Group 1: Copper Mining Projects - Lonshi copper mine has discovered three main copper bodies with stable continuity, but resource estimation is still pending [1][2] - Lubambe copper mine project completed the equity transfer, with the company holding 70% of the shares post-transfer [3] - Dikulushi copper mine plans to produce approximately 10,000 tons of copper concentrate in 2024, while Lonshi aims for 20,000 tons of copper metal production [3][4] Group 2: Overseas Business and Revenue - Overseas revenue accounted for 64.51% of the company's main business income in 2023 [3] - The company is focusing on increasing its overseas business scale and enhancing its service offerings [4] Group 3: Financial Management and Risks - The company has established foreign exchange management policies to mitigate risks associated with currency fluctuations [6] - The impact of exchange rate fluctuations on the company's performance is minimal due to limited foreign currency transactions [6] Group 4: Future Outlook and Strategy - The company anticipates that global copper supply will be constrained due to declining average ore grades and low capital expenditures, supporting long-term copper price stability [6] - Future acquisition plans will focus on exploration to increase reserves, particularly in copper and precious metals [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 6.971 billion yuan, a year-on-year growth of 31.23%, and a net profit of 1.093 billion yuan, up 53.96% [2] - The growth in performance is attributed to the expansion of mining services and sales of mineral products [2] - The mining resource development business is entering a rapid growth phase, with several projects expected to contribute significantly to future revenues [2] - The report forecasts revenues of 9.399 billion yuan, 10.800 billion yuan, and 11.785 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.578 billion yuan, 2.041 billion yuan, and 2.445 billion yuan [4][6] Financial Summary - The company achieved a revenue of 6.971 billion yuan in Q3 2024, with a year-on-year growth of 32.71% and a quarter-on-quarter growth of 17.30% [2] - The gross profit margin for mining services was reported at 28.47% for the first three quarters [2] - The report projects an increase in EPS from 1.65 yuan in 2023 to 2.53 yuan in 2024, 3.27 yuan in 2025, and 3.92 yuan in 2026 [4][6] - The company's debt-to-asset ratio is currently at 46.6% [1]

Investment Rating - The report maintains a "Recommended" rating for the company [2][9]. Core Views - The company has entered an accelerated growth phase in its mining resource development business, with significant revenue and profit increases reported for Q3 2024 [2][4]. - The mining service business remains a stable growth pillar, while the mining resource development business has become a major growth driver [3][4]. - The company is expected to benefit from ongoing capital expenditures in the mining industry and the expansion of its overseas market share [8]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 2.698 billion yuan, a year-on-year increase of 32.73%, and a net profit of 479 million yuan, up 56.05% [2]. - Year-to-date revenue reached 6.971 billion yuan, reflecting a 31.23% increase, with a net profit of 1.089 billion yuan, up 54.81% [2]. Mining Service Business - The mining service business generated revenue of 4.878 billion yuan in the first three quarters, a 3.04% increase year-on-year, accounting for 71.2% of total revenue [3]. - The profit from mining services was 1.39 billion yuan, with a year-on-year growth of 2.94% [3]. - The company’s overseas mining service revenue increased, indicating strong competitive advantages in international markets [3]. Mining Resource Development - The mining resource development business reported revenue of 1.975 billion yuan for Q3 2024, a staggering 343.56% increase year-on-year, now representing 28.8% of total revenue [4]. - This segment contributed a gross profit of 874 million yuan, with a gross margin of 44.2% [4]. - The company holds significant mineral reserves, including 2.36 million tons of copper and 1.895 million tons of phosphate rock [4]. Future Outlook - The company plans to invest up to 2 billion yuan in projects, including technical upgrades at the Lubambe copper mine, which is expected to enhance production capacity [4]. - The company anticipates a copper production capacity of 444.158 million tons in 2024, a 12.9% increase year-on-year [3][4]. - Revenue projections for 2024-2026 are 10.986 billion yuan, 13.8 billion yuan, and 16.397 billion yuan, respectively, with corresponding net profits of 1.607 billion yuan, 2.479 billion yuan, and 3.045 billion yuan [9][10].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][11]. Core Views - The company's performance in Q3 2024 met expectations, with a record high net profit attributable to shareholders driven by both resource and mining service segments [1]. - The mining service business showed steady growth, while the resource development business experienced significant revenue increases due to higher sales volumes [1]. - The report forecasts substantial profit growth for the upcoming years, with projected net profits of 1.615 billion, 2.224 billion, and 2.748 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 56.6%, 37.7%, and 23.5% [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 6.971 billion yuan, a year-on-year increase of 31.23%, and a net profit of 1.093 billion yuan, up 53.96% [1]. - In Q3 2024 alone, revenue reached 2.698 billion yuan, marking a 32.73% year-on-year increase and a 17.3% quarter-on-quarter increase, with net profit at 480 million yuan, up 56.14% year-on-year and 41.71% quarter-on-quarter [1]. - The mining service segment accounted for 71.2% of total revenue in the first three quarters, while the resource development segment saw a staggering 344% year-on-year revenue increase [1]. Future Projections - The report anticipates that the company will achieve net profits of 1.615 billion, 2.224 billion, and 2.748 billion yuan in 2024, 2025, and 2026, respectively, with corresponding growth rates of 56.6%, 37.7%, and 23.5% [2][4]. - The projected total revenue for 2024 is estimated at 10.16 billion yuan, with a year-on-year growth rate of 37.3% [2]. Valuation - The report employs a segmented valuation approach, assigning a price-to-earnings (P/E) ratio of 20x for the mining service business and 11x for the resource business, leading to a target market capitalization of 35.1 billion yuan for 2025 [1].

Investment Rating - The report maintains an "Outperform" rating for the company [2][4]. Core Views - The company reported Q3 2024 earnings that exceeded expectations, with revenue of 6.97 billion yuan for the first three quarters, representing a year-over-year increase of 31.2%, and a net profit of 1.09 billion yuan, up 54.0% year-over-year [4][5]. - The increase in revenue and profit is attributed to rising copper prices and significant growth in copper sales [4]. - The mining services segment showed a slight increase in gross profit, while the resources segment experienced a nearly threefold increase in gross profit year-over-year [4][5]. - The company has ongoing projects and acquisitions, including the Lubambe copper mine, which is expected to contribute significantly to future production [4][5]. Summary by Sections Market Data - Closing price: 41.51 yuan - One-year high/low: 61.00/33.56 yuan - Price-to-book ratio: 3.1 - Dividend yield: 0.48 - Market capitalization: 25,892 million yuan [2]. Financial Data - As of September 30, 2024, the company reported a net asset value per share of 13.31 yuan and a debt-to-asset ratio of 47.22% [3]. - Total shares: 624 million [3]. Revenue and Profit Forecast - Projected total revenue for 2024 is 9.7 billion yuan, with a year-over-year growth rate of 31.1% [5]. - Expected net profit for 2024 is 1.55 billion yuan, reflecting a growth rate of 50.7% [5]. - Earnings per share are forecasted to be 2.49 yuan for 2024 [5]. Operational Highlights - The company plans to increase production in its mining projects, including copper and phosphate, with specific targets set for 2024 [4][5]. - The gross margin for the resources segment improved to 45.4% in Q3 2024, indicating cost improvements despite a decrease in copper prices [4].

金诚信（603979.SH）2024 年三季报点评 资源板块增长显著，Q3 业绩超预期 2024 年 10 月 29 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|-----------------------------------------------------|----------------------------------------------------------------- ...

本次担保无反担保。 特别风险提示：智能装备公司为资产负债率超过 70%的被担保人，敬请 广大投资者注意相关风险。 | 证券代码：603979 | 证券简称：金诚信 | 公告编号：2024-086 | | --- | --- | --- | | 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 关于为子公司提供担保的进展公告 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个别及连带责任。 重要内容提示： 被担保人名称：公司全资子公司金诚信矿业建设赞比亚有限公司（JCHX Mining Construction Zambia Limited，简称"赞比亚金诚信"）、公司全资子公 司金诚信（湖北）智能装备有限公司（简称"智能装备公司"）。 本次新增担保金额及实际为其提供的担保余额：本次公司为赞比亚金诚 信提供的担保金额为 490 万美元，为智能装备公司提供的担保金额为 1,000 万 人民币。截至本公告日，公司已实际为赞比亚金诚信提供的担保余额为 3,045.63 万美元（含本次），已实际为智能装备公司提供的 ...

请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年10月29日 金诚信（603979.SH）——三季报点评 优于大市 三季度业绩环比明显提升，铜矿逐步放量提升利润弹性 公司发布三季报：前三季度实现营收 69.71 亿元，同比+31.23%；实现归母 净利润 10.93 亿元，同比+53.96%。公司 24Q3 实现营收 26.98 亿元，Q3 环比 +17.30%；24Q3 实现归母净利润 4.80 亿元，Q3 环比+41.71%。 矿山服务：前三季度实现营收 48.78 亿元，同比+3.04；实现毛利 13.89 亿 元，同比+2.94%；毛利率 28.49%。矿服业务 24Q1/Q2/Q3 分别实现营收 15.51/17.53/15.74 亿元，Q3 环比-10.21%；分别实现毛利 4.06/5.22/4.62 亿元，Q3 环比-11.45%；分别实现毛利率 26.16%/29.76%/29.35%。公司矿服 业务总体保持稳健增长。 矿山资源开发：前三季度实现营收 19.75 亿元，同比+343.56%；实现毛利 8.74 亿元，同比+291.86%；毛利率 44.25%。矿山资 ...

| 证券代码：603979 | 证券简称：金诚信 公告编号：2024-084 | | --- | --- | | 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 第五届监事会第十二次会议决议公告 本公司监事会及全体监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。 重要提示：本次监事会所审议议案获得全票通过 会议审议通过《金诚信矿业管理股份有限公司2024年第三季度报告》。 全体监事一致认为公司2024年第三季度报告的编制和审议程序符合相关法 律法规、《公司章程》和公司内部管理制度的有关要求，2024年第三季度报告 的内容与格式符合中国证监会和上海证券交易所的有关规定，真实、准确、客观 地反映了公司的财务状况和经营成果。在2024年第三季度报告披露前，未发现 参与编制和审议的人员有违反保密规定的行为。 表决结果：3票同意，0票反对，0票弃权。 特此公告。 金诚信矿业管理股份有限公司监事会 2024 年 10 月 28 日 一、 监事会会议召开情况 金诚信矿业管理股份有限公司（以下简称"公司"）于 2024 年 ...

金诚信矿业管理股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603979 证券简称：金诚信 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 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，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。 公司负责人王青海、主管会计工作负责人孟竹宏及会计机构负责人（会计主管人员）咬立鹏保证 季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|---- ...