黄竹垅钨矿及其周边大桥、高沙、泥坑、石咀脑探矿权矿 区资源勘查工作按计划推进。 证券代码：002378 证券简称：章源钨业 崇义章源钨业股份有限公司投资者关系活动记录表 编号：20251120 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 东方证券：李一涛、刘洋、黄雨韵 时间 2025 年 11 月 20 日 15:00-16:00 地点 网络平台线上交流 上市公司接待 人员姓名 证券事务代表：张翠；董事会办公室：刘敏 投资者关系活 动主要内容 介绍 交流内容： 一、公司整体业务情况 公司主要从事钨矿山资源的开发利用及以钨为原料的仲 钨酸铵（APT）、氧化钨、钨粉、碳化钨粉、热喷涂粉、硬质 合金的生产及销售，构建了涵盖钨产业上游勘探、采选，中游 冶炼、制粉，以及下游精深加工的一体化生产体系，是国内具 备完整钨产业链生产能力的企业之一。 公司上游主要业务是钨矿山资源的勘探、采选，主要产品 为钨精矿，其作为原料用于仲钨酸铵的生产，副产品锡精矿和 铜精矿直接对外销售。 公司中游主要生产各种规格的粉末产品，公司可生产 ...

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]

Group 1: Company Overview - The company primarily engages in the development and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloy products, establishing a comprehensive tungsten industry chain [2][3] - The upstream business focuses on tungsten ore exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [2][3] Group 2: Mining Operations - In the first half of 2025, the company produced 1,849.93 tons of tungsten concentrate (WO3 65%), a year-on-year increase of 3.24%; tin concentrate production was 426.12 tons, up 2.71%; and copper concentrate production was 180.61 tons, up 2.02% [5] - The company is advancing resource integration and deep mining construction, enhancing mining and selection efficiency to increase output of tungsten, tin, and copper [6] Group 3: Cost and Procurement - Mining costs are influenced by geological conditions, ore grades, management levels, and labor costs, varying across different mines [7] - The company self-produces all tungsten concentrate for internal use and procures additional tungsten concentrate and APT from external suppliers, ensuring stable supply through rigorous supplier evaluation [8] Group 4: Impact of Raw Material Prices - Rising tungsten concentrate prices positively affect the company, but significant fluctuations in procurement prices can impact production costs and overall business performance [9] Group 5: Sales Performance - In the first half of 2025, tungsten powder sales reached 2,657.83 tons, a 43.68% increase; tungsten carbide powder sales were 2,975.12 tons, up 19.25%; however, hard alloy sales decreased by 7.17% to 573.92 tons, and thermal spray powder sales fell by 1.93% to 222.59 tons [10] Group 6: Subsidiary Performance - In the first half of 2025, the subsidiary Ganzhou Aoketai achieved revenue of 353.53 million yuan, a year-on-year increase of 15.36%, with hard alloy tool sales contributing 189.27 million yuan, up 2.26% [11][12] - Ganzhou Aoketai specializes in cutting tools for difficult-to-machine materials, providing solutions for various industries including automotive, aerospace, and energy [12]

Group 1: Company Overview - The company primarily engages in the development and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloy products, establishing a comprehensive production system across the tungsten industry chain [1][2] - The upstream business focuses on tungsten mining resource exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [1][2] Group 2: Mining Operations - In the first half of 2025, the company produced 1,849.93 tons of tungsten concentrate (WO3 65%), a year-on-year increase of 3.24%; tin concentrate production was 426.12 tons, up 2.71%; and copper concentrate production was 180.61 tons, up 2.02% [3] - The company is advancing resource integration and enhancing mining efficiency through mechanization, aiming to increase the output of tungsten, tin, and copper [3][4] Group 3: Raw Material Procurement - The company self-produces all tungsten concentrate for internal use and procures additional tungsten concentrate and APT externally, evaluating suppliers based on management capabilities and quality to ensure stable raw material supply [7] - Fluctuations in tungsten concentrate prices can impact production costs and overall business performance, especially given the high proportion of externally sourced raw materials [8] Group 4: Sales Performance - In the first half of 2025, tungsten powder sales reached 2,657.83 tons, a 43.68% increase year-on-year; tungsten carbide powder sales were 2,975.12 tons, up 19.25%; however, hard alloy sales decreased by 7.17% to 573.92 tons, and thermal spray powder sales fell by 1.93% to 222.59 tons [9] - The subsidiary, Ganzhou Aoketai, achieved revenue of 353.53 million yuan, a 15.36% increase, with hard alloy tool sales contributing 189.27 million yuan, up 2.26%, and bar sales reaching 143.40 million yuan, up 28.30% [10]

Group 1: Company Overview - The company primarily engages in the exploration and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloys [2][3] - It has established an integrated production system covering upstream exploration, mining, midstream smelting, and downstream deep processing, making it one of the few companies in China with a complete tungsten industry chain production capacity [2] Group 2: Mining Operations - In the first half of 2025, the company produced 1,849.93 tons of tungsten concentrate (WO3 65%), a year-on-year increase of 3.24%; tin concentrate production was 426.12 tons, up 2.71%; and copper concentrate production was 180.61 tons, up 2.02% [4] - The company is advancing resource integration and enhancing mining efficiency through mechanization, aiming to increase the output of tungsten, tin, and copper [4][5] Group 3: Cost and Procurement - Mining costs are influenced by geological conditions, ore grades, management levels, and labor costs, leading to variability across different mines [7] - The company self-produces all tungsten concentrate for internal use and procures additional tungsten concentrate and APT externally, ensuring stable supply through rigorous supplier evaluations [8] Group 4: Market Impact and Sales Performance - The rise in tungsten concentrate prices positively impacts the company, but significant fluctuations in raw material prices can affect production costs and operational performance [9] - In the first half of 2025, tungsten powder sales reached 2,657.83 tons, a 43.68% increase; tungsten carbide powder sales were 2,975.12 tons, up 19.25%; however, hard alloy sales decreased by 7.17% to 573.92 tons [10][11] Group 5: Future Development - The company focuses on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloy R&D and production [11] - Plans include integrating mining resources, advancing digital transformation in production, and establishing a sustainable development system to promote green and high-quality ESG growth [11]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company benefits from rising tungsten prices, which enhance profits, and the tool segment is expected to continue growing [4]. - The company has rich upstream mineral resources and is well-positioned to benefit from the increase in tungsten prices [4]. - The hard alloy demand is expected to grow steadily in the long term, with the tool segment showing promising growth potential [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 2.399 billion yuan, a year-on-year increase of 32.27%, and a net profit attributable to shareholders of 115 million yuan, up 2.54% year-on-year [1]. - In Q2 2025, revenue was 1.213 billion yuan, a year-on-year increase of 29.05%, while net profit was 73 million yuan, down 14.71% year-on-year [1][2]. - The company's net profit growth of 16.87% in H1 2025 was primarily driven by the increase in tungsten product prices and sales volume [1]. Production and Sales - In H1 2025, tungsten concentrate production was 1,849.93 tons, a year-on-year increase of 3.24%, while tungsten powder sales increased by 43.68% to 2,657.83 tons [2]. - The sales volume of rods increased by 18.99% to 427.01 tons, driven by new customer development and increased demand from existing customers [2]. Price Trends - In Q2 2025, the company's gross margin was 14.47%, an increase of 0.67 percentage points from the previous quarter [3]. - The market price of tungsten concentrate rose by 11.56% quarter-on-quarter and 10.2% year-on-year, reaching 159,500 yuan per ton [3]. Investment Forecast - The company is projected to achieve net profits of 226 million yuan, 273 million yuan, and 316 million yuan for the years 2025, 2026, and 2027, respectively [6]. - The corresponding price-to-earnings ratios (PE) are expected to be 82, 68, and 58 times for the same years [6].

Group 1: Financial Performance and Goals - The company plans to achieve a sales revenue of 3.8 billion CNY in 2025, with a focus on various operational segments [2] - In 2024, the company produced 3,739 tons of tungsten concentrate (65%), a decrease of 9.99% year-on-year [8] - The self-sufficiency rate for tungsten raw materials in 2024 was approximately 20% [9] Group 2: Operational Strategy - The company is enhancing its mining operations by integrating resource exploration and optimizing mining methods to improve efficiency [3] - The company aims to develop high-value-added products and improve production processes through digital transformation [5] - The company has established a complete tungsten industry chain, ranking first in tungsten powder production and second in carbide tungsten powder production as of Q4 2024 [3] Group 3: Market Position and Competitive Advantage - The company is recognized as one of the few manufacturers in China with a complete tungsten industry chain, which strengthens its market resilience [3] - The company focuses on innovation and has established a technology center to drive research and development [4] - The company benefits from regional policy advantages that support the development and utilization of tungsten resources [5] Group 4: Product Sales and Market Trends - In 2024, tungsten powder sales were 3,980 tons, a decrease of 4.67% year-on-year, while tungsten carbide powder sales increased by 0.20% to 4,923 tons [14] - The company’s subsidiary, Ganzhou Aoketai, reported a revenue of 665.99 million CNY in 2024, a year-on-year increase of 21.93% [15] - The sales of coated blades increased by 6.22% to 21.68 million pieces in 2024 [15] Group 5: Future Development Outlook - The company is committed to sustainable development and aims to enhance resource exploration and mining efficiency [6] - The focus will be on high-performance tungsten products for various industries, including aerospace and renewable energy [7] - The company plans to continue its efforts in resource integration and smart mining construction to ensure orderly resource replacement [10]