（编辑 任世碧） 证券日报网12月11日讯 东方钽业在12月10日至11日回答调研者提问时表示，公司钽铌湿法冶金分厂自 1998年投产已运行27年。随着城市发展，现有湿法冶金生产线距离市区较近，且受限于早期安全环保技 术和设施，现有生产线在废水、废气、废渣处理上无法满足在原址扩建或在原址扩能新建的需求。本次 湿法冶金项目建设内容为新建一条湿法生产线，解决设备陈旧和产能不足问题。预计项目建成后，公司 将构建"三级产品梯队"战略布局：以氟钽酸钾、氧化钽、氧化铌等初级原料保障供应链安全；以熔炼 钽/铌、半导体靶材、超导铌材等产品为核心打造竞争优势；培育钽铌化合物新品、超导线材、大规格 管材等产品为未来增长点，并巩固化工防腐、电容器等传统钽铌及其合金制品市场地位。通过这一体系 化布局，实现从原料保障到传统产品保障，再到高端产品突破的全链条升级。 ...

答:公司钽铌湿法冶金分厂自1998年投产已运行27年。随着城市发展，现有湿法冶金生产线距离市区较 近，且受限于早期安全环保技术和设施，现有生产线在废水、废气、废渣处理上无法满足在原址扩建或 在原址扩能新建的需求。本次湿法冶金项目建设内容为新建一条湿法生产线，解决设备陈旧和产能不足 问题。预计项目建成后，公司将构建"三级产品梯队"战略布局：以氟钽酸钾、氧化钽、氧化铌等初级原 料保障供应链安全；以熔炼钽/铌、半导体靶材、超导铌材等产品为核心打造竞争优势；培育钽铌化合 物新品、超导线材、大规格管材等产品为未来增长点，并巩固化工防腐、电容器等传统钽铌及其合金制 品市场地位。通过这一体系化布局，实现从原料保障到传统产品保障，再到高端产品突破的全链条升 级。 格隆汇12月11日丨东方钽业(000962.SZ)在投资者关系中表示，有被问到:公司本次募投技改项目中湿法 项目为何选择异地新建？ ...

Core Viewpoint - Ningbo Jiangfeng Electronic Materials Co., Ltd. plans to raise up to 1.948 billion yuan through a private placement of shares, focusing on the industrialization of electrostatic suction cups for integrated circuit equipment, the construction of a high-purity metal sputtering target production base in South Korea, the establishment of a research and development center in Shanghai, and supplementing working capital [1][2]. Fundraising Focus - The fundraising will be allocated to four main projects: 998 million yuan for the production of 5,100 electrostatic suction cups, 270 million yuan for the production of 12,300 high-purity metal sputtering targets, 100 million yuan for the Shanghai R&D center, and 580 million yuan for working capital and debt repayment [2][4]. - Jiangfeng Electronic is a leading domestic company in semiconductor target material replacement, with titanium and tantalum target utilization rates exceeding 100% and aluminum target utilization at around 90% [2][4]. Electrostatic Suction Cup Project - The electrostatic suction cup project is expected to achieve an average gross margin of 65.71% upon reaching full production, with projected annual sales revenue of 1.191 billion yuan [3]. - The project adopts a "import + self-research" model and has already generated 1.8026 million yuan in agency sales revenue, collaborating with several domestic semiconductor equipment companies for product validation [3]. South Korea Target Material Base - The company plans to invest 350 million yuan in a production base in South Korea, targeting major clients like SK Hynix and Samsung, with expected annual sales revenue of 576 million yuan and an average gross margin of 20.75% [4]. - The South Korean base will focus on back-end processing, while core processes will remain in China, aiming to mitigate international trade risks [4]. - The company currently has orders worth 973 million yuan for target materials, accounting for 41.69% of the projected 2024 target material revenue, with an annual compound growth rate of over 18% from 2022 to 2024 [4].

Core Viewpoint - Dongfang Tantalum Industry has responded to the Shenzhen Stock Exchange's inquiries regarding fluctuations in operating cash flow, rising gross margins, customer and supplier dependencies, and declining export revenues, indicating a steady growth in revenue and net profit from 2022 to 2024, despite a negative cash flow in 2024 [1] Group 1: Cash Flow and Financial Performance - The company's operating cash flow net amounts were 60.75 million, 91.51 million, -61.10 million, and -239.12 million (for January to September 2025), showing a trend of initial growth followed by decline [2] - The negative cash flow in 2024 was primarily due to a 40.29% increase in raw material procurement cash expenditures, amounting to 270.15 million, and a 29% rise in employee compensation to 184.32 million [2] - The company has implemented measures to enhance accounts receivable management and optimize customer structure, with cash collection ratios of 81.64% in 2023 and a decline to 69.55% in 2025 [2] Group 2: Gross Margin and Product Structure - The gross margin for the main business increased from 16.41% to 18.51% from 2022 to 2024, attributed to product structure optimization and cost control [3] - The average procurement price of tantalum ore decreased by 10.88% in 2024, benefiting the company's profit margins due to a lag in price transmission [3] - The company's gross margin is in line with industry averages, slightly below the average by 0.17 percentage points in 2024 [3] Group 3: Export Revenue and Market Expansion - The proportion of foreign sales revenue decreased from 60.21% in 2022 to 35.29% in January to September 2025, influenced by U.S. trade policy changes and successful domestic market expansion [4] - Sales to the U.S. dropped from 26.12% in 2022 to 15.57% in January to September 2025 due to a 25% tariff imposed on tantalum and niobium products [4] - Domestic sales revenue increased from 39.79% to 65.93%, driven by significant demand for high-end products like high-temperature alloys and semiconductor targets [4] Group 4: Customer Concentration and Accounts Receivable - The sales revenue from the top five customers accounted for 48.66%, 35.38%, and 38.12% from 2022 to 2024, indicating a customer concentration level above the industry average [5] - As of September 2025, accounts receivable amounted to 457.93 million, representing 57.47% of revenue, with a high collection rate of over 88% from 2022 to 2024 [5] Group 5: Inventory Management - The company's inventory value increased from 421.76 million to 589.82 million from 2022 to 2025, with a significant portion being raw materials and work-in-progress [7] - The inventory write-down provision was higher than the industry average, reflecting the company's longer production lines and substantial work-in-progress amounts [7] Group 6: Investment and Capacity Expansion - The company plans to raise 1.2 billion for projects related to hydrometallurgy, pyrometallurgy, and high-end products, expecting an annual revenue increase of 3.53 billion post-project completion [9] - The company has established a diversified customer base and has orders totaling 319 million as of September 2025, ensuring capacity absorption [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][12][17] Core Views - The company has achieved record high revenue and profit in Q1 2025, driven by growth in target materials and components [4][6] - The company is the second largest in the global semiconductor target materials market and has successfully replaced raw materials domestically, with a continuously increasing market share [7][8] - The semiconductor components segment is rapidly growing, with a wide range of products covering all categories, indicating significant development potential [9][10] - The company plans to raise funds through a private placement to enhance production capacity for key components, which will improve its competitiveness and service capabilities [11][12] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 3.29 billion yuan, a year-on-year increase of 25.4%, and a net profit attributable to shareholders of 400 million yuan, up 39.7% year-on-year [6] - In Q3 2025, revenue reached 1.2 billion yuan, reflecting a year-on-year growth of 19.9% and a quarter-on-quarter increase of 9.3% [6] - The gross profit margin for Q3 2025 was 27.6%, with a net profit margin of 12.4% [6] Growth Projections - Revenue projections for the company are as follows: 3.605 billion yuan in 2024, 4.648 billion yuan in 2025, 5.957 billion yuan in 2026, and 7.574 billion yuan in 2027, with respective growth rates of 39%, 29%, 28%, and 27% [4][12] - Net profit attributable to shareholders is expected to reach 547 million yuan in 2025, 752 million yuan in 2026, and 912 million yuan in 2027, with growth rates of 37%, 37%, and 21% respectively [4][12] Market Position and Strategy - The company has established a comprehensive supply chain by localizing raw material procurement and enhancing its production capabilities, which positions it well to meet the growing demand for high-end chips [8][10] - The semiconductor equipment precision components market in China is projected to reach 138.4 billion yuan in 2025, providing substantial growth opportunities for the company [10]

Core Viewpoint - Dongfang Tantalum Industry has focused on its tantalum and niobium core business over the past five years, establishing a complete industrial chain and achieving breakthroughs in high-end fields through continuous technological innovation, thereby optimizing its product structure towards higher added value [1][2]. Group 1: Industrial Chain and Supply Security - Dongfang Tantalum Industry is engaged in the research, production, sales, and import-export of rare metals such as tantalum and niobium, with applications across various sectors including electronics, aerospace, and energy [2]. - The company has built a secure supply chain from mining to raw material procurement and deep processing, ensuring product quality stability and enhancing its competitive advantage [4]. - In 2023, Dongfang Tantalum successfully raised 675 million yuan through stock issuance to specific investors, focusing on its tantalum and niobium core business [4]. Group 2: Technological Innovation - The company has increased its R&D investment to tackle critical "bottleneck" issues, achieving breakthroughs in high-purity tantalum powder and large-size tantalum targets, which are essential for national defense and aerospace applications [5][8]. - Dongfang Tantalum has developed ultra-high purity tantalum powder with a purity level exceeding 99.998%, supporting the production of 12-inch tantalum targets for the semiconductor industry [8]. Group 3: Market Demand and Strategic Positioning - The company is strategically positioning itself to meet the growing demand in emerging markets such as AI computing and high-temperature alloys, optimizing its product structure accordingly [9]. - Dongfang Tantalum plans to raise 1.2 billion yuan to invest in three major projects aimed at enhancing production capacity and meeting the increasing demand for high-end materials in sectors like semiconductors and aerospace [11].

Group 1 - The company has been actively communicating with investors since the release of its semi-annual report on August 25, with a total of 103 institutional meetings held by September 16, indicating strong investor interest in its performance and future plans [1] - The company plans to raise 1.2 billion yuan through a private placement, with significant support from its actual controller, China Nonferrous Metal Group, and its controlling shareholder, China Nonferrous East Group, which together account for about half of the total funds raised [2] - The company has signed a procurement contract with Taboca for approximately 3,000 tons of iron niobium tantalum alloy raw materials, with an estimated procurement amount of 540 million yuan, enhancing its supply chain autonomy [2] Group 2 - In the first half of 2025, the company achieved operating revenue of 797 million yuan, a year-on-year increase of 34.45%, and a net profit attributable to shareholders of 145 million yuan, up 29.08% year-on-year, driven by strong demand in downstream markets [3] - The high-temperature alloy market has seen rapid growth due to increased demand from gas turbines, aerospace engines, and automotive turbochargers, contributing to the company's performance [3] - The semiconductor sector has experienced explosive growth in demand for tantalum target materials and high-purity tantalum ingots, driven by advancements in AI and computing chips, with the company achieving breakthroughs in production technology [3] Group 3 - The tantalum capacitor market is showing signs of recovery due to the resurgence of the consumer electronics market, while the superconducting materials market is also expanding due to advancements in high-tech fields [4] - The company is constructing a new wet metallurgy production line to address outdated equipment and insufficient capacity, which is expected to enhance its production capabilities [4] - The company aims to establish a "three-tier product hierarchy" strategy to ensure supply chain security and competitive advantages, focusing on raw material supply, core products, and future growth points [4]

Summary of Dongfang Tantalum Industry Conference Call Company Overview - **Company**: Dongfang Tantalum Industry - **Period**: First half of 2025 Key Financial Performance - **Revenue**: 797 million CNY, up 35% year-on-year [2][3] - **Net Profit**: 145 million CNY, up 29% year-on-year; main business net profit increased by 50% [2][3] - **Q2 Performance**: Revenue reached 460 million CNY, up 36% quarter-on-quarter; net profit was 88.24 million CNY, up 57% quarter-on-quarter [2][3] - **Gross Margin**: Increased to 20% in Q2 from 15% in Q1 [3] Major Projects and Investments - **Total Investment**: Approximately 2 billion CNY for project construction, including digital wet metallurgy, pyrometallurgy, and high-end products [2][5] - **Capacity Expansion**: - Digital wet metallurgy project expected to add 3,000 tons of capacity [6] - Pyrometallurgy project expected to add 960 tons of capacity [6] - High-end products project expected to add 145 tons of capacity [6] Market Dynamics - **Key Growth Areas**: - Significant revenue contributions from photonic alloys and semiconductor/superconductor sectors, contributing approximately 40 million CNY and 30 million CNY respectively [2][9] - High-temperature alloy business doubled year-on-year, reaching 200 tons due to increased capacity [10][11] - **Tantalum Capacitor Market**: Expected consumption of tantalum powder to reach 58-60 tons in 2025, a 30% increase year-on-year [15] Product Development and R&D - **New Product Directions**: Focus on new product development in tantalum powder, tantalum wire, tantalum capacitors, target materials, superconductors, and refining niobium [5] - **Superconducting Cavity Expansion**: Plans to expand production to 500 units by 2026, primarily for national scientific projects and cancer treatment applications [17] Customer and Supply Chain Insights - **Customer Base**: Major clients include Jimei and Weishi, each sourcing about 30% of their products from Dongfang Tantalum [16] - **Resource Supply**: The company is addressing upstream resource supply issues through ownership of the Papakou mine in Brazil, which will support the smelting mud market and high-temperature alloy development [23] Future Outlook - **Market Demand**: Anticipated strong demand for high-temperature alloys and semiconductor manufacturing, particularly for advanced process chips requiring tantalum as a barrier layer [21] - **Gross Margin Challenges**: Current gross margin of approximately 20% is influenced by tantalum ore prices, but processing fees remain substantial [22] Additional Notes - **Funding Plans**: A second round of financing is underway, with plans to announce the fundraising project in the first half of 2026 [24]

Group 1 - The core viewpoint of the article is that Jiangfeng Electronics is optimizing its business structure by focusing on semiconductor target materials and core components, aiming to enhance its core value in the semiconductor business [2] - The company plans to collaborate with Japan's Applied Materials to integrate both parties' flat panel display target material businesses [2] - This strategic move is intended to concentrate company resources, increase investment in research and development, and accelerate breakthroughs in critical technologies [2]

Core Viewpoint - Jiangfeng Electronics (300666.SZ) aims to optimize its business structure by focusing on semiconductor target materials and core components, enhancing its core value in the semiconductor sector through increased R&D and equipment investment [1] Group 1: Business Strategy - The company plans to collaborate with Japan's Aifuke Co., Ltd. to integrate both parties' flat panel display target material businesses [1] - This collaboration is expected to leverage synergies, achieve resource sharing, and complement each other's strengths, leading to a win-win cooperation [1] Group 2: Market Positioning - The integration aims to enhance the technological strength and market competitiveness of flat panel display target materials in high-end fields [1] - The goal is to achieve high-quality development in this business segment [1]