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厦门钨业(600549):25Q2利润环比增长 需求回暖或增厚业绩
Xin Lang Cai Jing· 2025-08-23 00:25
Core Viewpoint - The company has experienced significant performance growth in Q2 2025, driven by its tungsten-molybdenum and cathode businesses, with multiple projects underway across various segments, indicating a potential for diversified growth as demand recovers [1]. Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 972 million yuan, a year-on-year decrease of 4.37%. In Q2 2025, the net profit was 581 million yuan, down 1.41% year-on-year but up 48.65% quarter-on-quarter, aligning with expectations [2]. - The company adjusted its EPS forecasts for 2025-2027 to 1.22, 1.31, and 1.42 yuan respectively, reflecting potential impacts from international trade tensions and declining photovoltaic demand [2]. - The target price was raised to 36.6 yuan, based on a 30x PE for 2025, up from the previous 24.11 yuan [2]. Segment Performance - In H1 2025, profits from the tungsten-molybdenum, energy new materials, rare earth, and real estate segments were down 10.94%, up 35.47%, up 6.71%, and down 1.35 million yuan respectively, with total profits of 1.268 billion, 339 million, 125 million, and a loss of 41 million yuan [2]. - The decline in tungsten-molybdenum performance was attributed to resource tax payments and decreased revenue and margins from fine tungsten wire [2]. - The energy new materials segment saw significant profit growth due to increased demand for lithium iron phosphate and lithium cobalt oxide products [2]. - The rare earth business benefited from overseas market expansion and optimized customer structure, leading to substantial profit increases [2]. Q2 Segment Highlights - In Q2 2025, profits from the tungsten-molybdenum, energy new materials, rare earth, and real estate segments increased by 40.2%, 73.4%, decreased by 10.6%, and a slight profit of 1 million yuan respectively, totaling 740 million, 215 million, 59 million, and a loss of 20 million yuan [3]. - Despite a decrease in fine tungsten wire sales, the tungsten products' prices rose, and the output of smelting products increased, contributing to profit growth in the tungsten-molybdenum segment [3]. - The energy new materials segment saw high growth in sales of lithium cobalt oxide and ternary materials, leading to significant profit increases [3]. - The rare earth segment experienced a slight decline in performance due to rising raw material prices, despite increased sales of magnetic materials [3]. Future Outlook - The company is actively developing multiple projects from resource extraction to deep processing, indicating a strong potential for diversified growth across its business segments [1][3]. - The Ninghua Hangluokeng tungsten mine is undergoing resource verification and deep exploration, with potential for increased reserves, while the oil mapo tungsten-molybdenum mine is under construction with an expected output of 3,200 tons of tungsten concentrate upon completion [3].
厦门钨业: 中信证券股份有限公司关于厦门钨业股份有限公司新增关联方并调整2025年度日常关联交易预计的核查意见
Zheng Quan Zhi Xing· 2025-08-21 10:19
Group 1 - The company has approved the addition of new related parties and adjustments to the expected daily related transactions for 2025, which will be submitted to the shareholders' meeting for review [1][2][3] - The adjustment is due to the transfer of 80% equity of Fujian Metallurgy (Holding) Co., Ltd. from the Fujian Provincial Government to Fujian Industrial Holding Group Co., Ltd., making the latter an indirect controlling shareholder [2][3] - The expected amount of daily related transactions for 2025 has increased by 42,010,000 RMB, bringing the total to 264,075,000 RMB [2][3][6] Group 2 - The company anticipates an increase in procurement and sales transactions with Fujian Industrial Holding Group and its subsidiaries, with an expected increase of 42,000,000 RMB for procurement and 10,000 RMB for labor services [2][3][4] - The company has established a framework agreement for daily related transactions with several related parties, including Fujian Metallurgy and Zhongtung High-tech, to ensure compliance with pricing policies [23][6] - The financial and credit status of the related parties is generally good, indicating a strong ability to fulfill obligations related to these transactions [23]
厦门钨业董事长黄长庚:中长期看好钨业景气度
Sou Hu Cai Jing· 2025-05-14 04:27
Core Viewpoint - The company is optimistic about the tungsten market's long-term prospects due to its strategic importance and the tight supply-demand balance in the industry [1][4]. Industry Overview - Tungsten is considered a strategic metal globally, with its consumption being less sensitive to price changes, indicating a "hard consumption" nature [1][4]. - The supply of tungsten is currently tight, particularly in the photovoltaic sector, where demand for tungsten wire is increasing [1][4]. - China is the world's leading tungsten producer and consumer, with an estimated tungsten ore production of approximately 67,000 metric tons in 2024, accounting for 82.7% of global output [1][4]. Supply and Demand Dynamics - The mining of tungsten in China operates under a quota system, limiting the potential for rapid increases in production capacity [1][4]. - Recent years have seen significant growth in the application of tungsten in photovoltaic sectors, contributing an additional 5%-8% to global tungsten demand [1][4]. - The sudden increase in demand has led to a short-term supply-demand imbalance, resulting in higher and stabilizing tungsten prices [1][4]. Molybdenum Insights - Molybdenum's primary application is in the stainless steel sector, and its production is often linked to copper mining [5][6]. - Rising copper prices have led mining companies to prioritize high-grade copper extraction, inadvertently increasing the supply of associated molybdenum, which has contributed to a slight decline in molybdenum prices over the past two years [5][6]. - The core value of molybdenum lies in its deep processing, which enhances product value [6].