中钨高新（000657）：矿山资产维稳业绩，钨价上行有望受益量价齐升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company is expected to benefit from rising tungsten prices and increased production capacity, leading to a potential increase in both volume and price [3][4]. - The injection of mining assets, particularly the acquisition of the Shizhu Garden tungsten mine, is crucial for stabilizing the company's performance amid fluctuating market conditions [2][4]. Financial Performance - In 2024, the company is projected to achieve revenue of 14.74 billion yuan, a year-on-year increase of 7.8%. The first quarter of 2025 is expected to generate revenue of 3.39 billion yuan, reflecting a year-on-year growth of 3.52% but a quarter-on-quarter decline of 24.86% [1]. - The net profit attributable to the parent company for 2024 is forecasted at 939.45 million yuan, up 17.47% year-on-year, while the first quarter of 2025 is expected to yield a net profit of 221 million yuan, a year-on-year increase of 3.24% but a significant quarter-on-quarter drop of 69.87% [1][4]. Production and Market Position - The company aims to produce over 14,000 tons of hard alloy in 2024, maintaining its position as the global leader in this sector. It also plans to produce approximately 140 million CNC blades, accounting for about 10% of domestic output [2]. - The Shizhu Garden tungsten mine is expected to contribute significantly to the company's profits, with a projected net profit of 705 million yuan in 2024, representing about 70% of the company's total net profit for that year [2][3]. Future Projections - Revenue forecasts for 2025 to 2027 are 16.40 billion yuan, 17.98 billion yuan, and 19.33 billion yuan, respectively, with year-on-year growth rates of 11.3%, 9.6%, and 7.5% [4][5]. - The net profit attributable to the parent company is expected to reach 994.73 million yuan in 2025, 1.23 billion yuan in 2026, and 1.31 billion yuan in 2027, with respective growth rates of 5.9%, 23.4%, and 7% [4][5].