According to the Guojin Securities Research Report, the Xiamen Tungsten Industry is a leading tungsten ore resource and an AI material platform. The three major businesses have collaborated, and the AI material layout has blossomed. The company has gradually grown into a comprehensive AI new material platform covering tungsten and molybdenum, rare earth and new energy materials. In 2025, we achieved revenue of 46.265 billion yuan, +31.4% year on year; net profit to mother was 2,309 billion yuan, +33.6% year over year. Supply constraints have raised the tungsten price center, and domestic replacement of high-end tungsten materials has accelerated. Since 2026, tungsten prices have experienced a rapid rise and sharp correction. As of July 24, 2026, the average price of 65% tungsten concentrate was 413,000 yuan/ton, which is expected to usher in a new round of upward trend. The grade 3 tungsten resource system is perfect, and medium- to long-term growth can be expected. It is believed that the company is expected to expand the application of semiconductor materials with high-purity tungsten powder, and the two sides have broad scope for cooperation. The company was given 24 times PE in 2026, corresponding to a target price of 75.2 yuan. For the first time, coverage was given a “buy” rating.

According to the Guojin Securities Research Report, the Xiamen Tungsten Industry is a leading tungsten ore resource and an AI material platform. The three major businesses have collaborated, and the AI material layout has blossomed. The company has gradually grown into a comprehensive AI new material platform covering tungsten and molybdenum, rare earth and new energy materials. In 2025, we achieved revenue of 46.265 billion yuan, +31.4% year on year; net profit to mother was 2,309 billion yuan, +33.6% year over year. Supply constraints have raised the tungsten price center, and domestic replacement of high-end tungsten materials has accelerated. Since 2026, tungsten prices have experienced a rapid rise and sharp correction. As of July 24, 2026, the average price of 65% tungsten concentrate was 413,000 yuan/ton, which is expected to usher in a new round of upward trend. The grade 3 tungsten resource system is perfect, and medium- to long-term growth can be expected. It is believed that the company is expected to expand semiconductor material applications with high-purity tungsten powder, and the two sides have broad scope for cooperation. The company was given 24 times PE in 2026, corresponding to a target price of 75.2 yuan. For the first time, coverage was given a “buy” rating.