Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a revenue of 3.415 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 73.71%, and a net profit attributable to shareholders of 540 million RMB, up 133.28% year-on-year [2]. - In Q3 2024, the revenue was 1.161 billion RMB, down 10% quarter-on-quarter but up 68.4% year-on-year, with a net profit of 192 million RMB, down 14.25% quarter-on-quarter but up 130.16% year-on-year [2]. - The increase in antimony and tin prices has led to a rise in the company's gross margin [2]. - The company has optimized its capital structure, with a debt-to-asset ratio of 36.22% at the end of Q3 2024, down 3.31 percentage points quarter-on-quarter and 1.48 percentage points year-on-year [2]. - The company expects continued upward trends in tin and antimony prices due to favorable supply-demand dynamics [2]. Summary by Sections Financial Performance - For 2024-2026, the company is projected to achieve revenues of 4.9 billion, 5.9 billion, and 6.9 billion RMB, respectively, with net profits of 820 million, 1.27 billion, and 1.54 billion RMB, respectively [2]. - The earnings per share (EPS) are expected to be 1.30, 2.00, and 2.43 RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 13.6, 9.1, and 7.3 [2]. Market Dynamics - The report highlights that the overseas tin supply is limited and uncertain, while semiconductor demand is expected to increase, supporting a favorable tin supply-demand balance [2]. - Antimony inventory levels are low, and the recovery in demand from the photovoltaic glass sector is anticipated to boost prices [2].

广西华锡有色金属股份有限公司 2024 年第五次临时股东会会议资料 二〇二四年十一月 广西华锡有色金属股份有限公司 2024 年第五次临时股东会会议资料 目 录 广西华锡有色金属股份有限公司 2024 年第五次临时股东会会议议程................... - 1 - 议案一 关于补选广西华锡有色金属股份有限公司第九届董事会非独立董事的议案...... - 3 - 广西华锡有色金属股份有限公司 2024 年第五次临时股东会会议资料 广西华锡有色金属股份有限公司 2024 年第五次临时股东会会议议程 会议召集人：公司董事会 主持人：董事长蔡勇先生 会议召开时间： 现场会议时间：2024 年 11 月 15 日（星期五）14∶30 网络投票时间：2024 年 11 月 15 日（星期五）9∶15-15∶00 其中，通过交易系统投票平台的投票时间为 9∶15-9∶25，9∶30-11∶30， 13∶00-15∶00；通过互联网投票平台的投票时间为 9∶15-15∶00 一、主持人宣布会议开始。 二、由公司聘请的律师宣布到会股东及代表资格审查结果。 三、审议议题。 四、股东或股东代表发言，公司董事、监事和高 ...

重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2024 年第五次临时股东会 召开的日期时间：2024 年 11 月 15 日 14 点 30 分 召开地点：南宁市良庆区体强路 12 号北部湾航运中心 A 座 8 楼 812 会议室 证券代码：600301 证券简称：华锡有色 公告编号：2024-069 广西华锡有色金属股份有限公司 关于召开 2024 年第五次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (五) 网络投票的系统、起止日期和投票时间。 1 股东会召开日期：2024年11月15日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 15 日 至 2024 年 11 月 15 日 采用上海证券交易所网络投票系统，通过交 ...

证券代码：600301 股票简称：华锡有色 编号：2024-066 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广西华锡有色金属股份有限公司（以下简称"公司"）第九届董事会第十二 次会议（临时）通知与相关文件于 2024 年 10 月 25 日通过电子材料和书面通知 方式送达各位董事、监事及高级管理人员，并于 2024 年 10 月 30 日以通讯方式 召开。本次会议应出席会议的董事 6 名，实到 6 名。会议由董事长蔡勇先生主持， 公司监事、高级管理人员列席了会议。本次会议的召集和召开符合《中华人民共 和国公司法》和《公司章程》的有关规定。经与会董事认真审议，形成如下决议： 一、审议通过《关于补选广西华锡有色金属股份有限公司第九届董事会非 独立董事的议案》 1、同意提名张小宁先生为公司第九届董事会非独立董事候选人。 表决情况：6 票赞成、0 票反对、0 票弃权。 3、本议案经公司董事会提名委员会审议通过。 4、同意将该事项提交公司股东会审议，并采取累积投票方式选举。 具体内容详见公司于同日在上海证券交易所网站（www.s ...

证券代码：600301 证券简称：华锡有色 公告编号：2024- 070 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所关于行业经营性信息披露的相关要求，广西华锡有色金 属股份有限公司（以下简称"公司"）现就 2024 年第三季度主要经营数据披露如 下： | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 2024 年 7-9 月 营业收入 | 2024 年 7-9 月 营业成本 | 毛利 率 | 营业收入 比上年同 | 营业成 本比上 | 毛利率比 上年同期 | | | | | | | 年同期 | | | | | | （% | 期增减 | | | | （元） | | （元） | ） | （%） | 增减 | 增减（%） | | | | | | | （%） | | | 有色金属 | 1,100,856,917.01 | 579,897,143.74 | 47.32 | 52.06 | 36.62 | ...

证券代码：600301 证券简称：华锡有色 公告编号：2024-067 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广西华锡有色金属股份有限公司（以下简称"公司"）第九届监事会第十二 次会议（临时）通知与相关文件于 2024 年 10 月 25 日通过电子材料和书面通知 方式送达，并于 2024 年 10 月 30 日以通讯方式召开。本次会议应出席会议的监 事 5 名，实到 5 名。会议由监事会主席陆春华先生主持。本次会议的召集和召开 符合《中华人民共和国公司法》和《公司章程》的有关规定。经与会监事认真审 议，形成如下决议： 公司 2024 年第三季度报告的编制和审议程序符合法律法规、《公司章程》 和公司内部管理制度的各项规定，客观、真实、公允地反映公司第三季度的经营 情况。《公司 2024 年第三季度报告》所披露的信息真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大遗漏，不存在损害股东特别是中小股东利益的 情形。监事会同意《公司 2024 年第三季度报告》。 具体内容详见公司于同日在上海证券交易所网站（www.s ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,161,431,180.45, representing a 49.70% increase compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was ¥191,617,860.70, an increase of 88.46% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥189,556,752.72, reflecting a 140.78% increase compared to the previous year[3] - Basic earnings per share for Q3 2024 were ¥0.30, up 87.50% from ¥0.16 in the same period last year[3] - The weighted average return on equity for Q3 2024 was 5.06%, an increase of 2.41 percentage points year-on-year[3] - The net profit for the year-to-date period increased by 100.91% to ¥540,385,261.63, driven by favorable market conditions and sustained production levels[3] - Total operating revenue for the first three quarters of 2024 reached ¥3,415,456,710.58, a significant increase of 56.1% compared to ¥2,186,517,385.93 in the same period of 2023[17] - Operating profit for the first three quarters of 2024 was ¥1,013,565,880.11, up from ¥533,400,188.72 in 2023, reflecting an increase of 89.8%[19] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was ¥540,385,261.63, compared to ¥268,969,767.35 in 2023, marking a growth of 100.5%[20] - The company's total comprehensive income for the first three quarters of 2024 was ¥855,031,584.91, compared to ¥447,775,958.90 in 2023, showing an increase of 91.0%[20] Production and Sales - In the first three quarters of 2024, the company produced 7,731.25 tons of tin ingots, a 62.76% increase from 4,750.18 tons in the same period of 2023[11] - Zinc ingot production reached 23,624.13 tons, up 33.47% from 17,699.51 tons year-on-year[11] - The company achieved a production of 11,907.74 tons of lead-antimony concentrate, representing a 19.96% increase compared to 9,926.55 tons in the previous year[11] - The output of zinc concentrate was 41,498.55 tons, a rise of 29.98% from 31,927.39 tons in the same period last year[11] - Lead concentrate production increased by 21.44% to 6,461.77 tons from 5,320.8 tons year-on-year[11] - Copper concentrate production was 373.91 tons, reflecting a 25.11% increase from 298.86 tons in the previous year[11] - The company reported a significant increase in deep processing products, with production rising to 450.02 tons, a 271.15% increase from 121.25 tons year-on-year[11] - The company has experienced a significant increase in sales volume and product prices in the non-ferrous metal sector, contributing to revenue growth[7] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,485,012,970.88, a 3.64% increase from the end of the previous year[3] - As of September 30, 2024, the company's total current assets increased to CNY 1,995.31 million from CNY 1,717.63 million as of December 31, 2023, representing an increase of approximately 16.2%[13] - The company's cash and cash equivalents rose to CNY 1,160.35 million, up from CNY 944.09 million, marking a growth of about 23%[13] - The total assets of the company reached CNY 7,485.01 million, compared to CNY 7,222.37 million at the end of 2023, indicating an increase of approximately 3.6%[15] - Total liabilities as of the end of Q3 2024 amounted to ¥2,711,110,047.05, up from ¥2,457,272,970.59 at the end of Q3 2023, indicating a rise of 10.3%[19] - The company's total liabilities decreased to CNY 1,790.46 million from CNY 2,169.79 million, a reduction of approximately 17.5%[15] Cash Flow - The company reported a net cash flow from operating activities of ¥925,459,341.10 for the year-to-date period, a 92.22% increase compared to the previous year[3] - Cash flow from operating activities for the first three quarters of 2024 was ¥3,846,530,172.97, compared to ¥2,789,126,128.12 in 2023, an increase of 37.9%[21] - The net cash flow from operating activities for Q3 2024 was CNY 925,459,341.10, an increase of 92.3% compared to CNY 481,447,780.46 in Q3 2023[22] - Total cash inflow from financing activities was CNY 1,517,753,109.34, down 38.4% from CNY 2,464,007,058.97 in the same period last year[22] - The net increase in cash and cash equivalents for Q3 2024 was CNY 154,317,683.40, compared to CNY 24,103,853.65 in Q3 2023, reflecting a significant improvement[23] - Cash outflow from investing activities was CNY 611,384,902.63, compared to CNY 100,726,376.65 in the previous year, indicating increased investment activity[22] - Cash paid for operating activities increased to CNY 3,015,158,894.75, up from CNY 2,340,265,955.82 in Q3 2023, reflecting higher operational costs[22] - The company experienced a net cash outflow from financing activities of CNY -159,756,755.07, compared to CNY -356,617,550.16 in Q3 2023, showing improved cash management[22] Recognition and Innovation - The company was recognized as one of the second batch of chain-leading enterprises in Guangxi[10] - The company was selected as a unit in the tenth batch of Guangxi Postdoctoral Innovation Practice Base[11] - The company received recognition for its technological advancements, winning the first prize in the Guangxi Science and Technology Progress Award for 2023[12] - The company has been recognized as an innovative small and medium-sized enterprise and a pilot enterprise for industry-education integration in Liuzhou[12] Future Plans - The company plans to expand the mining area of the Tongkeng Mine to 15.78 square kilometers and change the mining method to a combination of open-pit and underground mining[12]

证券代码：600301 股票简称：华锡有色 编号：2024-068 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《公司章程》规定，为完善公司治理结构，保障董事会规范运作，结合 公司战略发展及经营管理需要，公司董事会提名推荐张小宁先生为董事候选人， 股东提名推荐贺立先生为董事候选人，董事会提名委员会对两位候选人进行了资 格审核。公司于 2024 年 10 月 30 日召开第九届董事会第十二次会议（临时）， 同意提名张小宁先生和贺立先生为公司第九届董事会非独立董事候选人（简历详 见附件），任期自股东会审议通过之日起至第九届董事会届满之日止。本次非独 立董事补选事宜尚需提交公司股东会审议，采取累积投票制方式选举。 三、聘任公司总经理情况 经公司董事长提名和董事会提名委员会审核，公司于 2024 年 10 月 30 日召 开第九届董事会第十二次会议（临时），同意聘任张小宁先生（简历详见附件） 1 为公司总经理，任期自本次董事会审议通过之日起至第九届董事会届满之日止。 公司常务副总经理吴乐文先生不再代行总经理职责。 特此公告。 ...

证券代码：600301 股票简称：华锡有色 编号：2024-071 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、申请采矿许可证变更的相关情况 华锡矿业持有"广西华锡矿业有限公司 铜 坑 矿 " 采 矿 权 （ 证 号 ： 1 广西华锡有色金属股份有限公司（以下简称"公司"）下属子公司广西华锡 矿业有限公司（以下简称"华锡矿业"）于近日收到广西壮族自治区自然资 源厅（以下简称"自然资源厅"）《关于广西华锡矿业有限公司铜坑矿采矿 权延续变更（扩大矿区范围、开采矿种、开采方式）登记申请核查意见的函》 （以下简称"《核查意见》"），建议同意"广西华锡矿业有限公司铜坑矿" 采矿权延续变更（扩大矿区范围、开采矿种、开采方式）申请以及分 14 期 缴纳采矿权出让收益 6,421.08 万元。 "广西华锡矿业有限公司铜坑矿"采矿权延续变更（扩大矿区范围、开采矿 种、开采方式）申请尚需获得中华人民共和国自然资源部（以下简称"自然 资源部"）批准，公司将会持续跟进办证进度，及时履行披露义务。 根据《核查意见》，华锡矿业需缴 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage with a target price of RMB 32.00 [1][4]. Core Views - The company is positioned as a leading player in the tin and antimony market in South China, benefiting from rising prices in these commodities. The report anticipates significant growth in revenue and net profit over the next few years, driven by increased production and favorable market conditions [3][4]. Company Overview - The company, Guangxi Huaxi Nonferrous Metals Co., Ltd., is a major state-owned enterprise in the nonferrous metals sector, focusing on the exploration, mining, and processing of various metals including tin, zinc, lead, and antimony. It underwent a significant transformation in January 2023, transitioning from a trading company to a leading tin metal enterprise [15][18][20]. Financial Performance - The company reported a substantial increase in revenue and net profit in 2023, with revenue reaching RMB 2.924 billion and net profit at RMB 314 million. The first half of 2024 is expected to show continued growth, with revenue projected at RMB 4.882 billion and net profit at RMB 824 million, reflecting a year-on-year increase of 108% [2][20]. Industry Analysis - The tin industry is entering a supply-demand reversal year, with global tin supply expected to decrease significantly due to reduced output from major producers like Indonesia and Myanmar. This is anticipated to lead to a sustained increase in tin prices [3][41]. - The report highlights that the demand for tin is driven by sectors such as semiconductors and renewable energy, with a projected CAGR of 5.4% in the global PCB market, which is a significant consumer of tin [38][43]. Production Capacity and Growth - The company has a robust production capacity with several mining projects, including the Gaofeng and Tongkeng mines, which are expected to see increased output. The report estimates a compound annual growth rate (CAGR) of 30% in antimony production from 2023 to 2026 [3][4][20]. - The company holds multiple exploration rights, indicating potential for resource expansion and further production increases in the future [3][4]. Valuation Metrics - The report projects earnings per share (EPS) of RMB 1.30, RMB 2.00, and RMB 2.44 for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 12.9, 8.4, and 6.9 [2][4].