钨产业链龙头，钨矿资源注入打开成长空间

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [51]. Core Viewpoints - The company is positioned as a leader in the tungsten industry, with a complete industrial chain that includes mining, smelting, processing, and trading. The expected injection of tungsten resources is anticipated to enhance profitability significantly [47][48]. - The growth in the CNC tool market is driven by the increasing CNC rate of machine tools and domestic substitution, with the company being a key player in this sector [49]. - The photovoltaic tungsten wire market is projected to grow significantly, with the company’s new production capacity expected to contribute to profit growth [35][56]. Summary by Sections 1. Company Overview - The company has undergone significant restructuring since 2009 under the control of the Minmetals Group, leading to a stable growth trajectory [65][66]. - The company has a complete tungsten industrial chain, with major subsidiaries focusing on tungsten mining, hard alloy production, and precision tools [68]. 2. Tungsten Resource Injection - The company is expected to inject the Qizhu Garden tungsten mine, which could contribute over 530 million yuan to profits in 2024 [48][31]. - The company manages substantial tungsten resources, maintaining an annual production capacity of around 25,000 tons [48]. 3. Cutting Tools - The company is a leading manufacturer of CNC blades, with over 85% of its products being CNC tools. It has a competitive edge in the mid-to-high-end market [22][27]. - The PCB micro-drill segment, led by its subsidiary, holds a global market share exceeding 20%, indicating strong market positioning [38][49]. 4. Photovoltaic Tungsten Wire - The company’s new production line for photovoltaic tungsten wire is expected to generate significant profits, with projections estimating a net profit contribution of 59 million yuan [56][20]. - The market for photovoltaic tungsten wire is anticipated to grow rapidly, with a projected CAGR of 111% from 2022 to 2025 [20]. 5. Profit Forecast and Valuation - The company’s net profit is forecasted to be 468 million yuan in 2023, increasing to 581 million yuan by 2025, reflecting robust growth driven by its core businesses [31][52].