary by Sections Market Performance - Baowu Magnesium's stock performance has been significantly lower than the market, with a 34% decline compared to the CSI 300 index [3]. Financial Performance - In 2023, the company reported a revenue of 7.651 billion yuan and a net profit of 306 million yuan. The forecast for 2024 shows expected revenues of 9.126 billion yuan and a net profit of 417 million yuan [4][10]. Industry Overview - The global magnesium market experienced a significant downturn in 2023, with production down by 9.9% to 1 million tons and consumption down by 8.7% to approximately 1.05 million tons. The average price of magnesium ingots in China fell by 27.23% to 23,699.21 yuan per ton [5][6]. Demand Expansion - The company is actively expanding its demand in various sectors, including automotive die-casting, construction templates, low-altitude economy, and magnesium-based hydrogen storage materials [6][7]. Profit Forecast - The revenue projections for Baowu Magnesium for 2024 to 2026 are 9.126 billion yuan, 12.414 billion yuan, and 16.394 billion yuan, respectively, with net profits expected to be 417 million yuan, 707 million yuan, and 959 million yuan [7][10].

有色金属 | --- | --- | |--------------------------------------------------------|------------------------| | | | | 基础数据 : | 年 03 月 31 日 | | | | | 每股净资产（元） 资产负债率 % | 7.53 48.74 | | | 708/557 | | 总股本/ 流通 A 股（百万） 流通 B 股/H 股（百万） | -/- | 管理费用和财务费用增长，销售费用和研发费用同比下降。2023 年，公司管理费用 1.69 亿元，同比增长 20.86%，主要是折旧摊销增加；销售费用 0.22 亿元，同比下降 6.15%， 主要是办公支出减少；财务费用 0.99 亿元，同比上升 28.96%，主要是汇兑收益减少。此 外，研发投入 3.52 亿元，同比下降 11.14%。 请务必仔细阅读正文之后的各项信息披露与声明 华东组 茅炯 021-33388488 maojiong@swhysc.com 银行团队 李庆 021-33388245 liqing3@swhysc.com 华北组 肖霞 010- ...

富武提业科技股份有限公司 募集资金年度存放与实际使用情况 的基证报告 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 S0H0 Ｂ座 20 层 电话:（010）51423818 传真: (010) 51423816 日 录 一、鉴证报告 二、关于募集资金年度存放与实际使用情况的专项报告 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址(location):北京市丰台区丽泽路20号丽泽 SOH0 B座20层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing PR China 电话(te1):010-51423818 传真(fax):010-51423816 关于宝武镁业科技股份有限公司 募集资金年度存放与实际使用情况的鉴证报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查理 ...

富衣徒步转放股份有限公司 昨经营世资金占用及其他关联资金程来情 况汇总表的专项说明 目 一、专项说明 二、附表 三、资质证书 1. 营业执照(复印件) 2. 执业证书(复印件) 3. 签字注册会训师证书(复印件) 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址(location):北京市丰台区丽泽路20号丽泽 SOHO B座20层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing PR China 电话 (tel): 010-51423818 传真 (fax ): 010-51423816 关于宝武镁业科技股份有限公司关联方 非经营性资金占用及其他关联资金往来 情况汇总表的专项说明 中兴华会计师事务所（持珠普通合伙） ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOH0 Ｂ座 20 层 电话:(010) 51423818 传真:(010) 51423816 中兴华报字 ...

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 2023 年度保荐工作报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：宝武镁业 | | --- | --- | | 保荐代表人姓名：王坤 | 联系电话：025-83387739 | | 保荐代表人姓名：徐文 | 联系电话：025-83387739 | 2 三、公司及股东承诺事项履行情况 | 公司及股东承诺事项 | 是否履行承诺 | 未履行承诺的原因及解决措施 | | --- | --- | --- | | 1．首次公开发行股票时所作承诺 | 是 | 不适用 | | 2．向特定对象发行股票时所作承诺 | 是 | 不适用 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防 | 是 | | 止关联方占用公司资源的制度、募集资金管理制度、内 | | | 控制度、 ...