证券研究报告 | 2024年05月13日 驰宏锌锗（600497.SH） 买入 受益于铅锌价格上涨，矿山版块利润有望提升 核心观点 公司研究·财报点评 公司2023年归母净利润同比增长114%。2023年公司实现营收219.7亿元 有色金属·工业金属 （+0.2%），归母净利润14.3亿元（+114%），扣非归母净利润14.7亿元 证券分析师：刘孟峦 证券分析师：焦方冉 （+144%），经营活动产生的现金流量净额34.1亿元（-0.52%）。2024Q1公 010-88005312 021-60933177 liumengluan@guosen.com.cn jiaofangran@guosen.com.cn 司营业收入46.7亿元（同比-19.3%），归母净利润4.89亿元（同比-16.0%）， S0980520040001 S0980522080003 扣非归母净利润4.6亿元（同比-20%）。2023年国内锌现货年均价21635元 基础数据 /吨，同比降幅达14.2%，公司锌产品毛利润同比减少2.2亿元，但冶炼综合 投资评级 买入(维持) 回收盈利增加，冶炼版块增利显著，其中呼伦贝尔驰宏扭亏，2023年 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 7.54 CNY per share based on a 17x PE for 2024 [3][8]. Core Insights - In Q1 2024, the company's net profit attributable to shareholders was 4.9 billion CNY, a turnaround from a loss of 6.9 billion CNY in the previous quarter, aligning with expectations. Revenue for the quarter was 47 billion CNY, down 20% year-on-year and 16% quarter-on-quarter [1][2]. - The report highlights that the stability in lead, zinc, and germanium prices contributed to the company's performance, with production levels remaining stable. The average prices for zinc, lead, silver, and germanium were 20,982 CNY/ton, 16,179 CNY/ton, 6,023 CNY/kg, and 9,394 CNY/kg respectively [1][2]. - The company is expected to see production increases from its mining operations, with the Xinhu Mining Dongzhongla Phase I projected to commence production in June 2024, and Qinghai Hongxin becoming a wholly-owned subsidiary in January 2024 [1]. Financial Summary - The company reported a revenue of 21,900 million CNY in 2022, with a slight increase to 21,954 million CNY in 2023, and projected revenues of 22,610 million CNY for 2024, reflecting a growth rate of 3% [2][6]. - The net profit attributable to shareholders is forecasted to grow significantly from 1,433 million CNY in 2023 to 2,258 million CNY in 2024, representing a growth rate of 57.6% [2][6]. - Earnings per share (EPS) are expected to increase from 0.28 CNY in 2023 to 0.44 CNY in 2024, with a projected PE ratio of 12.20 for 2024 [2][6].

股票代码：600497 股票简称：驰宏锌锗 云南驰宏锌锗股份有限公司投资者关系活动记录表 编号：2024-004 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与驰宏锌锗 2024 年一季报业绩说明会的投资者 | | 2024 时间 | 年 4 月 30 日（星期二）下午 15:00-16:00 | | 地点 | "约调研"微信小程序 | | 上市公司接待人员姓名 | 董事长：陈青先生 | | | 独立董事：陈旭东先生 | | | 独立董事：方自维先生 | | | 独立董事：王楠女士 | | | 独立董事：宋枫女士 | | | 财务总监：李辉先生 | | | 董事会秘书：喻梦女士 | | | 问题 1：2023 年报披露 2024 年的经营计划显示：金属 产量基本维持在 2023 年水平，但净利润，ROE 及经营现 | | | 金流会全面提升，请问提升的方式是什么？依赖金属涨 | | ...

编号：2024-004 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与驰宏锌锗 2024 年一季报业绩说明会的投资者 | | 2024 时间 | 年 4 月 30 日（星期二）下午 15:00-16:00 | | 地点 | "约调研"微信小程序 | | 上市公司接待人员姓名 | 董事长：陈青先生 | | | 独立董事：陈旭东先生 | | | 独立董事：方自维先生 | | | 独立董事：王楠女士 | | | 独立董事：宋枫女士 | | | 财务总监：李辉先生 | | | 董事会秘书：喻梦女士 | | | 问题 1：2023 年报披露 2024 年的经营计划显示：金属 产量基本维持在 2023 年水平，但净利润，ROE 及经营现 | | | 金流会全面提升，请问提升的方式是什么？依赖金属涨 | | | 价吗？这种提升是否可靠？ | | 投资者关系活动主要内容 | 答：尊敬的投资者，您好 ...

云南驰宏锌锗股份有限公司 关于间接控股股东增持公司股份计划时间过半的进展 公 告 本公司董事会、全体董事及相关股东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。 重要内容提示： 增持计划基本情况：云南驰宏锌锗股份有限公司（以下简称"公司"）于 2024 年 2 月 6 日披露了《云南驰宏锌锗股份有限公司关于间接控股股东增持公司 股份计划的公告》（公告编号"临 2024-009"）。公司间接控股股东中国铝业集团 有限公司（以下简称"中铝集团"）计划自 2024 年 2 月 6 日起 6 个月内，通过上海 证券交易所交易系统允许的方式增持公司股份，增持数量不低于公司已发行总股 本的 1%，即 50,912,915 股，且不超过公司已发行总股本的 2%，即 101,825,831 股。 增持计划实施情况：截至本公告披露日，本次增持计划实施期限已过半。 中铝集团通过上海证券交易所交易系统累计增持公司股份 26,373,349 股，占公司 已发行总股本的 0.5180 %。本次增持计划尚未实施完毕，中铝集团将继续按照增 持计划增持公司股份。 2024 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][18]. Core Views - The company's performance in Q1 2024 was impacted by a decline in zinc prices and an increase in management expenses, but future growth potential remains promising [2][3]. - The company achieved a revenue of 4.672 billion yuan in Q1 2024, a year-on-year decrease of 19.6%, and a net profit attributable to shareholders of 488 million yuan, down 22.6% year-on-year [2][3]. - The production of core products showed steady growth, with zinc metal production increasing by 16.9% year-on-year [3]. Financial Performance Summary - Q1 2024 revenue: 4.672 billion yuan, down 19.6% YoY [2][3]. - Q1 2024 net profit: 488 million yuan, down 22.6% YoY [2][3]. - Management expenses increased by 40.5% YoY to 251 million yuan, primarily due to asset losses from the suspension of operations at Chihong Ronda Mining [3]. - Operating cash flow decreased by 45.67% YoY to 712 million yuan, attributed to falling product prices and increased procurement of quality raw materials [3]. Production and Growth Outlook - The company produced 67,000 tons of zinc metal in Q1 2024, a 16.9% increase YoY, and aims for a total metal production of 330,000 tons in 2024 [3]. - The integration of resources from Jinding Zinc Industry and Yunnan Copper Zinc Industry is progressing, with expectations for timely asset injections [3]. - The company is also focusing on internal resource accumulation and external acquisitions to enhance resource reserves [3]. Financial Forecast - Expected net profits for 2024-2026 are projected at 2.021 billion yuan, 2.188 billion yuan, and 2.292 billion yuan, representing year-on-year growth rates of 41.1%, 8.3%, and 4.8% respectively [4][3]. - The target price for the company's stock is set at 6.75 yuan, with a current price of 5.41 yuan [6].

事件 4月 23日公司披露24 年一季报，1Q24 实现营收46.72 亿元，环 比-15.82%，同比-19.60%；归母净利4.88 亿元，环比扭亏为盈， 同比-22.60%；扣非归母净利 4.60 亿元，环比扭亏为盈，同比 -19.86%。 点评 成本挖潜驱动业绩提升。1Q24 长江有色锌均价2.09 万元/吨，环 比-1.40%，长江有色铅均价 1.61 万元/吨，环比-0.43%。公司主 要产品产量方面，铅产品环比-8.46%至 4.33 万吨，锌产品环比 +3.19%至 13.59 万吨，其中锌锭和锌合金产量分别为9.10 万吨和 4.49 万吨，驰宏会泽冶炼6万吨锌合金技改项目一期产能逐步释 放，锗产品含锗环比-28.41%至 15.47 吨，银产品环比+14.49%至 39.75 吨，黄金环比+175.19%至129.64 千克。主要产品售价下降 及部分产品产量下滑导致 Q1 营收环比-15.82%至 46.72 亿元，同 人民币(元) 成交金额(百万元) 期营业成本环比-21.65%至 37.38 亿元，降幅超过营收，成本挖潜 7.00 5,000 持续发力，毛利润环比+19.90%至9.3 ...

2.会议通知于2024年4月15日以电子邮件和专人送达的方式发出。 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2024－021 云南驰宏锌锗股份有限公司 第八届监事会第八次会议决议公告 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"）第八届监事会第八次会 议的召开符合《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。 3.会议于2024年4月23日以现场结合视频通讯方式在曲靖召开。 4.会议应出席监事4人，实际出席监事4人，其中监事刘鹏安先生现场出席会 议并行使表决权，职工监事李家方先生以视频方式出席会议并行使表决权，监事 会主席彭捍东先生和职工监事徐成东先生以通讯方式出席会议并行使表决权。 5.会议由半数以上的监事共同推举由职工监事李家方先生主持。 二、监事会会议审议情况 1.审议通过《关于审议<公司2024年第一季度报告>的议案》； 经认真审查，监事会认为： 1.《公司2024年第一季度报告》的编制和审 ...

第八届董事会第十二次会议决议公告 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。 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2024-020 云南驰宏锌锗股份有限公司 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"）第八届董事会第十二次 会议的召开符合《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4月15日以电子邮件和专人送达的方式发出。 本议案在提交董事会审议前，已经公司董事会审计与风险管理委员会审议通 过。 2.审议通过《关于审议新增 2024 年度预计日常关联交易的议案》（详见公 1 司"临 2024-022"号公告）； 根据公司生产经营的需要，公司2024年度需新增向中铝物资有限公司购买材 料业务，将新增2024年度预计日常关联交易金额人民币7.5亿元。 3.会议于2024年4月23日以现场结合视频通讯方式在曲靖召开。 4.会议应出席董事10人，实际出席董事10人，其中现场出席会议并行使表决 权7人：董事长陈青先生和 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,672,162,549.90, a decrease of 19.60% compared to CNY 5,787,614,493.61 in the same period last year[4] - Net profit attributable to shareholders was CNY 487,535,414.51, down 22.60% from CNY 580,468,012.35 year-on-year[4] - The net cash flow from operating activities decreased by 45.67% to CNY 712,212,663.99 from CNY 1,247,965,642.82 in the previous year[4] - Total operating revenue for Q1 2024 was ¥4,672,162,549.90, a decrease of 19.5% compared to ¥5,810,957,962.15 in Q1 2023[19] - Net profit for Q1 2024 was ¥482,377,627.42, a decline of 23.6% from ¥631,551,715.15 in Q1 2023[20] - The company reported a total comprehensive income of ¥461,298,504.73 for Q1 2024, down from ¥614,711,116.13 in Q1 2023, a decrease of 25%[20] Cash Flow Analysis - The net cash flow from operating activities decreased by 45.67% due to a decline in product prices and increased procurement of quality raw materials[8] - The cash inflow from operating activities was approximately $4.61 billion, a decrease of 34.8% compared to $7.08 billion in Q1 2023[22] - The cash outflow for purchasing goods and services was approximately $2.96 billion in Q1 2024, down from $5.02 billion in Q1 2023, indicating cost management efforts[22] - The cash outflow for taxes paid increased to approximately $377.55 million in Q1 2024 from $310.75 million in Q1 2023, reflecting higher tax obligations[22] Investment Activities - The net cash flow from investing activities increased by 161.10% primarily due to payments for equity acquisitions[8] - The net cash outflow from investing activities was approximately -$802.68 million in Q1 2024, compared to -$307.42 million in Q1 2023, indicating increased investment expenditures[23] - The cash inflow from other investment activities was approximately $438.23 million in Q1 2024, significantly higher than $6.35 million in Q1 2023, suggesting strategic investment decisions[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 159,931[9] - The largest shareholder, Yunnan Metallurgical Group Co., Ltd., holds 1,944,142,784 shares, accounting for 38.19% of total shares[9] - The company reported a total of 25.57 million shares acquired by China Aluminum Group, which is 0.50% of the total issued shares[14] Asset and Liability Overview - The total assets at the end of the reporting period were CNY 27,259,110,683.57, a decrease of 2.14% from CNY 26,567,302,114.24 at the end of the previous year[4] - Total liabilities as of March 31, 2024, amounted to ¥8,505,072,509.33, slightly up from ¥8,464,784,256.03 at the end of 2023[17] - The company’s total liabilities decreased to approximately 10.67 billion from 10.85 billion in the previous quarter[16] Research and Development - Research and development expenses rose by 213.90% as a result of increased investment in R&D[8] - Research and development expenses for Q1 2024 were ¥20,105,109.35, significantly higher than ¥6,404,953.46 in Q1 2023, marking an increase of 213.5%[19] Acquisitions - The company completed the acquisition of 100% equity in Qinghai Hongxin Mining Co., Ltd. on January 12, 2024, which will be included in the consolidated financial statements[4] - The acquisition of 100% equity in Yunnan Metallurgical Construction Engineering Quality Testing Co., Ltd. was completed on January 25, 2024, and will also be included in the consolidated financial statements[5] Inventory and Receivables - Accounts receivable increased by 31.51% due to uncollected sales of zinc alloy products within the credit limit and period[7] - The company’s inventory stood at approximately 1.61 billion, slightly down from 1.62 billion at the end of 2023[15] - The company’s accounts receivable increased to approximately 204 million from 155 million in the previous quarter[15] Other Financial Metrics - The weighted average return on net assets decreased to 3.04%, down 0.80 percentage points from 3.82% in the previous year[4] - Other income increased by 706.83% due to the implementation of the incremental VAT policy[8] - The net profit from non-recurring gains and losses amounted to CNY 27,433,348.83, after accounting for tax and minority interests[6] - The company's unallocated profits increased by 30.57% due to retained earnings growth[8] - The company's derivative financial liabilities decreased by 94.09% due to reduced floating losses on commodity futures[8] - The asset disposal income increased significantly by 15,926.81% due to high gains from the disposal of transmission lines[8]