Investment Rating - The report gives a "Recommend" rating for Western Mining (601168 SH) based on its strong resource expansion potential and diversified product layout in new energy metals like magnesium and lithium [7][58] Core Views - Western Mining has stable mine operations and vertical integration advantages across the mining, smelting, financial trade, and salt lake chemical sectors [2] - The company has abundant mineral resources and is upgrading capacity through expansion projects, with ore processing capacity CAGR of 4 7% from 2020-2023 [2] - Copper has become the core business, contributing over 50% of revenue and gross profit in 2023 [3] - The Yulong copper-molybdenum mine is a key growth driver, with copper reserves of 5 58 million tons and plans to expand annual capacity to 18-20 million tons [4] - Western Mining is China's second largest lead-zinc concentrate producer, with ongoing multi-metal upgrading projects to boost capacity [5] Business Overview - The company has formed a stable mine operation layout nationwide and achieved vertical integration across mining, smelting, trade and chemicals [15] - It holds 15 mines with total resources of 593 million tons of copper, 154 million tons of lead, 266 million tons of zinc, and 37 million tons of molybdenum [24] - The Yulong copper mine has 558 million tons of copper reserves (94 1% of total) and 37 million tons of molybdenum reserves, with molybdenum gross margin reaching 92 29% in 2023 [31][32] - Lead-zinc operations are stable, with the Xitieshan mine contributing over 50% of lead-zinc concentrate output [41] Financial Projections - Revenue is forecast to grow from 49 62 billion yuan in 2024 to 60 92 billion yuan in 2026, with net profit increasing from 3 84 billion to 5 49 billion yuan [7] - EPS is projected at 1 61 1 95 and 2 30 yuan per share for 2024-2026, with P E ratios of 9 49X 7 86X and 6 65X respectively [7] - Copper concentrate output is expected to reach 16 41 million tons in 2024, up 25% year-on-year [36] - Lead and zinc concentrate production is forecast to increase to 65 000 tons and 130 000 tons respectively by 2025 [41] Industry Analysis - Global refined copper supply-demand balance shows a widening deficit, with consumption growth outpacing production growth from 2024-2026 [48] - China accounts for over 50% of global copper consumption, with demand driven by green energy transition and new infrastructure [51] - The 2024-2027 period may see global copper consumption increase by 11 3% to 113 45 million tons, with annual growth of 2 88% [50]

西部矿业股份有限公司 关于控股股东向其全资子公司协议转让公司部 分股份完成过户登记的公告 证券代码：601168 证券简称：西部矿业 编号：临 2024-052 一、协议转让的基本情况 2024 年 9 月 25 日，公司控股股东西矿集团与其全资子公司西矿资产签署了 股份转让合同，西矿集团向西矿资产转让其所持公司 130,000,000 股股份，占公 司总股本的 5.4553%，转让价格为人民币 16.43 元/股（即 2024 年 9 月 25 日收盘 价），转让价款为人民币 213,590 万元。具体内容详见公司于 2024 年 9 月 27 日 在上海证券交易所网站（www.sse.com.cn）披露的《西部矿业关于控股股东向其 全资子公司协议转让公司部分股份暨权益变动的提示性公告》（详见临时公告 2024-044 号）。 二、本次股份过户情况 2024 年 11 月 12 日，中国证券登记结算有限责任公司出具了《证券过户登 记确认书》，西矿集团与其全资子公司西矿资产已完成股份过户登记手续，过户 日期为 2024 年 11 月 11 日。 | 股东名称 | 股份性质 | 权益变动前 | | 权益变动后 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company reported a revenue of 36.725 billion yuan for the first three quarters of 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 [1]. - The third quarter of 2024 saw a 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 for this quarter was 1.112 billion yuan, reflecting a significant year-on-year growth of 60.9% and a quarter-on-quarter increase of 25.81% [1][2]. - The company is expected to see net profits of 3.9 billion yuan, 4.3 billion yuan, and 4.826 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11, 10, and 9 times [3][4]. Financial Data Summary - For 2024, the company is projected to achieve a revenue of 45.813 billion yuan, with a growth rate of 7.17% [3]. - The EBITDA for 2024 is estimated at 9.527 billion yuan, with a net profit of 3.906 billion yuan, indicating a growth rate of 40.03% [3]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.64 yuan, with a P/E ratio of 11.29 [3]. - The total assets are expected to reach 57.978 billion yuan by 2024, with total liabilities of 34.680 billion yuan, resulting in an asset-liability ratio of approximately 59.9% [8][10].

关于西部矿业股份有限公司 2024 年第四次临时股东大会之 法律意见书 青海树人律师事务所 地址：西宁市城西区五四西路61号新华联国际中心B座 (7层) 邮编：810000 电话: 0971-6111958 法律意见书 青海树人律师事务所 关于西部矿业股份有限公司 2024年 第四次临时股东大会之法律意见书 树律意见字〔2024〕第 140 号 致:西部矿业股份有限公司 引 言 西部矿业股份有限公司(以下简称"西部矿业"或"公司")2024年第四 次临时股东大会(以下简称"本次股东大会")于 2024年 11月 4 日在青海省西 宁市海湖新区文逸路 4 号西矿海湖商务中心 1 号楼 26 楼召开,青海树人律师事 务所(以下简称"本所")接受西部矿业委托,指派王存良律师、祁春珍律师出 席了本次股东大会,并就本次股东大会的相关法律问题发表意见。 4．本法律意见书仅供西部矿业本次股东大会之目的使用，不得用于其他目 的。本所律师同意西部矿业将本法律意见书随同其他需要公告的信息一并按照有 关规定予以公告，并依法对本法律意见书承担相应的责任。 2 法律意见书 声明 对本法律意见书的出具,本所律师声明如下: 1. 本所律师 ...

证券代码：601168 证券简称：西部矿业 公告编号：2024-051 西部矿业股份有限公司 2024 年第四次临时股东大会决议公告 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法律责任。 重要内容提示： 1、 会议召集人：第八届董事会 2、 会议主持人：蔡曙光 副董事长 3、 会议的召开及表决方式：现场投票与网络投票结合的方式 4、 本次股东大会的召集、召开符合《中华人民共和国公司法》等法律法规 和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 7 人，出席 5 人，非独立董事钟永生先生以通讯方式 出席会议、独立董事邸新宁先生及秦嘉龙女士因个人原因未能出席会议，独立董 事候选人李计发先生列席会议； 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 11 月 4 日 (二)股东大会召开的地点：青海省西宁市海湖新区文逸路 4 号西矿•海湖商务中心 26 楼公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股 ...

西部矿业投资者关系活动记录表 | | 特定机构调研□分析师会议 | | --- | --- | | 投资者关系 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | 活动类别 | 现场参观 | | | □其他 | | 接待对象 | 广发基金 | | | 西部矿业股份有限公司副总裁、董事会秘书：马明德 | | 接待人 | | | | 西部矿业股份有限公司营销分公司总经理：张恒 | | 时间 | 年 月 日 2024 10 30 | | 地点 | 西部矿业股份有限公司 | | 形式 | 现场调研 | | | 年 月 日，广发基金到西部矿业股份有限公 2024 10 30 | | | 司进行现场调研，参观了调度指挥中心、公司展厅，了 | | | 解了公司生产经营情况，公司发展规划，玉龙铜业三期 | | | 进度等情况。记录如下： | | 活动记录 | 1.公司第二季度套保亏损主要是？ | | | 答：主要原因是有色金属价格上涨，导致交易性金 | | | 融资产在持有期间的投资收益较上年同期减少。 | | | 2.目前公司的铅锌如何？ | | | 答：铅锌目前都比较平稳，而且稀贵金属 年 202 ...

证券代码：601168 证券简称：西部矿业 编号：临 2024-050 西部矿业股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 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个别及连带责任。 公司于2024年10月29日下午15:00-16:00在上海证券交易所上证路演中心采 用网络互动方式召开"西部矿业2024年第三季度业绩说明会"。关于本次业绩说明 会的召开事项，公司已于2024年10月22日在《上海证券报》《中国证券报》《证 券时报》及上海证券交易所网站上披露了《西部矿业关于召开2024年第三季度业 绩说明会的公告》（详见临时公告2024-048号）。现将有关事项公告如下： 一、投资者说明会召开情况 2024年10月29日，公司副董事长、总裁蔡曙光先生，财务负责人、董事会秘 书马明德先生，独立董事黄大泽先生出席了本次业绩说明会。公司就2024年第三 季度经营成果、财务状况等事项与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行了回答。 二、本次说明会投资者提出的主要问题及公司回复情况 ...

Summary of Conference Call Records Company and Industry - The conference call pertains to the mining industry, specifically focusing on a company involved in the extraction and processing of various metals, including copper and aluminum. Key Points and Arguments Production and Recovery Rates - The company anticipates a production increase of approximately 20,000 units, contingent on stable production levels [1] - There is a strong emphasis on improving the recovery rate of the company's operations, with dedicated teams working on-site to enhance efficiency [1] Project Development Timeline - The construction of the third phase of the company's project is currently in the preliminary approval stages, with construction expected to begin in mid-2024 and completion projected for the second half of 2027 [2][3] - Initial production from the project may commence in 2027, with a gradual ramp-up expected during the construction phase [2] Capital Expenditure - The company plans to maintain capital expenditures at around 3 billion CNY annually, focusing on existing projects [4][5] - Significant upgrades have been made to existing systems, increasing capacity from 900,000 to 1.5 million units [5] Resource Expansion and Mining Potential - The company is actively exploring surrounding areas for additional mining opportunities, particularly in Tibet, where potential resources are being assessed [9][10] - The company has a strong focus on internal resource development, with ongoing exploration efforts yielding promising results [8] Financial Performance and Shareholder Support - The company has a solid track record of dividends, with a payout ratio exceeding 50% and total dividends reaching approximately 8.4 billion CNY over the years [13] - Shareholder confidence is reflected in recent increases in shareholding by major stakeholders, indicating strong belief in the company's future prospects [12][15] Market Conditions and Strategic Planning - The company acknowledges challenges in the smelting sector due to market pressures but remains committed to improving operational efficiency [19] - The company is also exploring external acquisition opportunities, although the current market for suitable targets is limited [10][11] Governance and Management - The management team is focused on optimizing operational processes and enhancing governance structures to align with market expectations [20][21] - Future plans include integrating market performance metrics into management assessments to ensure alignment with shareholder interests [21] Additional Important Information - The company is currently experiencing a favorable market environment for its products, which is expected to positively impact profitability [20] - There is a strategic focus on maintaining a balanced approach to capital management, including debt reduction and optimizing financial structures [14]

西部矿业股份有限公司 证券代码：601168 证券简称：西部矿业 编号：临 2024-049 关于控股股东及其一致行动人以专项贷款和自有资 金增持公司股份计划的公告 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个别及连带责任。 重要内容提示： ●增持期限：自 2024 年 10 月 28 日起 6 个月内。 ●增持方式：通过上海证券交易所交易系统以集中竞价交易方式增持公司股 份。 ●增持规模：拟增持公司总股本的 1%-1.729%，即 23,830,000 股-41,202,070 股。 ●增持价格区间：本次拟增持的价格不设置固定价格、价格区间或累计跌幅 比例；控股股东及其一致行动人将基于对公司股票价值的合理判断，择机实施增 持计划。 ●本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其 他风险因素导致增持计划的实施无法达到预期的风险，敬请广大投资者注意投资 风险。 公司于 2024 年 10 月 25 日收到公司控股股东西部矿业集团有限公司（以下 简称"西矿集团"）的函，西矿集团及其一致行动人计划自 2024 年 10 ...

Investment Rating - The investment rating for the company is "Buy" [1] 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 [3] - The Yulong Copper Mine showed significant production growth in the third quarter, contributing to the company's steady performance. The mine produced 47,000 tons of copper in the third quarter, with the company's attributable output at 27,000 tons, marking a record high for quarterly production [3] - Key projects are progressing steadily, with the successful trial production of the multi-metal selection project at Xibu Copper Company, which will increase annual processing capacity from 900,000 tons to 1.5 million tons [3] - The company is expected to benefit from the tight global copper supply and domestic economic stimulus policies, leading to an upward adjustment in revenue and profit expectations. Projected revenues for 2024-2026 are 46.452 billion, 48.682 billion, and 51.255 billion yuan, with net profits of 3.727 billion, 3.990 billion, and 4.280 billion yuan respectively [3] Summary by Sections Financial Performance - In 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, up 60.91% year-on-year [3] - The company’s current P/E ratio is 13.06, and the market capitalization is 43.418 billion yuan [2] Future Projections - Revenue growth rates are projected at 8.67% for 2024, 4.80% for 2025, and 5.28% for 2026. Net profit growth rates are expected to be 33.60% in 2024, 7.07% in 2025, and 7.26% in 2026 [4] - The earnings per share (EPS) are forecasted to be 1.56, 1.67, and 1.80 yuan for 2024, 2025, and 2026 respectively [4]