Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][13] Core Views - The main viewpoint is that the company's main mines have resumed normal production, leading to improved performance in Q3 compared to previous quarters. The company is expected to benefit from high prices of germanium and a favorable market environment for lead and zinc [2][3][12]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 14.65 billion yuan, a decrease of 10.7% year-on-year, and a net profit attributable to shareholders of 1.47 billion yuan, down 9.7% year-on-year. However, Q3 showed a net profit of 570 million yuan, which is a 1.3% increase year-on-year and a 37.5% increase quarter-on-quarter [2][6][12]. - The company forecasts revenues of 23.15 billion yuan for 2024, with a net profit of 2.29 billion yuan, reflecting a year-on-year growth of 60% [12][14]. Production and Sales - In Q3, the lead production from mines was 22,600 tons, an increase of 6,600 tons quarter-on-quarter, while zinc production was 58,700 tons, up 12,700 tons quarter-on-quarter. This increase is attributed to the completion of intelligent upgrades at the main mine [2][6][12]. - The company is the largest germanium producer globally, with an annual capacity of 60 tons, which accounts for 25% of global production and 33% of domestic production. The price of germanium has surged to 18,750 yuan per kilogram by the end of October [3][7][12]. Profitability Metrics - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.45 yuan, 0.51 yuan, and 0.54 yuan, respectively. The price-to-earnings (P/E) ratios are expected to be 12.6, 11.0, and 10.6 for the same years [12][14][13]. - The EBIT margin is projected to improve from 9.3% in 2023 to 12.4% in 2024, indicating enhanced operational efficiency [1][12]. Market Conditions - The report anticipates that the average market prices for zinc and lead will remain favorable, with projected prices of 23,000 yuan per ton for zinc and 17,000 yuan per ton for lead over the next few years [12][14].

Summary of Conference Call Company and Industry - The conference call pertains to a mining and metallurgy company, discussing its Q3 financial results and operational updates. Key Points and Arguments Financial Performance - The company reported a significant improvement in its Q3 financial results, with total assets decreasing to 26.7 billion yuan, down 1.2 billion yuan (approximately 4%) from the end of 2023 [1] - Total liabilities reduced to 7.6 billion yuan, a decrease of 800 million yuan (approximately 10%) [1] - Q3 revenue reached 4.8 billion yuan, marking a quarter-on-quarter decrease of 330 million yuan (approximately 6%) [2] - Net profit for Q3 was 575 million yuan, an increase of 159 million yuan (approximately 37%) compared to the previous quarter, driven by rising metal prices and production from key mines [2][3] - Year-to-date revenue for the first three quarters was 17.7 billion yuan, down 1.8 billion yuan year-on-year, primarily due to a decrease in trade scale [3] Operational Insights - The company’s trade segment revenue for the first three quarters was 1.49 billion yuan, down 3.2 billion yuan year-on-year, while the asset segment revenue increased by 1.32 billion yuan, up 1.4 billion yuan [3] - R&D expenses increased to 81 million yuan, a rise of 39 million yuan (approximately 91.76%) year-on-year, reflecting a focus on technological optimization and project development [4] - The company is enhancing its production capabilities, with a focus on improving metal recovery rates and reducing costs through technological upgrades [10][12] Production and Market Conditions - The mining segment remains stable, with production levels being adjusted in response to market conditions, particularly in light of fluctuating processing fees [11][20] - The company is actively pursuing resource integration and exploration to ensure long-term sustainability and profitability [31][32] - The average processing cost for the company’s mining operations is maintained between 2,500 to 2,800 yuan, positioning it competitively within the industry [22] Future Outlook - The company anticipates continued challenges in the market, particularly regarding processing fees and production adjustments, but remains optimistic about maintaining profitability through strategic operational changes [11][19] - There is a focus on ensuring that resource exploration and internal mining operations can sustain production levels over the next 20 years [31][32] - The company plans to maintain a high dividend payout ratio, with a target of not less than 40% over the next three years [29] Additional Considerations - The company is preparing for potential asset impairments in Q4, which could impact overall profit forecasts, with estimates ranging from 50 to 70 million yuan [33][34] - The management emphasized the importance of adhering to accounting regulations and maintaining compliance in financial reporting [34] This summary encapsulates the key financial metrics, operational strategies, and future outlook discussed during the conference call, providing a comprehensive overview of the company's current standing and strategic direction.

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's Q3 performance shows a sequential improvement with a narrowing year-on-year decline. For the first three quarters of 2024, the company achieved operating revenue of 14.652 billion yuan, a year-on-year decrease of 11.19%, and a net profit attributable to shareholders of 1.474 billion yuan, down 15.79% year-on-year. In Q3 alone, the operating revenue was 4.825 billion yuan, a year-on-year decline of 11.48%, but a sequential increase of 37.51% [4] - The mining segment is expected to recover gradually, with zinc and lead production improving sequentially despite some production interruptions. The company plans to increase its lead and zinc metal reserves by no less than 350,000 tons through internal exploration and external acquisitions [5] - The rising prices of lead and zinc are favorable for the mining segment, while the smelting segment faces pressure due to declining processing fees. The average zinc price in Q3 2024 was 23,600 yuan per ton, up 13.2% year-on-year, and the average lead price was 18,000 yuan per ton, up 10.9% year-on-year [4][5] Financial Summary - For 2024, the company is expected to benefit from strong lead, zinc, and germanium prices, supporting the performance of its mining segments. The estimated EPS for 2024, 2025, and 2026 are 0.35, 0.46, and 0.49 yuan per share, respectively. The company is valued at a PE ratio of 18-19 times for 2024, corresponding to a reasonable value range of 6.30-6.65 yuan per share [5][6] - The company's operating revenue is projected to grow from 21.954 billion yuan in 2023 to 23.290 billion yuan in 2024, with a net profit expected to rise from 1.433 billion yuan to 1.781 billion yuan during the same period [6][8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][12]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue and net profit showing a decline year-on-year, but a recovery in the third quarter due to rising lead, zinc, and germanium prices [2][3]. - The report forecasts net profits for 2024-2026 to be 1.86 billion, 2.27 billion, and 2.34 billion yuan respectively, with year-on-year growth rates of 29.8%, 22.2%, and 2.7% [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 14.65 billion yuan, a year-on-year decrease of 11.19%, and a net profit of 1.47 billion yuan, down 15.79% year-on-year [1][2]. - In Q3 2024, the company reported revenue of 4.83 billion yuan, a year-on-year decline of 11.48%, but a quarter-on-quarter increase of 37.5% in net profit to 571 million yuan [1][2]. - The average prices for lead, zinc, and germanium increased significantly in Q3 2024, with year-on-year increases of 13.3%, 12.4%, and 65.9% respectively [2]. Production and Cost Analysis - The company’s production of lead and zinc concentrates decreased year-on-year, with lead metal production at 58.6 thousand tons (down 12%) and zinc metal production at 171.7 thousand tons (down 10%) [2]. - The processing fees for lead and zinc saw a significant decline, with processing fees down 38% and 42.9% year-on-year for the first three quarters [2]. Valuation and Price Target - The target price for the company is set at 6.2 yuan, based on a 14x PE ratio for 2025, reflecting the valuation of comparable companies [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 5.68 yuan on October 24, 2024 [3]. Core Views - The company has shown significant improvement in Q3 2024 performance, with a notable recovery in mining output and a reduction in smelting pressure, leading to a quarter-on-quarter increase in net profit [1]. - The company is positioned as a leader in the lead and zinc industry, with substantial resource endowments and ongoing asset injections expected to enhance production capacity [1]. - Future profit forecasts indicate a steady growth trajectory, with projected net profits of 1.858 billion, 2.271 billion, and 2.354 billion yuan for 2024, 2025, and 2026 respectively [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 14.652 billion yuan, a year-on-year decrease of 10.68%, while net profit attributable to shareholders was 1.474 billion yuan, down 9.74% year-on-year [1]. - In Q3 2024, the company achieved revenues of 4.825 billion yuan, a year-on-year decline of 10.48%, but a quarter-on-quarter increase of 37.51% in net profit to 571 million yuan [1]. - The company’s lead and zinc production for Q1-Q3 2024 was 58,600 tons and 171,700 tons respectively, reflecting a year-on-year decrease of 12.3% and 10.2% [1]. Future Outlook - The company is expected to benefit from its rich lead and zinc resources, with a total resource volume exceeding 32 million tons, and a competitive cost structure in mining [1]. - The ongoing asset injection process, including the full acquisition of Qinghai Hongxin and management of Yun Copper Zinc Industry, is anticipated to further enhance resource endowment and metal production [1]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 0.36, 0.45, and 0.46 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 13, and 12 [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a revenue of 14.65 billion RMB for the first three quarters of 2024, a year-on-year decrease of 11.19%, with a net profit attributable to shareholders of 1.47 billion RMB, down 15.79% year-on-year [2]. - The production of lead and zinc is still affected by shutdowns, but there was a recovery in Q3 performance compared to Q2 [2]. - The company expects to complete rectification work at the lead-zinc mines by the end of 2024, which is anticipated to boost production and improve Q4 performance [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 571 million RMB, a quarter-on-quarter increase of 37.51% but a year-on-year decrease of 2.97% [2]. - The total production of lead and zinc metals for the first three quarters was 230,300 tons, a decrease of 27,600 tons year-on-year [2]. - The average price of zinc in Q3 2024 was 25,300 RMB/ton, up 1.05% quarter-on-quarter, while the average price of lead was 16,500 RMB/ton, up 1.60% quarter-on-quarter [2]. Production Insights - Zinc smelting profits are under pressure due to tight raw material supply and declining treatment charges (TC) [2]. - The production of zinc products in Q3 2024 was 112,600 tons, a quarter-on-quarter decrease of 15% [2]. - The price of germanium products saw a significant increase, with a quarterly average price of 15,500 RMB/kg, up 57.07% quarter-on-quarter and 61.27% year-on-year [2]. Future Outlook - Revenue forecasts for 2024-2026 are 25.4 billion RMB, 25.9 billion RMB, and 26.4 billion RMB respectively, with net profits projected at 1.996 billion RMB, 2.685 billion RMB, and 2.720 billion RMB [2]. - The expected earnings per share (EPS) for 2024-2026 are 0.392 RMB, 0.527 RMB, and 0.534 RMB, corresponding to price-to-earnings (P/E) ratios of 14.49, 10.77, and 10.63 respectively [2].

驰宏锌锗：前三季度净利润14.74亿元 同比下降15.79% 财联社10月24日电，驰宏锌锗发布2024年第三季 度报告，公司前三季度实现营业收入146.52亿元，同比下降11.19%；归属于上市公司股东的净利润 14.74亿元，同比下降15.79%；基本每股收益0.2895元。 第三季度实现净利润5.71亿元，同比下降2.97%。 查看公告原文 ...

第八届监事会第十二次会议决议公告 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个别及连带责任。 一、监事会会议召开情况 1.云南驰宏锌锗股份有限公司（以下简称"公司"）第八届监事会第十二次 会议的召集和召开符合《公司法》《证券法》《上海证券交易所股票上市规则》 和《公司章程》等有关规定。 2.会议通知于2024年10月12日以电子邮件的方式发出。 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2024—054 云南驰宏锌锗股份有限公司 经认真审查，监事会认为： （1）《公司 2024 年第三季度报告》的编制和审议程序符合有关法律法规、 《公司章程》和公司内部管理制度的各项规定。 （2）《公司 2024 年第三季度报告》的内容和格式符合上海证券交易所对季 度报告的披露要求，所包含的信息能够真实反映公司报告期内的经营业绩和财务 状况。 （3）在出具本意见前，未发现参与《公司 2024 年第三季度报告》编制和审 议的人员有违反保密规定的行为。 表决结果：同意 4 票，反对 0 票，弃权 0 票。 特此公告。 云南驰宏锌锗股份有限 ...

第八届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 1.云南驰宏锌锗股份有限公司（以下简称"公司"）第八届董事会第十七次 会议的召集和召开符合《公司法》《证券法》《上海证券交易所股票上市规则》 和《公司章程》等有关规定。 2.会议通知于2024年10月12日以电子邮件的方式发出。 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2024—053 云南驰宏锌锗股份有限公司 本议案提交董事会审议前，已经公司董事会审计与风险管理委员会2024年第 八次会议审议通过。 2.审议通过《关于审议公司副总经理王小强先生辞职的议案》（详见公司"临 2024-055"号公告）。 3.会议于2024年10月24日以通讯方式召开。 4.会议应出席董事10人，实际出席董事10人。 二、董事会会议审议情况 1.审议通过《关于审议<公司2024年第三季度报告>的议案》（详见上海证券 交易所网站：www.sse.com.cn）。 经审议，董事会认为：《公司2024年第三季度报告》内容真实 ...

王小强先生在公司任职期间恪尽职守、勤勉尽责，为公司的规范运作和高 质量发展发挥了积极作用。公司及董事会对其在任职期间为公司发展所做出的 贡献表示衷心感谢。 特此公告。 云南驰宏锌锗股份有限公司董事会 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2024-055 云南驰宏锌锗股份有限公司 关于副总经理辞职的公告 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。 云南驰宏锌锗股份有限公司（以下简称"公司"）董事会于近日收到副总 经理王小强先生提交的书面辞职报告。因工作调整，王小强先生申请辞去公司 副总经理职务，辞职后将不再担任公司任何职务。根据《公司法》及《公司章 程》等有关规定，王小强先生的辞职报告自送达公司董事会之日起生效，其辞 职不会对公司的正常运作及经营管理产生影响。 截至本公告披露日，王小强先生持有公司 55,000 股股票，不存在应当履行 而未履行的承诺事项。王小强先生将根据中国证监会《上市公司董事、监事和 高级管理人员所持本公司股份及其变动管理规则》《上海证券交易所上市公司 自律监管指引第 15 号 ...