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].

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 ...