Ge Long Hui·2026-02-13 07:13Core Viewpoint - Dongwu Securities report highlights that Zhongtung High-tech is a global leader in tungsten products, with its drilling needle business poised to benefit from new opportunities in AI computing power construction [1] Group 1: Company Overview - Zhongtung High-tech is the only core platform for tungsten industry under China Minmetals Corporation, establishing an integrated closed loop of "resources - smelting - deep processing - tool application" through continuous capital operations [1] - The company has a dominant position in the global tungsten market and is expected to benefit from rising tungsten prices due to its rich mineral resource reserves [1] Group 2: Business Prospects - The company holds a leading technological advantage in the high aspect ratio PCB drilling needle sector, which is anticipated to gradually translate into performance growth [1] - Projected net profits attributable to the parent company for 2025, 2026, and 2027 are estimated to be 1.34 billion, 1.90 billion, and 2.35 billion yuan respectively [1] Group 3: Valuation - The current stock price corresponds to dynamic price-to-earnings ratios of 94, 66, and 54 times for the years 2025, 2026, and 2027 respectively [1] - The report initiates coverage with a "buy" rating for the company [1]