中钨高新（000657）：Q3盈利创同期新高，钨矿注入持续推进

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company achieved record high profits in Q3, driven by the ongoing integration of tungsten mines and significant increases in tungsten prices [8] - The company is a key operational platform for the tungsten industry under China Minmetals, managing a complete tungsten industry chain from mining to processing [8] - The acquisition of Yanjing Tungsten Industry is expected to enhance the company's profitability and self-sufficiency in tungsten resources [8] Financial Performance - For the first three quarters of 2025, the company reported revenue of 12.76 billion yuan, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 850 million yuan, up 18.3% [8] - In Q3 alone, revenue reached 4.91 billion yuan, reflecting a 35.0% year-on-year growth and a 10.1% quarter-on-quarter increase [8] - The company’s annual revenue projections for 2025-2027 are 16.61 billion yuan, 19.07 billion yuan, and 21.1 billion yuan, respectively, with corresponding net profits of 1.34 billion yuan, 1.75 billion yuan, and 2.06 billion yuan [7][8] Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 0.59 yuan, 0.77 yuan, and 0.90 yuan, with price-to-earnings (P/E) ratios of 44.1, 33.9, and 28.8, respectively [7][8] - The company’s return on equity (ROE) is expected to increase from 12.45% in 2024 to 18.97% by 2027 [7][8] Market Context - The tungsten market is experiencing tight supply due to declining ore grades and export controls, leading to record high tungsten prices, which have increased by 106% since the beginning of the year [8] - The company’s annual production capacity from the Shizhuoyuan tungsten mine exceeds 8,000 tons, contributing to its profitability amid rising tungsten prices [8]