上 市 公 司 有色金属 2024 年03月 19 日 西部矿业 (601168) 公 司 研 究 ——玉龙铜矿改扩建投产，高分红回馈股东 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  事件：公司公告2023年业绩，基本符合预期。1）2023年实现营收427.5亿元（yoy+6.2%)， 归母净利润27.9亿元（yoy-18.4%)，主要系计提固定资产处置损失3.7亿元，管理费用、 证 市场数据： 2024年03月18日 研发费用增加，以及来自东台锂资源的投资收益减少、锌价下跌，扣非归母净利润 25.6 券 收盘价（元） 18.55 研 一年内最高/最低（元） 19.87/10.21 亿元（yoy-21.7%），非经常性损益主要为11月处置联营公司（西钢集团）收益1.9亿元。 究 市净率 2.9 2）2023Q4 实现营收 105.1 亿元（yoy-18.1%，qoq+10.1%)，归母净利润 5.9 亿元 报 息率（分红/股价） - （yoy-43.0%，qoq-14.4%)，扣非归母净利润2.1亿元（yoy-77.2%，qoq-75.7%)。3） 告 流通A股市值（百万 ...

2024年3月18日 公司研究 西部铜矿龙头，玉龙铜矿改扩建顺利完成 ——西部矿业（601168.SH）2023 年年报点评 要点 增持（维持） 当 前价：19.67元 事件:公司于3月15日晚发布2023年年报，实现营收427亿元，同比增长6% （2022年数据为调整后，下同）；归母净利润28亿元，同比减少18%；归母 扣非净利润26亿元，同比减少22%。公司2007年上市以来累计现金分红71.49 作者 亿元，占累计可分配利润的56.16%，位于同行业前列。2023年计划分红11.9 分析师：王招华 亿元，按当前股价对应股息率为2.5%。 执业证书编号：S0930515050001 021-52523811 点评： wangzhh@ebscn.com 分析师：方驭涛 2023年利润下降主要系金属价格下降。2023年利润下降主要原因是电池级碳酸 执业证书编号：S0930521070003 锂、锌现货均价分别同比下跌47%、14%，影响公司享有联营单位东台锂资源 021-52523823 fangyutao@ebscn.com 的投资收益和锌精矿毛利贡献同比下降。2023年铜、锌、铅产品毛利占比是56%、 联 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司动态分析 2024 年 03 月 19 日 西 部矿业(601168.SH) 证券研究报告 玉龙铜矿进入放量年，量价齐增看好业 铜 投资评级 买入-A 绩持续向上 维持评级 6个月目标价 25.5元 公司发布 2023 年度报告 股价 (2024-03-15) 19.67元 公司 2023 年实现营业收入427.48 亿元，同比增长6.24%；实现归母 723365999 净利润 27.89亿元，同比-18.38%；实现扣非归母净利润 25.56亿元， 交易数据 同比-22.00%。其中2023年Q4 营业收入105.15亿元，同比-17.8%、 总市值(百万元) 46,873.61 环比+10.1%；实现归母净利润5.92 亿元，同比-43.8%、环比-14.4%； 流通市值(百万元) 46,873.61 实现扣非归母净利润 2.09亿元，同比-76.8%、环比-75.7%。 总股本(百万股) 2,383.00 流通股本(百万股) 2,383.00 2023 年全年产量基本完成计划目标 12个月价格区间 10.26/19.67元 ✔产量：2023 年 ...

证券研究报告 公 2024年03月18日 司 报 告 西部矿业(601168) 行 业： 有色金属/工业金属 │ 公 投资评级： 买入（维持） 司 当前价格： 18.55元 矿冶产能提升，助力公司成长 年 目标价格： 24.18元 报 点 评 基本数据 事件： 总股本/流通股本(百万股) 2,383.00/2,383.00 2024 年3 月 16日，公司公布 2023 年年度报告。实现营业收入427.48 亿 流通A股市值(百万元) 44,204.65 元，同比6%；归母净利润27.89亿元，同比-18%；扣非后归母净利润25.56 亿元，同比-22%；EPS1.17 元/股，同比-18%。每 10 股派发现金股利 5 元 每股净资产(元) 6.41 （含税），占2023年度合并报表归属于母公司可分配利润的43%。 资产负债率(%) 60.93  铜锌精矿贡献下滑，投资收益大幅下降 一年内最高/最低(元) 19.87/10.21 2023年，由于玉龙铜业一、二选厂升级改造，铜精矿产销量13.1/13.5万 吨，同比-9%/-5%；铅精矿产销量6/6万吨，同比17%/17%；锌精矿产销量 股价相对走势 12 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][31]. Core Views - The company achieved a revenue of 42.748 billion yuan in 2023, a year-on-year increase of 6%, but the net profit attributable to shareholders decreased by 18% to 2.789 billion yuan [6][11]. - The decline in net profit is attributed to lower prices for battery-grade lithium carbonate and zinc, as well as increased management and research expenses [11][12]. - The company expects production capacity to improve significantly in 2024 due to the completion of the Yulong copper mine expansion project, which will enhance ore processing capacity to 22.8 million tons per year [23][24]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 10.515 billion yuan, a year-on-year decrease of 17.8% but a quarter-on-quarter increase of 10.1% [6][11]. - The net profit for Q4 was 5.92 billion yuan, down 43.8% year-on-year and 14.4% quarter-on-quarter [6][11]. - The company’s total profit for 2023 was 4.719 billion yuan, with a net profit of 4.233 billion yuan [11][12]. Production and Capacity Expansion - The Yulong copper mine's first and second phase upgrades were completed in November 2023, which is expected to increase copper production significantly in 2024 [23][24]. - The company plans to produce 158,715 tons of copper concentrate in 2024, a year-on-year increase of 20.88% [10][23]. Dividend Policy - The company maintained a high dividend payout ratio of 43% in 2023, distributing a total of 1.2 billion yuan to shareholders, resulting in a dividend yield of 2.56% [25][26]. Profit Forecast - The company is projected to achieve net profits of 3.456 billion yuan, 3.606 billion yuan, and 3.745 billion yuan for the years 2024, 2025, and 2026, respectively [31].

公司研 究 证 券研究 报 告 铜 2024年03月17日 西 部矿业（601168）2023年报点评 强 推 （维持） 目标价：22.5元 业绩符合预期，增长潜力大，未来可期 当前价：19.67元 事项： 华创证券研究所  公司发布2023年年报，公司全年实现营业收入427.48亿元，同比增长6.24%； 证券分析师：马金龙 归母净利润27.89亿元，同比减少18.38%；扣非归母净利润25.56亿元，同比 减少22%；经营活动现金净流量62.39亿元，同比减少39%；研发费用5.74亿 邮箱：majinlong@hcyjs.com 元，同比增加43.4%，投资净收益3.22亿元，同比减少50.6%，营业外净支出 执业编号：S0360522120003 3.66亿元，同比增加5.18亿元，2023年度利润分配方案为分红比例43%。 证券分析师：刘岗 公司发布未来三年股东回报计划（2024-2026年）：公司在当年盈利且累计未分 邮箱：liugang@hcyjs.com 配利润为正的情况下，采取现金方式分配股利，最近三年以现金方式累计分配 执业编 号：S0360522120002 的利润不少于最近三年实现的 ...

Financial Performance - The company achieved a net profit of RMB 2.789 billion attributable to shareholders in 2023[3]. - As of the end of the reporting period, the distributable profit available to shareholders was RMB 1.895 billion[3]. - The proposed cash dividend for 2023 is RMB 5 per 10 shares, totaling RMB 119.15 million, which accounts for 43% of the distributable profit[3]. - The company's operating revenue for 2023 was CNY 42.75 billion, an increase of 6% compared to CNY 40.24 billion in 2022[17]. - The net profit attributable to shareholders for 2023 was CNY 2.79 billion, a decrease of 18% from CNY 3.42 billion in 2022[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2.56 billion, down 22% from CNY 3.28 billion in 2022[17]. - The net cash flow from operating activities decreased by 39% to CNY 6.24 billion in 2023, compared to CNY 10.30 billion in 2022[17]. - The total assets at the end of 2023 were CNY 52.07 billion, a decrease of 3% from CNY 53.54 billion in 2022[17]. - The net assets attributable to shareholders decreased by 6% to CNY 15.27 billion at the end of 2023, compared to CNY 16.22 billion in 2022[17]. - Basic earnings per share for 2023 decreased by 18% to CNY 1.17 compared to CNY 1.43 in 2022[18]. - The weighted average return on equity dropped by 5.36 percentage points to 16.36% in 2023 from 22.33% in 2022[18]. Production and Operations - The company produced 60,339 tons of lead concentrate in 2023, exceeding the annual plan by 107%[27]. - The production of high-purity magnesium hydroxide reached 128,000 tons in 2023, an increase of 33%[26]. - The company achieved a 37.14% increase in zinc ingot production, totaling 11.9 million tons in 2023[26]. - The production of iron concentrate was affected by planned shutdowns, resulting in only 77% of the annual target being met[28]. - The company successfully completed the optimization and upgrade of the Yulong Copper Industry's first and second selection plants, increasing ore processing capacity to 4.5 million tons/year and contributing to national copper resource supply security[29]. - The company increased the production scale of the Sichuan Xiacun silver polymetallic mine from 300,000 tons/year to 800,000 tons/year, demonstrating its commitment to expanding production capacity[30]. - The company plans to produce 51,777 tons of lead concentrate, 109,407 tons of zinc concentrate, 158,715 tons of copper concentrate, 3,995 tons of molybdenum concentrate, 1,426,882 tons of iron concentrate, 242 kg of gold concentrate, 128.10 tons of silver concentrate, 35,558 tons of refined lead, 125,000 tons of zinc ingots, and 217,890 tons of electrolytic copper in 2024[104]. Market and Strategic Outlook - The company is focusing on expanding its market presence and enhancing its product offerings in the lithium resource sector[11]. - Future outlook includes potential mergers and acquisitions to strengthen its competitive position in the industry[11]. - The company is investing in new technologies to improve operational efficiency and reduce costs[11]. - The management remains committed to delivering long-term value to shareholders despite the short-term challenges faced in 2023[11]. - The company anticipates a recovery in domestic economic conditions in 2024, despite external uncertainties affecting the non-ferrous metals market[99]. - The company plans to enhance resource acquisition through mergers and acquisitions, focusing on domestic resource development and geological exploration[102]. - The company aims to improve production management by increasing recovery rates and optimizing raw material structures to enhance brand premium[103]. - The company is committed to developing a green low-carbon circular economy and modern industrial systems, targeting high-quality development in 2024[102]. Research and Development - The company’s R&D expenses increased by 43% year-on-year, reflecting a significant investment in technology and innovation[67]. - Total R&D investment reached 583,650,432, accounting for 1.37% of total revenue[79]. - The number of R&D personnel is 935, representing 15% of the total workforce[80]. - The company completed three national key R&D projects and six provincial special projects, enhancing its technological capabilities and resource recovery rates[31]. Environmental and Social Responsibility - The company achieved a 4.96% increase in the proportion of clean energy usage, reaching 65.8%, while reducing carbon dioxide emissions by 51,000 tons[31]. - The company has invested approximately 22,639.32 million yuan in environmental protection during the reporting period[153]. - The company is committed to ecological protection and green development, focusing on solid waste reduction and resource recycling[171]. - The company has established pollution prevention facilities in compliance with environmental impact assessments, ensuring all emissions meet standards[169]. - The company has publicly disclosed its pollutant discharge information through government platforms, allowing for public supervision[165]. - Total donations for social responsibility projects amounted to 6.93 million yuan, including cash and material donations to disaster areas and local communities[174]. - The company invested 2.82 million yuan in poverty alleviation and rural revitalization projects, benefiting 7,557 individuals through various forms of assistance[175]. Governance and Compliance - The company held 5 shareholder meetings during the reporting period, ensuring compliance with regulations and protecting shareholder rights[109]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements[110]. - The company disclosed 4 periodic reports and 71 temporary announcements, maintaining high standards of information transparency[111]. - The company has established a comprehensive compliance management system, integrating it into the entire production and operation process to ensure stable performance and growth[112]. - The company has a structured approach to executive compensation, linking it to both historical performance and industry benchmarks[124]. - The company has not faced any administrative penalties for environmental issues during the reporting period[166]. Financial Management - The company reported a total deposit amount of CNY 92.59 billion with related parties, with a total withdrawal of CNY 93.81 billion during the reporting period[199]. - The company’s total deposits with Xikang International Trade amounted to CNY 807.59 million, with total deposits of CNY 30.49 billion and total withdrawals of CNY 30.84 billion[198]. - The total repayment amount during the period was CNY 4,442,389,095, reflecting the company's active loan management strategy[200]. - The company has engaged Ernst & Young as its auditing firm for the 2023 fiscal year, with an audit fee of 4 million RMB, which includes 3.4 million RMB for financial statement audits and 600,000 RMB for internal control audits[190].

Environmental, Social and Governance Report 西部矿业 目录 | 关于本报告 | 02 | 01 | 夯实根基，永续发展 | | 责任先行，绿色发展 03 | | 05 | 凝心聚力，共同发展 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 董事长致辞 | 03 | | 高效治理 | 07 | 环境管理体系 | 34 | | 员工权益 | | 关于西部矿业 | 04 | | ESG 治理 | 09 | 应对气候变化 | 38 | | 员工雇佣与发展 | | 公司简介 | 04 | | 诚信经营 | 13 | 资源管理效率 | 40 | | 员工激励与培训 | | 公司总计拥有的有色金属矿产保有资源储量 | 05 | | 风险管理 | 16 | 生物多样性保护与土地资源管理 | 43 | | 员工沟通与关爱 | | 荣誉与认可 | 05 | | | | 尾矿库管理 | 44 | | | | | | 02 | 稳健运营，安全发展 | | 04 创新驱动，高质发展 | | 06 | 社区共创，责任发展 ...

西部矿业股份有限公司 2023年度董事会审计与内控委员会履职报告 报告期内，公司董事会审计与内控委员会按照上海证券交易 所《关于做好主板上市公司2023年年度报告披露工作的通知》《西 部矿业股份有限公司董事会审计与内控委员会工作细则》《西部 矿业股份有限公司独立董事管理办法》等监管要求和公司相关规 定为准绳，坚持规范运作，恪尽职守、勤勉尽责，较好的履行了 委员会各项职责，现将2023年度履职情况汇报如下： 一、基本情况 公司第七届、第八届董事会审计与内控委员会成员为童成录 先生、黄大泽先生、邸新宁先生，召集人为童成录先生，2023 年度审计与内控委员会各委员未发生变化，委员会成员的组成及 人员结构符合相关法律法规的规定。 二、会议召开情况 2023年度，针对年度审计、定期财务报告、续聘会计师事务 所、关联交易等事项，公司董事会审计与内控委员会各委员积极 履职并对相关议题发表专业审阅意见，全年共召开会议9次，具 体如下： | 序号 | 时间 | 审阅及审议事项 | | --- | --- | --- | | 1 | 2023-01-17 | 关于公司全资子公司青海铜业有限责任公司受让控股股 东所持青海西矿同鑫化 ...

西部矿业股份有限公司 关于开展期货和衍生品套期保值业务的可行性分析报告 公司根据《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，编制了《关于开展期货和衍生品套期保值业务的可 行性分析报告》，具体情况报告如下： 一、开展套期保值业务的目的及必要性 由于大宗商品价格受宏观形势、货币政策、产业供需等因素影响较 大，商品市场价格的剧烈波动对公司的原材料、主产品、金属贸易损益 产生较大影响。为贯彻落实公司稳健经营的方针，完成公司年度经营目 标，需通过开展期货和衍生品套期保值业务来对冲市场价格波动带来的 风险。 二、开展套期保值业务的主要内容 （一）公司控股子公司对应生产及贸易的铜、铅、锌、铝、黄金、 白银、铁等产品开展套期保值业务。 （二）公司所需套期保值业务保证金最高不超过 4 亿元，资金来源 为自有合法资金。 （三）期货和衍生品套期保值业务开展方式 3. 保值数量：0%至 100%的金属量保值。 4. 保值工具：期货及相关衍生品工具。 5. 合约期限：不超过 12 个月。 6. 流动性安排和清算交收原则：主要是根据建立头寸所对应的到期 日进行资金方面的准备，并按照期货交易所相应的结算价格进 ...