Xiamen tungsten industry tungsten and rare earth fly

Recently, the research report of Xiamen Tungsten Industry was released, saying that the company is one of the three companies covering the entire tungsten industry chain, and the tungsten and rare earth industries are in complete layout. The first major shareholder of Fujian Province rare rare earth group supports the company to better develop the rare earth industry, the second largest shareholder, Minmetals Nonferrous, guarantees the supply of resources, and the third largest shareholder provides technical support. It is expected that the profit contribution of the tungsten plate will be over 60% in the next three years, and the contribution of energy materials will be around 10%.

Make a strong tungsten plate. The company's tungsten plate profit is concentrated in upstream mines and downstream processing, with a resource reserve of 841,800 tons and a concentrate output of 8,000 tons. Xiamen Jinlu is the most competitive in the domestic hard alloy industry. After the Jiujiang Cemented Carbide Project was put into operation at the end of 2013, the output increased by 2,000 tons. It is expected that the supply of tungsten concentrate will continue to tighten in the next three years, and the average annual growth rate of downstream consumption will be 9%. The outlook for the tungsten industry is optimistic.

Make a large energy materials sector. As a rare earth integration platform in Fujian Province, the company has 6 mining licenses and 1 prospecting certificate in Fujian Province. Rare earth is rare but not rare. As a deep processing leader of energy materials, with the advancement of deep processing projects, the future self-sufficiency rate of resources is expected to increase.

The proportion of real estate profits has decreased year by year. The cost advantage of the company's real estate projects is obvious. In the next three years, the Straits International, Dujiangyan Villa and Zhangzhou Yuanshitan Project will contribute profits to the company. It is estimated that the real estate performance contribution in the next three years will be 0.19 yuan, 0.1 yuan and 0.3 yuan respectively.

Stock price catalyst: Construction in progress is expected to reach production capacity and contribute capacity; upstream resource development has made significant progress; tungsten and rare earth prices have risen sharply.

Earnings forecast, valuation and rating: The company's 13-15 year EPS is expected to be 0.89 yuan, 0.91 yuan, 1.18 yuan, corresponding to PE 35 times, 34 times, 26 times, the total valuation range of 23.12-34.19 yuan, upgrade the company rating to "increasing hold".

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