三川智慧布局稀土全产业链：5500万合资设立国际贸易公司
核心提示：三川智慧（300066.SZ）8月8日晚间公告，拟与关联方共同出资1亿元设立国际贸易公司，将业务从稀土回收延伸至稀土原矿进出口领域。这是该公司继收购中稀天马和天和永磁后，在稀土产业链的又一次重要布局。
Key Highlights: Sanchuan Wisdom (300066.SZ) announced on August 8 that it plans to jointly invest 100 million yuan with related parties to establish an international trade company, expanding its business from rare earth recycling to rare earth raw ore import and export. This marks another important move in the company's rare earth industry chain following its acquisitions of Zhongxi Tianma and Tianhe Yongci.
一、5500万控股合资公司 拓展稀土贸易业务
1. 55 Million Yuan Investment to Control Joint Venture for Rare Earth Trade
根据公告，三川智慧将出资5500万元（占比55%）与北京铂宇、周钢华等共同设立赣州川宇国际贸易有限公司。合资公司经营范围包括：
According to the announcement, Sanchuan Wisdom will invest 55 million yuan (55% stake) to establish Ganzhou Chuanyu International Trade Co., Ltd. with Beijing Boyu, Zhou Ganghua and others. The joint venture's business scope includes:
- 稀土原矿收储、加工、销售
- Rare earth raw ore storage, processing and sales
- 单一稀土氧化物、稀土金属等产品的加工销售
- Processing and sales of single rare earth oxides, rare earth metals and other products
- 矿产品、稀土分离产品的进出口贸易
- Import and export trade of mineral products and rare earth separation products
二、完善稀土产业链布局 提升核心竞争力
2. Completing Rare Earth Industry Chain to Enhance Core Competitiveness
三川智慧近年来持续加码稀土产业：
Sanchuan Wisdom has been continuously increasing its investment in the rare earth industry in recent years:
| 时间 | 投资动作 | 战略意义 |
|---|---|---|
| 2019年2月 | 收购中稀天马20%股权 | 切入稀土回收领域 |
| 2022年6月 | 收购天和永磁67%股权 | 强化稀土回收能力 |
| 2022年8月 | 设立国际贸易公司 | 延伸至稀土原矿贸易 |
业绩表现：2021年，中稀天马实现净利润7048.54万元，为三川智慧带来1178.20万元投资收益；天和永磁2021年净利润1207.37万元，2022年1-4月净利润已达701.49万元。
Performance: In 2021, Zhongxi Tianma achieved a net profit of 70.4854 million yuan, bringing Sanchuan Wisdom an investment income of 11.782 million yuan; Tianhe Yongci's net profit in 2021 was 12.0737 million yuan, and reached 7.0149 million yuan in the first four months of 2022.
三、稀土行业前景广阔 回收利用价值凸显
3. Bright Prospects for Rare Earth Industry with Prominent Recycling Value
稀土是不可再生的战略资源，广泛应用于新能源、国防军工等领域。在开采总量受控而需求持续增长的背景下，稀土回收利用兼具：
Rare earth is a non-renewable strategic resource widely used in new energy, national defense and other fields. Against the backdrop of controlled mining volume and continuous demand growth, rare earth recycling has both:
- 经济效益：天和永磁承诺2022-2024年累计净利润不低于1.23亿元
- Economic benefits: Tianhe Yongci promised cumulative net profit of no less than 123 million yuan from 2022 to 2024
- 社会效益：减少原生稀土开采，保护环境
- Social benefits: Reducing primary rare earth mining and protecting the environment
业内人士认为，三川智慧通过系列投资已构建"稀土回收-加工-贸易"的完整产业链，有望在稀土价值重估过程中获得更大发展空间。
Industry insiders believe that Sanchuan Wisdom has built a complete industrial chain of "rare earth recycling-processing-trade" through a series of investments, and is expected to gain greater development space in the process of rare earth value revaluation.
