Financial Performance - In 2024, the company achieved an operating revenue of CNY 367,325.17 million, representing an 8.02% increase year-on-year [2] - The net profit attributable to shareholders was CNY 17,202.86 million, reflecting a 19.50% growth compared to the previous year [2] - For Q1 2025, the operating revenue reached CNY 118,625.34 million, marking a 35.74% increase year-on-year [2] - The net profit attributable to shareholders for Q1 2025 was CNY 4,256.78 million, a significant increase of 56.46% year-on-year [2] Mining Operations - In 2024, the production of tungsten concentrate (65%) was 3,739 tons, a decrease of 9.99% year-on-year [3] - The production of tin concentrate (100% metal content) was 828 tons, down 6.12% year-on-year [3] - Copper concentrate production (100% metal content) increased by 1.81% to 449 tons [3] - The self-sufficiency rate for tungsten raw materials was approximately 20% in 2024 [4] Resource Integration - The company is advancing resource integration, with the verification report for the Taoxikeng tungsten mine and Dongfeng's resources approved by the Ministry of Natural Resources [5] - The verification reports for the Xin'anzi tungsten-tin mine and Longtanmian, as well as the deep resource verification report for Dayu Shilei tungsten mine, are nearing completion [5][6] Powder Product Sales - In 2024, tungsten powder sales were 3,980 tons, a decrease of 4.67% year-on-year [7] - Sales of tungsten carbide powder were 4,923 tons, showing a slight increase of 0.20% [7] - Sales of thermal spray powder decreased by 12.22% to 388 tons [7] - In Q1 2025, the company experienced an increase in product sales due to enhanced customer loyalty [7] Subsidiary Performance - In 2024, Ganzhou Aoketai reported operating revenue of CNY 66,599.13 million, a growth of 21.93% year-on-year [8] - The net profit was a loss of CNY 682.28 million, an improvement from a loss of CNY 4,193.11 million in the previous year [8] - Gaining traction in various sectors, Aoketai increased sales of coated blades by 6.22% to 2,168 million pieces and rod sales by 12.19% to 773 tons [8] Market Impact - The rise in tungsten concentrate prices has a generally positive impact on the company, although significant fluctuations in raw material prices could affect production costs and operational performance [9] Future Development Plans - The company aims to focus on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloys [10] - Plans include resource exploration, deep mining development, and digital transformation of production facilities [11] - The strategy involves enhancing production processes, developing specialized powder products, and targeting high-value markets such as aerospace and new energy [11]

Summary of the Conference Call for Zhongtung High-Tech Company Overview - Zhongtung High-Tech has established a complete tungsten industry chain through the acquisition of Shizhu Garden, enhancing resource self-sufficiency and promoting product diversification, green, intelligent, and high-end development [2][6][9] Financial Performance - In 2024, the company achieved a total profit of 1.176 billion yuan, a year-on-year increase of 15.6%, with earnings per share of 1.16 yuan and a total cash dividend exceeding 360 million yuan [2][3] - For Q1 2025, the net profit attributable to shareholders was 230 million yuan, significantly up from the previous year, driven by the mining business of Shizhu Garden and Jingzhou [2][5][9] - The overall revenue for 2024 reached 14.743 billion yuan, a 7.8% increase year-on-year [3] Business Segments - The cutting tools segment saw a revenue increase of approximately 4% in 2024, although the gross margins for CNC blades and traditional blades declined [2][3] - The hard alloy segment experienced a slight decrease, while the refractory metals segment's revenue grew nearly 12% [3] - The overall gross margin for cutting tools improved by about four percentage points, mainly due to the high-end Pangu series products [3][4] Production and Capacity - The company plans to produce 8,000 tons of tungsten concentrate in 2025, maintaining the same quota as the previous year [2][14] - The self-sufficiency rate for tungsten concentrate is approximately 20%, which can reach 70% when including other mines [2][24] - The production capacity for micro-drill products has expanded to 680 million units, with a monthly output nearing 70 million units [2][21] Market Dynamics - A reduction in tungsten concentrate quotas may lead to a short-term price drop, but long-term prospects for tungsten prices remain positive due to its strategic scarcity [2][10] - The company is focusing on high-quality mining assets and small enterprises with core technologies in downstream processing [4][12] Strategic Initiatives - The company is actively responding to market management requirements and emphasizes stable cash dividend policies to enhance shareholder returns [2][8] - Strategic restructuring has been deepened, with a focus on integrating the tungsten industry chain and enhancing resource reserves [6][9] Technological Advancements - The micro-drill products from Jinzhu Company align with the demand for AI servers and intelligent computing infrastructure, with a leading market position in technology reserves [7][21] - The company is involved in the robotics sector, focusing on cutting tools and tungsten wire applications, although specific quantitative data is not available [23] Challenges and Risks - The cutting tools segment faces operational pressures, particularly in the micro-drill business, despite good performance in aerospace and automotive direct sales [17] - The average sales price of cutting tools has decreased by about 9% year-on-year, primarily due to structural changes in product pricing [18] Conclusion - Zhongtung High-Tech is positioned for growth through strategic acquisitions, diversified product offerings, and a focus on technological advancements, while navigating challenges in market dynamics and operational pressures in certain segments [2][6][9][10]

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 ...