Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a revenue of 6.593 billion yuan for H1 2024, representing a year-on-year increase of 19.66%, with a net profit attributable to shareholders of 1.507 billion yuan, up 0.95% year-on-year [2] - Q2 2024 revenue reached 3.726 billion yuan, showing a quarter-on-quarter increase of 29.97% and a year-on-year increase of 30.02%, with net profit attributable to shareholders of 874 million yuan, up 37.98% quarter-on-quarter and 32.36% year-on-year [2] - The strong performance in Q2 is attributed to both volume and price increases, particularly in molybdenum concentrate and molybdenum iron prices, which rose by 10% and 8% respectively [2] - The company continues to improve management and maintain a healthy capital structure, with a debt-to-asset ratio of 14.76% in H1 2024 [2] - The molybdenum processing segment has seen rapid growth, with a 55.86% year-on-year increase in production of molybdenum products [2] - The company aims to reach a production capacity of 100,000 tons of molybdenum concentrate within five years, with a target of 51,500 tons for 2024 [2] - The company has distributed a total of 2.582 billion yuan in cash dividends from 2021 to 2023, with an average payout ratio of 52.38% [2] - The report highlights a favorable market environment for molybdenum, with a significant increase in steel procurement volumes and a decrease in inventory levels [2] Summary by Sections Financial Performance - H1 2024 revenue: 6.593 billion yuan, up 19.66% YoY; net profit: 1.507 billion yuan, up 0.95% YoY [2] - Q2 2024 revenue: 3.726 billion yuan, up 29.97% QoQ and 30.02% YoY; net profit: 874 million yuan, up 37.98% QoQ and 32.36% YoY [2] Management and Strategy - Continuous management improvements and a healthy capital structure with a debt-to-asset ratio of 14.76% [2] - Focus on increasing production capacity in the molybdenum segment, targeting 100,000 tons within five years [2] Market Outlook - Positive market conditions for molybdenum with increased steel procurement and reduced inventory levels [2]

有色金属 2024 年 08 月 22 日 金钼股份 (601958) ——钼价高位延续，24Q2 业绩环比增长 | --- | |-------------------| | 2024 年 08 月 22 | | 9.65 | | 12.48/8.10 | | 1.9 | | 4.15 | | 31,137 | | 2,848.77/8,162.18 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 4.83 | | 资产负债率% | 14.76 | | 总股本/流通 A 股（百万） | 3,227/3,227 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2209-2210-2211-2212-2201-2202-2203-2204-2205-2206-2207-2208-22 -20% -10% 0% 10% 20% 金钼股份 沪深300指数 (收益率) 证券分析师 王宏为 A0230519060001 wa ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 6,593,254,914.99, representing a 19.66% increase compared to CNY 5,510,168,343.73 in the same period last year[14]. - Net profit attributable to shareholders of the listed company was CNY 1,506,913,971.07, a slight increase of 0.95% from CNY 1,492,764,394.75 year-on-year[14]. - The net profit after deducting non-recurring gains and losses was CNY 1,490,620,153.80, showing a marginal increase of 0.17% compared to CNY 1,488,047,863.12 in the previous year[14]. - The company achieved a total revenue of 6.593 billion RMB, an increase of 19.66% year-on-year, and a total profit of 1.993 billion RMB, up 1.80% year-on-year[20]. - Basic earnings per share for the first half of 2024 were CNY 0.467, a 0.86% increase from CNY 0.463 in the same period last year[15]. - The company reported a profit margin of approximately 25.6% for the first half of 2024, compared to 30.3% in the previous year[71]. - The total comprehensive income for the first half of 2024 was CNY 1,689,739,917.64, slightly higher than CNY 1,670,950,140.56 in the same period of 2023[71]. Cash Flow and Assets - The net cash flow from operating activities decreased by 19.88% to CNY 581,343,304.30 from CNY 725,623,380.64 in the same period last year[14]. - The total cash and cash equivalents as of June 30, 2024, amounted to CNY 4,089,776,164.10, an increase from CNY 3,755,603,631.55 as of December 31, 2023, representing a growth of approximately 8.84%[64]. - The total assets increased to CNY 19.37 billion as of June 30, 2024, compared to CNY 18.29 billion at the end of 2023, reflecting a growth of approximately 5.9%[65]. - Current assets rose to CNY 9.67 billion, up from CNY 8.40 billion, marking an increase of about 15.1%[65]. - The total liabilities increased to CNY 2.86 billion, compared to CNY 2.05 billion, representing a growth of around 39.2%[66]. - The company reported accounts receivable of CNY 765,692,330.42 as of June 30, 2024, compared to CNY 97,474,843.72 at the end of 2023, indicating a significant increase[64]. Market and Production - The production volume of molybdenum metal products increased by 55.86% year-on-year, significantly boosting sales performance[20]. - The average price of molybdenum oxide in the international market was $20.8 per pound, a decrease of 23.19% year-on-year, while the domestic molybdenum iron average price was 228,000 RMB per ton, down 16.82% year-on-year[18]. - The company plans to reach an annual production capacity of 100,000 tons of molybdenum concentrate within five years, enhancing supply chain resilience and safety[19]. - The company has established a comprehensive global marketing network, capturing over 12% of the world molybdenum market share[19]. Environmental and Social Responsibility - The company has been included in the list of key pollutant discharge units in Shaanxi Province, with all wastewater treatment facilities in place and meeting discharge standards[36]. - The mining division reported no exceedance in pollutant discharge, with particulate matter emissions at 5.1 mg/m³ and COD at 17 mg/L, both below regulatory limits[37]. - The company invested over 40 million yuan in ecological restoration projects, effectively protecting the Qinling ecological environment[45]. - The company is actively involved in rural revitalization efforts, focusing on employment for impoverished households[48]. Management and Governance - The company appointed new executives, including a new chairman and several vice presidents, indicating a shift in management[33]. - The company received a AAA credit rating from a domestic authority, reflecting strong financial health and management practices[21]. - The company has confirmed its ability to continue as a going concern for the next 12 months[89]. Risks and Challenges - The company faces risks including geopolitical conflicts, trade protectionism, and fluctuations in molybdenum prices, which may impact operational performance[4]. - The company faces risks related to product market price fluctuations, safety and environmental policies, interest rate changes, and exchange rate volatility[30]. Research and Development - The company completed 53 out of 56 ongoing research projects, including key projects in low-oxygen molybdenum powder and plasma spherical molybdenum powder[21]. - Research and development expenses decreased by 16.18% to approximately ¥112.84 million from ¥134.62 million[22]. - The company has a total of 15 patents, with an average lifespan of 15 years, contributing to its competitive advantage[115]. Related Party Transactions - The company engaged in related party transactions amounting to CNY 10,433,004.50 for the purchase of aluminum ingots[54]. - The company recognized related party transactions of CNY 45,404,463.68 for service acceptance from Shaanxi Huaguang Industrial Co., Ltd.[54]. - The company maintains fair pricing principles in related party transactions, ensuring no harm to the company or shareholders[55].

股票代码：601958 股票简称：金钼股份 公告编号： 2024-031 《公司 2024 年半年度报告》及其摘要已经董事会审计委员会事前审 核，并出具了审核意见。 金堆城钼业股份有限公司 第五届董事会第十六次会议决议公告 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。 金堆城钼业股份有限公司（以下简称"公司"）第五届董事会第十六 次会议通知和材料于 2024 年 8 月 13 日以电子邮件的形式送达全体董事， 会议于 2024 年 8 月 22 日以通讯方式召开。应参会董事 11 人，实际参会 董事 11 人。本次会议的召开符合《公司法》和《公司章程》的规定，合 法有效。与会董事审议提交本次会议的 2 项议案并逐项进行表决，形成会 议决议如下： 一、审议通过《关于聘任公司总会计师的议案》。 同意聘任王镇先生担任公司总会计师，聘期自董事会审议通过之日起 至第五届董事会届满之日止。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过《公司 2024 年半年度报告》及其摘要。 表决结果：同意 11 票，反对 ...

股票代码：601958 股票简称：金钼股份 公告编号：2024-030 金堆城钼业股份有限公司 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个别及连带责任。 重要内容提示： 会议召开时间：2024年08月28日 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 ： http://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21日至08月27日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（jdc@jdcmoly.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。 本次业绩说明会以网络互动形式召开，公司将针对 2024 年半年度的 经营成果及财务指标的具体情况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回答。 二、 说明会召开的时间、地点 2024 年 8 月 28 日 15:00-16:00 在上海证 ...

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。 金堆城钼业股份有限公司（以下简称"公司"）是全球钼行 业内具有较强影响力的钼专业供应商，主要从事钼系列产品的生 产、销售、研发及钼相关产品贸易经营业务，已形成钼"自产+ 自营+贸易"相融合的业务经营模式，致力打造世界一流钼专业 领军企业。为贯彻党的二十大和中央经济工作会议、金融工作会 议精神，落实"以投资者为本"的理念，始终维护投资者利益， 推动公司持续优化经营、规范治理，助力提振市场信心，共同维 护资本市场稳定，结合自身发展战略、经营情况及财务状况，特 制定2024年度"提质增效重回报"行动方案。具体如下： 一、聚焦主钼产业，稳步提升经营质量 2024年，公司按照"主钼产业纵向一体，横向做宽"的发展 思路，深谋力推"质效量"倍增计划，加快推进主钼产业发展布 局，聚焦转型升级传统产业、培育壮大战新产业、布局建设未来 产业，以新质生产力赋能高质量发展。主要采取以下举措： 一是全面实现当期任务目标。锚定生产钼精矿（45%）51500 吨、实现营业收入130亿元的全年任务目标，面 ...

证券简称：金钼股份 证券代码：601958 金堆城钼业股份有限公司 投资者关系活动记录表 投资者关系特定对象调研 分析师会议 媒体采访 活动类别 业绩说明会 新闻发布会 路演活动 现场参观 其他 形式 现场 网络 电话会议 来访单位 国金证券 德邦证券 西部证券 民生证券 方正证券 中信证券 华创证券 1.问：请介绍一下公司基本情况？ 答：公司是行业领先的钼产品供应商，主要从事钼系列产品的生 产、销售、研发及钼相关产品贸易经营业务。公司生产钼炉料、钼 交 流 化工、钼金属深加工三大系列二十多种品质优良的各类产品，广泛 应用于钢铁冶炼、石油化工、机械制造、航空航天、电子照明、生 情 况 物医药等领域，公司产品销量约占中国钼市场份额的 25%，约占世 界钼市场份额的 12%。 2.问：请介绍一下公司近期更新的业绩情况？ 答：公司于 2024 年 7 月 12 日盘后发布 2024 年半年度业绩快 报公告。报告期内，公司实现营业收入 65.93 亿元，归属于上市公 司股东的净利润 15.02 亿元。 报告期内，钼行业市场需求持续向好，公司适时调整经营策略， 积极应对市场变化，深化产销协同，优化产品销售结构，强化成本 ...

[Table_Page] 公告点评|有色金属 证券研究报告 [Table_Title] 金钼股份(601958.SH) 受益钼价上行,24Q2 业绩同环比大增 [Table_Summary] 核心观点: ⚫ 受益钼价上行,24Q2 业绩同环比大增。据金钼股份 2024 年半年度业 绩快报公告,24H1 公司营收、归母净利分别约 65.9、15.0 亿元,同 比分别+19.66%、0.59%,预估 24Q2 营收、归母净利分别约 37.3、 8.7 亿元,24Q2 归母净利同环比增速均超 30%。据 iFinD 数据,24Q1、 Q2 钼价(河南:钼精矿 45%-50%)均价分别约 33.3、36.5 万元/吨, 7 月 12 日为 37 万元/吨,产业链供需矛盾逐渐显露。 ⚫ 看好长期连续稳定高比例分红。据 Wind 数据,公司上市至 2023 年整 体保持高比例分红,累计现金分红 90 亿元,整体平均分红率约 75%。 23 年分红总额 12.9 亿元,分红率 41.6%,按 2024 年 7 月 1 日收盘价 估算,对应股息率 3.6%。 ⚫ 钼供给约束有望助推钼价稳定上行:预计 24-26 年全球钼供给 ...

Financial Performance - The company achieved total operating revenue of RMB 659,325.49 million, an increase of 19.66% year-on-year[5] - The total profit amounted to RMB 199,575.92 million, reflecting a year-on-year increase of 1.94%[5] - Net profit attributable to shareholders reached RMB 150,159.56 million, up 0.59% compared to the previous year[5] - Basic earnings per share increased to RMB 0.465, a rise of 0.43% year-on-year[3] Return on Equity - The weighted average return on equity decreased by 1.37 percentage points to 9.32%[3] Assets and Equity - Total assets at the end of the reporting period were RMB 1,936,779.06 million, a 5.88% increase from the beginning of the period[3] - Shareholders' equity attributable to the company was RMB 1,556,789.50 million, up 1.65% from the beginning of the period[3] Business Strategy - The company adjusted its business strategy in response to favorable market demand in the molybdenum industry, enhancing operational performance[5] - The company emphasizes the importance of cost control and optimizing product sales structure to improve profitability[5] Investor Advisory - Investors are advised to be cautious as the reported figures are preliminary and may differ from the final audited results[6]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 金钼股份 原文 20240708_ 2024年07月09日00:44 发言人 00:00 汇报一下我们要重点推荐的标的积木股份。那么这个标的一直在着重推荐的标的。首先这个票 的逻辑，首先就是金木股份是作为国内的稀缺的募资源龙头。其实如果说A股要草木的标的， 那么可能优首选或者说甚至去去绝对一点，唯一选择可能就是金木股份，那就是公司的这个目 的利润占比也是全行业最高、最全、最纯的，成为稀缺也不为过。 发言人 00:32 第二块，就是说对木这个品种的可能木大家对于他的了解，就是说对他需求过去了解不是特别 的充分。我们这里也做了一个比较重要的功课，那就是对目的这个需求做了一个详细的拆分， 可能就是有别于过去大家一般就是的一般的概念，可能就是说简单用于钢铁或者说简单用于特 钢。不管是特钢的，不管是钢铁还是特钢，这个概念都很泛。我们对从钢种就含木钢种到这个 含木钢材的下游的需求做了一个充分的拆分。我们得出来结论就是说，其实对于木的这个需求 来看，主要集中在能化船舶这些领域需求都是很景气的，那么供应缺口有望持续扩大，另外对 公司来讲，公司是由他控股的，矿山的资源也 ...