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 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|-------|-------------|----------------|----------|-------------|-----------|------- ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion in Q2 2024, representing a 15% year-over-year growth[4]. - The company's operating revenue for the reporting period was ¥4,075,441,229.69, representing a 15.37% increase compared to ¥3,532,562,555.93 in the same period last year[88]. - The net profit attributable to shareholders was ¥119,787,442.46, a decrease of 1.28% from ¥121,339,260.42 in the previous year[88]. - The net profit after deducting non-recurring gains and losses was ¥103,357,686.29, down 6.86% from ¥110,970,534.39 year-on-year[88]. - The net cash flow from operating activities was ¥120,290,218.70, a significant decline of 59.08% compared to ¥293,963,921.78 in the previous year[88]. - The total assets at the end of the reporting period were ¥12,451,740,729.41, an increase of 8.11% from ¥11,517,713,471.00 at the end of the previous year[88]. - The weighted average return on net assets was 2.25%, down 0.79% from 3.04% in the previous year[88]. - The basic earnings per share for the reporting period were ¥0.1208, a decrease of 9.92% from ¥0.1341 in the same period last year[88]. - The net cash flow from investing activities was -¥1,078,713,065.39, an 88.78% decline from -¥571,424,343.17, due to increased fixed asset investments[129]. - The net cash flow from financing activities increased by 180.61% to ¥920,458,949.56, compared to ¥328,018,585.42, driven by higher bank borrowings[129]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[4]. - The company provided guidance for Q3 2024, expecting revenue to be between 1.3 billion and 1.4 billion, indicating a growth rate of 10% to 15%[4]. - The company is actively exploring merger and acquisition opportunities to strengthen its market position[195]. - Future outlook includes market expansion strategies aimed at increasing market share and revenue growth[195]. - User data showed a 25% increase in active users, reaching 5 million by the end of the quarter[4]. Research and Development - Research and development expenses increased by 18%, focusing on innovative technologies to improve product quality[4]. - The company has established a clear standard for categorizing research and development expenditures into research phase and development phase, with all R&D expenses recognized in the current period if they cannot be distinguished[34]. - The company has filed 44 new patents in 2024, reinforcing its leadership position in the industry through intellectual property and participation in standard-setting[146]. - The company is focusing on new product development and technological advancements to enhance market competitiveness[195]. - The company has launched the world's first global standard for magnesium and magnesium alloy lifecycle assessment, enhancing its role as a leader in environmental performance standards[126]. Environmental Compliance and Initiatives - The company has obtained various environmental permits, including a pollution discharge permit valid until 2026 for Wutai Yunhai Magnesium Industry Co., Ltd.[46]. - The company has implemented comprehensive environmental risk prevention measures and emergency plans, with several plans filed with local environmental authorities[40]. - The company has established a robust environmental monitoring plan, ensuring compliance with pollution discharge standards[38]. - The company has made significant investments in environmental protection facilities to ensure compliance with emission standards[38]. - The company is actively working on new environmental impact assessments to address any violations and secure new discharge limits[41]. - The company has invested ¥7.43 million in environmental governance and protection during the reporting period, along with paying ¥410,000 in environmental protection taxes[123]. - The company plans to invest 50 million in sustainability initiatives over the next three years[4]. Production and Operational Efficiency - New product launches included a state-of-the-art magnesium alloy, which is expected to enhance production efficiency by 20%[4]. - A strategic acquisition of a local competitor was completed, valued at 200 million, aimed at increasing production capacity by 40%[4]. - The company has optimized its vertical furnace magnesium smelting process, significantly increasing single furnace output and efficiency while reducing costs[138]. - The company has established a complete industrial chain from "bauxite mining - primary magnesium smelting - magnesium alloy melting - magnesium alloy precision casting and processing - magnesium alloy recycling," enhancing cost structure and risk resilience[142]. - The company has three primary magnesium supply bases and four magnesium alloy supply bases, strategically located to serve various regional markets, including the Yangtze River Delta and Central China[142]. Community Engagement and Social Responsibility - The company actively participates in local charity activities, enhancing community welfare and social responsibility[67]. Financial Strategy and Governance - The company will not distribute cash dividends or issue bonus shares, nor will it increase capital using reserves[99]. - The profit distribution and capital reserve fund transfer to increase share capital were discussed, reflecting the company's financial strategy[200]. - The company has undergone a board restructuring with multiple appointments and elections, including the election of Wang Qiangmin as a director and general manager[199].

报告导读 报告策划→框架构建→素材收集→文本写作→报告修订→意见征求→报告设计→部门审核→管理层 除有特殊说明，本报告主要描述 2023 年 1 月 1 日至 2023 年 12 月 31 日期间，宝武镁业及子公司的 本报告以印刷品、电子文档形式发布，其中电子文档可在宝武镁业网站（www.baowumg.com）下 3 宝武镁业科技股份有限公司 报告导读 本报告为宝武镁业科技股份有限公司（以下简称"宝武镁业""公司""我们"）对外公开发布的 首份可持续发展报告。报告所指"宝钢金属"为"宝钢金属有限公司"的简称，"中国宝武""宝武""宝 武集团""集团公司""集团"均为"中国宝武钢铁集团有限公司"的简称。 报告体系 本报告披露的信息和数据来源于公司统计报告和正式文件，并通过相关部门审核。公司承诺本报告 不存在任何虚假记载或误导性陈述，并对内容真实性、准确性和完整性负责。 本报告参照国务院国资委《关于新时代中央企业高标准履行社会责任的指导意见》（2023）、《关 于国有企业更好履行社会责任的指导意见》（国资发研究〔2016〕105 号）、联合国可持续发展目 标（SDGs）、中国社会科学院《中国企业社会责任报告指南 ...

第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）和其他有关规定，制订本章程。 宝武镁业科技股份有限公司 章 程 （2024 年 7 月） 中国·南京 1 | 第一章 总则 3 | | --- | | 第二章 经营宗旨和范围 4 | | 第三章 股份 5 | | 第一节 股份发行 5 | | 第二节 股份增减和回购 6 | | 第三节 股份转让 7 | | 第四章 股东和股东大会 8 | | 第一节 股东 8 | | 第二节 股东大会的一般规定 12 | | 第三节 股东大会的召集 14 | | 第四节 股东大会的提案与通知 15 | | 第五节 股东大会的召开 17 | | 第六节 股东大会的表决和决议 19 | | 第五章 董事会 24 | | 第一节 董事 24 | | 第二节 董事会 27 | | 第六章 总经理及其他高级管理人员 31 | | 第七章 监事会 33 | | 第一节 监事 33 | | 第二节 监事会 33 | | 第八章 党委 35 | | 第九章 财务会计制度、利润 ...