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：2024-013 | --- | --- | --- | |-------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------| | 投资者关系 \n活动类别 | ☑ 特定对象调研 \n□媒体采访 \n□新闻发布会 \n□现场参观 | □分析师会议 \n □业绩说明会 \n □路演活动 \n □其他（策略会、反路演） | | | 1.11 月 14 日上午 | 11:00-12:00 华源证券田庆争 田源 | | 来访时间、参 与单位名称 | 2.11 月 21 日上午 | 11:30—12:00 长江证券易轰，国泰基金孙朝晖，广发 | | | | 证券李盼，国寿安保李博闻，广东厚方肖尧。 | | 地点 | 公司投资者接待室、公司本部七楼二会议室 | | | ...

云南驰宏锌锗股份有限公司 关于以集中竞价交易方式回购股份进展的公告 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。 | 回购方案首次披露日 | 2024 年 | 9 月 | 24 | 日 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 | 10 | 月 11 | 日至 | | 2025 | 年 10 | 月 | 10 | 日 | | 预计回购金额 | 人民币 | 1.45 | 亿元至 | | 2.90 | 亿元 | | | | | | 回购用途 | | 减少注册资本 | | | | | | | | | | 累计已回购股数 | 股 0 | | | | | | | | | | | 累计已回购股数占总股本比例 | 0% | | | | | | | | | | | 累计已回购金额 | 人民币 | 0 | 万元 | | | | | | | | | 实际回购价格区间 | 0 元/ ...

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2024—056 云南驰宏锌锗股份有限公司 关于以集中竞价交易方式回购股份进展的公告 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。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》等相关规定，在回购期限内结合资金安排情况、 资本市场及公司股价的整体表现择机做出回购决策并予以实施，同时根据回购股 份事项进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 1 回购方案首次披露日 2024 年 9 月 24 日 回购方案实施期限 2024 年 10 月 11 日至 2025 年 10 月 10 日 预计回购金额 人民币 1.45 亿元至 2.90 亿元 回购用途 减少注册资本 累计已回购股数 0 股 累计已回购股数占总股本比例 0% 累计已回购金额 0 万元 实际回购价格区间 0 元/股—0 元/股 重要内容提示： 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所 ...

| 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 年第三季度业绩说明会的投资 | | 者 | | | 2024 时间 | 年 10 月 29 日（星期二）下午 16:00-17:00 | | 地点 | 上证路演中心 | | 上市公司接待人员姓名 | 董事长：陈青先生 | | | 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 | | | 独立董事：张建民先生 | | | 财务总监：李辉先生 | | 问题 | 董事会秘书：喻梦女士 1：请问公司是否注重市值管理 | | | 尊敬的投资者，您好！公司管理层高度重视市值管理。 | | | 一是对内通过降低生产成本、购销成本、人工成本等多 | | | 维度挖潜增效，面对冶炼加工费持续走低的现状，冶炼 | | 投资者关系活动主要内容 | 企业多渠道降本增效保证持续盈利能力，面对铅锌锗金 | ...

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].

好的 感谢魏秘书各位投资者大家早上好欢迎大家介入我们今天早上这个职务新闻三级三级道业绩交流节目会议我是林森先生我们今天是很荣幸的邀请到了公司的IM周来一起和我们做一些分享公司上周末其实也发了三级报完毕来看整个业绩应该说改善的速度是特别大的那么首先还是先请吴总这边给我们 解读一下整个三级报的业余这一块特别是环币能够有这么大的一个改善包括三期经营的一个展望好的袁总各位投资者大家上午好首先我代表雄心者对各位投资者长期以来对公司的关心支持和信任表示诚挚的感谢公司三级报已经于10月24号就在披露下年我就三级报的一个情况向各位投资者做点亮的一个汇报主要是分为三个部分 公司资产质量整体还是处于逐步提升负债规模也是大幅的缩减截至2024年9月底公司总资产有267亿到2023年年底减少了12个亿 降幅4%左右负债有76个亿 到2023年年底减少了8个亿 降幅10% 资产负交易的话能够达到百分之二十八点六七这个也是创下历史的一个新低吧就二零二三年年底呢是下降了一点七一个百分点这个是资产的一个情况那对于盈利方面呢公司的一个盈利能力也是逐步的得到增强三季度就第三季度来看的话盈利能力是创了年内的一个新高在第三季度公司的一个零收的话有四 ...

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].