证券研究报告 | 2025年04月14日 玉龙铜矿：玉龙铜业 2024 年净利润 54.1 亿元，归母利润 31.4 亿元，是 公司盈利的主要来源。2024 年玉龙铜矿生产铜 15.91 万吨，同比增加 4.5 万吨；副产钼 4009 吨，同比增加 608 吨。如果只考虑铜，粗略测算 玉龙铜矿吨铜净利润达到 3.4 万元。玉龙铜矿正在开展 3000 万吨扩能 项目前期手续办理工作，简单测算玉龙铜矿未来年产铜将超过 21 万吨。 风险提示：产能释放低于预期，金属价格下跌风险。 投资建议：维持"优于大市"评级 参照年初以来主要有色金属价格走势，假定 2025-2027 年国内阴极铜现 货年均价均为 75000 元/吨，锌锭现货年均价均为 23400 元/吨，铅锭现 货均价为 17000 元/吨，铅精矿加工费 1000 元/吨，锌精矿加工费 4000 元/吨，铜精矿计价系数 96%。预计公司 2025-2027 年归母净利润分别为 38.98/45.89/52.87 亿元,同比增速 33.0/17.7/15.2%；摊薄 EPS 分别为 1.64/1.93/2.22 元，当前股价对应 PE 分别为 9.3/7.9/6 ...

Core Viewpoint - The copper industry is performing well, with Western Mining (601168.SH) achieving record revenue in 2024, driven by rising non-ferrous metal prices and increased copper production and sales [1][2]. Financial Performance - In 2024, Western Mining reported total revenue of 50.026 billion yuan, a year-on-year increase of 17%, and a net profit of 2.932 billion yuan, up 5% from the previous year [1][2]. - The company's revenue and net profit have shown a consistent upward trend since 2019, with revenues of 30.57 billion yuan in 2019, 28.67 billion yuan in 2020, 38.50 billion yuan in 2021, 40.24 billion yuan in 2022, and 42.75 billion yuan in 2023 [2]. Copper Price and Production - The average copper price in 2024 reached 74,932 yuan per ton, a 9.7% increase year-on-year, contributing significantly to the company's revenue growth [2][3]. - Western Mining's copper production increased by 35% in 2024, totaling 177,543 tons, with its subsidiary Yulong Copper producing 159,084 tons, a 39.1% increase [4]. Dividend Distribution - Western Mining announced a profit distribution plan for 2024, proposing a cash dividend of 10 yuan per 10 shares, totaling 2.383 billion yuan, which represents 81% of the distributable profits [5][6]. Shareholder Activity - The controlling shareholder, Xikang Group, has increased its stake in Western Mining, acquiring an additional 41.202 million shares, raising its total ownership from 30.18% to 31.89% [7].

Core Viewpoint - In 2024, Western Mining achieved significant financial milestones, including a record revenue of 50.026 billion yuan, driven by rising non-ferrous metal prices and increased copper production [1][2][3] Financial Performance - The company reported a total revenue of 50.026 billion yuan, marking a 17% year-on-year increase [2] - Net profit attributable to shareholders reached 2.932 billion yuan, reflecting a 5% growth [1][2] - Operating cash flow increased by 32% to 8.246 billion yuan [1][2] - The total profit amounted to 5.992 billion yuan, up 27% year-on-year [2] - The weighted average return on equity was 18.23%, an increase of 0.51 percentage points [2] Production Achievements - Copper production reached 177,543 tons, a 35% increase year-on-year, with Yulong Copper producing 159,084 tons, up 39.1% [3] - Molybdenum production grew by 18%, iron concentrate by 15%, and silver concentrate by 6% [3] - The company optimized its smelting operations, achieving a total copper smelting output of 263,771 tons [3] Dividend Policy - Western Mining announced a dividend plan to distribute 2.383 billion yuan, representing 81% of the distributable profits [4] - The dividend per share is set at 10 yuan, resulting in a dividend yield of 6.5%, the highest in the non-ferrous metal industry [4] - Since its listing, the company has maintained a high dividend payout ratio, distributing over 10.7 billion yuan from 2007 to 2024, accounting for over 60% of cumulative net profits [4] Shareholder Confidence - The controlling shareholder has consistently increased their stake, with a total of 62.0448 million shares acquired from 2023 to 2025, valued at over 900 million yuan [6] - A recent announcement indicated plans to further increase holdings by 0.15% to 0.222% of total shares, signaling confidence in the company's long-term prospects [6] Future Outlook - For 2025, the company plans to produce 168,208 tons of copper, 124,581 tons of zinc, and 65,672 tons of lead, among other products [6] - The revenue target for 2025 is set at 55 billion yuan, with a profit goal of 5 billion yuan [6]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

西部矿业（601168.SH）2024 年年报点评 冶炼拖累 Q4 业绩，期待玉龙扩产 2025 年 04 月 12 日 ➢ 事件：公司发布 2024 年年报，2024 年公司营收 500.26 亿元，同比 +17.02%，归母净利 29.32 亿元，同比+5.10%。其中，2024Q4 公司营收 133.0 亿元，同比+26.49%，环比+13.21%；季度归母净利 1.99 亿元，同比-66.33%， 环比-82.09%，Q4 业绩低于我们预期，业绩低于预期主要是冶炼亏损和资产减 值所致。公司全年计划派息 23.83 亿元，分红比例为达到 81%，股息率为 6.5%， 分红超预期。 ➢ 2024 年公司归母净利润同比增加 1.42 亿元，其中毛利增利 22.45 亿元， 但费用&税金减利 3.09 亿元，其他/投资收益减利 4.43 亿元，减值损失减利 5.36 亿元，少数股东损益减利 9.18 亿元。①毛利增加主要是铜产量全年同比大幅提 升及商品价格上升。②减值损失主要是本年度发生固定资产和无形资产减值损 失。③少数股东损益主要是玉龙铜矿利润大幅上涨致少数股东享有权益增加。 ➢ 2024 年玉龙铜矿产量 ...

免疫诊断方向，已基本完成覆盖高中低通量的仪器布局，包括三款全自动化学发光免疫分析仪 （Caris200、Wan200+、Wan100）以及配套115项试剂，满足临床检验各种应用场景的核心需求，公司 国产自研的一款高速化学发光免疫分析仪Wan600开发已经进入行政审批阶段，将进一步提升检测效率 和准确性。生化诊断方向，公司推出一款高通量全自动生化分析仪WanBC2800。 西部矿业2024年净利润同比增长5% -- 重点要闻– 万泰生物2024年净利润1.06亿元 万泰生物(603392.SH)发布2024年年报，致力于为我国临床医疗体系提供优质、全面的体外诊断解决方 案。2024年营业收入为22.45亿元，相较上年同比减少-59.25%；归属于上市公司股东的净利润1.06亿 元，同比减少91.49%；归属于上市公司股东的扣除非经常性损益的净利润-1.86亿元，同比减少 117.29%。 | | | | 甲 W: 儿 | 1114: Acch | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：601168 公司简称：西部矿业 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、德勤华永会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经德勤华永会计师事务所（特殊普通合伙）审计，公司2024年度实现归属于母公司股东的净利润人民币 29.32亿元。截至报告期末，公司可供股东分配的利润为42.43亿元，根据公司生产经营对资金的需求和 以前年度利润分配情况，2024年度公司利润分配预案为：以2024年度末公司总股本238,300万股为基 数，向全体股东每10股派发现金股利10元（含税），共计分配238,300万元（占2024年度合并报表归属 于母公 ...

Group 1: Company Announcements - China Chemical's controlling shareholder plans to increase its stake in the company by 300 million to 600 million yuan, with no set price range for the purchase [1] - Guosheng Technology's subsidiary won a 225 million yuan photovoltaic component procurement project [2] - Aisheng Co. plans to sign a technical consulting service agreement worth 200 million yuan for a joint venture project in photovoltaic battery production [3] - Sanmei Co. expects a net profit of 369 million to 428 million yuan for Q1 2025, representing a year-on-year increase of 139.41% to 177.71% [4] - Yulide reported a revenue of 1.13 billion yuan, with a net profit of 183 million yuan, reflecting a year-on-year growth of 13.64% [5] - Western Mining anticipates a net profit of 2.932 billion yuan for 2024, a 5% increase year-on-year, and plans to distribute a cash dividend of 10 yuan per 10 shares [6] Group 2: Market Activities - GoerTek repurchased 6.6409 million shares at a cost of 141 million yuan, accounting for 0.19% of its total share capital [7] - Guoxin Securities' plan to acquire 96.08% of Wanhua Securities through a share issuance has been accepted for review by the Shenzhen Stock Exchange [8] - Meijin Energy announced the termination of a major asset restructuring deal due to failure to reach agreement on commercial terms [9] - King Kong Photovoltaic plans to apply for bankruptcy reorganization for several subsidiaries due to inability to repay debts [10] Group 3: International Ventures - China National Materials Technology plans to invest 114 million euros in Hungary to establish a wet-coated diaphragm production base with an annual capacity of 640 million square meters [11] - Ningbo Huaxiang intends to sell six loss-making subsidiaries in Europe for 1 euro, which is expected to significantly impact its 2025 net profit by reducing it by approximately 900 million to 1 billion yuan [12] Group 4: Profit Forecasts - Chuanjinno expects a net profit of 65 million to 80 million yuan for Q1 2025, a year-on-year increase of 218.96% to 292.56% [13] - Ultrasonic Electronics anticipates a net profit of 38 million to 45 million yuan for Q1 2025, reflecting a growth of 120.38% to 160.98% [14] - Suihengyun A expects a net profit of 80 million to 108 million yuan for Q1 2025, representing a year-on-year increase of 155% to 244% [15] - Hunan Gold forecasts a net profit of 325 million to 374 million yuan for Q1 2025, a growth of 100% to 130% [16] - Taishan Petroleum expects a net profit of 48 million to 58 million yuan for Q1 2025, reflecting a year-on-year increase of 159% to 213% [17] - Meg Intelligent anticipates a net profit of 40 million to 52 million yuan for Q1 2025, a significant increase of 518.53% to 704.09% [17]

Deloitte. 西部矿业股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 西部矿业股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 | - 5 | | 合并及母公司资产负债表 | 6 | - 9 | | 合并及母公司利润表 | 10 | - 12 | | 合并及母公司现金流量表 | 13 | - 14 | | 合并及母公司股东权益变动表 | 15 | - 18 | | 财务报表附注 | 19 - | 139 | 审计报告 德师报(审)字(25)第 P00004 号 (第1页,共5页) 西部矿业股份有限公司全体股东: 一、审计意见 我们审计了西部矿业股份有限公司(以下简称"西部矿业")的财务报表,包括 2024年 12 月 31 日的合并及母公司资产负债表、2024年度的合并及母公司利润表、合并及母公司现金流 量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了西 部矿业 2024 年 12月 ...

内部控制审计报告 2024 年 12 月 31 日 Deloitte. 内部控制审计报告 德师报(审)字(25)第 S00247 号 (第1页,共2页) 西部矿业股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了 西部矿业股份有限公司股份有限公司(以下简称"西部矿业")2024年12月31日的财务报 告内部控制的有效性。 一、 企业对内部控制的责任 西部矿业股份有限公司 1 内部控制审计报告(续) 德师报(审)字(25)第 S00247 号 (第2页,共2页) 四、 财务报告内部控制审计意见 我们认为,西部矿业于 2024年 12月 31日按照《企业内部控制基本规范》和相关规 定在所有重大方面保持了有效的财务报告内部控制。 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定,建立健全和有效实施内部控制,并评价其有效性是西部矿业董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部 ...