Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company's net profit for Q1-Q3 2024 decreased by 26% year-on-year, with revenue reaching 6.35 billion yuan, an increase of 14.1%. The decline in profit is primarily attributed to falling magnesium prices, which dropped from an average of 30,655 yuan/ton in 2022 to 18,000 yuan/ton in Q3 2024 [1][6]. - The company is in a phase of accelerated capacity expansion, with plans to build new production facilities that will increase its total capacity to 550,000 tons of raw magnesium and 600,000 tons of magnesium alloys [1][2]. - The price of magnesium has returned to a reasonable range, enhancing its cost-effectiveness compared to aluminum, which is expected to open new opportunities in various applications such as solid-state energy storage and automotive components [2][16]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 6.35 billion yuan (+14.1%) and a net profit of 154 million yuan (-25.9%). The operating cash flow was 58 million yuan, down 73.5% [1][6]. - The average price of magnesium ingots has significantly decreased, impacting profitability [1][6]. Capacity Expansion - The company currently has over 100,000 tons of raw magnesium capacity and 200,000 tons of magnesium alloy capacity, with ongoing projects to further increase production [1][2]. - New projects include 50,000 tons of raw magnesium capacity in Chao Lake and 300,000 tons in Qingyang [1][2]. Market Outlook - The magnesium price has dropped to approximately 0.9 times that of aluminum, highlighting its competitive advantage [2][16]. - The company has established multiple partnerships with major automotive manufacturers, indicating a positive outlook for magnesium alloy applications [2][17]. Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 287 million yuan, 477 million yuan, and 734 million yuan respectively, reflecting a year-on-year growth rate of -6.5%, 66.6%, and 53.7% [2][17]. - The diluted EPS is projected to be 0.40 yuan, 0.67 yuan, and 1.04 yuan for the respective years, with corresponding PE ratios of 26x, 15x, and 9x [2][17].

Investment Rating - The report maintains a "Buy" rating for Baowu Magnesium Industry (002182.SZ) [2] Core Views - The company's performance is under pressure due to a decline in magnesium prices, although deep-processing product sales have increased year-on-year [2] - In Q3 2024, the company reported a revenue of 2.271 billion yuan, a year-on-year increase of 11.86%, while net profit attributable to shareholders decreased by 60.55% to 33.9727 million yuan [2][3] - The average price of magnesium ingots in Q3 2024 was 19,480.78 yuan/ton, down 18.48% year-on-year [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a total revenue of 6.347 billion yuan, up 14.09% year-on-year, but net profit attributable to shareholders fell by 25.88% to 154 million yuan [2] - The company’s revenue projections for 2024-2026 are 8.978 billion, 12.414 billion, and 16.394 billion yuan respectively, with net profits expected to be 306 million, 705 million, and 958 million yuan [5][9] Production Capacity - The company has rich resources of dolomite, with production bases expected to reach an annual capacity of over 500,000 tons of raw magnesium and magnesium alloys once fully operational [3] Downstream Applications - The company is expanding into various fields such as die-casting and hydrogen storage, with significant developments in magnesium alloy automotive die-casting components and strategic partnerships for magnesium-based hydrogen storage [4] Market Outlook - The report anticipates that the company will leverage its integrated industrial chain advantages to continue growth despite the current challenges posed by falling magnesium prices [5]

证券代码：002182 证券简称：宝武镁业 公告编号：2024-51 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11月14日（星期四）召开公司2024年第五次临时股东会，审议董事会提交的相 关议案。就召开本次股东会的相关事项通知如下： 一、会议召开基本情况 1.会议届次：2024 年第五次临时股东会 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五次会议决议召开本次股 东会。本次股东会的召开符合《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 11 月 14 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 11 月 14 日（星期四）上午 9:15－9:25，9:30－11:30，下午 13:00－ 15:00。通过深圳证券交易所互联网投票系统投票的具体时间为 2024 年 11 月 14 日（星期四）上午 9:15 至下午 15:00 期间的任意时间。 宝武镁业科 ...

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为参股子公司提供担保暨 关联交易的核查意见 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人，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》《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，华泰联合证券有限责任公司（以下简称"华泰联合证 券"）对宝武镁业为参股子公司提供担保暨关联交易事项进行了核查，核查情况 如下： 为满足日常经营发展资金需求，公司参股子公司宜安云海拟向相关金融机构 申请不超过人民币 26,000.00 万元授信额度，公司及宜安云海另一股东东莞宜安 科技股份有限公司按各自持股比例提供担保。公司持有宜安云海 40.00%的股权， 即公司的担保额度为 10,400.00 万元。 单位：万元 | 担保方 | 被担保方 | 担保方持 | 被担保方 最近一期 | 截至目前 | 本次新增 | 担保额度占上 市公司最近一 | 是否 关联 | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

证券代码：002182 证券简称：宝武镁业 公告编号：2024-49 宝武镁业科技股份有限公司 第七届董事会第五次会议决议公告 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"）第七届董 事会第五次会议于 2024 年 10 月 25 日在公司会议室以现场形式召开，会议通知 已于 2024 年 10 月 14 日以书面及电子邮件方式通知全体董事、监事及高级管理 人员，并通过电话确认。会议应到董事 11 人，实到董事 11 人。公司监事及高级 管理人员列席了会议。会议召开符合法律、法规及《公司章程》的相关规定。 公司 2024 年第三季度报告详见巨潮资讯网(www.cninfo.com.cn)、《证券时报》、 《中国证券报》。 会议由董事长梅小明先生主持，出席会议的董事以现场书面表决方式审议并 通过了如下议案： 一、审议并通过了《关于 2024 年第三季度报告的议案》 议案表决情况：11 票同意、0 票反对、0 票弃权。 三、审议并通过了《关于为参股子公司巢湖宜安云海科技有限公司提供担保 暨关联交易的议案》 ...

证券代码：002182 证券简称：宝武镁业 公告编号：2024-50 宝武镁业科技股份有限公司 第七届监事会第四次会议决议公告 本公司及监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。 公司 2024 年第三季度报告详见巨潮资讯网(www.cninfo.com.cn)、《证券时 报》、《中国证券报》。 宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）第七届监 事会第四次会议于 2024 年 10 月 25 日在公司会议室召开，会议通知已于 2024 年 10 月 14 日以书面和电子邮件方式发出，并通过电话确认。会议应参加监事 5 人， 实际参加监事 5 人。会议召开符合法律、法规及《公司章程》的相关规定。 会议由蔡正青先生主持，出席会议的监事以现场书面表决方式审议并通过了 以下议案： 一、审议并通过了《关于 2024 年第三季度报告的议案》 议案表决情况：同意 5 票，反对 0 票，弃权 0 票。 二、审议并通过了《关于为参股子公司巢湖宜安云海科技有限公司提供担保 暨关联交易的议案》 监事会经过审核认为：公司为参股子公司宜安云海向金融机构申请授信额度 提供担 ...

（以下无正文） 1 宝武镁业科技股份有限公司独立董事 关于公司第七届董事会第五次会议相关事项的 专门会议审核意见 根据《上市公司独立董事管理办法》、《深圳证券交易所股票上市规则》、《上 市公司自律监管指引第 1 号——主板上市公司规范运作》及《公司章程》等有关 规定，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"）的独立 董事，在审阅相关资料后，现对公司第七届董事会第五次会议审议的有关事项发 表意见如下： 一、对为参股子公司巢湖宜安云海科技有限公司提供担保暨关联交易的专门 会议意见 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》、《上市公司独立董事管理办法》等相关 法律、法规、规范性文件及公司章程的规定，我们作为独立董事，对公司提供的 《关于为参股子公司巢湖宜安云海科技有限公司提供担保暨关联交易的议案》进 行了审核，经过认真审阅该关联交易事项相关资料，并且与公司相关人员进行有 效沟通之后，我们认为： 《关于为参股子公司巢湖宜安云海科技有限公司提供担保暨关联交易的议 案》的决议程序合法、合规，依据充分，符合《公司法》《公司章程》以及相 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥2,271,159,836.97, representing an increase of 11.86% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥33,972,673.31, a decrease of 60.55% year-on-year[2]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥20,571,541.49, down 72.94% from the previous year[2]. - The company's total profit for the year-to-date was ¥170,497,853.89, down 35.60% compared to the previous year, primarily due to a decrease in magnesium prices[5]. - The net profit for the year-to-date was ¥152,652,714.78, reflecting a decline of 37.08% year-on-year[5]. - The net profit for Q3 2024 was CNY 152.65 million, a decrease of 37.1% compared to CNY 242.61 million in Q3 2023[14]. - Operating income for Q3 2024 was CNY 171.56 million, down 33.2% from CNY 256.71 million in the same period last year[14]. - The company’s total comprehensive income for Q3 2024 was CNY 152.65 million, compared to CNY 242.61 million in Q3 2023[14]. - Earnings per share for Q3 2024 were CNY 0.155, a decrease from CNY 0.229 in Q3 2023[14]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥12,664,982,465.84, reflecting a growth of 9.96% compared to the end of the previous year[2]. - Total assets increased to ¥12,664,982,465.84, up from ¥11,517,713,471.00 at the beginning of the period, reflecting a growth of 10.00%[12]. - Current assets totaled ¥4,464,497,061.07, an increase of 8.55% from ¥4,112,751,078.15 at the start of the period[11]. - The company's total liabilities increased by 19.09% to ¥2,728,034,576.39, driven by an increase in short-term loans[5]. - Total liabilities rose to ¥6,511,991,814.26, up from ¥5,459,092,377.81, reflecting a 19.23% increase[12]. - Long-term borrowings increased significantly to ¥2,006,902,231.82 from ¥1,128,629,777.78, indicating a strategy to leverage debt for growth[11]. - The equity attributable to shareholders of the parent company increased to ¥5,332,772,567.56 from ¥5,270,661,333.24, showing a slight growth of 1.18%[12]. Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥58,281,860.14, a significant decline of 73.53% year-on-year[5]. - Cash flow from operating activities for the current period was CNY 58.28 million, significantly lower than CNY 220.21 million in the previous year[15]. - Cash flow from financing activities generated a net amount of CNY 1.07 billion, compared to CNY 1.41 billion in the same period last year[16]. - The company reported a decrease in cash and cash equivalents to ¥242,610,684.62 from ¥372,539,227.96, indicating a potential liquidity concern[11]. - The company reported cash and cash equivalents at the end of the period amounting to CNY 242.79 million, down from CNY 349.23 million at the end of Q3 2023[16]. - The company incurred a total of CNY 4.89 billion in cash payments for goods and services, up from CNY 4.13 billion in the previous year[15]. - The company’s investment activities resulted in a net cash outflow of CNY 1.23 billion, compared to an inflow of CNY 1.60 billion in the previous year[15]. Research and Development - Research and development expenses for the year-to-date increased by 31.14% to ¥312,033,998.12, indicating a focus on innovation[5]. - Research and development expenses increased to ¥312,033,998.12, a rise of 31.11% compared to ¥237,943,035.21 in the previous year, highlighting a focus on innovation[13]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 43,590, with the largest shareholder, Baosteel Metal Co., Ltd., holding 21.53% of shares, equating to 213,498,817 shares[6]. - The total number of shares held by the top ten unrestricted shareholders includes Baosteel Metal Co., Ltd. with 126,698,817 shares, accounting for a significant portion of the total[6]. - The company implemented a profit distribution plan in June 2024, distributing a cash dividend of 1.3 RMB per 10 shares and issuing 4 bonus shares for every 10 shares held, increasing the total share capital from 708,422,538 shares to 991,791,553 shares[9]. - The total number of shareholders with voting rights restored for preferred shares was not applicable, indicating no such shareholders were present[6]. - The company reported that major shareholders and the top ten shareholders did not participate in the securities lending business, with no shares lent out at the end of the reporting period[7]. Strategic Initiatives - The company signed a strategic cooperation agreement with Shanghai Hydrogen Maple Energy Technology Co., Ltd. in January 2024 to enhance magnesium-based solid-state hydrogen storage technology, which is expected to improve competitiveness and profitability[8]. - In March 2024, a subsidiary entered into a development agreement for large magnesium alloy die-casting parts with an undisclosed automotive manufacturer, marking a significant milestone in the application of magnesium in the automotive sector[8]. - The company is focusing on expanding its market presence through collaborations and product development in the automotive sector, which is crucial for its growth strategy[8]. - The company’s competitive position in the industry is expected to strengthen through the development of new technologies and strategic partnerships[8]. - The company’s strategic initiatives are aligned with its long-term development plan, enhancing future growth potential and sustainable development capabilities[8].

证券代码：002182 证券简称：宝武镁业 公告编号：2024-48 宝武镁业科技股份有限公司 关于为参股子公司巢湖宜安云海科技有限公司 提供担保暨关联交易的公告 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。 为满足日常经营发展资金需求，公司参股子公司宜安云海拟向相关金融机构 申请不超过人民币 26,000.00 万元授信额度，公司及宜安云海另一股东东莞宜安 科技股份有限公司按各自持股比例提供担保。公司持有宜安云海 40.00%的股权， 即公司的担保额度为 10,400.00 万元。 单位：万元 | 担保方 | 被担保方 | 担保方持 | 被担保方 | | | 新增担保额度 | | 是否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 最近一期 | 截至目前 | 本次新增 | 占上市公司最 | | 关联 | | | | 股比例 | 资产负债 | 担保余额 | 担保额度 | 近一期经审计 | | 担保 | | | | | 率 | | | 净资产比例 | | | | 公司 | 巢 ...

证券代码：002182 证券简称：宝武镁业 宝武镁业科技股份有限公司投资者关系活动记录表 编号：2024-10 | --- | --- | --- | |-------------------------|----------------------------|------------------------------------------------------------| | | | | | 投资者关系活 | ■ 特定对象调研 | □ 分析师会议 | | 动类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称 及人员姓名 | 个人投资者：杨晓雷。 | | | 时间 2024 | 年 9 月 6 日 | | | 地点 | 公司会议室 | | | 上市公司接待 人员姓名 | 宝武镁业证代 杜丽蓉 | | | | 问：请介绍一下宝武镁业？ | | | | 答：公司 1993 年成立， | 2007 年上市，是集矿业开采、有色金 | | | | 属冶炼和回收加工为一体的高新技术企业，主营业务为 ...