摘要 • 西部矿业 2024 年营收 49.94 亿元，同比增长 25%；归母净利润 29.32 亿元，同比增长 5%；经营性现金流 82.46 亿元，同比增长 32%。年度分 红计划 23.83 亿元，占归母净利润的 81%，显示公司盈利能力稳健及对 股东回报的重视。 • 2024 年矿产铜实际完成 17.75 万吨，超计划约 2 万吨，同比增长 40%， 锌、铅完成计划产量。冶炼铜完成 26.4 万吨，包含豫光铜业湿法铜。 2025 年计划矿产铜 16.82 万吨，精炼锌 12.46 万吨，冶炼铜 35 万吨， 锌 20 万吨，铅 24 万吨，产量目标稳中有增。 • 公司 2024 年计提减值准备 5.6 亿元，主要包括固定资产减值 3.8 亿元 （涉及玉龙铜业等）和存货跌价准备 1.4 亿元。预计 2025 年价格回升后， 存货跌价准备有望收回，减轻财务压力。 • 青海铜业 2024 年亏损 6.8 亿元，主要受制于外采阳极板精炼及加工费影 响。2025 年通过优化采购结构和技术，加工系数降至 94%，综合回收率 提升至 97%，一季度已显著减亏，盈利能力有望改善。 Q&A 请简要介绍一下西部矿业 20 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Views - The company achieved an operating revenue of 50.03 billion yuan in 2024, a year-on-year increase of 17%, and a net profit attributable to shareholders of 2.93 billion yuan, up 5% year-on-year [3]. - The company plans to distribute dividends of 2.38 billion yuan in 2024, with a payout ratio of 81.3% and a dividend yield of 6.22% [3]. - The copper segment remains the core business, contributing 76.46% of total revenue in 2024, with a gross profit of 6.67 billion yuan [4]. - The company is focused on optimizing its mining and smelting processes, which is expected to enhance profitability in the smelting segment [6]. Summary by Sections Financial Performance - In 2024, the company reported a net cash flow from operating activities of 8.25 billion yuan, a 32% increase year-on-year [11]. - The gross profit margin improved from 18.04% in 2023 to 19.90% in 2024, while the net profit margin increased from 9.90% to 10.58% [11]. - The return on equity (ROE) rose from 17.76% in 2023 to 18.12% in 2024 [11]. Production and Capacity - The company’s copper production increased by 39% year-on-year to 179,000 tons in 2024, with the core mine, Yulong Copper Mine, contributing 90% of this output [4]. - The smelting capacity for copper reached 350,000 tons per year, a 67% increase year-on-year, while zinc and lead smelting capacities doubled to 200,000 tons per year [6][10]. - The company is also expanding its iron ore production capacity through ongoing projects [5]. Future Outlook - Revenue projections for 2025-2027 are 56.47 billion yuan, 60.58 billion yuan, and 63.02 billion yuan, respectively, with net profits expected to reach 4.62 billion yuan, 5.12 billion yuan, and 5.55 billion yuan [12][13]. - The company is expected to benefit from ongoing improvements in production efficiency and resource recovery rates across its operations [5][6].

2025 年面向专业投资者公开发行科技创新公司债券 （高成长产业债）（支持西部大开发）（第一期） 证券代码：601168 证券简称：西部矿业 公告编号：临 2025-024 西部矿业股份有限公司 根据《西部矿业股份有限公司2025年面向专业投资者公开发行科技创新公司 债券（高成长产业债）（支持西部大开发）（第一期）发行公告》，本期债券的发 行规模不超过10.00亿元（含10.00亿元），发行期限为5年，发行价格为100元/张， 采取网下面向专业机构投资者询价配售的方式发行。本期债券发行工作已于2025 年4月15日结束，最终发行规模为10亿元，票面利率为2.5%。 特此公告。 西部矿业股份有限公司 董事会 2025年4月16日 发行结果的公告 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。 公司于2024年6月20日、2024年7月8日召开第八届董事会第十次会议及2024 年第二次临时股东大会，审议通过了《关于公开发行公司债券的议案》（详见临 时公告2024-27号），并于2024年12月13日披露《西部矿业关于向专业投 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Views - The company achieved an operating revenue of 50.03 billion yuan in 2024, a year-on-year increase of 17%, and a net profit attributable to shareholders of 2.93 billion yuan, up 5% year-on-year [3]. - The company plans to distribute dividends of 2.38 billion yuan in 2024, with a payout ratio of 81.3% and a dividend yield of 6.22% [3]. - The copper segment remains the core business, contributing 76.46% of total revenue in 2024, with a gross profit of 6.67 billion yuan [4]. - The company is focused on optimizing its mining and smelting processes, which is expected to enhance profitability in the smelting segment [6][10]. Summary by Sections Financial Performance - In 2024, the company reported a net cash flow from operating activities of 8.25 billion yuan, a 32% increase year-on-year [11]. - The gross profit margin improved from 18.04% in 2023 to 19.90% in 2024, while the net profit margin increased from 9.90% to 10.58% [11]. - The company’s return on equity (ROE) rose from 17.76% in 2023 to 18.12% in 2024 [11]. Production and Capacity - The company’s copper production increased by 39% year-on-year to 179,000 tons in 2024, with the core mine, Yulong Copper Mine, contributing 90% of this output [4]. - The smelting capacity for copper reached 350,000 tons per year, a 67% increase year-on-year, while zinc and lead smelting capacities doubled to 200,000 tons per year [6][10]. Future Outlook - Revenue projections for 2025-2027 are 56.47 billion yuan, 60.58 billion yuan, and 63.02 billion yuan, respectively, with net profits expected to reach 4.62 billion yuan, 5.12 billion yuan, and 5.55 billion yuan [12][13]. - The company is expected to continue benefiting from ongoing optimization projects and increased production capacities across various segments [5][6].

近日，西部矿业（601168）股份有限公司(601168)在上交所面向专业投资者公开发行科技创新公司债券 (第一期)(债券简称：25西股K1)。本期债券发行规模10亿元，期限为5年期，采用无担保方式发行，主 体评级为AAA，票面利率为2.50%，是全国首单支持西部大开发高成长产业债券。该债券的发行旨在推 动产业企业与区域发展战略深度结合、与地方经济协同发展，创新意义与示范效应显著。 本期债券募集资金在扣除发行费用后，将全部用于置换我国西部地区矿产资源开采和加工企业的有息负 债，助力西部地区矿业企业健康有序发展，做强做大优势产业，推动传统产业转型升级。 西部矿业作为西部大型省属国有有色金属矿业公司，成立于2000年，总部位于青海省西宁市。经过多年 发展，公司已发展成为集矿山冶炼、盐湖化工、金属贸易、金融四大产业为一体的大型股份上市公司， 是青藏高原上唯一的大型有色金属采、选、冶联合企业，连续五年被青海省人民政府授予"青海省财政 支柱企业"称号。下一步，西部矿业将持续深化与金融机构及资本市场紧密合作，不断提升公司管理水 平，稳步提高经营业绩，奋力开启西部矿业高质量发展新篇章，为青海省产业"四地"建设及高质量发展 ...

——西部矿业（601168.SH）2024 年年报点评 要点 2025 年 4 月 15 日 公司研究 冶炼业务拖累 Q4 业绩，玉龙铜矿扩产可期 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 42,748 | 50,026 | 62,006 | 63,980 | 64,998 | | 营业收入增长率 | 7.51% | 17.02% | 23.95% | 3.18% | 1.59% | | 净利润（百万元） | 2,789 | 2,932 | 3,980 | 4,603 | 4,911 | | 净利润增长率 | -19.06% | 5.10% | 35.75% | 15.66% | 6.70% | | EPS（元） | 1.17 | 1.23 | 1.67 | 1.93 | 2.06 | | ROE（归属母公司)（摊薄） | 18.27% | 17.15% | 21.30% | 23.05% | 23.35% | | P/E | 12.9 | 12.3 | 9. ...

Summary of Western Mining Conference Call Company Overview - **Company**: Western Mining - **Fiscal Year**: 2024 - **Revenue**: 50 billion CNY, a 17% increase year-on-year, marking the first time revenue surpassed 50 billion CNY [3][5] - **Total Profit**: 5.992 billion CNY, a 27% increase year-on-year [3] - **Net Profit**: 5.294 billion CNY, a 5% increase year-on-year [3] - **Earnings Per Share**: 1.23 CNY [3] - **Return on Equity**: 18.23% [3] Production Data - **Copper Production**: Planned 158,700 tons, actual 177,500 tons [3] - **Zinc Production**: Actual 107,000 tons, in line with plans [3] - **Lead Production**: Slightly above plan at 53,900 tons [4] - **Molybdenum Production**: Slightly above plan at 4,009 tons [4] - **Iron Concentrate Production**: Slightly below plan at 1.37 million tons [4] 2025 Financial and Production Goals - **Revenue Target**: 55 billion CNY [5] - **Total Profit Target**: 5 billion CNY [5] - **Copper Production Target**: 168,000 tons [5] - **Zinc Production Target**: 126,000 tons [5] - **Lead Production Target**: 65,700 tons [5] - **Molybdenum Production Target**: 4,005 tons [5] - **Iron Concentrate Production Target**: 1.45 million tons [5] Challenges and Risks - **Fourth Quarter Profit Decline**: Due to impairment losses on fixed and intangible assets and inventory write-downs totaling approximately 440 million CNY [3][7] - **Market Impact on Smelting**: Significant losses in the smelting sector due to market conditions, with Qinghai Copper experiencing a loss of 560 million CNY [3][19] - **Conservative Forecasting**: 2025 production targets are based on previous year's performance, aiming for stable operations amidst market uncertainties [8] Expansion Plans - **Yulong Copper Mine Expansion**: Expected production of 159,000 tons in 2025, with a capital expenditure of 4.6 to 5 billion CNY [3][15] - **Focus on Social Responsibility**: Expansion driven by local employment needs and government requirements [19] - **Future Production Capacity**: Potential to reach 180,000 to 200,000 tons post-expansion [13] Strategic Initiatives - **Cost Management**: Plans to reduce costs through procurement adjustments and operational efficiencies [19][20] - **R&D Investment**: Increased focus on innovation and product development to enhance competitiveness [20] - **Environmental Compliance**: Commitment to sustainable practices and adherence to national environmental standards [20] Market Dynamics - **Pricing Mechanism with Zijin Mining**: Adjustments in pricing based on market conditions and long-term partnerships [21] - **Raw Material Procurement**: Significant reliance on external suppliers for anodes, impacting overall production costs [22] Financial Management - **High Dividend Payout**: Reflects strong cash flow, with 8.4 billion CNY in cash inflow for 2024 [31] - **Shareholder Engagement**: Ongoing efforts to manage market value and maintain shareholder interests [29] Key Projects and Developments - **Double Benefit Project**: Expected completion by October 2025 [32] - **Environmental Upgrades**: Completed upgrades to enhance operational efficiency and sustainability [33] - **Upcoming Financial Promotion Event**: Scheduled for April 29, aimed at increasing investor engagement [34]

本报告期西部矿业的盈利能力有所提升，毛利率为19.9%，同比增幅为10.33%；净利率为10.58%，同比增幅为6.86%。这表明公司在控制成本和提 高产品附加值方面取得了进展。 现金流与债务状况 尽管公司经营性现金流表现良好，每股经营性现金流为3.46元，同比增32.17%，但货币资金为41.16亿元，较去年同期的54.36亿元减少了24.28%。 此外，公司的有息负债为220.18亿元，虽然较去年同期的226.79亿元减少了2.92%，但有息资产负债率仍高达41.67%，需关注其债务偿还压力。 成本控制与费用管理 近期西部矿业（601168）发布2024年年报，证券之星财报模型分析如下： 经营概况 西部矿业发布的2024年年报显示，公司在报告期内实现了良好的经营业绩。截至本报告期末，公司营业总收入为500.26亿元，同比上升17.02%； 归母净利润为29.32亿元，同比上升5.1%；扣非净利润为29.47亿元，同比上升15.3%。按单季度数据看，第四季度营业总收入为133.0亿元，同比上 升26.49%，但归母净利润为1.99亿元，同比下降66.33%。 盈利能力 公司在成本控制方面表现出色，三费(销售 ...

Group 1 - The metal lead concept increased by 3.32%, ranking 10th among concept sectors, with 28 stocks rising, including Huayu Mining, Huaxi Nonferrous, and ST Shengtun hitting the daily limit [1] - Notable gainers in the lead sector included Chifeng Gold, Hunan Silver, and Luoping Zinc Electric, which rose by 7.35%, 7.30%, and 5.26% respectively [1] - The leading decliners were Wolong Real Estate and Western Mining, which fell by 1.04% and 0.92% respectively [1] Group 2 - The lead concept sector saw a net inflow of 1.179 billion yuan, with 20 stocks receiving net inflows, and 6 stocks attracting over 50 million yuan [2] - Zijin Mining led the net inflow with 322 million yuan, followed by Chifeng Gold, Huayu Mining, and Western Mining with net inflows of 188 million yuan, 150 million yuan, and 144 million yuan respectively [2] - The top stocks by net inflow ratio included Huaxi Nonferrous, ST Shengtun, and Sierte, with net inflow ratios of 22.04%, 19.77%, and 13.42% respectively [3] Group 3 - The trading performance of key stocks in the lead sector showed significant activity, with Huaxi Nonferrous and ST Shengtun achieving notable trading volumes and net inflow ratios [3][4] - Chifeng Gold and Hunan Silver also demonstrated strong trading performance with respective trading volumes of 187.92 million yuan and 4005.81 million yuan [4] - The overall market sentiment in the lead sector appears positive, as indicated by the substantial net inflows and rising stock prices [2][3]

Core Insights - Western Mining achieved a remarkable performance in 2024 with a revenue exceeding 50 billion yuan for the first time, marking a year-on-year growth of 17.02% [1][2] - The total profit reached 5.992 billion yuan, reflecting a year-on-year increase of 27%, while the dividend payout ratio reached 81%, exceeding market expectations [1][2] - The company has improved its ESG ratings to AA level, demonstrating its commitment to sustainable development and social responsibility [1][4] Financial Performance - In 2024, Western Mining reported a total revenue of 50.026 billion yuan, a 17.02% increase year-on-year, and a total profit of 5.992 billion yuan, up 27% [2] - The net profit for the year was 5.294 billion yuan, with a year-on-year growth of 25%, while the attributable net profit was 2.932 billion yuan, reflecting a 5% increase [2] - The company’s advance payments at the end of 2024 reached 612 million yuan, a significant increase of 170.40% compared to the previous year [2] Production and Sales Growth - The growth in performance was driven by a significant increase in copper and molybdenum production, with copper output reaching 177,500 tons, a 35% increase year-on-year [2] - The Yulong Copper Mine contributed 159,100 tons of copper, marking a 39.10% increase, while molybdenum production reached 4,009 tons, up 18% [2] - Iron concentrate production also increased to 1.3769 million tons, a 15% rise, and silver concentrate production reached 130.83 tons, a 6% increase [2] ESG Initiatives - Western Mining has been publishing ESG reports for 14 consecutive years, highlighting its commitment to sustainable development and governance [4] - The company’s ESG ratings have improved, achieving AA and A levels in various ESG rating systems, placing it among the leaders in the industrial metals sector [4] - In 2024, the company invested 650 million yuan in environmental protection, establishing new green mines and factories, and planting over 458,100 trees [4] Environmental Performance - The company reduced its greenhouse gas emissions by 4.21% in 2024 and decreased energy consumption intensity by 28.22% [5] - Water consumption intensity was reduced by 6.45%, with 100% of wastewater from smelting units being recycled [5] Social Responsibility - Western Mining increased its safety training sessions by 228.46% in 2024 and eliminated over 14,000 safety hazards [6] - The workforce grew by 11.4%, and employee training hours increased significantly, reflecting the company’s commitment to employee development [6] - The company invested 6.07 million yuan in rural revitalization, benefiting over 10,200 people [6] Governance Structure - The board of directors has a diverse composition, with three independent directors, ensuring independent decision-making [7] - The company has established compliance committees across its subsidiaries to enhance governance and compliance management [7] - In 2024, the company engaged in 122 institutional research sessions, maintaining a 100% response rate to investor inquiries [7]