XTC(SH:600549)2023-11-17 10:35Financial Performance - In the first three quarters of 2023, Xiamen Tungsten Co., Ltd. achieved a consolidated revenue of CNY 29.528 billion, a decrease of 20.01% year-on-year [1] - The net profit attributable to shareholders was CNY 1.161 billion, down 11.11% year-on-year [1] - The tungsten and molybdenum business generated revenue of CNY 12.378 billion, an increase of 25.55% year-on-year, with a total profit of CNY 1.670 billion, up 43.40% year-on-year [1] - The rare earth business reported revenue of CNY 3.918 billion, a decline of 12.56% year-on-year, with total profit down 53.77% to CNY 0.111 billion [1] Business Segments - The photovoltaic fine tungsten wire products saw a sales volume of 54.6 billion meters, a year-on-year increase of 214%, with sales revenue up 178% [1] - The energy new materials segment reported revenue of CNY 13.122 billion, a decrease of 41.58% year-on-year, with total profit down 54.87% to CNY 0.448 billion [2] - Lithium cobalt oxide product sales were 24,728 tons, down 3% year-on-year, while ternary material sales fell 37% to 23,386 tons [2] Production Capacity and Projects - The company has four tungsten mines, with annual output of approximately 7,000-8,000 tons of tungsten concentrate [2] - The hard alloy cutting tool expansion project aims for an annual production capacity of 2 million pieces [3] - The photovoltaic tungsten wire production line is expected to add 100 billion meters of annual capacity [4] International Expansion - Xiamen Tungsten is expanding its overseas presence, with investments in Thailand and South Korea for tungsten powder production [5] - The company has established a joint venture in Laos for rare earth resource development [5] - The hard alloy cutting tools segment has over 30% of its revenue coming from overseas markets [7] R&D and Innovation - The cutting tools division has a research and development team of over 400 people, focusing on continuous product innovation [7] - The company has launched a new series of titanium alloy milling tools to address processing challenges [7] - Xiamen Tungsten aims to develop next-generation energy materials, including sodium battery materials and solid-state hydrogen storage materials [9] Risk Management - The company emphasizes the importance of risk awareness regarding market fluctuations and operational uncertainties [10]