中钨高新（000657）：矿山并入与钨价上行共振，业绩实现高增

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.70 yuan [5]. Core Views - The company has demonstrated strong performance in the first three quarters of 2025, achieving a revenue of 12.755 billion yuan, a year-on-year increase of 13.39%, and a net profit attributable to shareholders of 846 million yuan, up 18.26% [1]. - The acquisition of a 99.9733% stake in Yuanjing Tungsten Industry for 821 million yuan is expected to enhance the company's tungsten resource self-sufficiency and strengthen its ability to integrate resources within the tungsten industry [2]. - The tightening supply-demand dynamics in the tungsten market are anticipated to support high tungsten prices, with domestic black tungsten and white tungsten prices increasing by approximately 118.88% and 119.72% respectively since the beginning of the year [3]. - The company continues to lead in the production of hard alloys and CNC blades, with significant growth in demand driven by advancements in AI and the PCB tool market [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 4.906 billion yuan, a year-on-year increase of 34.98%, and a net profit of 335 million yuan, up 36.53% [1]. - The non-recurring net profit for Q3 2025 was 297 million yuan, reflecting a substantial year-on-year growth of 725.45%, primarily due to the acquisition of Shizhu Garden Company [1]. Market Dynamics - The national tungsten concentrate production is on a downward trend, with a 6.5% year-on-year decrease in the first batch of mining quotas for 2025 [3]. - The demand for tungsten is expected to grow steadily due to developments in aerospace, new energy vehicles, and electronics [3]. Production and Capacity - The company’s hard alloy production exceeded 75,000 tons in the first half of 2025, maintaining its position as the global leader [4]. - The subsidiary Jinzhou Precision has a significant market share in the PCB micro-drill sector, with over 80% coverage of the top 20 global PCB customers [4]. Profitability and Cost Management - The company’s gross margin for 2024 and Q1-Q3 2025 was 22.07% and 21.83% respectively, showing slight improvements year-on-year [9]. - The company has effectively reduced its expense ratios across various categories, indicating improved cost management [9]. Future Outlook - The company is projected to achieve net profits of 1.183 billion yuan, 1.454 billion yuan, and 1.630 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 47.60, 38.72, and 34.52 [10].