Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a revenue of 9.94 billion yuan in 2024, representing a year-on-year growth of 34.4%, and a net profit attributable to shareholders of 1.58 billion yuan, up 53.6% year-on-year, primarily driven by rising copper prices and significant growth in copper sales [7] - The mining service segment remains stable, with a revenue of 6.54 billion yuan in 2024, accounting for 67% of total revenue, while the resource segment's gross profit margin increased to 44% [7] - The company has made strategic acquisitions, including the purchase of Terra Mining and the Lubambe copper mine, to enhance its operational capabilities and resource base [7] Financial Data and Profit Forecast - Total revenue is projected to reach 13.28 billion yuan in 2025, with a year-on-year growth rate of 33.6% [5] - The net profit attributable to shareholders is expected to be 2.09 billion yuan in 2025, reflecting a growth of 31.8% compared to the previous year [5] - The company’s earnings per share (EPS) is forecasted to be 3.35 yuan in 2025, with a price-to-earnings (PE) ratio of 11 [5][8]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has experienced explosive growth in mineral product output, with revenue reaching 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [1][12] - The mining service business is stable, while the mining resource development business is rapidly expanding, indicating that the company's business scale and profitability are entering an accelerated growth phase [1][2] Summary by Sections Mining Service Business - In 2024, the company achieved mining service revenue of 6.544 billion yuan, a slight decrease of 0.96%, accounting for 65.8% of total revenue [2] - The mining service profit was 1.75 billion yuan, down 8% from the previous year, with a gross margin of 26.75% [2] - The company undertook 35 large-scale mining engineering and mining operation management projects, with a total excavation volume of 4.1717 million cubic meters, down 9%, and a supply mining volume of 41.4918 million tons, up 5.5% [2] Mining Resource Development Business - The mining resource development business generated revenue of 3.209 billion yuan in 2024, a staggering increase of 412.85%, accounting for 32.3% of total revenue [3] - This segment contributed a gross profit of 1.356 billion yuan, with a gross margin of 43.3% [3] - The company acquired 80% of the Lubambe copper mine, which is undergoing technical upgrades to improve capacity utilization [3] Financial Performance and Forecast - The company expects revenues of 12.877 billion yuan, 14.813 billion yuan, and 16.850 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.347 billion yuan, 2.825 billion yuan, and 3.286 billion yuan [12][13] - The earnings per share (EPS) are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan for the same years, with price-to-earnings (PE) ratios of 10.19, 8.47, and 7.28 [12][13]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has experienced explosive growth in mineral product output, with revenue reaching 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [1][12] - The mining service business remains stable, while the mining resource development business has shown rapid growth, with revenue from this segment increasing by 412.85% year-on-year [2][3] - The company is expected to benefit from ongoing capital expenditure in the mining industry and the gradual release of its own mining projects, enhancing its performance and valuation elasticity [12] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 9.942 billion yuan, a 34.37% increase year-on-year, and a net profit of 1.584 billion yuan, reflecting a 53.59% growth [1][12] - For Q1 2025, the company reported operating revenue of 2.811 billion yuan, up 42.49% year-on-year, and a net profit of 422 million yuan, a 54.10% increase [1] Mining Service Business - The mining service business generated revenue of 6.544 billion yuan in 2024, a slight decrease of 0.96% year-on-year, accounting for 65.8% of total revenue [2] - The company undertook 35 large-scale mining engineering and operation management projects, with a total contract amount of approximately 11.5 billion yuan signed in 2024 [2] Mining Resource Development - The mining resource development segment saw revenue of 3.209 billion yuan in 2024, a significant increase of 412.85% year-on-year, contributing a gross profit of 1.356 billion yuan [3] - The company acquired an 80% stake in the Lubambe copper mine, which is expected to enhance production capacity and improve profitability over time [3][10] Future Outlook - The company forecasts operating revenues of 12.877 billion yuan, 14.813 billion yuan, and 16.850 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.347 billion yuan, 2.825 billion yuan, and 3.287 billion yuan [12][13] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan, respectively [12][13]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total operating revenue of 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% year-on-year [1]. - The mining resource segment significantly contributed to the performance increase, with revenue reaching 3.21 billion yuan in 2024, a staggering 412.9% increase year-on-year [2]. - The Lonshi copper mine reached full production ahead of schedule, producing 48,700 tons of copper metal in 2024, with plans to increase production to 79,400 tons in 2025, a 63% increase compared to 2024 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 2.972 billion yuan, a 42.35% increase year-on-year, and a net profit of 491 million yuan, up 52.77% year-on-year [1]. - For Q1 2025, the company achieved total revenue of 2.811 billion yuan, a 42.49% increase year-on-year, and a net profit of 422 million yuan, up 54.10% year-on-year [1]. Mining Resource Segment - The mining resource business generated 3.21 billion yuan in revenue in 2024, with a gross profit margin of 42.25%, down 6.12 percentage points year-on-year [2]. - In Q1 2025, the mining resource segment generated 1.3 billion yuan in revenue, a 232.7% increase year-on-year, with a gross profit of 588 million yuan, up 247.3% year-on-year [2]. Profit Forecast and Valuation - The report projects net profits of 2.251 billion yuan and 2.812 billion yuan for 2025 and 2026, respectively, with a 3% and 12% upward revision [4]. - The expected price-to-earnings ratios for 2025-2027 are 10.4X, 8.3X, and 7.0X, respectively [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company has demonstrated significant growth driven by its dual engines of resource development and mining services, with a notable increase in revenue and profit margins [2][3][4]. - The resource development segment has become a major growth driver, with a substantial increase in sales and profit contribution [2][3][20]. - The mining services segment is facing some pressure, but there are expectations for stable growth in the future [3][4]. Summary by Sections 1. Event Overview - The company released its 2024 annual report and 2025 Q1 report, achieving a revenue of 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% [1][11]. 2. Performance Analysis 2.1 Resource Segment Growth - The resource development segment saw a remarkable revenue increase of 4.1285 times year-on-year, contributing 32% to total revenue in 2024, with further growth to 46% in Q1 2025 [2][20]. - The gross profit from the resource segment reached 1.36 billion yuan in 2024, accounting for 43% of total gross profit, which increased to 62% in Q1 2025 [2][20]. 2.2 Profitability Breakdown - The increase in net profit is primarily attributed to gross profit growth, with significant contributions from the resource segment [3][30]. - The company faced increased financial expenses and higher tax rates, impacting overall profitability [3][30]. 3. Investment Recommendations - The dual-driven strategy of mining services and resource development is expected to continue driving growth, with projected net profits of 2.134 billion, 2.394 billion, and 2.734 billion yuan for 2025, 2026, and 2027 respectively [4][43].

证券代码：603979 证券简称：金诚信 公告编号：2025-033 转债代码：113615 转债简称：金诚转债 金诚信矿业管理股份有限公司 关于签署日常经营合同的公告 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。 金诚信矿业管理股份有限公司与西部矿业股份有限公司续签锡铁山铅锌矿 矿山采矿生产承包合同并于近日取得经双方签字盖章的合同文件，项目主要情况 如下： 一、工程项目及协议主要情况 2、工程地点：锡铁山铅锌矿 1、合同名称：矿山采矿生产承包合同（四期）。 3、承包内容： 承包内容按照发包方的年度、月度计划执行。开拓工程（含 探矿工程）作业内容包括掘进施工（含平巷、竖巷、斜巷、交岔点、探矿巷道及 硐室）、支护作业（包括各类井巷、交岔点、硐室的素喷、锚网喷、钢拱架及整 体砼或钢筋砼支护）和出渣、排废工作。采出矿作业内容包括采切工程施工及支 护工作、中深孔、小分段采矿底孔、爆破落矿、采场出矿、中段运输、提升运输 矿石至选矿厂原矿仓（提升运输包括盲混合井提升、千米副井提升、主平硐运输 以及斜坡道运输）及其他辅助性作业内容。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][16]. Core Insights - The company's copper business is experiencing significant growth, leading to a substantial increase in net profit for 2024. The report highlights a projected net profit of 1.584 billion yuan for 2024, representing a year-on-year growth of 53.59% [7]. - The report anticipates continued strong performance in 2025, with net profits expected to reach 2.193 billion yuan, a growth of 38.5% compared to 2024 [8]. - The company has expanded its resource business significantly, with a reported revenue increase of 412.85% in the resource segment for 2024 [7]. Financial Performance Summary - For 2024, the company achieved total revenue of 9.942 billion yuan, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [7][8]. - In Q1 2025, the company reported revenue of 2.811 billion yuan, a 42.49% increase year-on-year, and a net profit of 422 million yuan, reflecting a 54.1% growth [7]. - The company’s copper production in 2024 reached 48,700 tons, a significant increase of 158.62% year-on-year, with sales volume rising by 382.70% [7]. Business Segment Analysis - The mining service business remained stable, generating revenue of 6.54 billion yuan in 2024, a slight decline of 0.96% year-on-year, with a gross margin of 26.75% [7]. - The resource segment, particularly in copper and phosphate, has become a major growth driver, with phosphate production increasing by 115.65% to 350,000 tons in 2024 [7]. - The company has made strategic acquisitions, including the purchase of Terra Mining Pty Ltd, to enhance its international operations and business chain [7]. Future Projections - The report projects net profits of 2.402 billion yuan in 2026 and 2.753 billion yuan in 2027, with respective growth rates of 9.5% and 14.6% [8]. - The company is expected to maintain a strong market position, with a target total market value of 32.2 billion yuan by 2025, based on a segmented valuation approach [7].

Core Viewpoint - The company, Jincheng Mining Management Co., Ltd., has reported a significant increase in revenue and profit for the year 2024, driven by its stable mining service business and the expansion into resource development, particularly in copper and phosphate mining [25][34]. Company Overview - Jincheng Mining focuses on non-coal underground solid mineral development services and has established a leading position in mining engineering construction and mining operation management [8][9]. - The company has a comprehensive service capability that includes mining engineering construction, mining operation management, design and technology research, and equipment manufacturing [17][19]. Business Performance - In 2024, the company achieved operating revenue of RMB 994,240.64 million, a year-on-year increase of 34.37%, with mining service revenue contributing RMB 654,383.25 million (65.82%) and resource sales revenue contributing RMB 320,932.67 million (32.28%) [25][34]. - The resource development segment saw a remarkable growth of 412.85% in sales revenue compared to the previous year, indicating a successful expansion into this area [34]. Industry Context - The mining service industry is closely linked to macroeconomic trends and commodity prices, with the demand for mining services expected to grow as the global economy continues to develop [32][15]. - The company operates in a sector characterized by cyclical fluctuations, where larger mining service providers are better positioned to withstand economic downturns compared to smaller firms [15][16]. Profit Distribution - The company plans to distribute a cash dividend of RMB 4.50 per 10 shares, which is subject to approval at the upcoming shareholders' meeting [27][30]. - The proposed cash dividend represents 17.72% of the net profit attributable to shareholders, which is below the 30% threshold typically expected in the industry [31][34]. Future Outlook - The company is actively pursuing resource development projects, including the acquisition of the Lubambe copper mine, which is expected to enhance production capacity and contribute significantly to future revenues [34][33]. - The strategic focus on integrating mining services with resource development is anticipated to strengthen the company's market position and financial performance in the long term [16][19].

金诚信矿业管理股份有限公司 环境、社会与治理报告 2024 岁序更替，华章日新。 时间是伟大的艺术家，勾画出奋斗的轨迹， 浓缩着发展的历程，记录着金诚信极不平凡的过 往。 "五五战略"稳步推进，"双轮驱动"动力 强劲，"两个市场"跨越发展，"五大板块"比 翼 齐飞…… 犹记得公司创始人王先成书记掷地有声的讲 话：始终坚持矿业梦想的初心不变，始终坚持共 生 共荣的企业文化不变，始终坚持技术引领的导 向不变，始终坚持精细管理的思想不变！ 值得庆贺的是，我们做到了：资源项目投产、 技术保障有力、市场拓展强劲、管理效能升级、 人才体系健全，我们以全新管理能力和专业能力 打赢了"五大攻坚战"。我们心底有豪情万丈， 也 有万般感慨，我们深知：正是因为有老一代矿 山人打下的坚实基础，有"四个始终坚持不变" 的坚 强指引，有新一届董事会和高管团队的科学 带领，有一万多名金诚信人的砥砺前行，我们才 打赢这 一场场大仗硬仗，跨越那一个个难关险隘。 时光无言，镌刻历史印记；梦想无垠，照耀辉煌 前程。迎着新年第一缕阳光，我们即将开启充满 光荣和梦想的新征程。 公司"五五战略"已经进入冲刺时刻。站在 新的起点上，崭新的篇章呼唤奋斗者挥 ...

金诚信矿业管理股份有限公司 2024 年度会计师事务所履职情况评估报告 金诚信矿业管理股份有限公司（以下简称"公司"）聘请中 汇会计师事务所（特殊普通合伙）（以下简称"中汇会计师事务 所"）作为公司 2024 年度审计机构。根据财政部、国资委及证 监会颁布的《国有企业、上市公司选聘会计师事务所管理办法》， 公司对中汇会计师事务所在近一年审计工作中的履职情况进行 了评估。经评估，公司认为，近一年来中汇会计师事务所在资质 方面合规有效，在履职过程中，能够保持独立性，勤勉尽责，公 允发表意见。具体情况如下： 组织形式：特殊普通合伙 注册地址：杭州市江干区新业路 8 号华联时代大厦 A 幢 601 室 首席合伙人：高峰 2024 年末合伙人数量：116 人 2024 年末注册会计师人数：694 人 2024 年末签署过证券服务业务审计报告的注册会计师人数： 一、资质条件 中汇会计师事务所创立于 1992 年，2013 年 12 月转制为特 殊普通合伙，管理总部设立于杭州，系原具有证券、期货业务资 格的会计师事务所之一，长期从事证券服务业务。 成立日期：2013 年 12 月 19 日 289 人 2023 年经审计的 ...