证券代码：601168 证券简称：西部矿业 编号：临 2024-034 西部矿业股份有限公司 关于高级管理人员辞职的公告 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。 西部矿业股份有限公司 董事会 2024 年 8 月 3 日 公司董事会于 8 月 2 日收到副总裁李金旭先生提交的书面辞职报告，因已届 法定退休年龄，李金旭先生申请辞去公司副总裁职务。根据《公司章程》及有关 法律法规的规定，李金旭先生辞职对公司正常生产经营无影响，该辞呈自送达本 公司董事会之日起生效。 公司董事会对李金旭先生任职期间勤勉尽责、为公司经营发展和公司董事会 工作做出的贡献表示衷心感谢！ 特此公告。 ...

Investment Rating - The report maintains a "Buy" rating for Western Mining (601168.SH) [2] Core Views - The company reported a 10.1% year-on-year increase in revenue for H1 2024, reaching 24.98 billion yuan, and a 26.4% increase in total profit to 3.16 billion yuan, with net profit at 2.75 billion yuan, a 7.6% increase year-on-year [4][5] - The growth is primarily driven by a 42% increase in copper concentrate production and a 13% rise in prices [4] - The company is advancing its Yulong Copper Mine Phase III expansion project, which is expected to enhance future growth prospects [4][5] Financial Performance - In H1 2024, the company produced 85,000 tons of copper concentrate, exceeding its production plan by 12% [4] - The average price of copper in H1 2024 was 74,600 yuan/ton, reflecting a 9.7% year-on-year increase [4] - The company anticipates revenue of 47.55 billion yuan in 2024, with net profit projected at 3.49 billion yuan, representing a 25.1% year-on-year growth [5][6] Production and Expansion - The Yulong Copper Mine's expansion is on track, with the processing capacity expected to increase to 22.8 million tons per year [5] - The company has achieved production completion rates above 100% for several key products, including zinc and lead concentrates [4] Market Context - The report notes that copper prices reached historical highs before a slight decline, influenced by supply constraints and market dynamics [4] - The company’s market capitalization corresponds to a PE ratio of 10.8x for 2024, indicating a favorable valuation compared to industry peers [5][6]

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Insights - The company's H1 2024 performance met expectations, with revenue of 24.98 billion yuan (up 10.1% year-on-year) and net profit attributable to shareholders of 1.62 billion yuan (up 7.6% year-on-year) [5]. - The increase in revenue and profit is primarily driven by a 42% increase in copper concentrate production and a 13% rise in prices compared to the same period last year [5]. - The company has made significant progress in key projects, including the technological transformation of the Yulong Copper Mine and the expansion of the Shuangli Iron Mine [6]. Financial Summary - For H1 2024, the company reported a revenue of 24.98 billion yuan, with a net profit of 1.62 billion yuan and a non-recurring net profit of 1.68 billion yuan [5]. - In Q2 2024, revenue reached 14.0 billion yuan (up 26.0% year-on-year and 27.6% quarter-on-quarter), with a net profit of 880 million yuan (up 6.9% year-on-year and 19.9% quarter-on-quarter) [5]. - The company’s production data for H1 2024 includes 28,000 tons of lead (down 9% year-on-year), 53,000 tons of zinc (down 12% year-on-year), and 85,000 tons of copper (up 42% year-on-year) [5]. Project Developments - The Yulong Copper Mine's technological upgrade was completed in November 2023, increasing ore processing capacity to 22.8 million tons per year [6]. - The company is also advancing the expansion of the Shuangli Iron Mine, which is expected to produce 3 million tons of iron ore annually [6]. - The comprehensive recycling and environmental upgrade project in Xiyu is expected to begin trial production in the second half of 2024, with a production capacity of 200,000 tons of lead and 6 tons of gold [6]. Profit Forecast - The report has adjusted profit forecasts for 2024-2026, expecting net profits of 3.53 billion yuan, 4.21 billion yuan, and 4.68 billion yuan respectively, reflecting an increase due to rising copper prices and production exceeding plans [5][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][6]. Core Views - The company reported a revenue of 24.977 billion yuan for the first half of 2024, representing a year-on-year increase of 10.11%. The net profit attributable to shareholders was 1.621 billion yuan, up 7.55% year-on-year [5]. - The growth in performance is primarily attributed to the increase in both the volume and price of copper concentrate [5]. - The company plans to achieve a copper concentrate output of 158,715 tons for the year, benefiting from the expansion of its processing capacity [5]. - The report anticipates that the company will generate revenues of 49.897 billion yuan, 51.667 billion yuan, and 55.976 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.72%, 3.55%, and 8.34% [5][7]. Financial Summary - The company achieved a copper concentrate production of 85,235 tons in the first half of 2024, a year-on-year increase of 41.88% [5]. - The average price of copper in the first half of 2024 increased by 14.79% quarter-on-quarter and 18.04% year-on-year [5]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.55 yuan, 1.61 yuan, and 2.01 yuan, respectively [6][7]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 10.22, 9.84, and 7.90, respectively [6][7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 24.977 billion yuan in the first half of 2024, representing a year-on-year growth of 10.1%. The net profit attributable to shareholders was 1.621 billion yuan, up 7.6% year-on-year, while the net profit excluding non-recurring items was 1.676 billion yuan, an increase of 12.6% year-on-year [5] - In Q2, the company recorded a revenue of 14.0 billion yuan, a year-on-year increase of 26.0% and a quarter-on-quarter increase of 27.6%. The net profit attributable to shareholders for the quarter was 884 million yuan, up 6.9% year-on-year and 19.9% quarter-on-quarter [5] - The main products saw an increase in both volume and price, with copper concentrate production reaching 85,235 tons, a 42% year-on-year increase, and molybdenum concentrate production at 1,926 tons, up 39% year-on-year [5] - The company is awaiting the gradual ramp-up of the Yulong Phase III project, which is expected to significantly increase copper production [5] - The company is one of the largest non-ferrous metal mining companies in the western region, and with the ongoing global copper supply tightness, copper prices are expected to remain high, benefiting the company significantly [5] Summary by Sections Financial Performance - The company reported a total revenue of 42.748 billion yuan for 2023, with projected revenues of 45.763 billion yuan in 2024, 47.993 billion yuan in 2025, and 50.565 billion yuan in 2026 [6] - The net profit attributable to shareholders for 2023 was 2.789 billion yuan, with projections of 3.349 billion yuan in 2024, 3.612 billion yuan in 2025, and 3.902 billion yuan in 2026 [6] - The earnings per share (EPS) are expected to be 1.17 yuan in 2023, increasing to 1.41 yuan in 2024, 1.52 yuan in 2025, and 1.64 yuan in 2026 [6] Production and Operations - The company completed its production plan for the first half of the year, achieving a copper concentrate output of 85,235 tons, a molybdenum concentrate output of 1,926 tons, and an iron concentrate output of 642,303 tons [5] - The electrolytic copper production reached 121,548 tons, a 44.12% increase year-on-year, while zinc ingot production was 60,620 tons, up 6% year-on-year [5] Market Outlook - The company is expected to benefit from the ongoing tight global copper supply, with copper prices projected to remain high [5] - The Yulong copper mine's Phase III expansion is anticipated to further enhance production capacity, contributing to future revenue growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 24.98 billion yuan for H1 2024, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 1.62 billion yuan, up 7.6% year-on-year. The second quarter saw a revenue of 14.0 billion yuan, reflecting a 26.0% year-on-year increase and a 27.6% quarter-on-quarter increase [2]. - The copper market is expected to see a long-term upward trend in prices due to increasing supply-demand gaps, with demand benefiting from high growth in the new energy sector. The company’s copper production is projected to reach 160,000 tons in 2024, contributing significantly to profit growth [2][3]. Company Summary - The company’s copper, zinc, and lead concentrate production for H1 2024 was 85,000 tons, 53,000 tons, and 28,000 tons respectively, with year-on-year changes of +42%, -12%, and -10%. The electrolytic copper production was 121,548 tons, up 44.1% year-on-year [2]. - The average prices for copper, lead, and zinc increased by 14%, 22%, and 14% respectively in H1 2024 [2]. - The company has completed the technical upgrades for the Yulong copper mine, which is expected to enhance production capacity significantly [2]. Financial Forecast - The forecast for net profit attributable to shareholders for the next three years is 3.51 billion yuan, 4.24 billion yuan, and 4.42 billion yuan, with corresponding EPS of 1.47 yuan, 1.78 yuan, and 1.85 yuan. The PE ratios are projected to be 11, 9, and 9 times respectively [3][4].

证券代码：601168 证券简称：西部矿业 公告编号：临 2024-033 西部矿业股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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法律责任。 西部矿业股份有限公司（以下简称"公司"）于 2024 年 7 月 27 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度的 经营成果、财务状况，公司计划于 2024 年 08 月 08 日 下午 15:00-16:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 重要内容提示： 会议召开时间：2024 年 08 月 08 日(星期四) 下午 15:00-16:00 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 08 月 01 日(星期四) 至 08 月 07 日(星期三)16:00 前登 录上证路演中心网站首 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for the first half of 2024 reached 24.977 billion yuan, a year-on-year increase of 10%, while the net profit attributable to shareholders was 1.621 billion yuan, up 8% year-on-year [2][3] - The increase in performance is primarily attributed to the rise in copper concentrate production and prices, although lower investment income and increased asset impairment losses slightly dragged down the results [3] - The company has consistently provided cash dividends, totaling 8.341 billion yuan, which accounts for 53.55% of the cumulative distributable profits, with an average dividend yield exceeding 6% over the past three years [2] Summary by Relevant Sections Performance - In H1 2024, copper concentrate prices increased by 13% year-on-year, and production rose by 42% year-on-year [3] - Investment income was -241 million yuan, primarily due to futures hedging losses, while asset impairment losses amounted to -233 million yuan, mainly from fixed asset impairments [3] Production - The production of major products exceeded planned targets, with copper concentrate production at 85,200 tons (up 42% year-on-year) and zinc concentrate production at 53,000 tons (down 12% year-on-year) [3] Project Progress - The expansion of the Yulong Copper Mine is progressing steadily, with various preliminary procedures completed [3] Industry Outlook - The copper supply-demand gap is expected to continue widening, with projected deficits of 390,000 tons and 640,000 tons for 2024 and 2025, respectively [3] - The report suggests that copper prices need to rise to between 12,000 and 14,000 USD per ton to stimulate potential supply growth [3] Profit Forecast, Valuation, and Rating - The copper price forecasts for 2024, 2025, and 2026 are adjusted to 10,000, 11,000, and 11,000 USD per ton, respectively [3] - Expected net profits for 2024, 2025, and 2026 are projected at 3.4 billion, 4.7 billion, and 5.4 billion yuan, respectively, with year-on-year growth rates of 22%, 37%, and 15% [3]

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 07 月 29 日 西部矿业(601168.SH) 公司快报 多金属产量超额完成，金属价格上涨业 绩显著环增 公司发布 2024 年中报 2024 年上半年公司营业收入 249.77 亿元，同比+10.11%；归母净 利润 16.20 亿元，同比+7.55%，扣非归母净利润 16.76 亿元，同 比+13.00%。其中 2024 年 Q2 营业收入 140.03 亿元，同比+26.04%、 环比+27.61%；归母净利润 8.84 亿元，同比+6.87%、环比+19.90%。 扣非归母净利润 9.60 亿元，同比+17.49%，环比+34.23%。 Q2 扣非归母同环比增长亮眼，营业外支出及资产减值损失影响 归母表现 公司 2024 年上半年营业外支出合计 1.79 亿元，其中涉及罚款及违 约金 1.69 亿元。资产减值损失合计-2.33 亿元，其中固定资产减值 损失-1.87 亿元，西豫金属、双利矿业部分老旧资产因项目升级改造， 相关资产组的预计未来现金流量的现值低于账面价值，本报告期对部 分固定资产计提减值准备。投资收益合计-2.41 亿 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 15.28 CNY and a fair value of 23.37 CNY per share [1]. Core Views - The company's net profit attributable to shareholders increased by 20% quarter-on-quarter, aligning with expectations. The revenue reached 14 billion CNY, representing a year-on-year growth of 26% and a quarter-on-quarter increase of 28% [1]. - The operating cash flow was 4.5 billion CNY, showing a significant year-on-year increase of 86% and a quarter-on-quarter increase of 809% [1]. - The rise in profits is primarily attributed to the increase in prices of main products, with copper, lead, and zinc prices rising by 15%, 12%, and 11% respectively [1]. - The company expects EPS for 2024-2026 to be 1.56, 1.66, and 1.74 CNY per share, respectively, with a target PE of 15 times for 2024, corresponding to a fair value of 23.37 CNY per share [1]. Financial Summary - For 2023, the company reported a revenue of 42.748 billion CNY, with a growth rate of 6.2%. The projected revenue for 2024 is 49.857 billion CNY, reflecting a growth rate of 16.6% [4]. - The net profit for 2023 was 2.789 billion CNY, with a decline of 18.4%, while the forecast for 2024 is 3.712 billion CNY, indicating a growth of 33.1% [4]. - The company's EBITDA for 2023 was 7.637 billion CNY, with projections of 9.055 billion CNY for 2024 [4]. - The company's debt-to-asset ratio is 60.14%, slightly up from the previous quarter [1].