登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000962 证券简称：东方钽业 公告编号：2025-032 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 √适用 □不适用 ■ （三） 主要会计数据和财务指标发生变动的情况及 ...

多金属业务并行开发，构建中长期业绩增长极。锂业务：继续推进矿冶降本，拟在津巴布韦建设3 万吨 硫酸锂工厂，视市场行情择机动工；铜业务：力争2026 年完成Kitumba 铜矿6 万吨/年一体化建设并达 产达标。锗业务：规划20 万吨多金属综合循环回收项目，对应金属产能33 吨锗，11 吨镓，1.1 万吨 锌，公司预计2025 年完成火法冶炼工艺建设。铯业务：公司把持全球仅存在产铯榴石资源与主要铯铷 盐产能，公司预计2025 年完成津巴布韦Bikita 矿山铯选厂建设，并围绕Tsumeb 冶炼厂打造非洲中南部 多金属综合回收利用中心，布局锗、铯等金属冶炼产能。 投资建议：锂价出清周期或有延长，我们下修此前对公司盈利预测。2025-2027年锂价假设为7.5/8.5/9.5 万元/吨。公司锂盐业务高度一体化，持续降本有望平稳度过出清周期；铷铯业务垄断地位凸显，贡献 稳增现金流；铜矿业务实现突破，矿权禀赋优质具备增储空间；锗镓业务有望快速放量，充分受益于中 美博弈带来的战略金属价值上移。我们预计2025-2027 年公司归母净利为9/14/24 亿元，对应PE 24/15/9 倍，维持"增持"评级。 风险提示：项目 ...

事件 4 月 28 日公司发布 2024 年报及 2025 年一季报，2024 年实现营收 30.27 亿元，同比-24.09%；归母净利润为-2.87 亿元，同比亏损。 4Q24 收入为 10.75 亿元，环比+34.65%、同比+21.83%；归母净利 润为-0.84 亿元，环比、同比亏损。1Q25 实现收入 7.28 亿元，环 比-32.28%、同比+141.32%；归母净利润为 0.73 亿元，环比、同 比均扭亏。 点评 价格上涨，1Q25 业绩符合预期。1Q25 氧化镨钕、氧化镝、氧化铽 价格环比分别+3.29%/-0.86%/+6.79%,公司主营产品价格整体上 行；销量方面，2024 年公司稀土氧化物生产量较上年同期提升 107.27%；基于公司现有产能释放情况，我们认为 1Q25 公司产品 销量同比有所增长。1Q25 公司毛利、毛利率分别同比+446.15%、 +5.45pct 至 0.71 亿元、9.75%。 期间费率保持平稳，研发保持高投入。1Q25 公司期间费用环比 -31.91%至 0.32 亿元;期间费率环比+0.02pct 至 4.40%、同比 -2.89pct 至 4.40% ； ...

Core Viewpoint - CITIC Construction Investment is optimistic about the long-term upward shift in antimony prices, supported by significant declines in import volumes and ongoing supply disruptions [1] Import Data Summary - In March 2025, China's imports of antimony ore and concentrates were 1,483.0 tons, a month-on-month decrease of 55.8% and a year-on-year decrease of 63.9% [1] - From January to March, the total import volume of antimony ore and concentrates was 9,530.2 tons, reflecting a year-on-year decline of 25.5% [1] Price Dynamics Summary - The significant decline in antimony concentrate imports supports the high price levels of antimony [1] - There remains a substantial price gap between domestic and international markets, with ongoing obstacles to overseas ore imports [1] - Domestic major mining companies are experiencing declining ore grades and rising production costs, reinforcing the trend of antimony prices returning to their intrinsic value [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.86 [7][8]. Core Insights - The company achieved a revenue of RMB 33.2 billion in 2024, representing a year-over-year increase of 8.75%, and a net profit attributable to shareholders of RMB 1.02 billion, up 9.19% year-over-year [1]. - The core product shipments, particularly for nickel and battery materials, have shown significant growth, with a notable expansion in nickel production capacity [2][3]. - The company is positioned among the top three in global nickel production capacity, with plans to further increase its nickel resources from over 120,000 tons to over 216,000 tons by 2025-2027 [3]. Revenue and Profitability - The company reported a comprehensive gross margin increase of 3.05 percentage points to 15.29% in 2024, with specific product margins improving significantly [2]. - The sales volume of key products such as ternary precursor materials and cobalt tetroxide saw substantial growth, with increases of 5% and 88% respectively [2]. Production Capacity and Expansion - The company produced 51,677 tons of nickel metal in 2024, marking a 91% increase year-over-year, and has established a nickel resource capacity of 150,000 tons per year in Indonesia [3]. - A strategic partnership with Vale Indonesia was formed, involving a total investment of USD 1.42 billion for a hydrometallurgical project aimed at producing 66,000 tons of nickel resources annually [3]. Financial Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 are projected at RMB 0.31, 0.47, and 0.73 respectively, reflecting adjustments based on prior sales performance [4]. - The report anticipates a price-to-book (PB) ratio of 1.70 for 2025, with a corresponding target price of RMB 6.86, indicating a favorable valuation compared to peers [4][13].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 6.86 [7][8]. Core Insights - The company achieved a revenue of RMB 33.2 billion in 2024, representing a year-over-year increase of 8.75%, and a net profit attributable to shareholders of RMB 1.02 billion, up 9.19% year-over-year [1]. - The core product shipments, particularly for nickel and battery materials, have shown significant growth, with the company expanding its nickel production capacity and maintaining a strong market position [2][3]. - The gross margin improved by 3.05 percentage points to 15.29% in 2024, driven by increased sales and improved profitability across various product lines [2]. Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of RMB 33.2 billion, with a year-over-year growth of 8.75%. The net profit attributable to shareholders was RMB 1.02 billion, reflecting a 9.19% increase [1]. - The company’s core product, the ternary precursor materials for power batteries, saw a shipment volume of 189,000 tons, a 5% increase year-over-year, solidifying its position among the top two globally [2]. Production Capacity and Expansion - The company produced 51,677 tons of nickel metal in 2024, marking a 91% increase year-over-year. It has established a nickel production capacity of 150,000 tons per year in Indonesia, ranking among the top three globally in MHP nickel production capacity [3]. - A significant investment of USD 1.42 billion was made in a hydrometallurgical project in collaboration with Vale Indonesia, aimed at producing 66,000 tons of nickel resources annually [3]. Financial Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be RMB 0.31, RMB 0.47, and RMB 0.73, respectively. The price-to-book (PB) ratio for 2025 is estimated at 1.70, with a target price of RMB 6.86 [4][6]. - The company’s revenue is expected to grow significantly, with forecasts of RMB 42.18 billion in 2025, RMB 52.18 billion in 2026, and RMB 64.24 billion in 2027, reflecting a robust growth trajectory [6][12].

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.7700 | 0.6200 | 24.19 | 0.6900 | | 每股净资产（元） | 9.3 | 8.55 | 8.77 | 7.8 | | 每股公积金(元) | 6.06 | 6 | 1 | 5.85 | | 每股未分配利润(元) | 2.04 | 1.51 | 35.1 | 1.08 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 475.04 | 450.86 | 5.36 | 407.59 | | 净利润(亿元) | 5.79 | 4.68 | 23.72 | 4.07 | | 净资产收益率(%) | 8.56 | 7.59 | 12.78 | 10.39 | | 名称 | 持有数量(万股) | 占总股本 | 增减情 况(万 | | --- | --- | ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 您可点击今日推送内容的第3条查看 【震裕科技（300953.SZ）】锂电结构件盈利改善持续，人形机器人业务彰显能力——2024年年报点评 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长2528.14%，拟每10股派发现金股利2.1元（含税）、转增4股。 （殷中枢/陈无忌） 2025-04-23 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润1 ...

事件： 华友钴业于 2025年4 月 18 日晚发布 2 024年年报及 2025年一季报 ， 2024年 实现营收 609.5 亿元，同比 下降 8 %，归母净利润 41.5 亿元，同比增长 24 %；扣非归母净利润为 37.95亿元，同比增长22.7% 。 2 02 5Q1实现营收178.4亿元，同比增长19%；归母净利润12.5亿元，同比增长139.7%。 点评： 金属：镍板块利润释放 2 024年公司镍产品出货量（含内部自供） 18.4万吨，同比增长46%，主要由于印尼华飞12万吨镍湿法冶炼 项目2024Q1实现达产，产量逐步释放；镍产品及中间品毛利合计占公司毛利的52%。钴产品出货量4.7万 吨（含内部自供），同比增长13%；铜产品销量9.0万吨，同比增长2.8%。 津巴布韦 Arcadia 锂矿项目实 现锂精矿出货量约40万吨，同比增长41%。 锂电材料：减少低盈利产品出货，优化产品结构 点击注册小程序 查看完整报告 （ 1 ） 2024年 锂电正极前驱体出货量超 12万吨（含三元前驱体和四氧化三钴，包括内部自供），正极材 料出货量超9万吨（含内部自供及参股公司权益量），因公司主动减少部分低盈利产 ...

Core Viewpoint - Xiamen Tungsten Co., Ltd. has approved the use of idle raised funds for cash management, allowing for investments up to RMB 2.2 billion in various financial products with high safety and liquidity [2] Group 1: Cash Management Approval - The company held board and supervisory meetings on December 30, 2024, to approve the use of idle raised funds for cash management [2] - The approved cash management includes investments in safe and liquid products, with a maximum individual product term of 12 months [2] - The decision is valid for 12 months from the date of board approval, allowing for rolling use of funds within the specified limits [2] Group 2: Redemption of Cash Management Products - On January 6, 2025, the company purchased structured deposit products and a 7-day notice deposit from Industrial Bank Co., Ltd. [3] - The total amount redeemed, including principal and earnings, was RMB 200,996,672.75 [3] - The redeemed funds have been transferred to the company's dedicated fundraising account for further cash management activities [3] Group 3: Current Cash Management Status - As of the announcement date, the balance of temporarily idle raised funds used for cash management is RMB 1,999,998,000 [4] - The highest daily balance and usage period for cash management have not exceeded the board's authorized limits [4] - There are no overdue products in the cash management portfolio [4]