Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company's Q3 2024 performance met expectations, achieving a record high for a single quarter. For the first three quarters of 2024, revenue reached 36.73 billion yuan (up 13.9% year-on-year), with a net profit attributable to shareholders of 2.73 billion yuan (up 24.3% year-on-year) [5] - The company has seen significant production increases, with nominal output from the Yulong Copper Mine rising by 49% year-on-year to 125,000 tons in the first three quarters of 2024 [5] - The report highlights ongoing projects, including the technological upgrades at the Yulong Copper Mine and the expansion of the Shuangli Iron Mine, which are expected to enhance production capacity [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 11.75 billion yuan (up 23.0% year-on-year) and a net profit of 1.11 billion yuan (up 60.9% year-on-year) [5] - The average prices for copper, lead, and zinc in Q3 2024 were 75,000 yuan/ton, 17,000 yuan/ton, and 23,000 yuan/ton, respectively, showing year-on-year increases of 9%, 11%, and 13% [5] Production and Capacity - The company plans to produce 52,000 tons of lead concentrate, 109,000 tons of zinc concentrate, and 159,000 tons of copper concentrate in 2024 [5] - The Yulong Copper Mine's processing capacity has been enhanced to 22.8 million tons per year following recent upgrades [6] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 3.70 billion yuan, 4.21 billion yuan, and 4.68 billion yuan, respectively, reflecting an upward revision due to increased copper production [5][7] - The anticipated rise in copper prices and the successful expansion projects are expected to drive performance growth [5]

证券代码：601168 证券简称：西部矿业 公告编号：临 2024-048 西部矿业股份有限公司 关于召开 2024 年第三季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。 重要内容提示： 会议召开时间：2024 年 10 月 29 日（星期二） 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 10 月 22 日（星期二）至 10 月 28 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 wm@westmining.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 西部矿业股份有限公司（以下简称"公司"）已于 2024 年 10 月 19 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 10 月 2 ...

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company achieved a record high in Q3 2024 with revenue of 11.748 billion RMB, a year-on-year increase of 23.02% and a quarter-on-quarter decrease of 16.11%. The net profit attributable to the parent company was 1.112 billion RMB, up 60.91% year-on-year and 25.81% quarter-on-quarter [2] - The company’s growth potential is considered favorable due to the expansion expectations of projects like the Yulong Copper Mine [2] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported revenue of 36.725 billion RMB, a year-on-year increase of 13.93%, and a net profit of 2.732 billion RMB, up 24.33% year-on-year [2] - The gross margin for Q3 2024 was 25.35%, an increase of 2.27 percentage points quarter-on-quarter, while the net margin was 16.16%, up 5.02 percentage points [3] Project Developments - The Yulong Copper Mine's processing capacity has been enhanced to 22.8 million tons per year, with a planned output of approximately 160,000 tons of copper concentrate in 2024, representing a year-on-year increase of about 30,000 tons [4] - The company is actively progressing multiple projects, including the comprehensive recycling and environmental upgrade project at the Xikang Precious Metals Company, which is now in trial production [5] Valuation and Price Target - The target price for the company is set at 23.40 RMB, based on a revised forecast of net profits for 2024-2026 of 3.788 billion RMB, 4.476 billion RMB, and 5.650 billion RMB respectively, with corresponding EPS of 1.59 RMB, 1.88 RMB, and 2.37 RMB [6][9]

Investment Rating - The report assigns a "Buy" rating to Western Mining (601168 SH) with a target price of 25 16 yuan per share [4] Core Views - Yulong Copper Mine's increased production and efficiency improvements drove a 26% QoQ growth in net profit attributable to the parent company in Q3 2024 [2] - Q3 2024 revenue reached 11 7 billion yuan (+23% YoY -16% QoQ) while net profit attributable to the parent company was 1 1 billion yuan (+61% YoY +26% QoQ) [2] - The Yulong Copper Mine achieved record high copper metal production with an annualized processing capacity of 24 46 million tons exceeding its 22 8 million ton capacity [2] - Copper molybdenum recovery rates improved by 2 31% and 2 12% respectively after technical upgrades in July 2024 [2] Financial Performance - 2024E revenue is projected at 51 78 billion yuan (+21 1% YoY) with net profit attributable to the parent company of 3 997 billion yuan (+43 3% YoY) [3] - EPS is forecasted to grow from 1 68 yuan in 2024E to 1 87 yuan in 2026E [3] - ROE is expected to increase from 25 4% in 2024E to 26 1% in 2026E [3] - The company's debt-to-asset ratio decreased by 0 54 percentage points to 59 61% at the end of Q3 2024 [2] Operational Highlights - Yulong Copper Mine's processing volume and recovery rate improvements offset the impact of declining copper prices [2] - Q3 2024 operating cash flow was 3 1 billion yuan (+6% YoY -32% QoQ) [2] - The company's minority interest income increased by 111 million yuan QoQ in Q3 2024 mainly due to Yulong Copper Mine's performance [2] Valuation Metrics - The report values Western Mining at 15x 2024E PE [2] - Current P E ratios are 10 37x for 2024E and 9 29x for 2026E [3] - EV EBITDA is projected to decrease from 5 84x in 2024E to 5 10x in 2026E [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved operating revenue of 36.725 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 13.93%. The net profit attributable to shareholders was 2.732 billion yuan, up 24.33% year-on-year, while the net profit excluding non-recurring items was 2.766 billion yuan, reflecting a growth of 17.84% year-on-year [2][6] - The main products, copper, lead, and zinc, have strong production potential, and metal prices are expected to rise further. The projected net profit for 2024-2026 is 3.671 billion, 4.241 billion, and 4.850 billion yuan, respectively, with year-on-year growth rates of 31.61%, 15.53%, and 14.37% [2][6] Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 11.748 billion yuan, a year-on-year increase of 23.02%, but a quarter-on-quarter decrease of 16.11%. The net profit attributable to shareholders was 1.112 billion yuan, up 60.91% year-on-year and 25.81% quarter-on-quarter [6] - The average prices for lead, zinc, and copper in Q1-Q3 2024 increased by 11.5%, 5.1%, and 10.0% year-on-year, respectively [6] Production and Projects - The company has successfully launched key projects, including the optimization and upgrading of the Yulong Copper Industry's selection plants, which significantly increased copper production in 2024 [6] - The annual processing capacity of the multi-metal selection project is expected to increase from 900,000 tons to 1.5 million tons, with annual production capacities for lead and zinc concentrates set at 41,400 tons and 57,400 tons, respectively [6] Market Outlook - The expectation of looser monetary policy and tight supply-demand dynamics are likely to push copper prices higher. The anticipated global copper supply shortage is expected to catalyze a new upward price cycle [6] - The company maintains a favorable outlook on the growth potential of its main products, with a projected EPS of 1.54, 1.78, and 2.04 yuan for 2024-2026, corresponding to P/E ratios of 11.3, 9.8, and 8.5 times [2][6]

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 ...