XTC(SH:600549) Tebon Securities·2024-08-23 01:00Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten (600549.SH) [1] Core Views - The company's profit has significantly increased, with a net profit of 1.017 billion yuan in the first half of 2024, representing a year-on-year growth of 28.47% [4] - The tungsten and molybdenum segment has shown rapid growth, driven by rising tungsten concentrate prices and the expansion of photovoltaic tungsten wire production [4][5] - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 37.351 billion yuan, 40.110 billion yuan, and 43.299 billion yuan respectively, with corresponding net profits of 2.125 billion yuan, 2.590 billion yuan, and 2.977 billion yuan [5] Summary by Sections Market Performance - The stock has shown a relative performance of -6.01% over the last month and -10.59% over the last two months compared to the CSI 300 index [3] Financial Performance - In the first half of 2024, the company reported total revenue of 17.162 billion yuan, a decrease of 8.37% year-on-year, while the tungsten and molybdenum business achieved revenue of 8.781 billion yuan, a year-on-year increase of 10.98% [4][5] - The average price of domestic black tungsten concentrate was 134,400 yuan per ton, up 13.04% year-on-year, and APT (88.5%) averaged 198,400 yuan per ton, up 11.02% year-on-year [4] Business Segments - The tungsten and molybdenum segment's profit totaled 1.427 billion yuan, reflecting a year-on-year increase of 29.50% [4] - The rare earth business saw a revenue decline of 21.48% to 2.054 billion yuan, primarily due to the integration with China Rare Earth Group [5] - The energy materials segment reported revenue of 6.3 billion yuan, down 22.43% year-on-year, despite a 29.98% increase in cobalt acid lithium sales [5] Investment Recommendations - The report suggests that the company is well-positioned to benefit from rising tungsten prices and the expansion of its photovoltaic product line, maintaining a "Buy" rating [5]