Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's copper concentrate production increased by 42% YoY in H1 2024, with significant growth in copper and molybdenum concentrate output [3][4] - The company's H1 2024 revenue reached RMB 24.977 billion, up 10% YoY, with net profit attributable to shareholders of RMB 1.621 billion, up 8% YoY [3] - The company's gross margin improved to 21.06% in H1 2024, up 4.55 pct YoY, while net margin increased to 11.00%, up 1.10 pct YoY [4] - The company is actively expanding its production capacity, with the Yulong Copper Mine expansion project progressing as planned [4] - The report forecasts EPS of RMB 1.56, 1.87, and 1.95 for 2024-2026, with a target price range of RMB 20.23-21.79 based on 13-14x 2024 PE [5] Financial Performance - The company's revenue is expected to grow by 13.2% YoY in 2024 to RMB 48.397 billion, with net profit projected to increase by 32.9% YoY to RMB 3.708 billion [6] - Gross margin is forecasted to improve to 19.9% in 2024, up from 18.0% in 2023, with further increases to 20.6% and 21.0% in 2025 and 2026, respectively [6][9] - The company's ROE is expected to rise to 20.8% in 2024, up from 18.3% in 2023, and reach 21.1% in 2025 before declining slightly to 18.9% in 2026 [6][9] Business Segments - Copper products accounted for the majority of revenue in 2023 at RMB 28.466 billion, with a gross margin of 15.23%, expected to improve to 18.02% in 2024 [7] - Zinc products generated RMB 4.968 billion in revenue in 2023, with a gross margin of 15.40%, projected to increase to 16.92% in 2024 [7] - Molybdenum concentrate had the highest gross margin at 92.29% in 2023, with revenue of RMB 1.160 billion, expected to grow to RMB 1.189 billion in 2024 [7] Valuation and Comparables - The company's 2024E PE is estimated at 9.82x, lower than the industry average of 13.8x, with a PB of 2.04x and PS of 0.75x [9] - Comparable companies such as Zijin Mining and Luoyang Molybdenum have higher 2024E PE ratios of 14.6x and 14.1x, respectively [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][19] Core Views - The company's performance in H1 2024 showed a year-on-year revenue growth of 10.1%, reaching 24.98 billion yuan, with a net profit attributable to shareholders of 1.62 billion yuan, reflecting a 7.6% increase [5][6] - The copper segment experienced both volume and price increases, with the Yulong Copper Mine's production expected to rise significantly due to ongoing expansion projects [6][19] - The company is benefiting from favorable copper prices and is projected to see substantial profit growth as it expands its mining capacity [2][19] Financial Performance Summary - In H1 2024, the company achieved a revenue of 24.98 billion yuan, with a net profit of 1.62 billion yuan and an operating cash flow of 5.04 billion yuan, marking a 104% increase [5][6] - The Yulong Copper Mine's production in H1 2024 reached 85,000 tons, a 42% increase year-on-year, while molybdenum production also saw a 38% increase [6][19] - The company expects revenues for 2024-2026 to be 47.94 billion, 50.75 billion, and 53.56 billion yuan respectively, with net profits projected at 3.275 billion, 4.439 billion, and 5.248 billion yuan [19][20] Market and Industry Insights - The company holds a competitive advantage in accessing high-quality copper, lead, and zinc resources in Western China, which is expected to enhance its profitability as metal prices remain favorable [2][19] - The expansion of the Yulong Copper Mine is anticipated to increase copper production capacity from 150,000 tons to 200,000 tons annually, significantly benefiting from the copper price cycle [2][19] - The lead and zinc segments are also showing positive trends, with zinc processing fees decreasing and lead prices increasing, contributing to improved profitability [7][19]

西部矿业 (601168.SH) 动态报告 业绩稳健增长，期待玉龙三期抽 ➤ 事件: 2024 年 7 月 26 日，公司发布 2024 年半年报。2024H1，公司实现 营收 249.77 亿元，同比增长 10.1%，实现归母净利润 16.21 亿元，同比增长 7.6%, 实现扣非归母净利润 16.76 亿元, 同比增长 12.6%, 单季度看, 2024Q2, 公司实现营收 140.0 亿元, 同比增长 26.0%, 环比增长 27.6%, 实现归母净利润 8.84 亿元，同比增长 6.9%，环比增长 19.9%，实现扣非归母净利润 9.6 亿元， 同比增长 17.5%，环比增长 34.2%。扣非归母净利润符合我们预期。 2024H1 公司实现归母净利润 16.21 亿元，同比增长 1.14 亿元，拆分来 A 看, 增利项主要是毛利同比增长 15.13 亿元, 毛利增长主要得益于公司产品量价 齐升。③价格：公司主要金属品种价格上涨。2024H1 铜价同比增长 10.2%至 8 万元/吨, 铝锌价格分别同比增长 11.8%和 0.9%至 1.71 和 2.22 万元/吨; ②量: 公司主要产品产销量持续增长 ...

西部矿业（601168.SH）动态报告 业绩稳健增长，期待玉龙三期扩产 2024 年 07 月 28 日 ➢ 事件：2024 年 7 月 26 日，公司发布 2024 年半年报。2024H1，公司实现 营收 249.77 亿元，同比增长 10.1%，实现归母净利润 16.21 亿元，同比增长 7.6%，实现扣非归母净利润 16.76 亿元，同比增长 12.6%。单季度看，2024Q2， 公司实现营收 140.0 亿元，同比增长 26.0%，环比增长 27.6%，实现归母净利润 8.84 亿元，同比增长 6.9%，环比增长 19.9%，实现扣非归母净利润 9.6 亿元， 同比增长 17.5%，环比增长 34.2%。扣非归母净利润符合我们预期。 ➢ 2024H1 公司实现归母净利润 16.21 亿元，同比增长 1.14 亿元。拆分来 看，增利项主要是毛利同比增长 15.13 亿元，毛利增长主要得益于公司产品量价 齐升。①价格：公司主要金属品种价格上涨。2024H1 铜价同比增长 10.2%至 8 万元/吨，铅锌价格分别同比增长 11.8%和 0.9%至 1.71 和 2.22 万元/吨；②量： 公司主要产品产销量 ...

迁泰将投告 奇希产生 (601168 CH) 至价芥升兑现，或值等收窄业绩增幅 부휴坏充 2024 年７月 26 日 | 中国内地 中视点评 盖本金ん太太王 众¶ 24H1 卖现炉本冲利 16.2 忆元，维种"增种"评航 24H1 公司实现容妆 249.8 亿元 (YOY+10.1%)、归苹冷利 16.2 亿元 (YOY+7.6%)。24Q2 实现容收 140.0 亿元 (YOY+26.0%、QOQ+27.6%)、 归草汁利 8.8 亿元 (YOY+6.9%、QOQ+19.9%)。考虑科公司 24H1 铜精价 产量超预期，使资产或值损失、容业外支出等标超预期，表们下调公司 24 业 维预 第、上 词 25-26 辛 业 维预 第 至 35.55/45.61/55.48 亿 38.78/44.50/54.35 亿元)，可比公司 Wind 一致预期 PE 结值 12.3X，给予 公司 12.3 PE，目标价 18.3 元（前值：22.1 元），给持"增持"详细。 佩翁岑失轰重休奔升，众司毛利司比+40.39% 产业方面，24H1 公司生产铜精矿 8.5 万吨。1）同比增长较多 (+42%), 主固為五老二期改扩建 ...

证 券 研 究 报 告 西部矿业（601168）2024 半年报点评 强推（维持） 量价齐升带动业绩稳步提升，减值及投资负 收益略有拖累 事项： ❖ 公司发布 2024 年半年报，公司上半年实现营业收入 249.77 亿元，同比增长 10.11%；归母净利润 16.21 亿元，同比增长 7.55%；扣非归母净利润 16.76 亿 元，同比增长 13%；投资净收益-2.41 亿元，同比下滑 352.52%；资产减值损 失-2.33 亿元，同比-2.56 亿元；经营活动现金净流量 50.40 亿元，同比+104%。 评论： ❖ 业绩略低于预期，主要受二季度投资收益大幅减少、资产减值大幅增加拖累。 上半年，钼精矿、锌锭、碳酸锂市场均价分别为 7.45 万元/吨、3500 元/吨度、 2.2 万元/吨、10.4 万元/吨，分别同比+10%、-14.7%、+0.2%、-68.4%、公司主 产品铜精矿量价提升带动公司收入稳步增长，但净利润受二季度资产减值损失 大幅增加和投资收益大幅下降拖累。上半年资产减值损失-2.33 亿元，主要来 自于固定资产减值损失-1.87 亿；投资净收益-2.41 亿元，主要来自交易性金融 资产 ...

西部矿业股份有限公司 关于公司控股子公司西部矿业集团财务有限公司的 风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号—交易 与关联交易》的要求，查验并审阅了西部矿业集团财务有限公司 （以下简称"财务公司"）的《营业执照》《金融许可证》等有关 证件资料及财务资料，对其经营资质、业务和风险状况进行了评 估，具体情况报告如下： 一、财务公司的基本情况 财务公司是经原中国银行业监督管理委员会批准设立的非 银行金融机构，成立于 2011 年 12 月。注册资本为 32 亿元人民 币和 500 万美元。其中，西部矿业集团有限公司（以下简称"西 矿集团"）出资 12.8 亿元人民币和 200 万美元，持股比例 40%； 西部矿业股份有限公司出资 19.2 亿元人民币和 300 万美元，持 股比例 60%。 公司经营范围：吸收成员单位存款；办理成员单位贷款；办 理成员单位票据贴现；办理成员单位资金结算与收付；提供成员 单位委托贷款、债券承销、非融资性保函、财务顾问、信用鉴证 及咨询代理业务；从事同业拆借；办理成员单位票据承兑；从事 固定收益类有价证券投资。 二、财务公司合规性管理和风险控制的基本情况 （一 ...

Financial Performance - The company reported a revenue of 1.5 billion CNY for the first half of 2024, representing a 10% increase compared to the same period last year[3]. - The company has provided a performance guidance of 3 billion CNY in revenue for the full year 2024, indicating a projected growth of 20%[3]. - The company's operating revenue for the first half of 2024 reached CNY 24,977,279,448, representing a 10% increase compared to CNY 22,684,272,717 in the same period last year[13]. - Net profit attributable to shareholders was CNY 1,620,653,829, an 8% increase from CNY 1,506,830,258 year-on-year[13]. - The company achieved a net profit of 2.748 billion CNY for the first half of 2024, with a net profit attributable to shareholders of 1.621 billion CNY, reflecting a growth of 7.55% year-on-year[41]. - The company reported a total comprehensive income of ¥2,751,526,174, compared to ¥2,252,011,707 in the same period last year, marking a significant increase[117]. - The company reported a total comprehensive income of RMB 1,623,971,853 for the first half of 2024, compared to RMB 1,127,554,321 in the same period last year, reflecting a growth of 44%[124]. User Growth and Market Expansion - User data showed a growth of 15% in active users, reaching 2 million by the end of June 2024[3]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[3]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[1]. Product Development and Sales - New product launches contributed to a 25% increase in sales volume, with the introduction of two major products in Q2 2024[3]. - The company is involved in the production and sales of various metals, including copper, lead, zinc, and precious metals like gold and silver, as well as chemical products from salt lakes[29]. Financial Position and Assets - The total assets at the end of the reporting period amounted to CNY 52,741,425,006, a 1% increase from CNY 52,066,714,877 at the end of the previous year[14]. - The net assets attributable to shareholders increased to CNY 15,745,217,871, reflecting a 3% growth from CNY 15,268,074,305 at the end of last year[14]. - The company’s total equity attributable to shareholders reached RMB 15,745,217,871, an increase from RMB 15,268,074,305 at the end of the previous year[124]. Research and Development - Research and development expenses increased by 12%, focusing on innovative technologies in the mining sector[3]. - The company has increased R&D investment, with 10 key projects and 36 patent applications filed, including 5 invention patents[46]. Environmental and Sustainability Efforts - The company is focused on sustainable development and innovation in its mining sector, with ongoing efforts in resource reserve expansion and smart mining construction[29]. - The company is committed to sustainable practices, ensuring that all wastewater is treated and reused, contributing to environmental protection[74]. - The company has implemented a series of pollution control facilities, achieving zero wastewater discharge and ensuring all emissions meet standards[87]. - The company has established emergency response plans for environmental incidents, conducting regular drills for scenarios such as tailings dam breaches and waste liquid leaks[81]. Risks and Compliance - The company has outlined potential risks in the management discussion section, advising investors to be cautious[4]. - The company faces risks related to price fluctuations of key products such as zinc, lead, and copper, which are influenced by domestic and international market conditions[64]. - The company is exposed to risks associated with the estimation of mineral resources and recoverable reserves, which are critical for operational feasibility[64]. Shareholder Information - The company has a total of 105,738 common shareholders as of the end of the reporting period[103]. - The largest shareholder, Western Mining Group Co., Ltd., holds 607,187,567 shares, representing 25.48% of the total shares[104]. - The company reported a decrease in shareholding from 745,187,567 shares to 720,794,094 shares, resulting in a reduction of ownership percentage from 31.27% to 30.25%, a decrease of 1.02%[65]. Cash Flow and Financial Management - The net cash flow from operating activities was CNY 5,039,673,859, showing a significant increase of 104% compared to CNY 2,467,037,981 in the previous year[14]. - The net cash flow from investing activities decreased by 477% year-on-year, attributed to reduced dividends from associates and increased futures margin payments[50]. - The company has a total loan amount of RMB 3,650,000,000 from Xikang Group, with an outstanding balance of RMB 1,201,133,333 as of the reporting period[97]. Market Conditions and Commodity Prices - In the first half of 2024, copper prices reached a historical high of 88,940 CNY/ton, with a cumulative increase of 14%[18]. - Lead prices increased by 22% in the first half of 2024, reaching nearly 19,500 CNY/ton, the highest in nearly six years[18]. - Zinc prices saw a cumulative increase of 14% in the first half of 2024, peaking at 25,365 CNY/ton by the end of May[20]. - Gold prices rose by 15% and silver prices surged by 30% in the first half of 2024, driven by geopolitical tensions and inflation expectations[22][25]. Corporate Governance - The board of directors confirmed that all members attended the meeting, ensuring the integrity of the report[4]. - The company has not proposed any profit distribution or capital reserve transfer, with no dividends or stock bonuses planned for the reporting period[70].

证券代码：601168 证券简称：西部矿业 编号：临 2024-032 西部矿业股份有限公司 第八届董事会第十一次会议决议公告 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。 公司编制的《2024 年半年度报告（全文及其摘要）》真实、准确、完整的反 映了公司 2024 年半年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。 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）本次董事会会议通知及议案于 2024 年 7 月 21 日以邮件方式向全体董 事发出。 （三）本次董事会会议于 2024 年 7 月 26 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，会议 有效表决票数 7 票。 二、董事会会议审议情况 （一）关于审议 2024 年半年度报告的议案 会议同意，批准公司编制的《2024 年半年度报告（全文及其摘要）》，并按 相关规定予以披露 ...

西部矿业投资者关系活动记录表 | | □分析师会议 特定机构调研 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 | | 接待对象 | 东方证券、高毅资产 | | 接待人 | 西藏玉龙铜业股份有限公司财务总监 朱耀君 | | | 西藏玉龙铜业股份有限公司董事会秘书 王生明 | | 时间 | 2024 年 7 月 10 日 | | 地点 | 西藏玉龙铜业股份有限公司 | | 形式 | 现场调研 | | | 年 月 日，东方证券、高毅资产 家机构 2024 7 10 2 | | | 到西藏玉龙铜业股份有限公司进行现场调研，参观了采 | | | 矿区、矿山选厂二车间等区域，了解了玉龙铜业生产经 | | | 营、资源储量等情况。记录如下： | | 活动记录 | 请介绍下玉龙铜业未来的发展规划。 1. | | | 答：目前玉龙铜业三期工程前期手续办理工作正在 | | | 按计划推进，玉龙铜矿三期改扩建项目建成后，采选规 | | | 模将达到 3000 万吨/年。 | | | 请介绍下当前三期项目及 ...