CHINA TUNGSTEN HIGHT(SZ:000657)2022-11-23 07:01Company Overview - Zhongtung High-tech Materials Co., Ltd. is the world's largest manufacturer of hard alloys and manages the largest tungsten resource supplier globally [1][2]. - The company has a strong foundation in hard alloy research and development, with over 1,000 authorized patents and multiple national awards [2][3]. Product Introduction - Tungsten, a non-renewable resource, is crucial for modern economy and defense, known for its high density, melting point, and hardness [2][3]. - Hard alloys made from tungsten are recognized for their excellent properties, including high hardness and wear resistance, making them essential in various industrial applications [2]. Competitive Advantages - Global Leadership: The company is the largest hard alloy producer globally, with over 30% market share in China, competing primarily with Japanese and Korean firms [3][4]. - Full Industry Chain: As the only tungsten industry management platform under China Minmetals, the company integrates upstream resources, midstream smelting, and downstream hard alloy production [3][4]. - Talent and R&D: The company employs over 700 dedicated R&D personnel, including many with master's and doctoral degrees, enhancing its technical capabilities [3][5]. - Technological Innovation: The company has established a national key laboratory for hard alloys and multiple national innovation platforms, reflecting its commitment to R&D [3][5]. Financial Performance and Investment - In 2018, the company invested CNY 175 million in R&D, increasing to CNY 307 million in 2019, a 75.32% year-on-year growth [5][6]. - The company raised CNY 888 million through a private placement in 2020, aimed at enhancing its competitiveness in cutting tools [6]. Future Development Strategies - The company plans to focus on domestic product substitution in oil drilling, aerospace, and automotive manufacturing [5][6]. - It aims to enhance the quality and capacity of high-end rods, powders, and hard alloy products to improve profitability [6]. - Continued emphasis on the transformation of R&D achievements into marketable products is a key strategy moving forward [6].