Summary of Dongfang Tantalum Industry Conference Call Company Overview - Dongfang Tantalum Industry reported a revenue of 1.281 billion yuan in 2024, representing a year-on-year growth of 15.57% [2][3] - The net profit attributable to shareholders was 213 million yuan, with a year-on-year increase of 13.94% [2][3] - The company maintains a low debt-to-asset ratio of 14.83%, indicating a robust financial structure [2][3] Key Points and Arguments Financial Performance - The company achieved a total asset value of 3 billion yuan and liabilities of 451 million yuan by the end of 2024 [3] - The product structure is stable, with significant contributions from tantalum ingots and carbon steel cookware [3] - The gross margin improvement is attributed to the increased sales of high-value-added products and fixed cost dilution [4][17] Management Changes - A management reshuffle occurred on April 3, 2025, with the former general manager promoted to chairman and a new general manager appointed [5] - The management change aims to enhance project production and safety management without altering the core business strategy [6] Strategic Focus - The company continues to focus on the tantalum industry, increasing the sales share of high-value-added products, and promoting domestic substitution [6] - Ongoing projects include research and compliance modifications to adapt to high-tech market changes and environmental policies [6] Market Dynamics - The impact of U.S. tariffs is minimal, with exports to the U.S. accounting for less than 1% of revenue, while domestic market revenue has risen to 64% [7][8] - The lithium carbonate production is performing well, and the consumer electronics market is showing signs of steady recovery [9] Business Growth Projections - The tantalum powder business is expected to grow by over 10% in 2025, supported by sufficient orders [10] - The high-temperature alloy market is experiencing strong demand, with a high completion rate of tasks and positive contributions to profitability [11] - Semiconductor target materials orders are robust, with a projected growth of over 200% in 2024 compared to 2023, and continued growth expected in 2025 [12] Research and Development - The company has invested 91.72 million yuan in R&D, with several projects receiving national and provincial funding [3] - The management plans to introduce a new equity incentive plan to boost employee motivation [4][14] Supply Chain and Raw Materials - The raw material inventory cycle is approximately three to four months, with over 80% of tantalum sourced from Africa [16][14] - The ongoing conflicts in Africa have caused some fluctuations in the raw materials market, but the overall supply remains stable [15] Future Outlook - The company aims for a revenue target of 1.5 billion yuan in 2025, expecting a growth of about 17% [4][13] - The alignment of gross margin and net margin trends is expected to continue due to effective cost management and increasing government subsidies [18] Human Resources Investment - Increased management expenses in the second half of 2024 are attributed to the hiring of new employees, reflecting a strategic investment in human resources for long-term growth [19] Industry Trends - The superconducting cavity business is on track to meet annual targets, while the tin industry chain is also showing positive trends for the year [20]

证券研究报告 | 公司点评报告 2025 年 04 月 16 日 东方钽业（000962.SZ） 钽铌主业利润高增，在建项目顺利推进 周期/金属及材料 公司发布 2024 年报：实现营业收入 12.8 亿元，同比+15.6%，实现归母净利润 2.1 亿元，同比+13.9%，实现扣非归母净利润 1.9 亿元，同比+21.9%。24Q4 实现营业收入 3.9 亿元，同比/环比分别+17.8%/+27.4%，实现归母净利润 0.6 亿元，同比/环比分别+40.4%/+30.0%。 公司发布 2025 年一季度业绩预告：预计实现归母净利润 0.52-0.65 亿元，同比 增长 4.6%-30.7% 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1108 | 1281 | 1549 | 1904 | 2340 | | 同比增长 | 12% | 16% | 21% | 23% | 23% | | 营业利润(百万元) | 192 | 210 | 308 | ...

Company Overview - The company, Dongfang Tantalum Industry Co., Ltd., focuses on tantalum and niobium products, with a full industry chain from mining to deep processing [4][12]. - The company is a key high-tech enterprise in China, recognized for its innovation and research capabilities [21][22]. Financial Performance - In 2024, the company achieved a revenue of CNY 1.281 billion, a year-on-year increase of 15.57% [4]. - The net profit attributable to shareholders was CNY 213 million, up 13.94% from the previous year [4]. - As of December 2024, total assets amounted to CNY 3.061 billion, with total liabilities of CNY 454 million, resulting in a debt-to-asset ratio of 14.83% [4]. Product Structure - The main products include high-temperature alloys, tantalum powder, tantalum wire, semiconductor tantalum targets, and high-purity niobium materials [5]. - The company has seen significant growth in high-value-added products, particularly in high-temperature alloys and semiconductors [5]. Market Impact and Strategy - The U.S. tariffs imposed on Chinese imports have had a minimal and controllable impact on the company's sales, as direct exports to the U.S. account for less than 1% of total revenue [6]. - Domestic sales reached CNY 823 million, representing 64% of total revenue, while international sales were CNY 457 million, or 36% [6]. Management and Strategic Adjustments - The company has completed management adjustments without significant changes to its operational strategy, continuing to focus on tantalum and niobium core businesses [5][11]. - Future plans include enhancing domestic market development and increasing the proportion of domestic sales [8]. Raw Material Sourcing - The company primarily sources raw materials from imported tantalum and niobium concentrates, with a focus on maintaining a stable supply chain [9]. - Current raw material inventory is sufficient to support normal production operations [9]. Dividend Policy - The company has a clear profit distribution policy, proposing a cash dividend of CNY 0.77 per 10 shares for 2024, totaling CNY 66.66 million [10]. Future Development Outlook - The company anticipates growth in demand for tantalum and niobium products driven by advancements in high-frequency communications, smart vehicles, and AI chips [15]. - Ongoing projects include the construction of new production lines and technology upgrades to enhance production capacity [11][17]. Competitive Advantages - The company holds a leading position in the industry due to its strong brand, technological advancements, and extensive marketing network [21][22][23]. - It has established long-term partnerships with major capacitor manufacturers, ensuring stable sales channels [23].

全年研发投入5687.85万元，研发投入强度4.44%，创新活力显著增强。报告期内设立公司级科研项目81 项，同比增长62%，累计研发经费（R&D）投入9172万元，同比增长11%。科技成果不断涌现。2024年 公司申请专利69件、授权16件，申请、制修订标准22项，发布国家标准1项、行业标准2项，科技成果产 出数量和质量均创历史最好水平。 2025年，公司设定了15亿元的经营目标，将全力以赴开拓市场，在细分市场开拓、新兴领域需求响应、 创新技术支撑等方面提速提质。积极实施"走出去"战略，深入开展海外资源拓展行动，提升供应链韧性 和稳定性。持续优化产业布局；协同推进项目建设，在保障质量和安全的前提下往前赶，能早则早、能 快则快，尽快形成现实生产力。全面发展新质生产力，不断提升技术实力与管理能力，创建世界一流专 业领军示范企业。（全景网） 东方钽业是我国最早从事钽铌生产、研究及制造的高新技术企业，经过近60年的积累与发展，在钽铌技 术研发、高纯化冶炼、规模化应用方面处于行业主导地位。随着高频通讯、智慧汽车、高算力AI芯 片、大科学工程、新基建等行业的发展，钽铌在电子、半导体、超导、特种钢等应用领域的需求会呈现 ...

Core Viewpoint - Oriental Titanium Industry (000962) has shown strong financial performance in 2024, with a focus on market expansion and product structure optimization, while also enhancing investor returns through dividend distribution [1][2][7]. Financial Performance - The company achieved an operating income of 1.281 billion yuan, a year-on-year increase of 15.57% [1] - Net profit attributable to shareholders reached 213 million yuan, up 13.94% year-on-year [1] - Total assets increased to 3.061 billion yuan, with a debt-to-asset ratio of only 14.83% [1] - The company plans to distribute a cash dividend of 0.77 yuan per 10 shares, totaling 38.8826 million yuan, which represents 31.26% of the net profit attributable to shareholders [1] Market Strategy and Product Development - The company is actively expanding market space and optimizing product structure, increasing the sales share of high-value-added products [2] - Revenue from tantalum-niobium and its alloy products grew by 15.80%, with a gross margin increase of 0.41 percentage points [2] - Revenue from titanium and titanium alloy products surged by 81.94% [2] - The company aims to capitalize on opportunities in high-end sectors such as large scientific projects, high-end chips, smart vehicles, and national defense equipment [2][3] Innovation and R&D - In 2024, the company invested 91.72 million yuan in R&D, a year-on-year increase of 11% [5] - The number of company-level research projects rose by 62% to 81 [5] - The company received multiple awards for technological progress and achieved a record number of patents and standards [5] Management and Governance - The company emphasizes investor rights protection and value creation, responding to new capital market reforms and policies [7] - A "Quality Return Dual Improvement" action plan has been disclosed to enhance operational performance and governance structure [7] - The company has implemented a mid-to-long-term incentive mechanism to boost team vitality and overall development quality [7] Strategic Goals - The company aims to achieve high-quality development by focusing on five strategic areas: strengthening industry, enhancing technology, creating a first-class enterprise, solidifying foundations, and risk prevention [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 委托人（签字）： 身份证号（营业执照号码）： 委托人持有股数： 委托人股东账号： 委托书有效期限： 受托人（签字）： 受托人身份证号： 签署日期：2025年 月 日 附注： 1、授权委托书剪报、复印或按以上格式自制均有效；单位委托须加盖单位公章。 证券代码：000962 证券简称：东方钽业 公告编号：2025-018号 宁夏东方钽业股份有限公司 第九届监事会第十次会议决议公告 4、以赞成票5票，反对票0票，弃权票0票，通过了《关于公司2025年董事、监事薪酬的议案》。 5、以赞成票5票，反对票0票，弃权票0票，通过了《关于公司2024年度提取任意盈余公积及利润分配预 案的议案》。 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、监事会会议召开情况 宁夏东方钽业股份有限公司第九届监事会第十次会议通知于2025年4月1日以电子邮件、短信等形式向各 位监事发出。会议于2025年4月11日在东方钽业办公楼二楼会议室召开。会议应到监事5人，实到4人， 监事会主席李毛毛因出差未能到会，特授权监事吕良代为出席会议并行 ...

宁 夏 东 方 锂 业 股 份 有 限 公 司 . 募 集 资 金 年 度 存 放 与 使 用 情 况 鉴 证 报 告 天 职 业 字 [2025] 17775 号 目 ... 录 募集资金年度存放与使用情况鉴证报告 -- ------ -1 关于募集资金年度存放与使用情况的专项报告 --------------------- -- 3. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn） 进行查测 募集资金年度存放与使用情况鉴证报告 天职业字[2025]17775 号. 宁夏东方锂业股份有限公司全体股东: 我们审核了后附的宁夏东方组业股份有限公司（以下简称"东方锂业"）《宁夏东方组业 股份有限公司董事会关于募集资金年度存放与使用情况的专项报告》。 一、管理层的责任 东方组业管理层的责任是按照中国证监会《上市公司监管指引第 2 号 -- 上市公司募集资 金管理和使用的监管要求》、深圳证券交易所颁布的《深圳证券交易所上市公司自律监管指引 第 1 号――主板上市公司规范运作》及相关公告格式规定编制《宁夏东方组业股份有限公司董 事会关于募集资金年度存放与使用情况的专 ...

宁 夏 东 方 锂 业 股 份 有 限 公 司 审计报告. 天 职 业 字 [2025]17753 号 目 审 计 报 告 2024 年度财务报表— 2024 年度财务报表附注 您可使用手机"扫一扫"或进入"注册会计师行业统一监管再具有效业许可的会计师事务所出身 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 c.mof.gov.cn）"进行查 报告编码 : 京25M87B0AX 审计报告. 天职业字[2025]17753 号. 宁夏东方包业股份有限公司全体股东: 一、审计意见 我们审计了宁夏东方组业股份有限公司(以下简称"东方组业")财务报表,包括 2024年 12 月 31 目的合并及母公司资产负债表,2024年度的合并及母公司利润表、合并及母公司现金 流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了东 方包业 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司经营成果和 现金流量。. 二、形成审计意见的基础 我们按照中 ...

招商证券股份有限公司 关于宁夏东方钽业股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为宁夏东 方钽业股份有限公司（以下简称"东方钽业"或"公司"）持续督导的保荐机构， 根据《证券发行上市保荐业务管理办法》、《深圳证券交易所股票上市规则》、 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》等 有关规定，对东方钽业 2024 年度募集资金存放与使用情况进行了认真审慎的核 查，发表如下独立核查意见： 一、募集资金基本情况 （一）实际募集资金金额及资金到位时间 经中国证券监督管理委员会《关于同意宁夏东方钽业股份有限公司向特定 对象发行股票注册的批复》（证监许可[2023]2052 号）同意注册，公司向特定对 象发行人民币普通股（A股）的数量为 59,281,818股，发行价为 11.38元/股，募 集资金总额为人民币 674,627,088.84元，扣除承销费用及其他发行费用（不含增 值税）人民币 4,422,703.62 元 （ 含 税 ） ...

宁 夏 东 方 锂 业 股 份 有 限 公 司 2024 年 度 涉 及 财 务 公 司 关 联 交 易 的 存 款 、 贷 款 等 金 融 业 务 的 专 项 说 明 天 职 业 字 [2025]17779 号 目 专项说明 - -1 2024 年度涉及财务公司关联交易的存款、贷款等金融业务情况汇总表 -3 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.cncf.gov.cn）"进行查测 "招 关于宁夏东方锂业股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务的专项说明 天职业字[2025]17779 号 宁夏东方锂业股份有限公司董事会: 我们接受委托,审计了宁夏东方锂业股份有限公司(以下简称"贵公司")及其子公司(以 下简称"贵集团")2024年12月31日的合并及母公司资产负债表、2024年度的合并及母公 司利润表、合并及母公司股东权益变动表、合并及母公司现金流量表和财务报表附注(以下简 称"财务报表"),并于 2025 年 4 月 11 日出具了"天职业字[2025]17753 号"的无保留意见 的审计报告。 按照中国证监会、中国银保监会《关于规范上 ...