东方钽业 20250914 摘要 东方产业是国内钽铌行业龙头，受益于电子、半导体、军工及超导等领 域需求增长，通过持续产能扩张，营收和利润实现快速增长，近几年营 收复合增速接近 20%，扣非净利润年复合增长率约 70%。 公司通过实施股权激励、计件激励、研发项目分红等市场化激励政策， 显著提升员工生产积极性，推动业绩快速增长，普通研发人员薪酬甚至 高于董事长。 自 2023 年起，公司通过定增和自有资金进行多轮产能扩张，火法冶金 产能从 330-400 吨扩展至 1,000 吨以上，射频超导腔年产量规划新增 至 500 只，湿法冶金产能也大幅扩张。 公司计划在最新一轮竞争预案中，将火法冶金产能提升至 2000-3,000 吨，制品侧产能扩大至 200 多吨，上游湿法冶金环节提升至 3,000 多吨， 实现一体化产业链布局，满足下游各领域旺盛需求。 全球钽矿供给集中在非洲，产量稀缺，需求端瓶颈突破需要更优质材料， 推动价格上涨。AI 技术发展显著推动了钽电容器市场需求增长，公司销 售情况显示出快速修复和增长趋势。 Q&A 东方产业在过去一年中的业绩表现如何？ 从去年（2024 年）9 月份到今年（2025 年） ...

Core Viewpoint - Oriental Tantalum Industry reported significant growth in revenue and net profit for the first half of 2025, driven by market expansion and product structure adjustments [1][2]. Financial Performance - The company achieved operating revenue of 797 million yuan, a year-on-year increase of 34.45% [1]. - The net profit attributable to shareholders was 145 million yuan, up 29.08% year-on-year [1]. - The non-recurring net profit was 137 million yuan, reflecting a growth of 34.93% [1]. - A cash dividend of 0.5 yuan per 10 shares (including tax) is proposed for distribution to all shareholders [1]. Market and Product Development - The increase in revenue is attributed to market expansion, product structure adjustments, and the gradual release of production capacity from fundraising projects [2]. - Revenue from tantalum and niobium products grew by 35.50%, accounting for 98.35% of total revenue [2]. - The company is focusing on high-end products to meet new demands in high-tech and defense industries, with ongoing capacity expansion [2][3]. R&D and Innovation - The company is recognized as the largest producer of tantalum and niobium products in China and emphasizes technological innovation as a key performance driver [4]. - R&D investment for the first half of 2025 was approximately 24.51 million yuan, showing a slight decrease due to increased product output offsetting R&D costs [4]. - Significant breakthroughs in technology and products were achieved, including the launch of ultra-pure tantalum targets with a purity of 5N9 [4]. International Expansion - The company is implementing a "going out" strategy to enhance supply chain resilience and expand overseas resources [5]. - Foreign sales revenue reached 281 million yuan, a year-on-year increase of 35.93%, with improved gross profit margins [5]. Shareholder Engagement and Value Management - The company is committed to enhancing shareholder value through regular dividends and effective investor relations management [6][7]. - A mid-year dividend of approximately 25.25 million yuan is planned, continuing the trend of biannual dividends [7]. - The company has received recognition for its investor relations management and corporate governance practices [8].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue of RMB 954 million, a year-on-year increase of 5.7%, and a profit of RMB 108 million, reflecting a significant growth of 71.4% [1] Group 1: Financial Performance - The company achieved a basic earnings per share of RMB 0.26 in the first half of 2025 [1] - The revenue growth is attributed to the successful implementation of the company's strategic positioning over the past two years, focusing on specialization, integration, scaling, high-end development, internationalization, and capitalization [1] Group 2: Strategic Development - The company aims to become a high-performance, resilient, and competitive growth enterprise [1] - In the tantalum and niobium industry, the company capitalized on opportunities, resulting in significant performance improvements across all core departments [1] Group 3: Revenue Structure - The revenue structure has evolved significantly, with the proportion of tantalum and niobium pyrometallurgical products increasing from negligible to nearly half of total revenue, indicating a leap in development [1] - Changes in product variety are key to the steady revenue growth [1] Group 4: Future Outlook - The company has a broader operational vision, stronger raw material assurance, a richer product range in tantalum and niobium, and a more diverse customer base [1] - The company is optimistic about strong growth prospects in the medium to long term, emphasizing long-termism, enhancing research capabilities, and focusing on innovation-driven development [1] - The company is steadily and orderly developing new products and markets, confident in achieving greater market feedback and establishing a higher market position in the future [1]

Group 1: Company Overview - Ningxia Dongfang Tantalum Industry Co., Ltd. is the largest producer of tantalum and niobium products in China and has advanced international production technology [5] - The company has established itself as a national key high-tech enterprise and a pioneer in technology-driven trade export innovation [5] - Over 60 years of development has led to a solid foundation in technology research and production capabilities [5][6] Group 2: Investment Projects - The company plans to expand production capacity through three main projects: - A digital factory for tantalum and niobium with capacities of 1,100 t/year for potassium fluotantalate, 1,700 t/year for niobium pentoxide, 150 t/year for high-purity niobium pentoxide, 50 t/year for high-purity tantalum pentoxide, and 209.5 t/year for tantalum-niobium compounds, along with 90 t/year of tin concentrate [3] - A smelting production line that will add capacities of 860 t/year for niobium, 80 t/year for tantalum, 74 t/year for niobium and niobium alloy bars, and 240 t/year for tantalum and tantalum alloy bars [3] - A high-end product line that will increase tantalum and niobium plate and strip product capacity by 145 t/year [3] Group 3: Market Considerations - The company is responding to significant changes in the tantalum and niobium industry, necessitating an optimization of product structure and increased investment in new demand areas [4] - Rapid developments in high-tech fields such as 5G, smart technology, and national defense are driving new demand for tantalum and niobium products [4] - The current production capabilities are insufficient to meet the growing downstream demand, prompting the need for new construction and renovation projects [4] Group 4: Recent Developments - The actual controller of the company, China Nonferrous Metal Mining Group Co., Ltd., completed the acquisition of a controlling stake in Brazil's Taboca Company on March 31, 2025 [7] - A procurement contract for iron niobium tantalum alloy raw materials has been signed with Taboca [7]