Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 19.51 CNY, compared to the current price of 17.40 CNY [2]. Core Insights - The company's performance in the first three quarters of 2024 met expectations, with significant growth in net profit driven by increased volume and prices of copper products. The company achieved a revenue of 36.725 billion CNY, a year-on-year increase of 13.93%, and a net profit of 2.732 billion CNY, up 24.33% year-on-year [2]. - The report highlights that the reduction in period expenses and asset write-off losses contributed positively to the company's profits. Total period expenses for the first three quarters were 1.61 billion CNY, a decrease of 3.4% year-on-year [2]. - The company is progressing steadily with capacity expansion projects, which are expected to significantly increase copper and molybdenum production in the future [2]. - The report adjusts the profit forecast for 2024-2026, estimating net profits of 3.51 billion CNY, 4.23 billion CNY, and 4.90 billion CNY, representing year-on-year growth rates of 26%, 20.3%, and 16% respectively [2]. Financial Summary - For 2023, the total revenue is projected at 42.748 billion CNY, with a year-on-year growth rate of 7.5%. The net profit is expected to be 2.789 billion CNY, reflecting a decline of 19.1% [3]. - The earnings per share (EPS) for 2024 is estimated at 1.47 CNY, with a price-to-earnings (P/E) ratio of 12 [3]. - The company's total assets are projected to reach 58.211 billion CNY by 2024, with a debt-to-asset ratio of 59.6% [6][9].

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company achieved a revenue of 36.725 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 13.93%. The net profit attributable to shareholders reached 2.732 billion yuan, up 24.33% year-on-year [2]. - The company is progressing with expansion projects, which are expected to improve profitability in the smelting segment. Key projects include the expansion of the Yulong Copper Mine and the successful trial production of multiple smelting projects [2]. - The forecasted net profits for 2024-2026 are 3.731 billion yuan, 4.263 billion yuan, and 4.938 billion yuan, respectively, with corresponding PE ratios of 11x, 10x, and 8x [2][3]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 11.748 billion yuan, a year-on-year increase of 23.02%, and a net profit of 1.112 billion yuan, which is a 60.91% increase year-on-year [2]. - The gross profit margin for 2024 is projected to improve, with a forecasted gross margin of 21.09% in 2024, increasing to 24.30% by 2026 [6]. - The company’s total assets are expected to grow from 52.067 billion yuan in 2023 to 66.037 billion yuan by 2026 [7]. Revenue and Profit Forecast - The company’s revenue is projected to grow from 42.748 billion yuan in 2023 to 53.840 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 7.2% [3][6]. - The net profit attributable to shareholders is expected to increase from 2.789 billion yuan in 2023 to 4.938 billion yuan in 2026, reflecting a strong growth trajectory [3][6]. Key Projects and Developments - The Yulong Copper Mine is undergoing a 30 million ton capacity expansion, while the Shuangli Iron Mine is also progressing with its expansion project [2]. - The company has successfully initiated trial production for several smelting projects, which are anticipated to enhance profitability significantly [2].

独立董事候选人声明与承诺 本人李计发,已充分了解并同意由提名人西部矿业股份有限公司 第八届董事会提名为西部矿业股份有限公司第八届董事会独立董事 候选人。本人公开声明,本人具备独立董事任职资格,保证不存在任 何影响本人担任西部矿业股份有限公司独立董事独立性的关系,具体 声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法 规、部门规章及其他规范性文件,具有5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定 (如适用); 三)中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部辞去 公职或者退(离)休后担任上市公司、基金管理公司独立董事、独立 监事的通知》的规定(如适用); (五)中共中央组织部《关于进一步规范党政领导干部在企业兼 职(任职)问题的意见》的相关 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥11,747,985,467, representing a year-on-year increase of 23.02%[4] - Net profit attributable to shareholders for the same period was ¥1,111,737,493, a significant increase of 60.91% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥1,090,308,227, reflecting a year-on-year growth of 26.89%[4] - The basic earnings per share for Q3 2024 was reported at ¥0.47, an increase of 62.07% from the same period last year[7] - Total operating revenue for the first three quarters of 2024 reached CNY 36,725,264,915, an increase of 13.4% compared to CNY 32,233,576,938 in the same period of 2023[17] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 2,732,391,322, up 24.4% from CNY 2,197,752,873 in the previous year[17] - The company reported a gross profit margin of approximately 16.0% for the first three quarters of 2024, compared to 14.5% in the same period of 2023[17] - Basic earnings per share for the first three quarters of 2024 were CNY 1.15, compared to CNY 0.92 in the same period of 2023, representing a growth of 25.0%[18] - The total comprehensive income for the first three quarters of 2024 was CNY 4,645,863,980, compared to CNY 3,296,995,332 in the previous year, reflecting a significant increase[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥54,644,633,568, up 4.95% from the end of the previous year[4] - The equity attributable to shareholders reached ¥16,854,624,718, marking a 10.39% increase compared to the previous year[4] - Total liabilities increased to CNY 32,571,520,715, compared to CNY 31,723,168,129 at the end of the previous year, reflecting a growth of 2.7%[17] - The company’s total non-current liabilities amounted to CNY 17,955,949,129, an increase from CNY 16,374,241,463, indicating a rise of 9.7%[17] - The total current assets reached CNY 14,307,771,392, up from CNY 11,409,505,188, indicating an increase of about 25.5%[15] - The total assets amounted to CNY 54,644,633,568, compared to CNY 52,066,714,877 at the end of 2023, showing an increase of around 5.0%[15] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥8,113,636,661, showing a 50.86% increase year-on-year[7] - In the first three quarters of 2024, the company reported cash inflows from operating activities totaling CNY 41,594,259,817, an increase from CNY 36,282,378,126 in the same period of 2023, representing a growth of approximately 14.3%[20] - The net cash flow from operating activities for the first nine months of 2024 was CNY 8,113,636,661, compared to CNY 5,378,266,974 in 2023, indicating a significant increase of about 50.9%[20] - The company experienced a decrease in cash inflows from investment activities, with a net cash flow of -CNY 2,426,325,571 in 2024, compared to -CNY 1,881,163,089 in 2023[20] - Cash inflows from financing activities were CNY 6,696,149,698 in 2024, down from CNY 11,020,578,825 in the previous year, reflecting a decline of approximately 39.5%[21] - The total cash and cash equivalents at the end of Q3 2024 amounted to CNY 6,219,827,056, an increase from CNY 5,686,781,566 at the end of Q3 2023, representing a growth of about 9.4%[21] - The company reported a net increase in cash and cash equivalents of CNY 1,577,795,449 in 2024, compared to CNY 546,079,995 in 2023, showing a substantial increase of approximately 188.5%[21] Shareholder Information - The company reported a total of 105,283 common shareholders at the end of the reporting period[8] - The largest shareholder, Western Mining Group Co., Ltd., holds 25.48% of the shares, totaling 607,187,567 shares[8] - The shareholding of Western Mining Group Co., Ltd. decreased from 745,187,567 shares to 719,220,782 shares, resulting in a reduction of 1.09% in ownership[14] Investments and Subsidiaries - The company established a new subsidiary, Xikang (Chengdu) Information Technology Co., Ltd., in collaboration with other partners, which was registered on September 25, 2024[14] - The company’s long-term equity investments decreased from CNY 4,368,973,371 to CNY 4,104,651,414, indicating a decline of about 6.0%[15] - The company’s short-term borrowings decreased from CNY 5,666,687,331 to CNY 3,274,276,648, reflecting a reduction of approximately 42.2%[15] - The company’s total non-current assets slightly decreased from CNY 40,657,209,689 to CNY 40,336,862,176, showing a decline of about 0.8%[15] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 436,298,218, a decrease of 11.0% from CNY 490,106,413 in the same period of 2023[17] Future Plans - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[19]

证券代码：601168 证券简称：西部矿业 编号：临 2024-046 西部矿业股份有限公司 第八届董事会第十四次会议决议公告 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 （一）本次董事会会议的召集、召开符合有关法律、法规及《公司章程》的 相关规定。 二、董事会会议审议情况 （一）关于审议 2024 年第三季度报告的议案 会议同意，批准公司编制的《2024 年第三季度报告》，并按相关规定予以披 露。 公司审计与内控委员会对该议案发表了审核意见认为： 公司编制的《2024 年第三季度报告》真实、准确、完整的反映了公司 2024 年第三季度的财务状况和经营成果，不存在任何虚假记载、误导性陈述、舞弊行 为和重大遗漏。 公司全体董事及高级管理人员签署了书面确认意见。 （二）本次董事会会议通知及议案于 2024 年 10 月 13 日以邮件方式向全体 董事发出。 （三）本次董事会会议于 2024 年 10 月 18 日以通讯方式召开。 （四）本次董事会会议应出席的董事 7 人，实际出席会议的董事 7 人 ...

证券代码：601168 证券简称：西部矿业 公告编号：2024-047 西部矿业股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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。 重要内容提示： (四)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年11月4日 本次股东大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 网络投票起止时间：自 2024 年 11 月 4 日 一、 召开会议的基本情况 股东大会类型和届次：2024 年第四次临时股东大会 (一)股东大会召集人：董事会 (二)投票方式：本次股东大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 (三)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 4 日 15 点 00 分 召开地点：青海省西宁市海湖新区文逸路 4 号西矿海湖商务中心 1 号楼 26 楼 至 2024 年 11 月 4 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 ...

独立董事提名人声明与承诺 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定 (如适用); 提名人第八届董事会,现提名李计发为西部矿业股份有限公司第 八届董事会独立董事候选人,并已充分了解被提名人职业、学历、职 称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。 被提名人已同意出任西部矿业股份有限公司第八届董事会独立董事 候选人(参见该独立董事候选人声明)。提名人认为,被提名人具备 独立董事任职资格,与西部矿业股份有限公司之间不存在任何影响其 独立性的关系,具体声明并承诺如下; 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、规章及其他规范性文件,具有5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明 材料(如有)。 (三)中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定; (四)中共中央纪委、中共中央组 ...

邸新宁先生的辞职将导致公司独立董事人数不足《公司章程》规定的董事会 人数的三分之一，根据《公司法》《上市公司独立董事管理办法》以及《公司章 程》等有关规定，邸新宁先生的辞职申请将在公司股东大会选举产生新任独立董 事后生效。在此期间，邸新宁先生将按照有关规定继续履行公司独立董事及相关 专门委员会职务职责。公司将按照有关规定，尽快完成独立董事的补选工作。 证券代码：601168 证券简称：西部矿业 编号：临 2024-045 西部矿业股份有限公司 关于独立董事辞职的公告 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。 公司董事会于近日收到独立董事邸新宁先生提交的书面辞职报告，邸新宁先 生因个人原因，申请辞去公司第八届董事会独立董事职务，同时一并辞去公司薪 酬与考核委员会召集人、战略与投资委员会、提名委员会和审计与内控委员会委 员职务。辞职后，邸新宁先生将不再担任公司任何职务。 截至本公告日，邸新宁先生未持有公司股份，亦不存在应当履行而未履行的 承诺事项。公司董事会对邸新宁先生任职期间恪尽职守、勤勉尽责的工作态度以 及为公司发 ...

重要内容提示： 证券代码：601168 证券简称：西部矿业 编号：临 2024-044 西部矿业股份有限公司 关于控股股东向其全资子公司协议转让公司部分股 份暨权益变动的提示性公告 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。 ●公司控股股东西部矿业集团有限公司（以下简称"西矿集团"）与其全资子 公司青海西矿资产管理有限公司（以下简称"西矿资产"）签署了股份转让合同， 西矿集团拟通过协议转让方式向西矿资产转让其所持公司 130,000,000 股股份， 占公司总股本的 5.4553%。 ●本次协议转让为控股股东在同一控制下不同主体之间的股份转让，不涉及 向市场增持或减持公司股份的情形，不触及要约收购。本次协议转让前后，控股 股东及其全资子公司合计持股数量未发生变化，不会导致公司控股股东及实际控 制人发生变化。 ●本次协议转让事项尚需经上海证券交易所合规性审核，并在中国证券登记 结算有限责任公司上海分公司办理股份转让过户相关手续，最终实施结果存在不 确定性。 一、本次权益变动基本情况 2024 年 9 月 25 日，西矿 ...

监事会议事规则 西部矿业股份有限公司 （经 2007 年第二次临时股东大会修订、经 2011 年第 一次临时股东大会修订、经 2012 年第二次临时股东 大会修订、经 2018 年第二次临时股东大会修订、经 2020 年第一次临时股东大会修订、经 2022 年第二次 临时股东大会修订、经 2024 年第三次临时股东大会 修订） 二○二四年九月 1 第一章 总则 第一条 西部矿业股份有限公司（下称"公司"）为健全监 督机制，明确监事会的权限和议事规程，保护股东的合法权益， 根据《中华人民共和国公司法》（下称"公司法"）、《上市公 司治理准则》和《上海证券交易所股票上市规则》（下称"上市 规则"）、《上市公司监事会工作指引》等有关规定以及《西部 矿业股份有限公司章程》（下称"公司章程"）的规定，制定本 议事规则｡ 第二条 监事会是公司的监督机构，向股东会负责，以财务 监督为核心，根据相关法规以及公司章程，对公司财务以及公司 董事、总裁和其他高级管理人员履行职责的合法、合规性进行监 督，维护公司及股东的合法权益。 第三条 监事应当遵守相关法规和公司章程的规定，履行诚 信勤勉的义务。 第四条 监事应具有法律、会计等方 ...