证券研究报告：有色金属 | 公司点评报告 发布时间：2025-08-27 股票投资评级 资料来源：聚源，中邮证券研究所 东方钽业(000962) 募投项目逐步爬产，Q2 业绩超预期 l 投资要点 事件：公司发布 2025 年半年报，报告期内公司实现营收 7.97 亿 元，同比增长 34.45%，实现归母净利润1.45亿元，同比增长 29.08%， 实现扣非归母净利润 1.38 亿元，同比增长 34.93%。二季度，公司实 现营业收入 4.59 亿元，同环比+37.43%/+35.80%，实现扣非归母净利 润 0.84 亿元，同环比+47.37%/+55.56%。 公司基本情况 | 最新收盘价（元） | 21.01 | | --- | --- | | 总股本/流通股本（亿股）5.05 | / 5.02 | | 总市值/流通市值（亿元）106 | / 105 | | 52 周内最高/最低价 | 21.48 / 9.77 | | 资产负债率(%) | 14.8% | | 市盈率 | 49.34 | | 第一大股东 | 中色(宁夏)东方集团有 | | 限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S134 ...

宁夏东方钽业股份有限公司 2025 年半年度报告全文 宁夏东方钽业股份有限公司 二零二五年八月 宁夏东方钽业股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人于明、主管会计工作负责人秦宏武及会计机构负责人(会计主 管人员)李瑞筠声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 鉴于国内、国际市场环境的不确定性，本半年度报告中涉及的前瞻性陈 述，譬如未来的计划和发展战略等，不以任何形式构成公司对投资者的实质 承诺，投资者及其他相关人士均应当对此保持足够的投资风险认识，并且应 当理解计划、预测与承诺之间的差异，请投资者注意投资风险。 公司面临的风险见"第三节管理层讨论与分析 十、公司面临的风险和应 对措施"。 公司经本次董事会审议通过的利润分配预案为：以实施权益分派股权登 记日登记的总股本为基数，向全体股东每 10 股派发现金红利 0.5 元（含 税），送红股 0 股（含税），不以公积金转增股本。 宁夏东方 ...

Core Viewpoint - Dongfang Tantalum Industry plans to raise no more than 1.2 billion yuan through a private placement to fund various projects, including the construction of a digital factory for tantalum and niobium wet metallurgy, renovation of the tantalum and niobium pyrometallurgy smelting production line, and the establishment of a high-end product production line, as well as to supplement working capital [1][2] Group 1: Company Initiatives - The company aims to address equipment aging and capacity shortages through the fundraising projects, which will also enable self-sufficiency in raw materials like potassium fluotantalate and niobium oxide, thereby reducing costs and ensuring supply chain security [3] - The projects will enhance the company's production capabilities in wet metallurgy, pyrometallurgy, and products, aligning with the national strategy and supporting the dual circulation of domestic and international markets [2][3] Group 2: Industry Context - Tantalum and niobium products are critical in national strategic sectors, with applications in semiconductor chips, high-temperature alloys, and defense industries, making them essential for technological advancement and national security [2] - The industry is supported by national policies aimed at promoting the development of tantalum and niobium, creating a favorable external environment for rapid industry growth [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company's tantalum and niobium main business profits have significantly increased, with a reported revenue of 1.28 billion yuan in 2024, up 15.6% year-on-year, and a net profit attributable to shareholders of 210 million yuan, up 13.9% year-on-year [1][5]. - The company is progressing well with multiple ongoing projects, including the construction of a digital factory for tantalum and niobium hydrometallurgy [5]. - The forecast for the first quarter of 2025 indicates a net profit of 52 to 65 million yuan, representing a year-on-year growth of 4.6% to 30.7% [1]. Financial Data and Valuation - The total revenue for 2023 is projected at 1.108 billion yuan, with a year-on-year growth of 12%. This is expected to increase to 1.549 billion yuan in 2025, reflecting a growth rate of 21% [1][12]. - The net profit attributable to shareholders is expected to reach 310 million yuan in 2025, with a significant growth of 45% compared to 2024 [1][12]. - The company's price-to-earnings (PE) ratio is projected to decrease from 39.2 in 2023 to 23.7 in 2025, indicating an improving valuation [1][13]. Shareholder Information - The major shareholder, Zhongse (Ningxia) Dongfang Group Co., Ltd., holds a 39.99% stake in the company [2]. Performance Metrics - The company's return on equity (ROE) is reported at 8.2% [2]. - The asset-liability ratio stands at 14.8%, indicating a strong balance sheet [2]. Project Developments - Key investment projects, including the production line for niobium superconducting cavities and the digital factory for tantalum and niobium hydrometallurgy, are progressing well [5].