产销量稳定增长，积极拓宽新市场。公司2024年有色金属冶炼及压延加工销量为44.95 万吨，同比增加 23.54%；生产量为46.10 万吨，同比增加27.81%。 经营现金流入减少，资产负债率上升。公司经营净现金流量净额0.11亿元，同比少流入3.39亿元；投资 活动现金流量净额-17.84亿元，同比少流出6.15亿元，主因长期股权投资支出较上年同期减少所致。公 司资产负债率为54.50%，同比增长7.10pct，主因在建工程和长期借款增加。此外，公司对生产原镁的 大罐工艺进一步优化，有效降低了原镁成本; 对镁储氢压丸做了工艺改进，综合成本进一步下降。2025 年一季度，公司与某汽车公司合作攻克新一代镁合金材料的研发，有利于拓展镁未来发展空间。 投资建议：未来公司镁压铸订单有望落地，静待需求改善带来的业绩修复。预计2025-2027年公司归母 净利润2.73、3.63、4.43亿元，维持"强烈推荐"评级。 风险提示：市场竞争加剧、下游需求不及预期、原材料价格波动风险。 公司主营业务毛利率为11.61%，同减1.75pct。其中镁合金产品毛利率11.48%，同减6.6pct；铝合金产品 毛利率11.23%，同 ...

华泰联合证券有限责任公司 关于宝武镁业科技股份有限公司 2024 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公 司"）向特定对象发行股票持续督导阶段的保荐人，对宝武镁业 2024 年有关情况 进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：宝武镁业 | | | | --- | --- | --- | --- | | 保荐代表人姓名：王坤 | 联系电话：025-83388070 | | | | 保荐代表人姓名：徐文 | 联系电话：025-83388070 | | | | 现场检查人员姓名：王坤 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2025 年 4 月 21 日至 4 月 23 日 | | | | | 一、现场检查事项 | 现场检查意见 | | | | （一）公司治理 | 是 | 否 | 不适 | | | | | 用 | | 现场检查手 ...

| 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 保荐总结报告书 华泰联合证券有限责任公司 关于宝武镁业科技股份有限公司向特定对象发行股票 之保荐总结报告书 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 B7 栋 401 | | 主要办公地址 | 江苏省南京市建邺区江东中路 228 号华泰证券广场 1 号楼 4 层 | | 法定代表人 | 江禹 | ...

培训情况报告 华泰联合证券有限责任公司关于 宝武镁业科技股份有限公司持续督导期 2024年度培训情况报告 深圳证券交易所： 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）作为宝 武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）向特定对象发行股票 持续督导阶段的保荐人，根据《深圳证券交易所上市公司自律监管指引第 13 号 ——保荐业务》《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》等法规和规则的相关规定以及宝武 镁业的实际情况，认真履行保荐人应尽的职责，对宝武镁业的董事、监事、高级 管理人员等相关人员进行了有计划、多层次的后续培训，所培训的内容严格按照 中国证券监督管理委员会及深圳证券交易所有关持续督导的最新要求进行。 一、培训的主要内容 2025 年 4 月 23 日，培训小组通过采取现场授课的方式对公司董事、监事、 高级管理人员等相关人员进行了培训。本次培训的主要内容包括上市公司违法典 型案例、上市公司常见违规事项。 1 培训情况报告 了对中国证券监督管理委员会和深圳证券交易所相关法律、法规、业务规则的了 解和认识，促使上述 ...

华泰联合证券有限责任公司 1 | 项目 | 工作内容 | | --- | --- | | | 政监管措施决定书的公告》。宝钢金属已经 | | | 按期报送整改报告。 | | | 2、公司参股公司安徽宝镁（公司持有其 | | | 45.00%的股权，公司控股股东宝钢金属持有 | | | 其 45.00%的股权）2024 年实现营业收入 | | | 59,435.45 万元，主要包括矿产品销售、镁合 | | | 金冶炼及其深加工等。安徽宝镁与公司存在 | | | 同业竞争，但尚未构成重大不利影响。公司 | | | 向特定对象发行股票审核期间，控股股东宝 | | | 钢金属及间接控股股东中国宝武已于 2023 | | | 年 6 月 20 日出具了《关于避免同业竞争的 | | | 承诺函》，承诺："本次交易完成后，如本公 | | | 司（包括本公司现有或将来成立的全资子公 | | | 司、控股子公司和其他受本公司控制的公司 | | | 或组织）与云海金属构成同业竞争的，本公 | | | 司将按照相关证券监管部门的要求，在适用 | | | 的法律法规及相关监管规则允许的前提下， | | | 于本次交易完成之日起 3 ...

Investment Rating - The report maintains a "Recommended" rating for Baowu Magnesium Industry [5][11]. Core Views - The company achieved a revenue of 8.983 billion yuan in 2024, a year-on-year increase of 17.39%, but the net profit attributable to shareholders decreased by 47.91% to 160 million yuan due to low magnesium prices and increased operating expenses [2][10]. - The production and sales of magnesium-aluminum alloy products continue to grow, with production increasing by 27.81% to 460,000 tons and sales up by 23.54% to 450,000 tons in 2024 [3]. - The company is increasing its research and development investment, which rose from 309 million yuan in 2021 to 455 million yuan in 2024, accounting for 5.1% of revenue [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 8.983 billion yuan, with a net profit of 160 million yuan, and basic earnings per share of 0.16 yuan, reflecting a decrease of 50.93% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 2.033 billion yuan, a 9.08% increase year-on-year, but the net profit decreased by 53.58% to 28 million yuan [2]. Production and Sales - The production of magnesium-aluminum alloy and deep-processed products saw a dual increase in 2024, with production up by 27.81% and sales up by 23.54% [3]. - The company has a current magnesium alloy capacity of 200,000 tons and aluminum alloy capacity of 150,000 tons, with plans to increase magnesium alloy capacity by 150% to 500,000 tons [3]. R&D and Market Development - The company is focusing on R&D to enhance the application of magnesium alloys in various sectors, including automotive lightweighting and robotics [4]. - A significant breakthrough was achieved in collaboration with Seres, leading to the development of the world's largest integrated die-casting magnesium alloy rear body for mass production [4]. Future Projections - The company is projected to achieve revenues of 10.916 billion yuan, 14.398 billion yuan, and 15.864 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 452 million yuan, 785 million yuan, and 905 million yuan [11][12].

Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [6]. Core Views - The company's revenue for 2024 is projected to be 8.98 billion, a year-on-year increase of 17.39%, primarily driven by increased sales volume [1]. - The magnesium price has been on a downward trend, with an average price of 18,000 per ton in 2024, down 18% year-on-year, indicating a potential recovery phase ahead [2]. - The company is expanding its magnesium alloy applications in the automotive sector, achieving significant partnerships with major automotive manufacturers [3]. - Despite profit pressures from magnesium prices, the company maintains a competitive cost advantage in magnesium smelting [4]. - The long-term growth potential is supported by the increasing demand for lightweight materials in various industries, including robotics and new energy vehicles [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.98 billion, with a net profit of 160 million, reflecting a 48% year-on-year decline [1]. - The gross margin for 2024 was 11.7%, slightly down from the previous year, with a gross profit contribution from magnesium and aluminum alloy products accounting for 59% of total gross profit [4]. Industry Position - The company has a complete magnesium industry chain with a production capacity of 100,000 tons of raw magnesium and 200,000 tons of magnesium alloy, aiming for a total capacity of over 500,000 tons annually [2]. - The magnesium price has been declining for nearly four years, positioning the company favorably for new applications as prices stabilize [5]. Application Expansion - The magnesium alloy and deep processing business generated 3.44 billion in revenue in 2024, representing 38% of total revenue, with significant advancements in automotive applications [3]. - The company is also making strides in the aluminum alloy extrusion sector, with a 67% year-on-year revenue increase [3]. Cost Structure - The company’s gross margin is under pressure due to magnesium prices, but it remains competitive with an average gross profit of nearly 2,800 per ton for magnesium alloy products [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.27 RMB [7][8]. Core Views - The company achieved a revenue of 8.983 billion RMB in 2024, a year-on-year increase of 17.39%, but the net profit attributable to the parent company was only 160 million RMB, down 47.91% year-on-year, primarily due to unexpected declines in magnesium prices [1][2]. - The global magnesium production is expected to grow by 12% in 2024, leading to a significant oversupply and a projected 16% decrease in magnesium ingot prices to 19,759 RMB per ton [2][4]. - The company is positioned as a leader in the magnesium industry, with a robust production capacity of 100,000 tons of raw magnesium and 200,000 tons of magnesium alloy, alongside ongoing expansions [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.636 billion RMB, a year-on-year increase of 26.20%, but a net profit of only 5.8688 million RMB, reflecting a 94.07% decline year-on-year [1][2]. - The company's main business revenue is expected to grow by 19.27% in 2024, while the gross margin is projected to decline by 1.75 percentage points [2]. Industry Positioning - The company is leveraging opportunities in automotive lightweighting, securing contracts with major automotive manufacturers for large magnesium alloy components [3]. - Collaborations with technology partners have led to the development of innovative magnesium alloy products, including a lightweight electric drive assembly and a new magnesium alloy robot [3]. Future Projections - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.42 RMB, 0.67 RMB, and 0.94 RMB respectively, with significant downward adjustments of 55% and 54% for 2025 and 2026 EPS estimates [4][6]. - The target price is based on a price-to-earnings (PE) ratio of 34 times for 2025, reflecting the company's strong market position and growth potential despite current challenges [4][6].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance in 2024 was impacted by declining magnesium prices, but the deep processing business shows resilience. The average price of magnesium ingots in 2024 was approximately 19,800 yuan per ton, a year-on-year decrease of 16.63% [7] - The company has successfully developed new magnesium alloy products for the automotive sector, gaining contracts with major companies like Geely and Seres. The deep processing business is expected to be a significant growth driver in the future [7] - The forecast for the company's net profit for 2025-2026 has been revised down due to lower magnesium prices, with expected profits of 359 million yuan and 509 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2024 was 898.3 million yuan, a year-on-year increase of 17.39%, while net profit attributable to the parent company was 160 million yuan, a decline of 47.91% [6][7] - The company anticipates total revenue of 976.5 million yuan in 2025, with a projected net profit of 359 million yuan, reflecting a year-on-year growth of 125% [6] - The gross profit margin is expected to improve from 12.8% in 2025 to 16.0% in 2027, indicating a positive trend in profitability [6]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 12.24 CNY [7]. Core Views - The company reported a revenue of 8.983 billion CNY in 2024, a year-on-year increase of 17.4%, but the net profit attributable to shareholders decreased by 47.9% to 160 million CNY [3][4]. - In Q4 2024, the company achieved a revenue of 2.636 billion CNY, a year-on-year growth of 26.2%, but the net profit dropped significantly by 94.1% year-on-year to 5.87 million CNY [3][4]. - For Q1 2025, the company reported a revenue of 2.033 billion CNY, a year-on-year increase of 9.1%, while the net profit decreased by 53.58% year-on-year to 28.18 million CNY [3][6]. Summary by Sections Financial Performance - The company's net profit in 2024 decreased by 147 million CNY, primarily due to increased expenses and taxes, which reduced profits by 156 million CNY [4]. - Despite a significant drop in magnesium prices, the company's gross profit increased by 22.39 million CNY, driven by growth in aluminum alloy deep processing products and other segments [4]. - In Q4 2024, the net profit decreased by 28.1 million CNY, while gross profit increased by 76.46 million CNY, indicating a mixed performance [5]. Price and Cost Analysis - Magnesium product prices fell both year-on-year and quarter-on-quarter, with Q4 2024 magnesium ingot and alloy prices at 16,900 CNY/ton and 18,700 CNY/ton, respectively [5][6]. - The cost of silicon iron and coal decreased in Q4 2024, contributing to a reduction in overall production costs [5]. Growth Potential - The company has significant growth potential with ongoing projects, including a 300,000-ton magnesium and alloy project in Qingyang and a 50,000-ton magnesium project in Chao Lake [6][9]. - The company plans to enhance its cost advantages with a new 300,000-ton silicon iron project, which will help reduce production costs further [6][9]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted downward due to declining magnesium prices, with expected net profits of 306 million CNY, 529 million CNY, and 692 million CNY for the respective years [9][10].