翔鹭钨业：公司是15家获得钨品直接出口资格的企业之一

Core Viewpoint - Xianglu Tungsten Industry (002842.SZ) faces several risks that could impact its operational performance, particularly due to macroeconomic fluctuations, industry policy adjustments, raw material supply and price volatility, competition from alternative materials, export qualification requirements, and exchange rate fluctuations. Group 1: Macroeconomic and Policy Risks - Macroeconomic fluctuations in key customer countries could significantly affect the demand for tungsten products and the recovery of accounts receivable, thereby impacting the company's operational performance [1] - The company is subject to stringent national policies aimed at controlling the mining and consumption of tungsten, which could tighten in the future, potentially affecting business operations [1] Group 2: Raw Material and Supply Risks - The company relies on externally sourced tungsten concentrate, and while it adjusts product prices based on tungsten concentrate price changes, significant price fluctuations could impact gross margins and operational performance [2] - The company does not depend on a single supplier for tungsten concentrate, but short-term procurement contracts may pose risks if there is a sudden surge in demand or a reduction in mining quotas [2] Group 3: Competitive and Export Risks - Tungsten wire competes with high-carbon steel wire in the photovoltaic industry, and advancements in high-carbon steel technology could pose a threat to the company's tungsten wire projects [2] - As one of the few companies with direct export qualifications for tungsten products, any significant changes in export qualification standards could adversely affect the company's export business and overall performance [3] Group 4: Currency Risks - The company's export activities expose it to exchange rate fluctuations, which could impact its operational performance [4]