资源开拓推进，钨丝放量迅速

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten Co., Ltd. (600549) with a target price of 24.70 CNY, up from the previous target of 19.80 CNY [1]. Core Views - The company is expected to benefit from a recovery in demand and the release of production capacity, which will contribute to performance growth. The tungsten wire sales are increasing rapidly [1]. - The net profit attributable to shareholders for 2024 is projected to be approximately 1.602 billion CNY, representing a year-on-year increase of 10.75% [1]. - The report highlights that the tungsten and molybdenum business is experiencing significant growth, while the energy new materials and rare earth businesses are facing declines due to raw material and product price drops [1]. Summary by Sections Financial Performance - The company’s revenue for 2023 is expected to be 39.398 billion CNY, a decrease of 18% year-on-year, while the operating profit (EBIT) is projected at 3.351 billion CNY, showing a 6% increase [1]. - The net profit for 2024 is forecasted to be 1.939 billion CNY, a 21% increase from the previous year [1]. - The earnings per share (EPS) for 2024 is estimated at 1.37 CNY, with a projected PE ratio of 14.56 for the same year [1]. Business Segments - The tungsten and molybdenum segment is expected to see a profit total of 5.4 billion CNY in Q1 2024, despite a slight year-on-year decline of 4.59% [1]. - The energy new materials and rare earth segments are projected to improve profitability in Q1 2024, with significant growth in the sales of cathode materials [1]. - The company is advancing its resource development projects, with a focus on increasing tungsten ore production capacity to 3,200 tons [1]. Market Position - The report indicates that the company has a leading advantage in the tungsten market, with sales volume increasing significantly to 760 million meters [1]. - The company is expanding its market presence in high-end cutting tools and aerospace sectors, while also making progress in deep processing businesses such as photovoltaic tungsten wire [1].