2024 年 8 月 14 日 市场数据 总股本(亿股) 6.05 总市值(亿元)： 153.73 一年最低/最高(元)： 20.47/35.68 近 3 月换手率： 35.16% 公司研究 24H1 业绩表现亮眼，包头"选化一体"项目贡献业绩增量 ——金石资源（603505.SH）2024 年半年报业绩点评 要点 事件：公司发布 2024 年半年报，2024H1，公司实现营业收入 11.19 亿元，同 比增长 100.20%；实现归母净利润 1.68 亿元，同比增长 32.54%。2024Q2 单 季度，公司实现营业收入 6.71 亿元，同比增长 71.67%，环比增长 49.66%；实 现归母净利润 1.07 亿元，同比增长 16.57%，环比增长 76.86%。 24H1 公司营收、净利润均大幅上涨，包头"选化一体"项目贡献业绩增量。24H1， 公司营业收入及净利润增长幅度均较大，营业收入的增长主要来自于金鄂博氟化 工逐步投产后，无水氟化氢的销售收入以及对外销售包钢金石萤石粉的贸易收入 共计 6.39 亿元，同比增加 6916.7%。净利润增长主要来自于包头"选化一体" 项目，金鄂博氟化工和包钢金石共实 ...

金石资源 20240812_原文 2024 年 08 月 12 日 22:22 发言人 00:00 投资者大家下午好，我是证券化工研究员毕辉。今天我们非常有幸邀请到我们金石资源的董秘带走。然后 对于我们新发布的一个中报，我们稍微聊一聊，以及公司目前一些项目的一些进展，我们做一个更新。对 戴总能听到吗？可以，好的，戴总，那就什么？ 发言人 00:28 因为今年上半年的一个经营情况，我们先给各位投资者做一个介绍。因为我们通过中报也看到了，我们上 半年这个单一型饮水矿这个量是稍微有些减少的，但是价格是增长的。另外氢酸这一边好像看起来，它这 个上半年销量 49000 吨，就是跟我们年初的一个目标的预期可能是有一点差距。然后这里面是一个什么样 的原因？对，戴总，我稍微先简单介绍一下整体的一个情况。反正大家看到了上半年其实我们这个营收规 模增长还是比较快的，是吧？就是说 11 个多亿其实增长了百分之百，然后利润是 1.68，增长了 33%。 发言人 01:21 大家也看到了，就刚刚机会也讲了，其实我们这个增长，最主要还是来自于包钢的包头的这个雪花一体项 目，其中新诺博的这个营收有六个多亿。它其实是两块构成的。第一个就刚才 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company reported a significant year-on-year revenue increase of 100% for the first half of 2024, reaching 1.12 billion yuan, with a net profit of 168 million yuan, reflecting a 33% increase [6]. - The report highlights that the stricter environmental and safety regulations have led to an increase in fluorite prices, which is expected to continue benefiting the company's performance [6]. - The company has successfully resumed operations at its mining site and acquired a mining license in Mongolia, which is anticipated to contribute positively to future revenue growth [6]. Financial Summary - For the first half of 2024, the company achieved a revenue of 1.12 billion yuan, with a net profit of 168 million yuan, and a significant increase in sales volume and price of fluorite in the second quarter [6][7]. - The projected revenues for 2024, 2025, and 2026 are 2.73 billion yuan, 4.38 billion yuan, and 5.38 billion yuan respectively, with corresponding net profits of 510 million yuan, 772 million yuan, and 971 million yuan [7][9]. - The earnings per share (EPS) are forecasted to be 0.84 yuan, 1.28 yuan, and 1.61 yuan for the years 2024, 2025, and 2026 respectively, with a price-to-earnings (PE) ratio of 30X, 20X, and 16X [6][7][9].

Company and Industry Summary Company Involved - The company discussed in the conference call is 声望化工 (Shengwang Chemical) [1] Key Points and Arguments - The conference call was led by the chief executive, 宋超 (Song Chao) [1] - There is a strong emphasis on the legal implications of leaking or disseminating the conference call minutes, indicating the company's focus on protecting sensitive information [1] Other Important but Possibly Overlooked Content - The company reserves the right to pursue legal action against individuals who leak or share the conference call minutes, highlighting the importance of confidentiality in corporate communications [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 1.12 billion yuan in H1 2024, a year-on-year increase of 100.2%, and a net profit attributable to shareholders of 168 million yuan, up 32.5% year-on-year [1] - The significant growth in performance is attributed to the ramp-up of the Baotou "selection and processing integration" project, with Q2 revenue reaching 670 million yuan, a 72% increase year-on-year and a 50% increase quarter-on-quarter [1] - The report highlights that the second quarter saw a decline in single mineral sales due to production halts, but the Baogang selection and processing project contributed positively to performance [1] - The report anticipates a price rebound in Q4 due to seasonal demand, despite a recent price correction in the second quarter [1] Financial Summary - The company is projected to achieve net profits of 718 million yuan, 1.24 billion yuan, and 1.46 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 21.4, 12.4, and 10.5 times [1][5] - The financial indicators show a significant increase in revenue from 1.05 billion yuan in 2023 to an estimated 3.58 billion yuan in 2024, reflecting a growth rate of 240.7% [5] - The net profit is expected to rise from 222 million yuan in 2023 to 718 million yuan in 2024, indicating a year-on-year growth of 222.6% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high in revenue and net profit for H1 2024, with revenue of 1.119 billion yuan, representing a year-on-year growth of 100.20%, and a net profit attributable to shareholders of 168 million yuan, up 32.54% year-on-year. However, due to the impact of mine shutdowns and a decline in lithium mica prices, the performance slightly fell short of expectations, leading to a downward adjustment in profit forecasts for 2024-2026 [3][4] - The company continues to see stable growth across various projects, with an upward trend in fluorite prices, indicating a long-term positive outlook despite short-term fluctuations [4] Financial Summary - Revenue projections for 2024-2026 are 2.976 billion yuan, 4.062 billion yuan, and 4.749 billion yuan, respectively, with year-on-year growth rates of 57.0%, 36.5%, and 16.9% [5] - Net profit attributable to shareholders is forecasted at 470 million yuan, 742 million yuan, and 913 million yuan for 2024-2026, with corresponding year-on-year growth rates of 34.8%, 57.8%, and 23.0% [5] - The company's earnings per share (EPS) are expected to be 0.78 yuan, 1.22 yuan, and 1.51 yuan for 2024-2026, with price-to-earnings (P/E) ratios of 32.7, 20.9, and 16.9, respectively [3][5] Operational Highlights - The company produced approximately 183,100 tons of fluorite concentrate, with a sales volume of 159,300 tons, and an average price of 2,856 yuan per ton, reflecting a year-on-year increase of 9.41% [4] - The Baotou "selection and processing integration" project produced 52,600 tons of anhydrous hydrofluoric acid, with sales of about 49,000 tons, contributing significantly to revenue growth [4] - The company plans to repurchase shares worth 50 to 100 million yuan as part of an employee stock ownership plan or equity incentive, and intends to distribute a mid-term dividend after the Q3 2024 report [4]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][4][24] Core Insights - The company has achieved significant revenue growth, with a 100.20% year-on-year increase in revenue for the first half of 2024, reaching 1.119 billion yuan. The net profit attributable to shareholders increased by 32.54% to 168 million yuan [3][12][24] - The growth in revenue is primarily driven by the gradual production of the Jin Ebo fluorochemical project and increased sales of fluorite powder [3][12] - The company is positioned as a leader in the fluorite industry, with the largest single fluorite mine resource reserves and production capacity in the country [4][24] Financial Performance - In the first half of 2024, the company reported operating revenue of 1.119 billion yuan, a 100.20% increase year-on-year, and a net profit of 168 million yuan, a 32.54% increase year-on-year [3][12] - The company's net profit growth is lower than revenue growth due to the generally lower gross margins in the fluorochemical industry compared to its self-produced fluorite concentrate [12][24] - The average price of fluorite powder in the first half of 2024 was 3,366 yuan per ton, reflecting an 11.88% year-on-year increase [3][22] Production and Sales - The company produced and sold approximately 183,100 tons and 159,300 tons of self-produced fluorite concentrate, respectively, in the first half of 2024, with a slight decrease in sales volume but an increase in sales price [3][12] - The Jin Ebo fluorochemical project produced 52,600 tons of anhydrous hydrofluoric acid, with sales of approximately 49,000 tons, contributing significantly to revenue [12][13] Strategic Developments - The company is expanding its production capacity through the acquisition of mines and the development of associated mines, aiming to enhance its resource reserves and production capabilities [4][24] - The company is also focusing on extending its business into high-value downstream sectors of the fluorochemical industry [4][24] - The integration of fluorite resources in Mongolia is part of the company's global strategy to enhance its international trade position [12][24]

金石资源 2024 年半年度报告 公司代码：603505 公司简称：金石资源 金石资源集团股份有限公司 2024 年半年度报告 1 / 147 金石资源 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王锦华、主管会计工作负责人武灵一及会计机构负责人（会计主管人员）施丽萍 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 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 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来经营计划、发展战略等前瞻性描述，系公司根据当前能够掌握的信息和 数据等对未来做出的估计或预测，不构成公司对投资者的实质承诺。敬请投资者保持足够的风险 意识，注意投资风险！ 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露 ...

金石资源集团股份有限公司 投资者关系活动记录表 （2024 年 7 月 16 日-31 日） 编号：2024【06】号 金石资源集团股份有限公司于近期以线上电话会、线下调研等方式与投资者、券商分 析师等进行交流，现将投资者关系活动的主要情况发布如下： 一、投资者调研情况 （一） 调研方式：线上、线下调研 | --- | --- | --- | |-------|--------------------|-----------------------------| | 序号 | 日期 | 参加机构或人员 | | 1 | 2024 年 7 月 23 日 | 中邮基金：周弋惟 | | | 线上会议 | 国盛证券：王瀚晨 | | 2 | 2024 年 7 月 24 日 | 景顺长城基金：陈渤阳 范顺鑫 | | | 公司线下调研 | 华泰证券：张雄 | | 3 | 2024 年 7 月 24 日 | 易方达基金：刘阳泽 | | | 公司线下调研 | 国信证券：张玮航 | （二） 上述调研公司接待人员：公司副总经理、董事会秘书 戴水君 二、交流的主要情况及公司回复概要（同类问题已作汇总整理，近期已回复问题不再 重复） 1 ...

证券代码：603505 证券简称：金石资源 公告编号：2024-043 金石资源集团股份有限公司 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 7 月，公司通过集中竞价交易方式已累计回购股份 1,210,400 股， 占公司总股本的比例为 0.2%，购买的最高价为 26.18 元/股、最低价为 24.55 元 /股,支付的金额为人民币 30,689,465.00 元(不含交易费用)。 关于以集中竞价交易方式回购股份的进展公告 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： 截至 2024 年 7 月 31 日，金石资源集团股份有限公司（以下简称"公司"） 通过集中竞价交易方式累计回购股份 1,210,400 股，已回购股份占公司总股本的 比例为 0.2%，购买的最高价为 26.18 元/股、最低价为 ...