Group 1 - The company reported a revenue of 338 million yuan for Q1 2025, representing a year-on-year increase of 30.83% [1] - The net profit attributable to shareholders reached 56.5 million yuan, up 13.62% year-on-year, while the net profit excluding non-recurring items was 53.99 million yuan, reflecting an 18.95% increase [1] - The company has a strong market position in the tantalum and niobium industry, being one of the earliest high-tech enterprises engaged in the production, research, and manufacturing of these materials in China [1] Group 2 - The company plans to accelerate market expansion in 2025, focusing on niche markets, responding to demand in emerging fields, and enhancing technological support [2] - The company aims to implement a "going out" strategy to explore overseas resources, thereby improving supply chain resilience and stability [2] - The company is committed to optimizing its industrial layout and advancing project construction while ensuring quality and safety [2]

广晟有色（600259）公告，2025年第一季度营收为15.06亿元，同比下降14.05%；净利润为4727.12万 元，去年同期净亏损3.04亿元。 ...

Group 1 - The core viewpoint of the news is the establishment of a platform for value enhancement among listed companies in Henan, aimed at improving development quality and increasing investor returns [1][2] - A total of 37 major A-share companies and H-share representatives participated in the exchange meeting, sharing experiences and practices for value enhancement [1] - The "Henan Listed Company Value Enhancement Professional Committee" was established to serve as a platform for ongoing communication and to promote value enhancement practices [1][2] Group 2 - Participating companies expressed commitment to implementing the new "National Nine Articles" spirit, focusing on internal system establishment and value management centered on investors [2] - The meeting enriched the practical experience of value enhancement for Henan listed companies through the sharing of case studies and best practices [2] - The Henan Listed Company Association plans to leverage the meeting's outcomes to solidify responsibilities, enhance value management tools, and contribute to the stability and prosperity of the capital market [2]

Group 1 - The company reported a revenue of 338 million yuan in Q1 2025, representing a year-on-year growth of 30.83%, and a net profit attributable to shareholders of 56.5 million yuan, up 13.62% year-on-year [1] - The revenue growth was primarily driven by increased sales and income from high-temperature alloy products, which are used in the aerospace sector, as demand for these products continues to rise with advancements in aerospace technology and domestic substitution [2] - The company is focused on enhancing product quality and technological capabilities to provide superior material solutions for the aerospace industry, contributing to the development of China's aerospace sector [2] Group 2 - Since the beginning of 2025, the company has engaged in 14 investor meetings, with a total of 182 participating institutions, to update them on its operational status [3] - The company anticipates a recovery in the market for ultra-pure niobium materials, high-purity tantalum materials for semiconductors, and high-temperature alloy special steels, driven by demand from large scientific projects, high-performance chips, smart vehicles, and national defense equipment [3] - The company aims to strengthen its position in the tantalum and niobium industry through high-quality development, technological innovation, and comprehensive reforms [3] Group 3 - Analysts from Minsheng Securities believe that the company, despite being a traditional state-owned enterprise, is successfully implementing market-oriented reforms and continuous R&D innovation, leading to improved efficiency [4] - The company is positioned as a leader in the domestic tantalum, niobium, and beryllium industry, with a stable recovery in its main business of tantalum wire and powder, and growing demand in high-end emerging applications [4] - Minsheng Securities projects the company's net profit attributable to shareholders to be 308 million yuan, 413 million yuan, and 530 million yuan for 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [4]

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 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to falling lithium prices, but its cesium and rubidium business provided a buffer against these losses [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.4 billion yuan, a year-on-year decrease of 11%, with a gross margin of 33% [1]. - The net profit attributable to shareholders was 757 million yuan, down 66% year-on-year, with a net profit margin of 14%, falling within the previously forecasted range [1]. - Quarterly revenue for 2024 was 1.13 billion, 1.30 billion, 1.15 billion, and 1.79 billion yuan, with Q4 showing a significant increase of 78% quarter-on-quarter and 56% year-on-year [1]. - The net profit for Q4 was 260 million, 220 million, 70 million, and 210 million yuan, with Q4 showing a quarter-on-quarter increase of 53% and a year-on-year increase of 190% [1]. - For Q1 2025, the company reported revenue of 1.54 billion yuan, a quarter-on-quarter increase of 36% but a year-on-year decrease of 14% [1]. Business Segments - The gross profit for 2024 was 1.76 billion yuan, down 47% year-on-year, with lithium salt contributing 600 million yuan (33%), cesium and rubidium business 1.1 billion yuan (62%), and trading business 120 million yuan (7%) [2]. - Lithium salt production and sales were 44,000 and 43,000 tons, respectively, with a year-on-year sales increase of 145% [2]. - The average selling price of lithium salt was 83,000 yuan per ton (including tax), a 70% decrease year-on-year, which was the main reason for the decline in lithium salt performance [2]. - The company successfully reduced costs from 103,000 yuan per ton to 60,000 yuan per ton through various measures [2]. - The cesium and rubidium business saw a gross profit of 580 million yuan, an 18% increase year-on-year, with formic acid cesium gross profit reaching 510 million yuan, a 122% increase year-on-year [2]. Future Outlook - The company plans to develop multi-metal businesses, including a 30,000-ton lithium sulfate plant in Zimbabwe and a 60,000-ton copper mine by 2026 [3]. - The company aims to complete a 200,000-ton multi-metal recycling project, with expected production capacities of 33 tons of germanium, 11 tons of gallium, and 11,000 tons of zinc by 2025 [3]. - The company maintains a monopoly in cesium production and plans to establish a cesium selection plant in Zimbabwe by 2025 [3]. - The company has revised its profit forecast for 2025-2027, estimating net profits of 900 million, 1.4 billion, and 2.4 billion yuan, corresponding to PE ratios of 24, 15, and 9 times [3].

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].