Tungsten Hexafluoride Leading Company Update

English summary

Price: ①Due to high tungsten powder prices, Q1 sales of tungsten hexafluoride still incurred losses, but the company continued cost pass-through in H1. Tungsten hexafluoride began to be profitable in May, and Q3 is the first quarter shifting from cost-plus pricing to proactive price increases under supply shortage. ②Future domestic prices will move closer to overseas, business is business. Capacity: 1,000 tons each in 27Q2 and 27Q4, no expansion planned in 2028. Legal maximum overproduction is 20%. Competitive landscape: ①Six global players: 1 in China, 2 each in Japan and South Korea, 1 in Germany; other domestic companies have significant differences in customer verification. Currently, all customers except Samsung are in mass supply. ②Japan's supply cut has occurred, and the crackdown on transshipment trade is extremely intense. Export permits are required for tungsten powder exports to South Korea, and overseas tungsten powder costs are more than 3x domestic. ③All new production lines require re-verification, with a verification period of 0.5-2 years, depending on cooperation history and customer willingness. ...