According to the Dongwu Securities Research Report, Chinatungsten Hi-Tech's performance in the first three quarters was high, and the Jinzhou Seiko+ mine injection opened up the ceiling. The short-term pullback in tungsten prices is under pressure, and it is expected that inventory replenishment will drive price recovery and the fulfillment of Jinzhou's performance. The company's concentrate and powder business are highly correlated with tungsten prices, and we look forward to price flexibility brought about by downstream tool inventory replenishment at the end of the year. Looking ahead, with the Rubin PCB climbing and the RubinUltra exchange tray material upgrade, demand for high length-diameter ratio drills and diamond-coated drill bits is expected to continue to increase, driving the company's product structure to continue to improve its profit margin level, and continue to deliver results. The company's ability to integrate the upstream tungsten ore to downstream hard alloy products industry chain continues to improve, and cost and technical barriers will continue to be consolidated. Considering the short-term pressure on tungsten prices, the company's 2026-2027 net profit forecast was carefully lowered to 42/5.1 billion yuan, and the 2028 net profit forecast was raised to 6.2 billion yuan. The corresponding dynamic PE was 26/21/18x, respectively. Considering the company's subsequent asset injections and Jinzhou Precision's industrial status, the “buy” rating was maintained.

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