Investment Rating - The report maintains a "Recommended" rating for the company [7][66]. Core Views - The company benefits from rising tungsten prices, with expectations for continued growth in its cutting tool business [4][66]. - In 2023, the company achieved a revenue of 3.4 billion yuan, a year-on-year increase of 6.15%, while net profit attributable to shareholders decreased by 29.21% to 144 million yuan [1][17]. - The company has a strong resource base, with tungsten reserves of 94,600 tons, tin reserves of 17,600 tons, and copper reserves of 12,900 tons [4][54]. Summary by Sections 1. Event Overview - In 2023, the company reported a revenue of 3.4 billion yuan, up 6.15% year-on-year, and a net profit of 144 million yuan, down 29.21% year-on-year [1][17]. 2. Commentary: Mining Benefits from Rising Tungsten Prices - The company increased its tungsten concentrate production to 4,154 tons, a 5.64% increase year-on-year, and tin production to 882 tons, a 6.23% increase year-on-year [2][21]. - The company’s gross margin decreased by 0.55 percentage points to 15.03% in 2023, despite a 5% increase in tungsten market prices [3][22]. 3. Future Core Highlights - The company has low mining costs and is well-positioned to benefit from rising tungsten prices, with significant mining rights and exploration areas [4][54]. - The cutting tool segment is expected to be a major growth driver, with the subsidiary Ganzhou Aoketai achieving a 27.66% increase in cutting tool sales volume [4][64]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 214 million yuan, 287 million yuan, and 357 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 37, 28, and 22 [4][66].

个股表现 -36% -31% -26% -21% -16% -11% -6% -1% 4% 9% 14% 2023-04 2023-07 2023-09 2023-11 2024-02 2024-04 章源钨业 有色金属 2024 年 4 月 24 日 市盈率 54.00 章源钨业(002378) 证券研究报告：有色金属 | 公司点评报告 最新收盘价（元） 6.48 ⚫ 投资要点 事件：公司发布 2023 年度报告，报告期内，公司实现营业收入 34.00 亿元，同比+6.15%，实现归母净利润 1.44 亿元，同比-29.21%， 实现扣非归母净利润 1.35 亿元，同比-20.41%。2023 年 Q4 实现营业 收入 8.82 亿元，同/环比+26.54%/10.94%；实现归母净利润/扣非归 母净利润 0.34/0.54 亿元， 同 比 +30.77%/+145.45% ， 环 比 +41.67%/+237.50%。 子公司赣州澳克泰销售费用、存货跌价损失增加。公司 2023 年 业绩下滑主要由于公司全资子公司赣州澳克泰因加大开拓市场力度， 销售费用增加，此外对部分存货项目计提存货跌价损失，销售费用和 ...

证券代码：002378 证券简称：章源钨业 公告编号：2024-034 崇义章源钨业股份有限公司 关于控股股东部分股份质押的公告 一、股东股份质押基本情况 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 | 股东 | 是否为控股 股东或第一 | 本次质押 | 占其所 | 占公 | 是否 | 是否 | | | 质押 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数量 | 持股份 | 司总 | 为限 | 为补 | 质押起 | | 到期 | 质权人 | | | 名称 | 大股东及其 | | | 股本 | | 充质 | 始日 | | | | 用途 | | | | （股） | 比例 | | 售股 | | | | 日 | | | | | 一致行动人 | | | 比例 | | 押 | | | | | | | 章源 | 为本公司控 | | | | 否 | 否 | 2024 月 | 年 | 至申 请解 除质 | 中信银行 | 生产 | | | | ...

| --- | --- | |-----------------------------------------------------|------------------------------| | 章源钨业（ 买入（维持） | 002378.SZ ）：钨粉末 | | 所属行业：有色金属 / 小金属 当前价格 ( 元 ) ： 6.63 | 业务筑盈利底，澳克泰有望打开 | | 证券分析师 | 向上空间 | 事件：公司披露 2023 年报。公司全年实现营收 34.0 亿元，同比+6.15%；实现归 母净利 1.44 亿元，同比-29.21%；实现扣非归母净利润 1.35 亿元，同比-20.41%， 主要系全资子公司澳克泰产生亏损，棒材类产品市场价下滑，且产能未完全释放 以致毛利倒挂，产生存货减值；以及为开拓市场导致销售费用大幅增加；全年亏 损 4875.39 万元。公司 2023Q4 单季度实现营收 8.82 亿元，同比+26.5%，实现 归母净利 0.34 万元，同比+32.2%，环比+42.0%，同环比均有所改善。公司计划 现金分红 7209 万元，股利支付率达 50.07%。 澳克泰因销售费用增加以 ...

证券代码：002378 证券简称：章源钨业 编号：2024-030 崇义章源钨业股份有限公司 关于提请股东大会授权董事会办理小额快速融资相关事宜的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 崇义章源钨业股份有限公司（以下简称"公司"）于 2024 年 4 月 21 日召开第 六届董事会第九次会议，审议通过《关于提请股东大会授权董事会办理小额快速 融资相关事宜的议案》，相关事项公告如下： 一、授权事项说明 根据《上市公司证券发行注册管理办法》《深圳证券交易所上市公司证券发 行上市审核规则》《深圳证券交易所上市公司证券发行与承销业务实施细则》等 相关规定，公司董事会提请年度股东大会授权董事会决定向特定对象发行融资总 额不超过人民币 3 亿元且不超过最近一年末净资产 20%的人民币普通股（A 股） 股票（以下简称"本次发行"或"小额快速融资"），授权期限为 2023 年度股东大会 通过之日起至 2024 年度股东大会召开之日止。 本次授权事宜现提请公司 2023 年度股东大会审议，本次授权事宜包括但不 限于以下内容： 1. 确认公司是否符合以简易程序向特定 ...

第六届监事会第六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 崇义章源钨业股份有限公司（以下简称"公司"）第六届监事会第六次会议（以 下简称"会议"）通知于 2024 年 4 月 9 日以专人送达、电话或电子邮件的方式发 出，于 2024 年 4 月 21 日在公司会议室以现场表决的方式召开。会议应出席监事 共 3 名，实际出席监事 3 名，本次会议由监事会主席刘军先生主持。本次监事会 的召开符合《中华人民共和国公司法》及公司《章程》的规定。 二、监事会会议审议情况 本次会议经审议，通过如下议案： 证券代码：002378 证券简称：章源钨业 编号：2024-025 崇义章源钨业股份有限公司 1. 审议通过《2023 年度监事会工作报告》。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 具 体 内 容 详 见 公 司 2024 年 4 月 23 日 披露于 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的《2023年度监事会工作报告》。 本议案需提交公司 2023 年度股东大会审议 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥3.40 billion, representing a 6.15% increase compared to ¥3.20 billion in 2022[21]. - The net profit attributable to shareholders for 2023 was approximately ¥144 million, a decrease of 29.21% from ¥203 million in 2022[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥135 million, down 20.41% from ¥170 million in 2022[21]. - The company's operating cash flow decreased by 10.73% to ¥187,211,795.85 compared to ¥209,721,360.10 in the previous year[22]. - Basic and diluted earnings per share fell by 29.41% to ¥0.12 from ¥0.22 in the previous year[22]. - The return on average assets decreased by 3.42 percentage points to 7.16% from 10.58%[22]. - Total assets increased by 1.75% to ¥4,875,765,322.21 from ¥4,791,738,750.76 at the end of the previous year[22]. - Net assets attributable to shareholders increased by 1.74% to ¥2,036,676,415.39 from ¥2,001,861,723.73[22]. - The company reported a net profit of ¥6,305.38 million, a significant recovery from a net loss of ¥24,358.38 million in the previous year[24]. - The company's operating revenue for the reporting period was CNY 340,048.69 million, representing a year-on-year increase of 6.15%[74]. - The net profit attributable to shareholders decreased by 29.21% to CNY 14,395.67 million compared to the previous year[74]. - The total operating cost for 2023 was CNY 2,889,309,198.74, an increase from CNY 2,704,417,104.29 in 2022, reflecting a growth of approximately 6.83%[96]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥0.60 per 10 shares, totaling approximately ¥72.1 million based on 1,201,417,666 shares[5]. - The company continues to prioritize shareholder returns while navigating market challenges and operational adjustments[21]. Research and Development - The company has maintained its commitment to research and development, focusing on new product innovations and technology advancements[21]. - Research and development expenses amounted to CNY 52,286,296.55, a 10.71% increase compared to the previous year, with R&D investment accounting for 4.16% of total revenue[108][110]. - The number of R&D personnel increased to 404, representing a growth of 3.06% from 392 in the previous year[113]. - The company successfully completed several key R&D projects, including the development of high-performance CVD coatings for various applications[112]. - The company aims to enhance its competitive edge through the development of advanced materials and coatings technologies[112]. Market and Production - The company is exploring market expansion opportunities to enhance its competitive position in the tungsten industry[21]. - The production of tungsten concentrate reached 128,000 tons, a year-on-year increase of 0.55%; ammonium paratungstate (APT) production was 123,000 tons, up 7.89%; tungsten powder production was 77,000 tons, an increase of 10.00%[40]. - The company achieved a self-sufficiency rate of approximately 20% for raw materials in 2023, with all self-produced tungsten concentrate being used internally[62]. - The company is focusing on expanding its market presence in key industries such as automotive, aerospace, and energy, enhancing brand recognition through various promotional activities[80]. Sustainability and Green Initiatives - The company maintains a green development approach, achieving energy conservation and emission reduction through technological innovation[43]. - The company’s factory is recognized as a national "green factory," capable of producing various specifications of powder products to meet diverse customer needs[48]. - The company’s green mining initiatives have led to its main mining site being recognized as a national-level "green mine"[70]. - The company is committed to sustainable development and is implementing an ESG framework to promote green and high-quality growth[147]. Governance and Management - The company maintains independence from its controlling shareholder in assets, personnel, finance, organization, and business operations[175]. - The company has an independent financial department and internal audit team, ensuring no shared bank accounts with the controlling shareholder[182]. - The board of directors held 8 meetings during the reporting period to ensure effective governance and strategic decision-making[171]. - The company has a management team with a total of 7,701,040 shares held at the beginning of the reporting period[187]. - The company has a strong management team with members holding advanced degrees from prestigious universities, including Tsinghua University and the University of London[192][193]. Future Outlook - The company plans to achieve a sales revenue of CNY 3.4 billion in 2024, although this is not a performance commitment and is subject to market conditions[152]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion CNY[164]. - New product launches are expected to contribute an additional 200 million CNY in revenue, with a focus on innovative tungsten products[164]. - The company is exploring potential mergers and acquisitions to strengthen its supply chain and expand its product offerings[164].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 证券代码：002378 证券简称：章源钨业 编号：2024-029 崇义章源钨业股份有限公司 关于变更会计政策的公告 崇义章源钨业股份有限公司（以下简称"公司"）于 2024 年 4 月 21 日召开第 六届董事会第九次会议和第六届监事会第六次会议，审议通过了《关于变更会计 政策的议案》。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》及公司《章程》的有关规定， 本次变更会计政策事项属于董事会审批权限范围内，无需提交股东大会审议。具 体情况公告如下： 一、变更会计政策概述 1. 变更原因 2023 年 10 月 25 日，中华人民共和国财政部（以下简称"财政部"）印发《企 业会计准则解释第 17 号》（财会〔2023〕21 号，以下简称《准则解释第 17 号》）， 就"关于流动负债与非流动负债的划分""关于供应商融资安排的披露"和 "关于 售后租回交易的会计处理"等国际准则趋同问题进行了明确，该解释自 2024 年 1 月 1 日起施行，其中"关于售后租回 ...

关于修改公司经营范围及修订公司《章程》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 崇义章源钨业股份有限公司（以下简称"公司"）于 2024 年 4 月 21 日召开第 六届董事会第九次会议，审议通过《关于修改公司经营范围的议案》及《关于修 订公司<章程>的议案》，上述议案需提交公司 2023 年度股东大会审议。相关情况 公告如下： 一、修改公司经营范围的情况 根据公司业务发展需要，公司拟增加经营范围：通用设备制造（不含特种设 备）；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；检验 检测服务；金属丝绳及其制品制造；金属丝绳及其制品销售；资源再生利用技术 研发；再生资源回收（除生产性废旧金属）；生产性废旧金属回收；再生资源加 工；再生资源销售；金属废料和碎屑加工处理；软件开发；软件销售。 证券代码：002378 证券简称：章源钨业 编号：2024-032 崇义章源钨业股份有限公司 2 | 活动） | | --- | | 许可项目：矿产资源勘查；非煤矿山矿 | | 产资源开采；国营贸易管理货物的进出口； | | 检验检测服务；水力发电；木 ...

证券代码：002378 证券简称：章源钨业 编号：2024-026 崇义章源钨业股份有限公司 关于 2023 年度计提资产减值准备和资产损失的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 为真实反映崇义章源钨业股份有限公司（以下简称"公司"）截至 2023 年 12 月 31 日的财务状况及经营成果，公司对公司及分子公司的各类资产进行了全面 清查。在清查的基础上，对各类资产进行了充分的分析和评估后，确定 2023 年 度存在资产减值（含信用减值）和资产损失情况。 公司于 2024 年 4 月 21 日召开第六届董事会第九次会议、第六届监事会第六 次会议，审议通过《关于 2023 年度计提资产减值准备和资产损失的议案》，具 体情况如下： （本文中报告期指 2023 年 1 月 1 日至 2023 年 12 月 31 日。） 一、本次计提资产减值情况 1. 计提存货跌价准备的情况 依据企业会计准则和公司会计政策，资产负债表日，存货采用成本与可变现 净值孰低计量，当存货成本低于可变现净值时，存货按成本计量；当存货成本高 于可变现净值时，存货按可变现净值计量， ...