中钨高新：积极打造从钨矿资源到光伏钨丝一体化龙头公司

Investment Rating - The investment rating for the company is "Outperform the Market" [1][5]. Core Views - The company is actively building a leading integrated enterprise from tungsten ore resources to photovoltaic tungsten wire. It is the largest supplier of hard alloys in China and operates under the China Minmetals Corporation [4]. - The company plans to acquire 100% equity of Shizhu Garden Company, which will help form a complete tungsten industry chain, integrating tungsten mining, smelting, hard alloy, and deep processing [4]. - The Shizhu Garden tungsten mine has rich resources, with a metal content of 560,000 tons, accounting for over 30% of the national tungsten resource reserves [4]. - The company is steadily expanding its photovoltaic tungsten wire production capacity, with a new project line for high-strength fine tungsten wire already in production [5]. - Profitability is expected to grow due to the integration of Shizhu Garden tungsten mine and the expansion of CNC blade production capacity, with projected net profits of 546 million, 649 million, and 729 million yuan for 2024-2026 [5]. Financial Summary - The company’s revenue is projected to increase from 12,736 million yuan in 2023 to 16,172 million yuan in 2026, with a compound annual growth rate of approximately 9% [6][10]. - The net profit is expected to recover from 485 million yuan in 2023 to 729 million yuan in 2026, reflecting a growth rate of 12.3% in 2026 [6][10]. - The gross margin is forecasted to stabilize around 16.6% from 2024 to 2026 [10]. - The company’s return on equity is projected to improve from 8.4% in 2023 to 10.8% in 2026 [10]. Business Segmentation - The company’s key products include cutting tools and hard alloys, with expected revenues of 3,057 million yuan in 2024, increasing to 4,000 million yuan by 2026 [8]. - The hard alloy segment is projected to maintain a stable production of approximately 14,000 tons annually, while CNC blade production is expected to grow from 150 million pieces in 2024 to 200 million pieces by 2026 [7][8]. - The company anticipates that the Shizhu Garden mining rights will generate a cumulative net profit of 744 million yuan from 2024 to 2026 [4].