Group 1 - The core viewpoint of the report is that Jiaxin International Resources (03858) is at a critical value release point, possessing world-class core assets, which lays the foundation for long-term growth [1] - The company is a rare pure tungsten mining entity, with its current stock price offering a high margin of safety and attractiveness [1] - The company is headquartered in Kazakhstan and its core asset is the Bakuta tungsten project, covering the entire value chain from exploration to sales of tungsten concentrate [2] Group 2 - The company plans to use funds raised from its IPO for capacity expansion, deep processing layout, and debt repayment [2] - The Bakuta tungsten mine commenced commercial production in April 2025, and the company aims to explore more investment opportunities in non-ferrous metal resources in Central Asia [2] - The company has a unique integrated model in its biomass business, which effectively reduces overall project development and operational costs [3] Group 3 - The company currently handles 42 types of hazardous waste, with projects primarily located in regions with abundant hazardous waste production [4] - The internal rate of return (IRR) for hazardous waste projects exceeds 20%, with disposal prices ranging from 2,000 to 17,000 yuan per ton [4] - The average hazardous waste disposal price in 2017 was 2,732 yuan per ton, reflecting a year-on-year increase of 13.4% [4]
第一上海：首予佳鑫国际资源(03858)“买入”评级 稀缺钨矿资源开启商业化