牛股产业链丨有色金属冲刺A股年度冠军 厦门钨业领涨底气何在

Core Viewpoint - The year 2025 is expected to be significant for the A-share non-ferrous metals sector, with the sector index having risen by 78.81% year-to-date, ranking first alongside the communications sector index [1] Group 1: Company Performance - Xiamen Tungsten Co., Ltd. has seen its stock price rise by 113.68% year-to-date, significantly outperforming the non-ferrous metals industry index [1] - For the first three quarters of 2025, Xiamen Tungsten reported revenue of 32 billion yuan, a year-on-year increase of 21.36%, and a net profit of 1.78 billion yuan, up 27.05%, marking the highest level for the same period in history [7] - The third quarter alone saw a revenue increase of 39.27% year-on-year and a net profit increase of 109.85%, indicating a substantial acceleration in growth compared to the first two quarters [7] Group 2: Market Dynamics - The price of tungsten products has surged, with black tungsten concentrate prices exceeding 420,000 yuan per ton, ammonium paratungstate (APT) surpassing 630,000 yuan per ton, and tungsten powder exceeding 1 million yuan per ton, with annual increases of over 300% for these products [9] - The domestic tungsten market is characterized by tight supply and resilient demand, contributing to a bullish sentiment, although high prices have led to cautious market behavior [9] - Xiamen Tungsten's management indicated that as a major producer and consumer of tungsten, China's mining capacity is unlikely to see rapid growth due to quota restrictions, while emerging demands, such as photovoltaic tungsten wire, are expected to maintain high prices in the coming years [9] Group 3: Other Business Segments - The rare earth market has also experienced significant price increases, with the rare earth price index rising from 163.757 at the beginning of the year to 209.695 by December 18 [10] - Xiamen Tungsten's rare earth segment achieved a profit of 185 million yuan in the first three quarters, a year-on-year increase of 2.74%, with expectations for further growth in 2024 [10] - The company's battery materials segment has performed well, with lithium cobalt oxide sales increasing by 57% year-on-year, and high-voltage, high-power ternary materials achieving a 21% increase in sales [11] Group 4: Future Prospects - Xiamen Tungsten is actively developing solid-state battery materials, focusing on both cathode materials and electrolytes, with successful production of oxide solid-state electrolytes and ongoing collaborations for sulfur-based solid-state battery materials [12]