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：2025-014 | 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 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位 | 沃富资本：王火 | | 名称及人 | 中金公司：伍智力 | | 员姓名 | | | 时间 | 2025 年 7 月 7 日 下午 14:00~17:00 | | 地点 | 宁夏东方钽业股份有限公司 | | 上市公司 | 副总经理兼董秘：秦宏武；证券事务代表：党丽萍；证券部员工：孙立喆、尚 | | 接待人员 | 满义 | | 姓名 | | | | 1、参观公司展厅和部分生产车间，了解公司基本生产工艺和流程。 | | 投资者关 | | | 系活动主 | 2、公司在传统钽铌材料市场需求波动时，如何维持市场竞争力？ | | 要内容介 | | | 绍 | 答：公司将持续聚焦钽铌主业，以做全湿法、做优钽粉、做稳钽丝、做大 | | ...

江丰电子成功搭建以超高纯金属溅射靶材为核心，半导体精密零部件、第三代半导体关键材料共同发展 的产品体系。靶材产品在技术和市场份额均跻身全球领先行列；零部件形成全品类覆盖，在供应链国产 化趋势逐渐加强的背景下发展势头强劲。 投资建议：公司三大产品体系建设稳步推进，靶材需求显著受益于下游厂商新建产能落地，同时精密零 部件产品在供应链国产化趋势逐渐加强的背景下发展势头强劲。我们预计公司2025-2027 年营收分别为 46.42/59.84/76.06 亿元，归母净利润分别为5.25/6.79/9.19 亿元。首次覆盖，给予"强烈推荐"评级。 风险提示：下游终端市场需求不及预期风险，新技术、新工艺、新产品无法如期产业化风险，市场竞争 加剧风险，产能扩充进度不及预期的风险，系统性风险等。 靶材：2024 年靶材收入23.33 亿元，同比增长39.51%；毛利率31.35%，同比提升2.90 个百分点。公司现 已成为全球领先的半导体溅射靶材制造商，产品进入到全球领先的3nm 工艺制程，是台积电、中芯国 际、SK 海力士、联华电子等全球知名芯片制造企业的核心供应商，赢得了众多国际知名晶圆制造企业 长期、稳定的需求订单，市 ...

Core Viewpoint - The company has developed ultra-high purity tantalum target blanks with a purity level of 5N9, breaking foreign technology barriers and product monopolies, thus changing China's complete reliance on imports for integrated circuit materials [2] Group 1: Company Developments - The company is accelerating the domestic replacement process for 12-inch high-purity tantalum target blanks [2] - The company has formed a complete closed-loop system from R&D to production and application, overcoming key technologies in high-purity tantalum powder purification and large-size target blank formation [3] - The company has established a stable customer base in sectors such as semiconductors and aerospace, forming a complete industrial chain from raw materials to end products [3] Group 2: Product and Market Insights - High-purity tantalum target blanks and high-purity tantalum powder have become key products for the company's revenue growth, with increasing market demand driven by the rapid development of the semiconductor and AI industries [4] - The company's main products include high-temperature alloys, tantalum powder, tantalum wire, semiconductor tantalum target blanks, high-purity niobium materials, and niobium superconducting cavities [3] - The production of large-size high-purity tantalum target blanks is primarily used in semiconductor chip manufacturing, semiconductor coating, and optical coating industries, providing significant growth opportunities in the target material market [5][6] Group 3: Competitive Advantages - The company possesses a full industrial chain from tantalum and niobium ore hydrometallurgy to deep processing of various tantalum and niobium products, enhancing its market competitiveness [3] - The company is enhancing product competitiveness by improving internal management, strengthening research capabilities, increasing production volume, and enhancing product quality [6] - The company is focusing on high-value-added products and optimizing its product structure, with a gradual increase in the proportion of high-purity and high-value products [3][8] Group 4: Future Outlook - The company anticipates a recovery in the market for ultra-high-purity niobium materials, high-purity tantalum materials for semiconductors, high-pressure high-capacity tantalum powder, and high-temperature special steel driven by demand from large scientific projects, high-performance computing systems, smart vehicles, and national defense equipment by 2025 [8] - The company plans to expand market space, adjust product structure, and increase the sales share of high-value-added products, while also implementing an "outbound" strategy to enhance supply chain resilience and stability [8][9]

| | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关 | □媒体采访 √ | 业绩说明会 | | 系活动类 | □新闻发布会 | □路演活动 | | 别 | □现场参观 | □电话会议 | | | □其他： （请文字说明其他活动内容） | | | 参与单位 | 公司参加了中国有色矿业集团有限公司所属上市公司 2024年度暨2025年第一季度集 | | | 名称及人 | 体业绩说明会，业绩说明会采用视频和网络相结合的方式进行，面向全体投资者 | | | 员姓名 | | | | 时间 | 2025年5月8日下午15:00-17:30 | | | 地点 | 上海证券报的"中国证券网路演中心"（https://roadshow.cnstock.com/） | | | 公司接待 | 总经理：于明、副总经理兼董事会秘书：秦宏武、财务负责人：李瑞筠 | | | 人员姓名 | | | 1.请问您对钽铌行业未来的发展和市场前景有何看法？ 答：公司始终密切关注国家政策导向和市场发展趋势，并始终坚持以研发 创新为导向，通过持续的研发投入和技术升级，不断提升核心竞争力。近年来 随着半导体 ...

江丰电子（300666.SZ）：双轮驱动 业绩高增，精密部件开启成长新篇 章 2025 年 5 月 6 日 推荐/维持 江丰电子 公司报告 ——2024 年报业绩点评 事件： 2025 年 4 月 15 日，江丰电子发布 2024 年度报告：公司 2024 年实现营业收 入 36.05 亿元，同比增长 38.57%；归母净利润 4.01 亿元，同比增长 56.79%； 扣非归母净利润 3.04 亿元，同比增长 94.92%。 点评： 公司 2024 年度营收同比增长 38.57%，扣非归母净利润同比增长 94.92%，业 绩超预期。2024 年，实现营业收入 36.05 亿元，同比增长 38.57% ；归母净 利润 4.01 亿元，同比增长 56.79%；扣非归母净利润 3.04 亿元，同比增长 94.92%；毛利率为 28.17%，同比减少 1.03pct。主要得益于报告期内客户订 单持续攀升，其中超高纯金属溅射靶材销售收入达 23.33 亿元，同比增长 39.51%，毛利率为 31.35%，同比提升 2.90pct；公司在全球晶圆制造溅射靶 材领域的市场份额进一步扩张，在技术和市场份额方面均跻身全球领先行 ...

Investment Rating - The report does not explicitly state an investment rating for the small metals industry or the specific company, Dongfang Tantalum Industry [1]. Core Insights - The company is focusing on research and innovation to enhance its core competitiveness, particularly in response to the growing semiconductor and consumer electronics markets, which provide significant opportunities for tantalum and niobium targets [17][18]. - The company has made substantial progress in producing high-purity tantalum targets for semiconductor manufacturing, filling a gap in the domestic market and reducing reliance on imports [18]. - The company is actively managing its market value by emphasizing quality development and transparency to investors, which is seen as essential for long-term stability [19]. Summary by Sections 1. Basic Research Information - The research was conducted on Dongfang Tantalum Industry, which operates in the small metals sector, on March 11, 2025 [13]. 2. Detailed Research Institutions - The research involved institutions such as Minsheng Securities, China Merchants Fund, and People’s Insurance Pension [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [16]. 4. Main Content Information - The company is closely monitoring national policies and market trends, focusing on R&D and technological upgrades to enhance competitiveness [17]. - The company’s semiconductor products include large-size high-purity tantalum targets, which are crucial for semiconductor chip manufacturing [18]. - The company is advancing its capabilities in the semiconductor field, with significant growth in sales of ultra-high-purity tantalum powder, addressing a critical need in the industry [18]. - The company is investing in projects to modernize production lines and improve logistics, which will enhance product supply in the semiconductor sector [19]. - The company is aware of foreign exchange risks due to its international sales and procurement, implementing a monitoring mechanism to mitigate these risks [19]. - Niobium is highlighted for its applications in superconducting technologies, particularly in particle accelerators, contributing to national scientific projects [20].