章源钨业 20250827 摘要 章源钨业 2025 年上半年营收近 24 亿元，同比增长 32%；归母净利润 1.15 亿元，同比增长 2.5,954%。剔除税收优惠因素，营业利润和归母 净利润同比分别增长 15.94%和 16.87%。 公司构建了涵盖上游钨矿采选、中游冶炼制粉及下游精深加工的一体化 生产体系，拥有 10 个探矿权矿区和 6 座采矿权矿山，钨资源储量 7.94 万吨。 公司中游业务主要生产超细颗粒和中颗粒等各种规格的粉末产品，单体 产量排名分别位列第一和第二（2024 年底数据）。 下游业务包括本部（传统硬质合金），子公司赣州奥克泰（机加工刀 具）和张元喷涂（工件表面喷涂）。赣州奥克泰上半年营收 3.5 亿元， 同比增长 15%，实现扭亏为盈。 2025 年上半年钨矿产量约 1,840 至 1,850 吨，下半年预计保持平稳。 淘锡坑钨矿正在进行资源整合，预计 2026 年上半年完成并获得新的采 矿权证。 章源钨业在 2025 年上半年实现了稳步提升的经营业绩。公司营业收入接近 24 亿元，同比增长 32%；营业利润为 1.37 亿元，同比增长 2%；归属于母公司 净利润为 1.15 亿元 ...

Group 1 - The global tungsten market is expected to maintain a tight supply-demand balance in 2025, with domestic black tungsten concentrate prices reaching a three-year high of approximately 25,600 USD/ton, reflecting a 12% increase compared to the same period in 2024 [1] - The Bakuta tungsten mine, owned by Jiaxin International, is recognized as the largest open-pit tungsten mine in terms of WO₃ resources globally, with a planned annual mining and processing capacity of 3.3 million tons of tungsten ore starting from April 2025 [1][2] - The global tungsten supply is highly concentrated, with China accounting for 80% of production, prompting Europe and the US to seek diversified sources, which Jiaxin International's overseas assets can fulfill [3] Group 2 - Jiaxin International's core competitive advantage lies in its resource endowment, with an estimated mineral resource of approximately 107 million tons containing 0.211% WO₃, translating to about 227,300 tons of WO₃ [2][3] - The company benefits from strong support from state-owned enterprises, with Jiangxi Copper and China Railway Construction providing synergies in upstream smelting and infrastructure, respectively, reducing logistics costs by 15%-20% [4] - The company plans to allocate 60% of its fundraising for the second phase of the Bakuta project, aiming to increase its annual mining and processing capacity to 4.95 million tons by 2027 [5] Group 3 - The global tungsten market is characterized by strong supply and demand, with a projected increase in tungsten consumption driven by sectors such as renewable energy and military applications [5][6] - The global tungsten supply has been tightening, with a significant gap between production and consumption, indicating a strong demand for tungsten resources [6][9] - Jiaxin International's strategic positioning and resource development are expected to enhance its capital strength and operational resilience, making it a key player in the international tungsten market [11]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1]. Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine, which is recognized as one of the largest tungsten ore resources globally [4]. - The Bakuta tungsten mine is projected to start commercial production in April 2025, with a target annual mining and processing capacity of 3.3 million tons of tungsten ore [4]. Group 2: Resource Estimates - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons containing 0.211% WO3, equivalent to 227.3 thousand tons of WO3 [5]. - The mine has a credible ore reserve of 68.4 million tons with an average grade of 0.206% WO3, translating to 140.8 thousand tons of WO3 [5]. Group 3: Financial Performance - The company reported operating losses of HKD 75.09 million, HKD 77.29 million, and approximately HKD 160 million for the fiscal years 2022, 2023, and 2024, respectively [6]. - For the six months ending June 30, 2025, the projected operating loss is approximately HKD 69.72 million [6]. - The company has not generated any revenue in the years leading up to 2024, with projected revenue of HKD 126.31 million for 2025 [8].

观点聚焦 我们认为，全球钨供需或将长期维持紧缺，钨价中枢有望迎来系统性上行。在钨价中枢抬升、中国钨业上市公司加速钨矿资源注入及开发、下游产能高端化 三大趋势下，中国钨业龙头的配置价值有望逐步凸显。 资源开发放缓；钨供给增量超预期；下游需求不足；钨价大幅波动。 T正文ext 1.供给：钨资源稀缺性强，供给有望维持偏紧格局 钨是一种战略性较强的资源，具有多种优秀且独特的性质，应用广泛并且难以替代。 据中钨在线，钨的熔点约3410摄氏度，在所有金属元素中位列第一； 钨的密度为19.35g/cm3，在非贵金属中位列第一；钨的莫氏硬度高达7.5，在金属中名列前茅。此外，钨还具有较强耐磨性、较强耐腐蚀性、高导电性、高导 热性等优势。凭借自身优良的性能，钨及其制品广泛应用于机械制造、矿山采掘、航空航天、汽车工业、新能源、国防等领域，且难以被其他金属材料替代 理由 供给侧，全球钨供给稀缺性强，集中度高，2023年中国钨的储量和产量占比均列全球第一，对全球钨供应具有较大影响力。 由于前期钨矿资源的较快消 耗，中国钨矿储采比明显低于全球平均水平，整体面临矿山老化、品位下降的压力，加之钨精矿开采总量控制及供改、环保政策趋严，使得国 ...