大家好,欢迎参加超红联化工带来的银石龙头金石资源基本面赛梳理及投资价值探讨目前做通过究竟处境状态下面开始播报名字声明声明播完以后,主持人可开始发言,谢谢 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 呃各位投资者大家那个呃周末下午好那个周五下午好然后我呃我是声望化工首席宋涛然后呃今天我跟我们同事啊一起来介绍一下整个呃最近的呃大家关注度比较高的一些呃呃腐化工的一些上游上游的一些企业啊那主要还是云石这块然后金资源这家公司呢其实呃 其实在A股当中其实还是比较稀缺的因为他整个目前是只有他一家然后然后包括市场上对公司的这个因为资源品的无私嘛其实对于他的估值啊和这个未来的这个需求增量我们在这篇报告里面做了一个详细的一个讲解那这块的话看看到时候就是各位领导可以再深入的这个进行的交流 那首先请我们分析师李昭成给各位领导先汇报一下这个报告的观点吧那有请昭成好的好的谢谢宋老师 各位领导下午好我们接下来就是汇报一下我们最近新发的这 ...

证券代码：603505 证券简称：金石资源 公告编号：2024-050 金石资源集团股份有限公司 关于控股股东部分股份质押与解除质押的公告 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。 重要内容提示: 金石资源集团股份有限公司（以下简称"公司"）控股股东浙江金石实业 有限公司（以下简称"金石实业"）持有公司股份 300,625,574 股，占公司总股 本的 49.71%。本次质押与解除质押后，金石实业累计质押公司股份 56,240,000 股，占其持有公司股份总数的 18.71%，占公司总股本的 9.30%。 金石实业及其一致行动人共持有公司股份 328,818,277 股，占公司总股 本的 54.37%。本次质押与解除质押后，金石实业及其一致行动人累计质押公司 股份 56,240,000 股，占其持有公司股份总数的 17.10%，占公司总股本的 9.30%。 公司于 2024 年 9 月 26 日收到控股股东金石实业的通知，获悉其所持有公司 的部分股份被质押及解除质押，现将有关情况公告如下： 一、 上市公司股份质押 近日， ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook on its future performance [3][6]. Core Views - The company is positioned as a leading player in the fluorite industry, leveraging technology to enhance resource utilization and drive innovation. It has a strong competitive edge due to its extensive experience and technical expertise in mining [3][16]. - The fluorite market is experiencing a supply-demand mismatch, with expectations of price increases driven by tightening supply and growing demand from the new energy sector. The company is well-positioned to benefit from these trends [4][6]. - The report forecasts a significant increase in the company's net profit over the next three years, with a compound annual growth rate (CAGR) of 35% [6][27]. Summary by Sections Company Overview - The company, Jinshi Resources, is the only publicly listed entity in China focused on fluorite, with the largest resource reserves and production capacity in the industry. It has transitioned from traditional mining to a technology-driven model, enhancing its operational efficiency [16][22]. Market Analysis - The fluorite supply is tightening due to resource depletion and stricter regulations, while demand is expected to grow at a compound annual growth rate of over 5% driven by the new energy sector [4][6]. - The company has a first-mover advantage in the fluorite market, with significant potential for future growth as it expands its operations and integrates new technologies [4][6]. Financial Projections - The report projects the company's net profit for 2024-2026 to be 4.30 billion, 6.46 billion, and 8.64 billion yuan, respectively, with corresponding earnings per share (EPS) of 0.71, 1.07, and 1.43 yuan [6][27]. - The company's price-to-earnings (PE) ratio is expected to be 36x in 2024, reflecting a premium valuation compared to peers [6][27]. Competitive Advantages - The company has developed a unique business model that combines technology with resource extraction, allowing it to operate with a lighter asset structure while maximizing profitability [4][6]. - The management team has a strong technical background, which is crucial for driving innovation and maintaining competitive advantages in the industry [19][20]. Investment Thesis - The report emphasizes the potential for the company's fluorite prices to rise, which would significantly enhance profitability. The ongoing development of new projects and the replication of its successful business model in other areas are expected to unlock further growth opportunities [4][6][25].

证券代码：603505 证券简称：金石资源 公告编号：2024-048 金石资源集团股份有限公司 关于控股股东部分股份补充质押的公告 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。 重要内容提示: 金石资源集团股份有限公司（以下简称"公司"）控股股东浙江金石实业 有限公司（以下简称"金石实业"）持有公司股份 300,625,574 股，占公司总股 本的 49.71%。本次补充质押后，金石实业累计质押公司股份 43,940,000 股，占 其持有公司股份总数的 14.62%，占公司总股本的 7.27%。 金石实业及其一致行动人共持有公司股份 328,818,277 股，占公司总股 本的 54.37%。本次补充质押后，金石实业及其一致行动人累计质押公司股份 43,940,000 股，占其持有公司股份总数的 13.36%，占公司总股本的 7.27%。 公司于 2024 年 9 月 11 日收到控股股东金石实业的通知，获悉其所持有公司 的部分股份办理了补充质押业务，现将有关情况公告如下： 一、 本次股份补充质押的基本情况 2024 年 ...

证券代码：603505 证券简称：金石资源 公告编号：2024-047 金石资源集团股份有限公司 关于 2024 年半年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法律责任。 金石资源集团股份有限公司（以下简称"公司"）于 2024 年 9 月 9 日下午 13:00-14:30 在上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） 以视频录播和网络互动方式召开了 2024 年半年度业绩说明会。现将召开情况公 告如下： 一、 业绩说明会召开情况 2024 年 8 月 30 日，公司披露了《关于召开 2024 年半年度业绩说明会的公 告》（公告编号：2024-045）。公司于 2024 年 9 月 9 日下午 13:00-14:30 在上海 证券交易所上证路演中心（http://roadshow.sseinfo.com/）以视频录播和网络 互动方式召开了业绩说明会。 公司董事长王锦华先生、独立董事王红雯女士、总经理王福良先生、副总经 理兼董事会秘书戴水君女士以及财务总监武灵 ...

证券代码：603505 证券简称：金石资源 公告编号：2024-046 金石资源集团股份有限公司 关于以集中竞价交易方式回购股份的进展公告 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，上市公司应当在每个月的前 3 个交易日内公告截至上月末的回购进展情况，现将公司股份回购进展情况公告 如下： 2024 年 8 月，公司通过集中竞价交易方式已累计回购股份 618,700 股，占 公司总股本的比例为 0.1%，购买的最高价为 25.80 元/股、最低价为 23.88 元/ 股,支付的金额为人民币 15,450,677.40 元(不含交易费用)。 截至 2024 年 8 月 31 日，公司已累计回购股份 1,829,100 股，占公司总股本 的比例为 0.3%，购买的最高价为 26.18 元/股、最低价为 23.88 元/股,已支付的 总金额为人民币 46,140,142.40 元 (不含交易费用)。 上述回购符合相关法律法规的规定及公司回购股份方案的要求。 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 ...

证券代码：603505 证券简称：金石资源 公告编号：2024-045 金石资源集团股份有限公司 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。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2024 年 9 月 2 日(星期一) 至 9 月 6 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 webmaster@chinesekings.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。 金石资源集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 9 日披露 了公司 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 年度经营成果、财务状况，公司计划于 2024 年 9 月 9 日下午 13:00-14:30 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。 （二） 会议 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the fluorite industry, driven by a "resource + technology" strategy, with significant contributions from the Baotou "selection and processing integration" project to its semi-annual performance growth [1][5]. - The company has expanded its business into downstream fluorochemical and lithium-containing materials sectors since 2021, achieving breakthroughs in comprehensive recycling of resources [1]. Summary by Sections Company Overview - Established in 2001, the company focuses on the investment and development of strategic mineral resources, specifically fluorite, and has diversified into downstream applications [1]. - The company holds the largest proven reserves of fluorite resources in China, with approximately 27 million tons of ore and a mining capacity of 1.12 million tons per year across eight mines [1][2]. Production and Sales Performance - In the first half of 2024, the company produced approximately 183,100 tons of fluorite concentrate, a decrease of 2,210 tons year-on-year, primarily due to the temporary shutdown of a subsidiary's mine [1][5]. - The company reported a revenue of 1.12 billion yuan in the first half of 2024, a year-on-year increase of 100.2%, with a net profit of 170 million yuan, up 32.5% [5]. Strategic Projects - The company has initiated projects for the recovery of associated fluorite resources and lithium extraction from tailings, including a partnership with Baogang Group in Inner Mongolia [2][4]. - The Baotou project is expected to significantly enhance the company's profitability, with the fluorochemical segment contributing substantially to revenue growth [5]. Financial Forecast - The company forecasts revenues of 2.94 billion yuan for 2024, with net profits projected at 472 million yuan, reflecting a growth rate of 35.2% [6]. - The report anticipates a steady increase in profitability, with net profits expected to reach 886 million yuan by 2026 [6]. Market Position and Future Outlook - The company is expanding its global footprint by investing in fluorite resources in Mongolia, aiming for a production target of 200,000 to 300,000 tons of high-grade fluorite products within 1-2 years [4][5]. - The report emphasizes the company's commitment to becoming a leading resource development and processing enterprise with scarce resource advantages and technological leadership [5].

Financial Performance - Revenue in the first half of 2024 reached approximately 1.119 billion yuan, a year-on-year increase of 100.20% [4] - Net profit attributable to shareholders was approximately 168 million yuan, a year-on-year increase of 32.54% [4] - Net profit from the "selection and chemical integration" project in Baotou contributed over 59 million yuan [4] - Self-produced fluorite concentrate revenue was approximately 455 million yuan, slightly down year-on-year [4] Market and Pricing - Fluorite concentrate prices increased by approximately 13% year-on-year [6] - Sales volume of single mines decreased by 18%, with a reduction of 35,400 tons [6] - Fluorite product prices and demand typically peak in the fourth quarter [14] Strategic Projects - The Baotou "selection and chemical integration" project is positioned as a key raw material supply base for downstream enterprises [7] - The Mongolian project is currently building a pre-processing plant, with no immediate plans for chemical integration [10] Technological Advantages - The company emphasizes a "resource + technology" dual-drive strategy, focusing on green mining development [8] - Key technological strengths include pre-processing, flotation, and resource comprehensive utilization [9] - The company has developed efficient and low-cost filling mining solutions, improving resource recovery and environmental protection [9] Financial and Operational Management - The company's asset value significantly exceeds its book value, with individual mining rights valued at several hundred million yuan [7] - The company has substantial bank credit lines with favorable interest rates, supporting its cash flow and project expenditures [7] - The company is conducting share repurchases, potentially for future equity incentives or employee stock plans [12] Industry and Market Outlook - The Baotou government aims to build a 100-billion-yuan fluorine chemical industry cluster, benefiting the company's projects [7] - The company's fluorite products are sold in southern markets, including Quzhou, despite higher transportation costs [12] - The overall business gross margin decreased due to the lower毛利率 of fluorine chemical products compared to fluorite concentrate [13]

Investment Rating - The report assigns a "Buy-B" rating for Jinshi Resources (603505.SH) [1][3]. Core Views - The report highlights that the price of fluorite remains strong, and the Baotou project is driving performance growth. The company achieved a revenue of 1.119 billion yuan in H1 2024, a year-on-year increase of 100.20%, with a net profit attributable to shareholders of 168 million yuan, up 32.54% year-on-year [1][3]. - The report anticipates that the company's revenue will reach 2.844 billion yuan in 2024, with a year-on-year growth of 50.0%, and net profit attributable to shareholders will be 470 million yuan, reflecting a growth of 34.7% [3][4]. Summary by Sections Financial Performance - In H1 2024, Jinshi Resources reported a revenue of 1.119 billion yuan, a 100.20% increase year-on-year, and a net profit of 168 million yuan, up 32.54% year-on-year. The gross profit margin was 26.53%, a decrease of 21.53 percentage points year-on-year [1]. - For Q2 2024, the company achieved a revenue of 671 million yuan, a year-on-year increase of 71.67% and a quarter-on-quarter increase of 49.66%. The net profit attributable to shareholders was 107 million yuan, up 16.57% year-on-year and 76.87% quarter-on-quarter [1]. Business Segments - The Baotou project significantly contributed to the performance growth, with fluorite mine revenue of 663 million yuan in H1 2024. The company produced 252,800 tons of fluorite concentrate from three production lines [1]. - The report indicates that the company plans to produce 400,000 to 500,000 tons of various fluorite products in 2024, with the Baotou project expected to produce 500,000 to 600,000 tons of fluorite powder [1][3]. Future Outlook - The company is expanding its operations into Mongolia, with plans to invest 134 million yuan to acquire a 67% stake in a fluorite resource project. This project is expected to produce approximately 150,000 tons of high-grade raw fluorite products in 2024 [3]. - The report projects that the company's revenue will grow to 3.983 billion yuan in 2025 and 5.198 billion yuan in 2026, with corresponding net profits of 748 million yuan and 969 million yuan, respectively [4][6].