证券代码：600549 证券简称：厦门钨业 公告编号：临-2024-086 厦门钨业股份有限公司 2024 年第四次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 11 月 12 日 (二)股东大会召开的地点：厦门市展鸿路 81 号特房波特曼财富中心 A 座 21 层本公司 1 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,357 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 676,883,670 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 47.7317 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次表决符合《公司法》及《公司章程》的规定，本次大会由董事长黄长庚先 生主持。 (五)公司董事、 ...

关于厦门钨业股份有限公司 2024 年第四次临时股东大会的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（0591）88065558 传真：（0591）8806 8008 网址：http://www.zenithlawyer.com 福建至理律师事务所 关于厦门钨业股份有限公司 2024 年第四次临时股东大会的 法律意见书 闽理非诉字[2024]第 216 号 致：厦门钨业股份有限公司 福建至理律师事务所（以下简称"本所"）接受厦门钨业股份有限公司 （以下简称"公司"）之委托，指派魏吓虹、陈宓律师出席公司 2024 年第四次 临时股东大会（以下简称"本次大会"），并依据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公 司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）、《上海证券交 易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》（以下 简称《监管指引第 1 号》）等有关法律、法规、规范性文件以及《厦门钨业股份 有限公 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-085 厦门钨业股份有限公司 关于第三期员工持股计划锁定期届满的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 厦门钨业股份有限公司（以下简称"公司"）分别于 2023 年 8 月 1 日、2023 年 8 月 17 日召开公司第九届董事会第三十次会议和 2023 年第三次临时股东大 会，审议通过《第三期员工持股计划（草案）及其摘要》等议案，具体内容详见 公司分别于 2023 年 8 月 2 日、2023 年 8 月 18 日刊载在《中国证券报》、《上海 证券报》及上海证券交易所网站的公告。鉴于公司第三期员工持股计划所持有的 公司股票锁定期将于 2024 年 11 月 9 日届满，根据《关于上市公司实施员工持股 计划试点的指导意见》《上海证券交易所上市公司自律监管指引第 1 号—规范运 作》等有关规定的要求，现将公司第三期员工持股计划的锁定期届满情况公告如 下： 一、公司第三期员工持股计划的持有股份情况 根据《厦门钨业股份有限公司第三期员工持股计划 ...

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten (600549 SH) with a target price of 31 05 yuan per share based on a 24x PE multiple for 2024 [5] Core Views - Tungsten and molybdenum materials: Integrated layout and new product upgrades are expected to drive steady profit growth The company has achieved an integrated layout in the tungsten and molybdenum sector with a self-sufficiency rate of over 70% for terminal tungsten products Deep processing products such as cutting tools and fine tungsten wires achieved a gross margin of over 40% in 2023 and are expected to see volume growth from 2024 to 2026 [2] - Rare earth materials: Expansion of magnetic material capacity and downstream motor layout will enhance added value and open growth space Under the carbon neutrality trend demand for rare earth permanent magnets is expected to continue growing The company's magnetic material capacity is projected to increase from 0 3 million tons in 2018 to 2 2 million tons by 2026 [2] - Battery materials: The industry is at a bottom with potential for profit reversal as downstream demand continues to grow Battery material prices stabilized in 2023-2024 and global demand for power batteries is expected to grow at over 35% annually from 2024 to 2026 driven by the deep penetration of new energy vehicles [3] Financial Projections - Revenue is projected to grow from 34 62 billion yuan in 2024 to 41 14 billion yuan in 2026 with a CAGR of 7 2% [4] - Net profit attributable to shareholders is expected to increase from 1 83 billion yuan in 2024 to 2 33 billion yuan in 2026 with a CAGR of 11% [4] - EPS is forecasted to rise from 1 29 yuan in 2024 to 1 64 yuan in 2026 [4] Business Segments Tungsten and Molybdenum - The company has achieved full industry chain coverage from mining to deep processing with a self-sufficiency rate of over 70% for tungsten resources [2] - New products such as fine tungsten wires and cutting tools are expected to drive growth with fine tungsten wire sales reaching 8 68 billion meters in 2023 [51] - The company plans to expand high-end deep processing capacity including hard alloys cutting tools and tungsten wires from 2023 to 2025 [64] Rare Earth - The company has a complete rare earth industry chain from mining to deep processing products [14] - Magnetic material capacity is expected to grow significantly from 0 3 million tons in 2018 to 2 2 million tons by 2026 [2] - The company is strengthening cooperation in the rare earth sector to ensure stable and high-quality raw material supply [78] Battery Materials - The company covers mainstream customers in the battery material industry and continues to increase production [3] - Revenue from battery materials accounted for 43% of total revenue in 2023 with a gross margin of 9% in the first half of 2024 [24] - The company is expanding its product line including cobalt lithium ternary materials and hydrogen energy materials [14] Industry Trends Tungsten - Tungsten demand is expected to grow driven by hard alloys cutting tools and tungsten wires with hard alloys accounting for 59% of total tungsten consumption in 2023 [39] - The supply of tungsten is tight with limited new capacity expected to support higher tungsten prices in the future [47] Rare Earth - Rare earth prices are expected to remain high due to tight supply and growing demand from industries such as wind power new energy vehicles and industrial motors [72] - The company is well-positioned to benefit from the growth in rare earth permanent magnet demand driven by carbon neutrality policies [76] Battery Materials - The global power battery market is expected to grow at over 35% annually from 2024 to 2026 driven by the deep penetration of new energy vehicles [3] - The company's battery material business is expected to see steady profit growth as demand for new energy vehicles continues to rise [3]

2024 年第四次临时股东大会会议资料 | 关于召开 年第四次临时股东大会的通知 3 2024 | | --- | | 议案一：关于控股子公司厦钨新能为其下属参股公司提供担保的议案 8 | | 议案二：关于修订《募集资金管理办法》的议案 12 | 2 / 21 2024 年第四次临时股东大会会议资料 厦门钨业股份有限公司 厦门钨业股份有限公司 2024 年第四次临时股东大会 会议资料 董秘办编制 2024 年 11 月 1 / 21 2024 年第四次临时股东大会会议资料 目 录 关于召开 2024 年第四次临时股东大会的通知 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第四次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 12 日 14 点 30 分 召开地点：厦门市展鸿路 81 号特房波特曼财富中心 A 座 21 层本公司 1 号 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投 ...

到了一个业绩交流会公司于这个25日晚上网了这个公司的第三季度报告那今天我就公司整体经营情况跟大家做一个简单的交流一到三季度公司整体实现营业收入是263.69亿元同比是下降了10.7% 加成平均净产收益率是12.02那同比是增长了1.07个百分点实现规模净利润是4.02亿元同比是增长了20.78那这个公司营业收入下降主要是因为能源新材料业务和稀土业务产品价格同比下降以及原稀土这个冶炼分离还有包括矿商开采的这个业务不在纳入合并报表范围所以营业收入整体同比减少那我们三大主业主要产品 一到三季度累计的销量均有所增长所以公司整体的一个一到三季度规模金利润进出厂收益率以及这个综合毛利率都同比有所增长那从这个环比来看规模金利环比下滑主要是因为我们二季度整体物金矿的平均价格处于高位且主要产品产销2万这个三季度主要是因为这个主要产品物资受到汎油客户开工率不足以及我们这个硬质合金刀具 三季度一般就是处于一个淡季所以整体的一个规模建立环比有所下滑截至2024年9月底公司的总资产是413.47亿元较年初是增加了24.75亿元同比是增长5.28%整体经营规模是进一步扩大公司的净资产达到120.63亿元较年初是增加8.51亿元增长了7. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for the first three quarters of 2024 was 26.37 billion yuan, a year-on-year decrease of 10.7%, while the net profit attributable to shareholders was 1.4 billion yuan, an increase of 20.8% year-on-year [1] - The company's tungsten and molybdenum business saw a decline in profitability in Q3 due to falling prices and decreased sales volume of fine tungsten wire [2] - The energy new materials segment showed improved profitability in Q3, driven by increased demand and sales growth [4] - The rare earth business demonstrated a gradual recovery in profitability, with stable growth in magnetic material sales [4] - The company is positioned as a materials platform enterprise with growth potential across its tungsten, rare earth, and cathode materials segments [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 9.21 billion yuan, a year-on-year decrease of 14.7%, but a quarter-on-quarter increase of 3.5% [1] - The net profit for Q3 was 390 million yuan, a year-on-year increase of 4.3% but a quarter-on-quarter decrease of 34.6% [1] - The company’s total revenue for the first three quarters was 26.37 billion yuan, with a net profit of 1.4 billion yuan [1] Business Segments - Tungsten and Molybdenum: Q3 revenue was 4.47 billion yuan, a year-on-year increase of 0.1% but a quarter-on-quarter decrease of 5.6% [2] - Energy New Materials: Q3 revenue was 3.582 billion yuan, a year-on-year decrease of 28.4% but a quarter-on-quarter increase of 19.4% [4] - Rare Earth: Q3 revenue was 1.15 billion yuan, a year-on-year decrease of 11.8% but a quarter-on-quarter increase of 0.6% [4] Profitability Metrics - The profit margin for the tungsten and molybdenum business in Q3 was 11.9%, down 0.8 percentage points year-on-year and 6.8 percentage points quarter-on-quarter [2] - The profit margin for the energy new materials segment was 3.9%, with a year-on-year increase of 0.4 percentage points [4] - The rare earth business turned profitable in Q3 with a profit margin of 5.5%, up 8.7 percentage points year-on-year [4] Future Outlook - The company expects net profits for 2024, 2025, and 2026 to be 1.866 billion yuan, 2.136 billion yuan, and 2.378 billion yuan respectively, with year-on-year growth rates of 16.53%, 14.45%, and 11.32% [5] - The current stock price corresponds to price-to-earnings ratios of 15, 13, and 12 for the years 2024, 2025, and 2026 respectively [5]

二、进展情况 2024 年 10 月 29 日，金龙稀土收到全国中小企业股份转让系统有限责任公 司出具的《受理通知书》（编号为 GP2024100009），内容如下："金龙稀土报送的 在全国中小企业股份转让系统挂牌的申请材料，经审查符合《非上市公众公司信 息披露内容与格式准则第 2 号——公开转让股票申请文件》的相关要求，现予受 理"。 三、风险提示 本次挂牌尚需经全国中小企业股份转让系统有限责任公司审核，审核结果存 在不确定性。公司将根据相关法律法规及时履行信息披露义务，敬请广大投资者 关注投资风险。 股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-084 厦门钨业股份有限公司 关于控股子公司金龙稀土申请新三板挂牌的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、基本情况 厦门钨业股份有限公司（以下简称"公司"）分别于 2024 年 9 月 30 日、 2024 年 10 月 17 日召开的第十届董事会第六次会议和 2024 年第三次临时股东大 会审议通过了《关于控股子公司福建省金龙稀土股份 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's revenue for the first three quarters of 2024 was 26.369 billion yuan, a year-on-year decrease of 10.70%, while the net profit attributable to shareholders was 1.402 billion yuan, an increase of 20.78% year-on-year [1]. - The tungsten and molybdenum segment faced challenges due to a slowdown in photovoltaic tungsten wire sales and a decline in tungsten prices, with Q3 profits down 39.91% quarter-on-quarter [1]. - The energy new materials segment showed improvement in Q3, with lithium cobalt oxide sales increasing by 30% year-on-year [1]. - The rare earth segment's profits decreased in Q3, but overall profits for the first three quarters increased by 62% year-on-year [2]. - The real estate segment reported a slight increase in losses, but the company is actively divesting from this sector [2]. Financial Summary - For 2024-2026, the projected net profits are 1.863 billion yuan, 2.141 billion yuan, and 2.448 billion yuan, respectively, with corresponding PE ratios of 15, 13, and 12 [2][5]. - The company expects a revenue growth rate of -18.3% in 2024, followed by a recovery with growth rates of 14.1% and 8.7% in 2025 and 2026, respectively [3][5]. - The gross profit margin is projected to improve from 16.52% in 2023 to 19.09% in 2024 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - In Q3 2024, the prices of tungsten and related products declined, leading to a decrease in tungsten wire sales and a drop in profitability for most rare earth products, except for magnetic materials. However, the energy new materials segment saw an increase in shipment volume and improved profits on a quarter-on-quarter basis [1]. - For the first three quarters of 2024, the company achieved a net profit attributable to shareholders of approximately 1.402 billion yuan, representing a year-on-year increase of 20.78%. In Q3 alone, the net profit was 386 million yuan, up 4.32% year-on-year but down 34.56% quarter-on-quarter [2]. - The report adjusts the company's earnings per share (EPS) forecasts for 2024-2026 to 1.31, 1.51, and 1.71 yuan respectively, reflecting a decrease of 0.09 yuan for 2024 and 2025, and a decrease of 0.08 yuan for 2026 [2]. - The target price has been raised to 25.67 yuan from the previous 24.50 yuan, based on a 17x price-to-earnings (PE) ratio for 2025 [2]. Financial Summary - For the first three quarters of 2024, the tungsten and molybdenum segment's revenue increased by 7.04% year-on-year to 13.249 billion yuan, with total profit rising by 17.34% to 1.96 billion yuan. However, Q3 revenue was 4.47 billion yuan, down 6% quarter-on-quarter, and total profit was 533 million yuan, down 40% quarter-on-quarter [2]. - The average price of domestic tungsten concentrate (65% WO3) in Q3 2024 was 136,100 yuan, down 6% quarter-on-quarter, while the average price of tungsten powder was 305.3 yuan per kilogram, down 4.34% [2]. - The energy materials segment reported revenue of 9.882 billion yuan for the first three quarters of 2024, a year-on-year decrease of 24.69%, but Q3 revenue was approximately 3.58 billion yuan, up 19% quarter-on-quarter [2]. - The rare earth segment's revenue for the first three quarters of 2024 was 3.203 billion yuan, down 18.25% year-on-year, but total profit increased by 61.92% to 180 million yuan [2]. Market Data - The current stock price is 20.10 yuan, with a target price of 25.67 yuan [4]. - The market capitalization is approximately 28.504 billion yuan [5]. - The stock has traded within a range of 14.06 to 21.55 yuan over the past 52 weeks [5].