Xiamen Tungsten is the only tungsten company in the world with a complete Y-shaped industrial chain. The company has an incomparable advantage in the tungsten industry's complete industrial chain, resource guarantee, intermediate ATP, carbide powder and tungsten wire business. The international giant Sweden Swedenvik and the US Kennametal are incomparable; the company is at the domestic leading level in cemented carbide, although The gap between Sweden's Sandvik and the US's Kennametal is still very large, but this is the space for the company's rapid development in the future.
The adjustment of Xiamen Tungsten Industry since 2007 is only the adjustment of profits, and business development is still fast. Since 2007, due to external difficulties such as the reduction of export tax rebates and the appreciation of the renminbi, the company's profits have declined significantly, but the company's tungsten mines, tungsten-molybdenum wire, hard alloys, hydrogen storage alloys and rare earths, real estate and other businesses The development is still very smooth, and the decline in profits cannot hide the expansion of the business.
The worst time for the company's operating performance has passed, and in the future, we will strive to enter a new profit growth period by diligently grasping internal business. Through diligently grasping internal business, the company endeavored to offset the impact of external adverse changes, with the establishment of the company's tungsten mine, the establishment of waste tungsten recovery, the steady growth of tungsten-molybdenum wire business, the rapid growth of cemented carbide business, and the development of rare earth industry. The settlement of the real estate business, the company will strive to enter a new round of profit growth period.
Tungsten mine plate. The output of tungsten concentrate in Luoyang Yulu Mining is expected to be 1850, 2100, 2350 tons in 2008-10; the production of tungsten concentrate in Hualuokeng tungsten mine in Fujian is expected to be 2100, 3600, 4000 tons in 2000-10; 3000 tons of waste tungsten recovery system In 2008-10, it is estimated that 1800, 2100, 2,500 tons of waste tungsten will be recovered, and the output of tungsten concentrate will increase substantially, which will make the company's self-sufficiency rate of tungsten concentrate more than 50%.
Tungsten molybdenum wire plate. The company's "Sihong" tungsten wire market share has exceeded 70%, the company will subdivide the fine tungsten wire market, establish strategic alliances with major customers, maintain the market share of energy-saving filaments, and become bigger and stronger at the same time The special filament market, actively developing non-lighting products and supporting products, is expected to produce 130, 150 and 16.5 billion meters of fine tungsten wire in 2008-10.
Carbide plate. Cemented carbide is the company's key deep-processing business in the future. At present, the production capacity of 1,000 tons is basically full-load production. The company plans to invest 300 million yuan to expand the production capacity of cemented carbide from the current 1,000 tons to 2000 tons, of which Tongan precision tools The project is expected to complete the civil works in September 2008 and begin equipment installation and commissioning. The Jinlu Jimei new alloy production line has been put into production, and the transformation of the old alloy production line is expected to be completed by the end of 2008. The completion and commissioning of the Tongan Precision Tooling Project is equivalent to the construction of another Golden Heron, which is of great significance to the development of the company.
Hydrogen storage alloys and rare earth plates. The company's hydrogen storage alloy powder production capacity is currently 3,000 tons. Based on the broad market space of future hybrid vehicles, the company has completed the construction of 5,000 tons of hydrogen storage alloy powder project and completed the construction of civil works and equipment, and has a certain production capacity; the company acquired Changting The rare earth company obtained the rare earth separation license, which provided the basis for integrating 300,000 tons of rare earth resources in western Yunnan and building the separation capacity of 2,000 tons of rare earth. .. real estate sector. Chengdu Ludao International Project and Xiamen International Convention and Exhibition Center North Side Real Estate Project are the largest real estate development projects in the region. The future price of Chengdu Ludao International Project is expected to be 6000-7000 yuan, while the future price of the real estate project on the north side of Xiamen International Convention and Exhibition Center is expected. It is estimated that at 15,000-20000 yuan, the sales revenue of these two projects in 2008-10 is expected to be 10, 40, and 5 billion yuan, and the contribution to the company's EPS is 0.15, 0.45, and 0.55 yuan. The company's real estate business has gradually completed the transition from a project company to a medium-sized real estate professional company.
Major shareholder Fujian Metallurgical and the second shareholder Minmetals have successively increased their shareholdings in the secondary market, indicating that Xiamen Tungsten has entered an undervalued stage from the perspective of industrial capital. At the same time, the company has the possibility of future equity contests between major shareholders and shareholders. Sex.
In short, we believe that Xiamen Tungsten Industry is the only tungsten company in the world with a complete Y-shaped industrial chain. The adjustment since 2007 is mainly due to the adverse changes in the external business environment, resulting in the adjustment of the company's operating performance, and the company's various businesses. The development is still fast, which is essentially different from the adjustment of business performance caused by problems in the development of the company's business; in the future, we believe that the adverse changes in the external business environment will gradually weaken, and will gradually be digested by the company, when the company's operating performance is the worst. In the past, the company has tried its best to offset the impact of external adverse changes through diligent internal business, with the establishment of the company's tungsten mine, the establishment of waste tungsten recovery, the steady growth of tungsten and molybdenum wire business, the rapid growth of cemented carbide business, and the rare earth industry. The development and settlement of the real estate business, the company will strive to enter a new round of profit growth period.
The adjustment of Xiamen Tungsten Industry since 2007 is only the adjustment of profits, and business development is still fast. Since 2007, due to external difficulties such as the reduction of export tax rebates and the appreciation of the renminbi, the company's profits have declined significantly, but the company's tungsten mines, tungsten-molybdenum wire, hard alloys, hydrogen storage alloys and rare earths, real estate and other businesses The development is still very smooth, and the decline in profits cannot hide the expansion of the business.
The worst time for the company's operating performance has passed, and in the future, we will strive to enter a new profit growth period by diligently grasping internal business. Through diligently grasping internal business, the company endeavored to offset the impact of external adverse changes, with the establishment of the company's tungsten mine, the establishment of waste tungsten recovery, the steady growth of tungsten-molybdenum wire business, the rapid growth of cemented carbide business, and the development of rare earth industry. The settlement of the real estate business, the company will strive to enter a new round of profit growth period.
Tungsten mine plate. The output of tungsten concentrate in Luoyang Yulu Mining is expected to be 1850, 2100, 2350 tons in 2008-10; the production of tungsten concentrate in Hualuokeng tungsten mine in Fujian is expected to be 2100, 3600, 4000 tons in 2000-10; 3000 tons of waste tungsten recovery system In 2008-10, it is estimated that 1800, 2100, 2,500 tons of waste tungsten will be recovered, and the output of tungsten concentrate will increase substantially, which will make the company's self-sufficiency rate of tungsten concentrate more than 50%.
Tungsten molybdenum wire plate. The company's "Sihong" tungsten wire market share has exceeded 70%, the company will subdivide the fine tungsten wire market, establish strategic alliances with major customers, maintain the market share of energy-saving filaments, and become bigger and stronger at the same time The special filament market, actively developing non-lighting products and supporting products, is expected to produce 130, 150 and 16.5 billion meters of fine tungsten wire in 2008-10.
Carbide plate. Cemented carbide is the company's key deep-processing business in the future. At present, the production capacity of 1,000 tons is basically full-load production. The company plans to invest 300 million yuan to expand the production capacity of cemented carbide from the current 1,000 tons to 2000 tons, of which Tongan precision tools The project is expected to complete the civil works in September 2008 and begin equipment installation and commissioning. The Jinlu Jimei new alloy production line has been put into production, and the transformation of the old alloy production line is expected to be completed by the end of 2008. The completion and commissioning of the Tongan Precision Tooling Project is equivalent to the construction of another Golden Heron, which is of great significance to the development of the company.
Hydrogen storage alloys and rare earth plates. The company's hydrogen storage alloy powder production capacity is currently 3,000 tons. Based on the broad market space of future hybrid vehicles, the company has completed the construction of 5,000 tons of hydrogen storage alloy powder project and completed the construction of civil works and equipment, and has a certain production capacity; the company acquired Changting The rare earth company obtained the rare earth separation license, which provided the basis for integrating 300,000 tons of rare earth resources in western Yunnan and building the separation capacity of 2,000 tons of rare earth. .. real estate sector. Chengdu Ludao International Project and Xiamen International Convention and Exhibition Center North Side Real Estate Project are the largest real estate development projects in the region. The future price of Chengdu Ludao International Project is expected to be 6000-7000 yuan, while the future price of the real estate project on the north side of Xiamen International Convention and Exhibition Center is expected. It is estimated that at 15,000-20000 yuan, the sales revenue of these two projects in 2008-10 is expected to be 10, 40, and 5 billion yuan, and the contribution to the company's EPS is 0.15, 0.45, and 0.55 yuan. The company's real estate business has gradually completed the transition from a project company to a medium-sized real estate professional company.
Major shareholder Fujian Metallurgical and the second shareholder Minmetals have successively increased their shareholdings in the secondary market, indicating that Xiamen Tungsten has entered an undervalued stage from the perspective of industrial capital. At the same time, the company has the possibility of future equity contests between major shareholders and shareholders. Sex.
In short, we believe that Xiamen Tungsten Industry is the only tungsten company in the world with a complete Y-shaped industrial chain. The adjustment since 2007 is mainly due to the adverse changes in the external business environment, resulting in the adjustment of the company's operating performance, and the company's various businesses. The development is still fast, which is essentially different from the adjustment of business performance caused by problems in the development of the company's business; in the future, we believe that the adverse changes in the external business environment will gradually weaken, and will gradually be digested by the company, when the company's operating performance is the worst. In the past, the company has tried its best to offset the impact of external adverse changes through diligent internal business, with the establishment of the company's tungsten mine, the establishment of waste tungsten recovery, the steady growth of tungsten and molybdenum wire business, the rapid growth of cemented carbide business, and the rare earth industry. The development and settlement of the real estate business, the company will strive to enter a new round of profit growth period.
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