研报掘金丨中金：中钨高新盈利有望上行，远景钨业并表+微钻产能扩张

Group 1 - The core viewpoint of the report indicates that the integration of Yuanjing Tungsten and the expansion of micro-drill capacity are expected to enhance the profitability of Zhongtung Gaoxin [1] Group 2 - After the integration, the annual production of tungsten concentrate is expected to reach around 10,000 tons, with a resource self-sufficiency rate potentially exceeding 30% [1] - As of December 18, the average annual price of tungsten concentrate for 2025 has reached over 200,000 yuan, representing an increase of more than 50% compared to the average price in 2024, suggesting a potential uplift in company profits [1] - The company is expanding its production of PCB drill bits, which is anticipated to benefit from AI flexibility [1] - Jinzhou Precision currently holds customer advantages in micro-drills and high aspect ratio coated drill bits, with profits expected to continue double-digit growth in 2026 [1] Group 3 - Based on the integration of Yuanjing Tungsten and the expansion of micro-drill capacity, the profit forecasts for 2025 and 2026 have been raised by 20% and 31% to 1.573 billion yuan and 2.414 billion yuan, respectively [1] - The current stock price corresponds to a P/E ratio of 39x for 2025 and 26x for 2026 [1] - The target price has been increased by 20% to 34 yuan, which corresponds to a P/E ratio of 49x for 2025 and 32x for 2026, indicating a potential upside of 25% [1]