公司第二季度归属净利润 5.8 亿元，扣非后归属净利润 9.23 亿元，同 比增长 7.53%。剔除去年同期地产资产处置收益等一次性因素后，公司 整体利润总额同比增长 3.61%，归属净利同比增长 7.75%。 截至 2025 年 6 月 30 日，公司总资产 471 亿元，较上年末增长 3.64%；归母净资产 163 亿元，增长 2.32%。加权平均净资产收益率 15.96%，同比减少 2.79 个百分点，主要受再融资影响。经营活动现金 流净额约 8 亿元，同比减少，因经营规模扩大，存货占用资金增加。 钨钼板块贡献公司 46%的营收和 75%的利润总额，能源新材料贡献接 近 40%的营收和 20%的利润总额，稀土贡献 14%的营收和约 7%的利 润总额。上半年国内 65%黑钨精矿均价约 15 万元/吨，APT 均价创历史 新高，达到 22.29 万元/吨。 公司钨行业市场格局稳固，APT 等产品位居国内前列，硬质合金数控刀 片份额提升。光伏用钨丝渗透率超 80%，全球领先。上半年钨钼板块实 现营收 88.63 亿元，利润总额 12.68 亿元，剔除一次性影响后，利润总 额同比下降 6%。 Q&A 厦门钨业 ...

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten Co., Ltd. [1] Core Views - Xiamen Tungsten is focusing on the development of three core businesses: tungsten-molybdenum, rare earths, and energy new materials, creating a synergistic industrial ecosystem with significant technical, resource, and industrial chain collaboration effects [5][20] - The company has a complete tungsten industry chain and has achieved a closed-loop operation in its rare earth business, continuously consolidating its leading position in the new energy battery materials sector [5][20] - The company is expected to benefit from long-term growth in three major industries due to its full industrial chain layout, technological barriers, and production capacity advantages, with projected EPS for 2025-2027 being 1.33, 1.59, and 1.79 yuan, corresponding to PE ratios of 18.62, 15.65, and 13.84 times respectively [5][21] Summary by Sections Company Overview - Xiamen Tungsten was established in 1958 and has evolved into a leading player in tungsten products, rare earths, and energy materials, with a focus on high-end manufacturing and technology [13][20] Tungsten Business - The tungsten industry is experiencing supply contraction and accelerating demand, with Xiamen Tungsten controlling nearly 30% of China's tungsten metal reserves [5][40] - The company’s tungsten business achieved revenue of 17.41 billion yuan in 2024, a year-on-year increase of 5.78%, driven by rising tungsten concentrate prices and increased sales of fine tungsten wire [56][21] Rare Earth Business - Xiamen Tungsten has established a collaborative system covering the entire rare earth industry chain, with a focus on high-value-added areas [5][72] - The company aims to maintain a long-term mining capacity of over 200,000 tons of REO in Fujian province through strategic partnerships [5][72] Energy New Materials Business - The energy new materials segment includes lithium-ion battery materials, with the company being a global leader in cobalt lithium, holding the largest market share [5][20] - In 2024, the company’s lithium-ion cathode material sales reached 98,600 tons, maintaining a leading position in the domestic industry [5][20] Financial Performance - In 2024, Xiamen Tungsten reported total revenue of 35.196 billion yuan, a decrease of 10.66% year-on-year, while net profit attributable to shareholders increased by 7.88% to 1.728 billion yuan [21][28] - The company’s gross profit margin improved to 18.03% in 2024, reflecting effective cost control and business structure optimization [28][29]

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten Co., Ltd. [1] Core Views - Xiamen Tungsten is focusing on the development of three core businesses: tungsten-molybdenum, rare earths, and energy new materials, creating a synergistic industrial ecosystem with significant technical, resource, and industrial chain collaboration effects [5][20] - The company has a complete tungsten industry chain and has achieved a closed-loop operation in its rare earth business, continuously consolidating its leading position in the new energy battery materials sector [5][20] - The company is expected to benefit significantly from long-term growth in these three industries due to its full industrial chain layout, technological barriers, and production capacity advantages [5] Summary by Sections Company Overview - Xiamen Tungsten was established in 1958 and transitioned to tungsten products in 1982, becoming a publicly listed company in 2002 [13] - The company has expanded into the energy materials sector since 2003 and the rare earth sector since 2006, establishing itself as a leading player in these fields [13] Tungsten Business - The tungsten business achieved revenue of 174.14 billion yuan in 2024, a year-on-year increase of 5.78%, driven by rising tungsten concentrate prices and increased sales of fine tungsten wire [56] - The company controls nearly 200,000 tons of tungsten metal reserves, accounting for about 30% of the national total, and has a leading position in the hard alloy sector [56][59] - The fine tungsten wire sales reached 135.4 billion meters in 2024, a year-on-year increase of 56%, with photovoltaic tungsten wire sales of 107 billion meters, up 41% [59] Rare Earth Business - Xiamen Tungsten has established a collaborative system covering the entire rare earth industry chain, from mining to high-value-added applications [5][20] - The company aims to maintain a long-term mining capacity of over 200,000 tons of REO (rare earth oxides) in Fujian Province through strategic partnerships [5] - The rare earth business generated revenue of 44.35 billion yuan in 2024, a year-on-year decrease of 19.21%, but profits increased by 67.44% due to a 16% rise in magnetic material sales [21] Energy New Materials Business - The energy new materials business focuses on lithium-ion battery materials, including lithium cobalt oxide and ternary materials, with a sales volume of 98,600 tons in 2024, maintaining a leading position in the domestic market [5][20] - The company is a global leader in lithium cobalt oxide, holding the largest market share worldwide [5] - The energy materials business generated revenue of 132.97 billion yuan in 2024, a year-on-year decrease of 23.19%, but the sales volume of lithium cobalt oxide and ternary materials increased by approximately 33% [21]

Core Insights - Fujian Industrial Holding Group has officially launched, integrating metallurgy, light textile, and electromechanical sectors, with total assets exceeding 150 billion yuan and over 50,000 employees, marking a significant shift in the competitive landscape of state-owned enterprises in Fujian [1][4] - The establishment of the group aims at dual objectives of upgrading traditional industries and fostering strategic emerging industries, achieving full industry chain control in key areas such as steel, tungsten, new energy, and paper [4] Group Structure and Leadership - The group was formed under the strategic deployment of the Fujian provincial government, focusing on a comprehensive approach rather than mere asset aggregation [4] - The leadership team, led by Yang Fang, features a mix of experienced professionals from various sectors, reflecting the dual mission of traditional industry breakthroughs and new industry advancements [4] Key Listed Companies - **Xiamen Tungsten**: Positioned as the core platform for the tungsten industry, holding 20% of global tungsten resources, the company is focusing on technology-driven solutions, including innovative tungsten wire production and breakthroughs in semiconductor materials [6][7] - **Xiamen Tungsten New Energy**: This company is innovating in the solid-state battery sector, significantly reducing costs and enhancing energy density through new material technologies [9] - **Furong Technology**: Known for its "super-elastic aluminum" used in foldable smartphones, the company has secured a significant market share with advanced processing techniques [11] - **Minguang Steel**: Undergoing a transformation with investments in smart steelmaking and product upgrades, the company aims to enhance efficiency and reduce environmental impact [13] - **Qingshan Paper**: Pioneering bamboo pulp technology, the company is focused on sustainability and aims to significantly increase its green product sales [15] Future Directions - Fujian Industrial Holding Group is planning to invest 5 billion yuan in key technologies over the next three years, aiming to establish a national-level intelligent manufacturing demonstration factory and enhance its capital operations [17] - The group is working towards creating an integrated industrial ecosystem that spans metals, non-metals, and new energy, potentially serving as a model for state-owned enterprise reform in eastern coastal provinces [17]

Group 1: Company Overview and Operations - The company holds tungsten mining rights in the Iron Cangzhai area, covering an area of 5.96 square kilometers, with mining for tungsten, tin, and copper [2] - As of the end of 2018, the proven reserves include 433,600 tons of ore with 5,103 tons of WO3 metal, and additional resources of copper, tin, molybdenum, and silver [5] Group 2: Production Capacity and Projects - The photovoltaic tungsten wire project at the Chaozhou Fengquan Lake plant has a production capacity of 500 million meters per month, with a goal of reaching an annual output of 30 billion meters of ultra-fine tungsten wire [3] - The company is focusing on hard alloy and tungsten wire projects to drive high-quality development and improve profitability [4] Group 3: Market Trends and Future Outlook - The tungsten market is expected to experience a tightening supply-demand situation, with continued growth in consumption anticipated through 2025 due to advancements in low-altitude economy and additive manufacturing technologies [5] - The global demand for tungsten is projected to rise as the world economy recovers, with prices expected to increase due to the strategic importance of tungsten resources [4] Group 4: Financial Performance and Growth Drivers - The company anticipates growth in hard alloy production and sales starting from Q4 2024, driven by national infrastructure projects [3] - The ultra-fine tungsten alloy wire project is expected to create new profit points for the company in the renewable energy sector [3]

Group 1 - The company has stated that recent changes in the international trade environment have had a limited impact on its business, with tariffs being manageable [2] - The company is enhancing its operational resilience by accelerating overseas industrial chain layout, with established production bases in Thailand, South Korea, and France [2] - Significant progress has been made in the company's three major sectors: tungsten-molybdenum, rare earth, and energy new materials, with multiple projects either completed or underway [2] Group 2 - In the tungsten-molybdenum sector, six projects, including the production line for Jiujiang Jinlu blades and the tungsten oxide production base in South Korea, have been put into operation [2] - The rare earth sector has completed the acquisition of a rare earth mine in Laos and is steadily implementing various magnetic materials and recycling projects [2] - The energy new materials sector is expanding production in locations such as Fujian, Sichuan, and France, with ongoing capacity expansion for ternary precursors and lithium iron phosphate [2] Group 3 - The company is committed to protecting investor rights through standardized governance mechanisms, with plans for five shareholder meetings in 2024, over half of which will have participation from minority shareholders [2] - The company has distributed a total of 1.786 billion yuan in dividends over the past five years, with a planned dividend payout ratio of 38.59% for 2024 and a mid-term dividend implementation planned for 2025 [2] - Independent directors have consistently fulfilled their supervisory responsibilities, with information disclosure receiving an A rating from the Shanghai Stock Exchange for six consecutive years [2] Group 4 - In business expansion, the company has achieved mass production of tungsten wire with a diameter of 28μ and is constructing a production line with an annual output of 100 billion meters [3] - The rare earth permanent magnet materials are being rapidly deployed in new scenarios such as humanoid robots, with a 5000-ton magnetic material project in Baotou expected to be operational in the second half of 2025 [3] - The company is simultaneously advancing the divestment of its real estate business, having transferred part of its equity in Xiamen Tengwang Pavilion, with future capital expenditures focused on integrating the tungsten and rare earth supply chains and technology research and development [3]

Core Viewpoint - The demand for small metals in China is increasing due to energy transition and emerging industries, highlighting their critical resource status in manufacturing and supply chain enhancement [2] Group 1: Industry Demand and Performance - The consumption of tungsten in China is projected to reach 70,800 tons in 2024, a year-on-year increase of 3.52%, with raw tungsten consumption at 59,800 tons, up 4.19% [3] - Xiamen Tungsten's revenue from tungsten and molybdenum businesses is expected to reach 17.414 billion yuan in 2024, a growth of 5.78%, with a profit of 2.525 billion yuan, increasing by 7.55% [3] - The chairman of Xiamen Tungsten indicated that the tungsten industry is closely linked to global industrial structure, with downstream consumption being insensitive to price changes [3] Group 2: Company Innovations and Strategies - Xiamen Tungsten has expanded its applications in the photovoltaic sector, contributing an additional 5% to 8% to global tungsten demand through tungsten wire used for cutting silicon wafers [3] - The company reported a significant increase in fine tungsten wire sales, reaching 1,354 billion meters, with photovoltaic tungsten wire sales at 1,070 billion meters, a year-on-year increase of 56% [4] - Xiamen Tungsten aims to transition from selling products to providing comprehensive solutions, with plans to increase its tungsten resource assurance rate from 20% to 70% [4] Group 3: Global Expansion and Future Outlook - Xiamen Tungsten has initiated overseas operations, including a production base in Thailand, with an investment of approximately 190 million yuan for an annual production capacity of 800 tons of hard alloys [5] - The company is also developing a battery cathode materials base in France, focusing on solid-state battery materials to enhance performance and reduce costs [5] - Analysts predict that the demand for small metals will continue to grow due to the global manufacturing industry's shift towards high-end and intelligent production, driven by energy transition and clean energy strategies [6]

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].