25H1 正极/磁材利润高增，钨钼板块拖累业绩。2025H1，钨钼/能源新材料/稀土/地产板块利润总额分别 同比-10.94%/+35.47%/+6.71%/-1.35 亿至12.68/3.39/1.25/-0.41 亿元。2025H1 钨钼业绩下降主要因矿山补 缴资源税，以及细钨丝营收和毛利率下降。能源新材料中磷酸铁锂、钴酸锂产品凭借性能优势，受益于 需求增长，利润提升明显。稀土业务方面，公司积极拓展海外市场，优化产品客户结构，实现利润高 增。地产业务减利主要因2025H1 无相关资产处置收益。 钨钼/正极板块发力，25Q2 公司利润环比高增。2025Q2，钨钼/能源新材料/稀土/地产板块利润总额环比 +40.2%/+73.4%/-10.6%/+100 万元至7.4/2.15/0.59/-0.2 亿元。2025Q2，钨钼板块中，尽管细钨丝销售量下 降，但钨精矿等钨产品价格上涨，冶炼产品出货量提升，推动业绩增长；能源新材料中钴酸锂及三元销 量高增，板块利润高增；稀土板块中磁材销量提升，但原料价格上涨，业绩环比略有下降。 从资源到深加工，公司业务有望多点开花。钨钼业务方面，宁化行洛坑钨矿在进行资源储量核实及深部 ...

Core Viewpoint - The company experienced a decline in revenue in 2024, but its gross margin improved due to lower raw material costs, while the tungsten-molybdenum segment showed resilience with increasing profit contribution [2][4]. Group 1: Sales Performance - In 2024, the company sold 7,352 tons of hard alloys, an increase of 8.35% year-on-year. Cutting tools sales reached approximately 51.3 million units, up 2.22% [1]. - The sales of fine tungsten wire reached 135.4 billion meters, a significant increase of 55.97%, driven by market demand growth and optimized marketing strategies [1]. - Lithium cobalt oxide sales were 46,200 tons, up 33.52%, attributed to the recovery in the 3C industry and the launch of new 4.5V high-voltage lithium cobalt oxide products [1]. - Sales of ternary materials reached 51,400 tons, an increase of 37.45%, due to accelerated demand in the new energy sector [1]. - In Q1 2025, fine tungsten wire sales dropped to 32.5 billion meters, a year-on-year decrease of 5%, with revenue declining by 28% due to reduced demand in downstream photovoltaic applications [1]. Group 2: Financial Performance - The company achieved operating revenue of 35.196 billion yuan in 2024, a decrease of 10.66%. Tungsten-molybdenum revenue was 17.414 billion yuan, up 5.78%, while energy new materials revenue fell by 23.19% to 13.297 billion yuan [2]. - The overall gross margin for 2024 was 18.03%, an increase of 1.51 percentage points, primarily due to lower costs of energy new materials and rare earth raw materials [2]. - In Q1 2025, the company reported operating revenue of 8.376 billion yuan, a year-on-year increase of 1.29%, with rare earth revenue rising by 46.36% due to increased sales of deep-processing magnetic materials [2]. - The gross margin for Q1 2025 was 16.47%, a decrease of 0.22 percentage points compared to the previous year [2]. Group 3: Cost and Profitability - The company's expense ratio increased to 9.04% in 2024, with selling expenses rising to 1.17% and management expenses to 2.86% due to higher employee compensation and depreciation [3]. - The net profit attributable to shareholders for 2024 was 1.728 billion yuan, an increase of 7.88%. However, in Q1 2025, net profit decreased by 8.46% to 391 million yuan [3]. - The cash flow remained stable, with a cash collection ratio of 0.8545, down 1.45 percentage points, and a cash payment ratio of 0.7924, down 0.73 percentage points [3]. - The company's asset-liability ratio decreased to 46.44%, down 5 percentage points, due to a significant increase in cash and cash equivalents [3]. Group 4: Investment Outlook - The company has a significant advantage in the tungsten-molybdenum sector, with a continuous increase in profit contribution, indicating a long-term positive trend [4]. - Projected net profits for 2025-2027 are 1.984 billion, 2.301 billion, and 2.531 billion yuan, respectively, maintaining a "strongly recommended" rating [5].