Investment Rating - The report assigns a "Buy" rating to Ximei Resources Holding Limited with a target price of HKD 12.35 based on a 16x PE for 2026 [3]. Core Insights - Ximei Resources is a leading player in the tantalum and niobium industries in China, focusing on green development and the extension of its industrial chain [1]. - The company has achieved significant growth in its core departments, with a notable increase in revenue and net profit in the first half of 2025 [4]. - The company is actively enhancing its production capacity and optimizing its product structure to meet market demands [35]. Financial Data and Forecast - Revenue projections for 2024 to 2027 are as follows: - 2024: CNY 1,822 million - 2025: CNY 1,955 million (30% YoY growth) - 2026: CNY 2,282 million (17% YoY growth) - 2027: CNY 2,542 million (11% YoY growth) [4] - Net profit forecasts for the same period are: - 2024: CNY 124 million - 2025: CNY 197 million (59% YoY growth) - 2026: CNY 267 million (36% YoY growth) - 2027: CNY 369 million (38% YoY growth) [4]. Company Overview - Ximei Resources is a prominent producer of tantalum and niobium metallurgical products, with a focus on high-purity tantalum and niobium compounds essential for high-tech industries [8]. - The company has a significant market share in the domestic wet-process products, accounting for approximately 40% of the market [8]. - The company aims to become a world-leading manufacturer in the tantalum and niobium sector, with a strong emphasis on technological innovation and sustainable practices [34]. Industry Dynamics - The global distribution of tantalum and niobium resources is uneven, with major reserves located in Australia and Brazil [13][19]. - China's tantalum and niobium resources are limited, with domestic production meeting only a small fraction of its industrial needs, leading to high import dependency [19]. - The demand for tantalum and niobium is expected to grow significantly due to their applications in electronics, aerospace, and other high-tech fields [20][24]. Project Development - The Leizhou project is a key initiative for Ximei Resources, aiming to produce 3,000 tons of high-performance tantalum and niobium oxides annually, utilizing advanced wet-process metallurgy [37]. - The project is designed to enhance the company's production capabilities and support sustainable development in the tantalum and niobium industry [37].

Core Viewpoint - The company is planning to build a new hydrometallurgical production line to address outdated equipment and insufficient capacity, as the existing facility has been in operation for 27 years and is constrained by urban development and early safety and environmental technologies [1] Group 1: Project Overview - The new hydrometallurgical project aims to resolve issues related to wastewater, waste gas, and waste residue treatment, which the current production line cannot meet [1] - The project will enhance the company's production capabilities and allow for expansion without relocating [1] Group 2: Strategic Layout - The company will establish a "three-tier product hierarchy" strategy, focusing on securing supply chain safety with primary raw materials such as potassium fluotantalate, tantalum oxide, and niobium oxide [1] - The core competitive advantage will be built around products like melted tantalum/niobium, semiconductor targets, and superconducting niobium materials [1] - Future growth points will include the development of new tantalum and niobium compounds, superconducting wires, and large-diameter pipes, while maintaining a strong position in traditional markets such as chemical corrosion and capacitors [1]

Core Viewpoint - The company is relocating its wet metallurgy project due to environmental and safety constraints of the existing facility, which has been in operation for 27 years, and aims to enhance production capacity and modernize equipment [1] Group 1: Project Justification - The existing wet metallurgy production line is too close to urban areas and cannot meet modern environmental standards for expansion or upgrades [1] - The new wet metallurgy project will involve the construction of a new production line to address outdated equipment and insufficient capacity [1] Group 2: Strategic Layout - The project aims to establish a "three-tier product hierarchy" strategy, ensuring supply chain security with primary raw materials such as potassium fluotantalate, tantalum oxide, and niobium oxide [1] - The company plans to create competitive advantages by focusing on core products like melted tantalum/niobium, semiconductor targets, and superconducting niobium materials [1] - Future growth points will include the development of new tantalum and niobium compounds, superconducting wires, and large-diameter pipes, while solidifying the market position in traditional tantalum, niobium, and their alloys for chemical corrosion and capacitors [1]

格隆汇12月10日丨国泰集团(603977.SH)在互动平台表示，公司将军工新材料业务纳入集团"一体两 翼"产业格局重点发展，主要依托控股子公司澳科新材专注于军用钨基新型毁伤材料与新型非金属纤维 材料的研发与推广；全资子公司新余国泰的军工新材料产品包括小型固体火箭发动机助推器等；控股子 公司拓新材及全资子公司三石有色的主要产品为氧化钽、氟钽酸钾、氧化铌等钽铌氧化物，经过下游火 法冶金加工后大多进入航天航空、特种合金等领域。 ...

Core Viewpoint - The development of an efficient tantalum oxide recycling system is crucial for reducing production costs in industries reliant on rare metals, particularly in electronics and high-temperature alloys [1][2]. Group 1: Technology and Process - The tantalum oxide recycling system utilizes a tiered processing technique, starting with physical separation of non-metallic impurities followed by selective leaching using specific solvents [1]. - The system is designed to handle various sources of tantalum-containing waste, including discarded capacitors and semiconductor production waste, ensuring an environmentally friendly and economically viable process [1][2]. - Continuous technological innovation is central to the recycling system, with advancements in separation materials and multi-stage countercurrent leaching processes enhancing extraction efficiency [3]. Group 2: Cost Advantages - Establishing a comprehensive tantalum recycling system significantly reduces raw material procurement costs compared to traditional mining methods, with lower energy consumption and avoidance of environmental remediation costs [2]. - The modular design of the system allows for flexible adjustments based on processing volume, preventing idle capacity and enhancing operational efficiency [2]. Group 3: Quality Control - Quality control is integrated throughout the recycling process, starting from raw material classification to ensure optimal treatment methods for different waste sources [4]. - A detailed quality traceability system is established, allowing for thorough documentation of each batch's processing, ensuring product quality for high-end manufacturing applications [4]. Group 4: Environmental Benefits - The recycling system reduces the demand for primary mineral resources, thereby minimizing the ecological impact of mining activities [5]. - The energy consumption of the recycling process is significantly lower than that of primary metal production, contributing to carbon reduction goals [6]. Group 5: System Integration and Smart Control - The highly integrated design of the recycling system allows for precise control of critical parameters such as temperature and pressure through a central control system [6]. - The application of smart sorting technologies enhances the efficiency of raw material pre-treatment, facilitating the automatic separation of different types of tantalum waste [6]. Group 6: Future Prospects - The application scope of tantalum recycling systems is expanding due to technological advancements and increasing environmental regulations, with a growing supply of scrap from tantalum-containing electronic components [7]. - Future developments will focus on enhancing efficiency, environmental sustainability, and automation, further improving the economic viability of the recycling system [7].

Core Insights - Tantalum oxide is a crucial functional material widely used in electronics, ceramics, and optics, with increasing demand due to the rapid growth of the electronics industry [1] - The recovery and purification of tantalum oxide from waste materials is essential for resource recycling, helping to conserve natural resources and reduce environmental impact [1] Group 1: Recovery Process - The recovery process begins with the classification and pre-treatment of tantalum-containing waste materials, which include electronic components, ceramic products, and optical glass [2] - The pre-treatment involves physical processes such as crushing, screening, and magnetic separation to remove impurities and enhance processing efficiency [2] - Following pre-treatment, the materials undergo chemical dissolution and separation in a specialized reactor, where precise control of temperature, concentration, and reaction time is critical [3] Group 2: Purification and Conversion - The dissolved tantalum solution, which contains various metal ions, requires further purification using selective precipitation and ion exchange techniques to remove impurities like iron, aluminum, and silicon [4] - After purification, the solution is concentrated through evaporation to increase tantalum ion concentration for subsequent conversion [4] - The conversion to tantalum oxide involves adding a precipitating agent under controlled conditions, followed by washing, drying, and calcination to achieve high-purity tantalum oxide [5] Group 3: Technical Challenges and Quality Assessment - Key technical challenges in the recovery process include the efficient separation of tantalum from chemically similar niobium and the handling of complex waste compositions [5] - Quality assessment of recovered tantalum oxide is conducted through various analytical methods, including X-ray diffraction, inductively coupled plasma spectroscopy, and scanning electron microscopy [5] Group 4: Future Directions and Broader Recovery Efforts - Future developments in tantalum recovery technology will focus on improving existing processes, particularly through the application of green solvents to reduce energy and chemical consumption [5] - The company also engages in the recovery of other rare metal oxides, such as hafnium oxide, tungsten, and molybdenum, which are valuable in industrial production [5] - In addition to tantalum, the company processes various electronic waste to recover precious metals like gold, silver, and palladium, contributing to resource recycling [6][7]

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]