证券日报网12月22日讯东方钽业（000962）在12月22日回答调研者提问时表示，公司产品可分为消费电 子类：钽粉、钽丝；高温合金类：高温合金添加剂用熔炼铌、熔炼钽、钽条和铌条；半导体类：高纯钽 靶材；超导材料类：高纯超导铌材、铌超导腔等。其中钽粉、钽丝可用于制作钽电容器等产品；熔炼 铌、熔炼钽主要做为高温合金添加剂；高纯钽靶材主要用于制造半导体芯片；高纯超导铌材主要用于制 作铌超导腔等。 ...

宁夏东方钽业股份有限公司 投资者活动记录表 编号：2025-026 | 投资者关 | □ | □特定对象调研 | 分析师会议 | | --- | --- | --- | --- | | 系活动类 □ | □ | 媒体采访 | 业绩说明会 | | 别 | | | | | □ | □ | 新闻发布会 | 路演活动 | | ☑ | □ | 现场参观 | 电话会议 | | □ | （请文字说明其他活动内容） | 其他 | | | 参与单位 | 中和资本：徐轩；江西金控投资集团：熊天欣、邹凯 | | | | 名称及人 | | | | | 员姓名 | | | | | 时间 | 日上午 9:30—12:00 | 2025 年 12 月 22 | | | 地点 | 宁夏东方钽业股份有限公司 | | | | 上市公司 | | | | | 接待人员 | 副总经理兼董秘：秦宏武；证券部员工：尚满义 | | | | 姓名 | | | | | | 1、参观公司展厅和部分生产车间，介绍公司基本情况。 | | | | 投资者关 | | | | | 系活动主 | 2、公司主要产品和应用领域？ | | | | 要内容介 | | | | | 绍 ...

证券代码：000962 证券简称：东方钽业 宁夏东方钽业股份有限公司 投资者活动记录表 编号：2025-024 | 上市公司 | 董事长：黄志学；副总经理兼董秘：秦宏武；总法律顾问：王宏；财务负责人： | | --- | --- | | 接待人员 | 李瑞筠；证券事务代表：党丽萍；证券部员工：孙立喆、尚满义 | | 姓名 | | | | 1、参观公司展厅和部分生产车间，介绍公司基本情况。 | | | 2、公司的原材料供应链保障如何？ | | | 答：公司实际控制人中国有色矿业集团有限公司旗下中色经贸有限公司完 | | | 成了巴西 Taboca（塔博卡矿业公司）的约束性股权收购事项。塔博卡矿业公 | | | 司拥有一座在产的锡钽铌多金属矿山、锡冶炼厂、钽铌铁合金冶炼厂和一座为 | | | 矿山供电的 UHE 水电站等资产；其中，锡钽铌多金属矿山和钽铌铁合金冶炼 | | | 厂位于巴西亚马逊州。2025 年 4 月，公司已与塔博卡矿业公司公司签署了《铁 | | | 钽铌合金采购合同》，拟采购约 3000 吨铁铌钽合金原材料，采购金额预计为 | | | 5.4 亿元人民币，为钽铌矿石原料供应链的稳定可控提供有力保 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [6][12]. Core Insights - The company reported a revenue of 1.199 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 33.90%. The net profit attributable to shareholders was 208 million yuan, also up by 33.43% year-on-year [1]. - The demand for tantalum capacitors remains strong, driven by AI applications, which has led to price increases from major manufacturers. This trend is expected to support the company's performance [2]. - The company is expanding its production capacity through a planned capital increase of 1.2 billion yuan, which aims to enhance its production capabilities in various areas, including wet and fire metallurgy [3]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 1.199 billion yuan, with a net profit of 208 million yuan, reflecting a year-on-year growth of 33.90% and 33.43% respectively. In Q3 alone, revenue was 402 million yuan, up 32.83% year-on-year but down 12.41% quarter-on-quarter [1]. - The tantalum and niobium segment's profit for Q1-Q3 2025 was approximately 150 million yuan, marking a 52.58% increase year-on-year [1]. Investment and Growth Opportunities - The company has seen stable investment returns from its subsidiary, with investment income of 59.63 million yuan for Q1-Q3 2025, a 1.27% increase year-on-year [2]. - The planned capital increase will address production capacity issues and meet the growing domestic demand for high-temperature alloy materials and high-end products [3]. Market Trends - The price of tantalum ore has risen from 70 USD/pound to over 90 USD/pound since Q4 2023, indicating a clear upward trend in prices [2]. - The company is positioned to benefit from the recovery in downstream orders, particularly in the military sector, despite a temporary slowdown in military product deliveries [1][2]. Earnings Forecast - The company is projected to achieve net profits of 301 million yuan, 415 million yuan, and 550 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 53, 39, and 29 [5][10].

Group 1 - The company, Dongfang Tantalum, announced on September 17 that its products can be broadly categorized into several types, including consumer electronics, high-temperature alloys, semiconductors, superconducting materials, and chemical corrosion-resistant products [2] - The product categories include tantalum powder and wire for consumer electronics, melting niobium and tantalum as additives for high-temperature alloys, high-purity tantalum targets for semiconductors, superconducting niobium materials, niobium superconducting cavities, and tantalum-niobium alloy products for chemical corrosion [2] - The applications of the company's products span various industries such as electronics, communications, aerospace, metallurgy, petroleum, chemical, medical, atomic energy, lighting, and semiconductors [2]

Group 1: Company Overview - The company is Ningxia Dongfang Tantalum Industry Co., Ltd., with stock code 000962 [1] - The company has a full-process production line from ore wet smelting to tantalum and niobium product processing [3] Group 2: Raw Material Procurement - The company signed a procurement contract for approximately 3,000 tons of iron niobium tantalum alloy raw materials, with an estimated procurement amount of 540 million RMB [3] - The actual controller, China Nonferrous Metal Mining Group Co., Ltd., completed a binding equity acquisition of Brazil's Taboca Company [3] Group 3: Product Classification - Products are categorized into several types: - Consumer electronics: tantalum powder, tantalum wire - High-temperature alloys: additives for smelting niobium and tantalum - Semiconductor: high-purity tantalum targets - Superconducting materials: superconducting niobium materials, niobium superconducting cavities - Chemical corrosion resistance: tantalum niobium and its alloy products [4] Group 4: Market Demand and Investment Projects - The company needs to optimize product structure and increase investment in new demand areas due to profound changes in the tantalum and niobium industry [5] - Current production equipment cannot meet downstream growth demands, necessitating new and renovation projects [5] - The investment project aims to address outdated wet production line equipment and insufficient capacity, responding to market demand for high-temperature alloy products and high-end products [5] Group 5: Stock Issuance - The proposal for a specific object issuance of A-shares was approved at the company's fourth temporary shareholders' meeting on September 12, 2025 [6] - The issuance requires approval from the State-owned Assets Supervision and Administration Commission, the shareholders' meeting, and the Shenzhen Stock Exchange, followed by registration with the China Securities Regulatory Commission [6]

Core Viewpoint - The article highlights the transformation and growth of Dongfang Tantalum Industry, which has become China's largest manufacturer of tantalum and niobium products, emphasizing its role in meeting national strategic needs and driving technological innovation [1][2]. Group 1: Company Overview - Dongfang Tantalum Industry was established 60 years ago in Ningxia and has developed into a leading enterprise in the tantalum and niobium sector, being one of the top three in the world for tantalum smelting and processing [1]. - The company has a complete industrial chain for tantalum and niobium, including wet and pyrometallurgical processes, and is recognized as a national high-tech enterprise [1][2]. Group 2: Product Development and Market Position - The company focuses on the research and production of high-tech products such as high-capacity tantalum powder, high-purity niobium materials, and high-temperature oxidation-resistant alloys, with over 50% of its products exported [2][3]. - Dongfang Tantalum has implemented a "5+3" development strategy, investing around 2 billion yuan in its main business to enhance product quality and market competitiveness [2]. Group 3: Technological Innovation - The company prioritizes technological advancement, with R&D expenditures exceeding 7% of its revenue, leading to significant innovations in high-performance tantalum and niobium products [3][4]. - Dongfang Tantalum has achieved breakthroughs in various fields, including semiconductors and medical applications, successfully producing 12-inch tantalum targets and 3D printed high-purity porous tantalum materials [3][5]. Group 4: Talent Development - The company emphasizes talent cultivation through a structured approach, fostering a multidisciplinary innovation team led by academicians and supported by leading scientists and young professionals [4][6]. - Dongfang Tantalum employs various incentive mechanisms to motivate its workforce, ensuring a dynamic environment conducive to innovation and growth [5][6]. Group 5: Future Outlook - The strategic value of tantalum and niobium in emerging industries such as semiconductors and aerospace is expected to increase, providing broader market opportunities for the company's products [6].

Core Viewpoint - Dongfang Tantalum Industry plans to raise up to 1.2 billion yuan through a private placement to enhance production capacity and supplement working capital, reflecting strong support from major shareholders for national strategic resource security and supply chain stability [1][4]. Group 1: Fundraising and Investment Projects - The fundraising will focus on three main projects with a total investment of 1.374 billion yuan, including a wet metallurgy digital factory, a pyrometallurgy smelting production line upgrade, and a high-end product production line [2][3]. - The wet metallurgy project aims to produce various key materials, addressing aging equipment and capacity shortages, while the pyrometallurgy project will increase production capacity for niobium and tantalum to meet market demand [2][3]. - The high-end product line will enhance production capacity for tantalum and niobium products, targeting sectors like semiconductors and aerospace [2][3]. Group 2: Market Demand and Industry Position - The demand for tantalum and niobium materials is structurally increasing due to their importance in strategic emerging industries, with significant growth in sectors such as semiconductors and aerospace [5][6]. - Dongfang Tantalum Industry has a comprehensive industry chain and has achieved global leadership in metallurgy technology, with a strong financial performance supporting the new fundraising initiatives [4][6]. Group 3: Economic Benefits and Project Feasibility - The three investment projects are expected to yield favorable economic returns, with post-tax internal rates of return (IRR) of approximately 12.77% for the wet metallurgy project, 11.06% for the pyrometallurgy project, and 12.30% for the high-end product project [3]. - The projects will enhance the company's ability to supply key materials independently, reducing reliance on external sourcing and mitigating supply chain risks [3][4]. Group 4: Shareholder Returns and Market Management - Dongfang Tantalum Industry has implemented a robust shareholder return mechanism, distributing 66.66 million yuan in cash dividends in 2024, which is 31.26% of net profit, marking a record high since its listing [7]. - The company has engaged in extensive investor relations activities, hosting 17 investor meetings in 2025, attracting significant institutional interest [7][8].

Group 1: Industry Outlook - The tantalum and niobium industry is expected to grow due to the expanding semiconductor and consumer electronics markets, providing significant development space for target materials [3] - The demand for tantalum and niobium targets is anticipated to increase rapidly, driven by market needs and domestic substitution [3] - Emerging applications in high-frequency communication technology and large scientific projects are likely to boost market demand [3] Group 2: Market Expansion Strategies - The company is actively exploring niche markets, particularly in tantalum powder and wire, and is increasing efforts in the recovering tantalum target market [4] - Focus on new fields such as high-temperature alloys and semiconductors to enhance production capabilities of tantalum and superconducting niobium materials [4] - Domestic market revenue grew by 29.17%, increasing its share to 64.27%, indicating significant market expansion success [4] Group 3: Profit Distribution and Shareholder Returns - The company distributed a cash dividend of 0.55 CNY per 10 shares in the first three quarters of 2024, totaling 27.77 million CNY [4] - The proposed dividend for the full year is 0.77 CNY per 10 shares, amounting to 38.88 million CNY, with total dividends reaching 66.65 million CNY, representing 31.26% of the net profit attributable to shareholders [4] Group 4: Raw Material Price Management - The company mitigates raw material price fluctuations by establishing long-term supplier relationships and locking in prices through contracts [5] - Market monitoring and analysis are conducted to anticipate price trends, allowing for strategic procurement [5] - Production processes are optimized to improve raw material utilization and reduce consumption per product [5] Group 5: Brand Development Initiatives - Continuous improvement in product quality has established "Baoshan" tantalum powder and wire as renowned products in China [6][7] - The company actively participates in setting industry standards, enhancing its influence within the sector [7] - Participation in domestic and international exhibitions showcases product and technological strengths, boosting brand recognition [7] Group 6: Research and Development Incentives - A comprehensive incentive mechanism is in place to reward teams and individuals for significant research achievements [7] - Opportunities for career advancement and training are provided to research personnel, fostering innovation [7] - The company encourages a culture of innovation, allowing for calculated risks in research projects [7]

Summary of Dongfang Tantalum Industry Conference Call Company Overview - **Company**: Dongfang Tantalum Industry - **Year**: 2024 Key Financial Performance - **Revenue**: Achieved 1.28 billion CNY, a year-on-year increase of 15.57% [3] - **Net Profit**: Expected net profit attributable to shareholders is 213 million CNY, up 13.94% year-on-year [3] - **Net Profit (excluding non-recurring items)**: 192 million CNY, a growth of 21.92% year-on-year [3] Product Structure and Performance - **Main Products**: - High-temperature alloys: 428 million CNY (33.5% of total revenue, gross margin ~14%) [5] - Carbon powder: 282 million CNY (22.1%, gross margin ~16%) [5] - Tantalum wire: 140 million CNY (11.03%, gross margin ~16%) [5] - Finished product factory revenue: 23.7% of total revenue, gross margin increased to ~23% [4][5] Capacity Expansion and Production Plans - **Qingnong Bank Project**: Fully operational since May 2024, with 100 orders delivered and 150 orders received for 2025, planning to add 400 units of capacity [4][6] - **New Equipment**: Plans to add 3 units of 1,600 kW electron beam equipment to enhance production quality and efficiency [4][7] - **Production Capacity**: By April-May 2025, activated product capacity will reach 1,000 tons [4][12] Market Demand and Competition - **High-temperature Alloys**: Strong demand with orders extending three months ahead, primarily supplying aerospace materials [10][11] - **Semiconductor Targets**: Significant domestic demand for high-purity metals, with increased orders from companies like Youquan [11] - **Competitive Landscape**: Company is a leading player in the capacitor tantalum powder market, competing with US firms like Cabot and S Bark [13] Supply Chain and Raw Material Security - **Raw Material Sourcing**: Major shareholder purchased tantalum mines in Brazil to enhance self-sufficiency, reducing reliance on Congo [18][19] - **Inventory Levels**: Online raw material inventory exceeded 500 million CNY, with over 100 tons of metal reserves [19] Technological Advancements - **Equipment Upgrades**: Importing advanced equipment from Germany, including a 1,600 kW electron magnetic furnace [8] - **Production Line Improvements**: Ongoing upgrades to the finished product factory to meet high-end market demands [9] Future Outlook and Strategic Goals - **Capital Expenditure**: Plans for extensive capital expenditure to expand production capacity across various lines [24] - **Talent Retention**: Implemented measures to prevent talent outflow and attract skilled workers back to the company [25] - **Dividend and Incentive Plans**: Continuing annual dividends and initiating a second phase of stock incentive plans [22] Additional Insights - **Market Trends**: High demand for high-purity products, with a potential increase in competition in the mid-to-high-end market [15] - **Environmental Considerations**: Plans for technology upgrades in lithium phosphate production to address quality issues [12] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, product structure, capacity expansion, market demand, supply chain strategies, technological advancements, and future outlook.