XTC(600549)2024-10-08 07:38Market Overview - The tungsten market in China has been in a state of supply-demand balance, with a slight downward trend observed in September 2024 [1] - The Ministry of Natural Resources has set the national tungsten concentrate mining control target for 2024 at 114,000 tons, a year-on-year increase of 2.7%, marking four consecutive years of growth [1] - Global tungsten supply is expected to remain tight due to limited new mines and various production constraints [1] Company Performance - The company has a complete tungsten industry chain, including mining, smelting, and deep processing, which has become crucial for profitability as raw material costs fluctuate [1] - In the first half of 2024, the company's tungsten mining business saw revenue growth due to rising tungsten concentrate prices, while profits significantly increased [2] - The company’s APT and tungsten powder production capacities are both approximately 30,000 tons [2] Project Updates - The Dahuatang tungsten mine project is currently in the preparatory phase, with plans for construction expected to take over three years [2] - The company is expanding its photovoltaic tungsten wire production capacity, with a new line projected to achieve an annual capacity of 2,000 million meters [3] Market Trends - The domestic cutting tool market is expected to grow, driven by advancements in manufacturing and increased demand for high-end products [2] - The cutting tool market in China is projected to reach 63.1 billion yuan by 2030, with a compound annual growth rate of 4.14% [2] Financial Strategies - The company is actively pursuing the divestiture of its real estate business, with several equity transfers already completed [6] - The company’s A-share refinancing application was approved in April 2024, with plans to issue shares to specific investors [7] Risk Management - The company emphasizes the importance of risk awareness regarding industry forecasts and investment project progress, advising investors to remain cautious [7]