Investment Rating - The investment rating for the company is "Buy" [1][3][12] Core Views - The company achieved record high performance in 2023, with total revenue reaching 7.399 billion yuan, a year-on-year increase of 38.18%, and net profit attributable to shareholders of 1.031 billion yuan, up 68.74% [1][4] - The mining service business has a competitive advantage, with revenue of 6.607 billion yuan in 2023, a growth of 25.52%, and an increase in gross margin by 1.37 percentage points to 28.95% [1][6] - The company is actively advancing its copper and phosphate projects, with significant production milestones achieved and further growth expected in 2024 [7][8] Summary by Relevant Sections Financial Performance - In 2023, the company reported total revenue of 7.399 billion yuan and net profit of 1.031 billion yuan, with respective growth rates of 38.18% and 68.74% [2][4] - For Q1 2024, the company achieved revenue of 1.973 billion yuan, a year-on-year increase of 33.67%, and net profit of 274 million yuan, up 48.07% [4][6] Mining Service Business - The mining service segment has shown strong growth, with a revenue of 6.607 billion yuan in 2023, reflecting a 25.52% increase, and a gross margin improvement to 28.95% [1][6] - The company has enhanced its project structure, increasing the proportion of overseas projects to 62.96% [4][6] Resource Development Projects - The Dikulushi copper mine produced approximately 9,800 tons of copper concentrate in 2023, with plans for 10,000 tons in 2024 [7][8] - The Lonshi copper mine commenced production ahead of schedule, producing 4,600 tons of cathode copper in 2023, with a target of 20,000 tons in 2024 [7][8] - The phosphate project has successfully reached production targets, with an average P2O5 grade of 32.65%, expected to contribute to future revenue growth [8] Future Projections - The company has adjusted its revenue forecasts for 2024-2026 to 10.216 billion yuan, 12.762 billion yuan, and 14.615 billion yuan, respectively, with net profit projections of 1.770 billion yuan, 2.401 billion yuan, and 2.783 billion yuan [2][9] - The expected annual profit growth rates are 71.7%, 35.6%, and 15.9% for the respective years [9]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 63.98 CNY, compared to the current price of 52.70 CNY [1]. Core Insights - The company's performance in 2023 met expectations, driven by growth in mining services and resource product sales. The company achieved a net profit of 1.031 billion CNY in 2023, a year-on-year increase of 68.74%, and a net cash flow from operating activities of 1.085 billion CNY, up 13.38% year-on-year [2]. - The mining services segment is progressing steadily, while the resource segment is being developed as a new growth driver. The company reported a revenue of 6.61 billion CNY from mining services in 2023, a 25.52% increase year-on-year [2]. - The company is expanding its mining projects, with significant growth potential. The Dikulushi copper mine optimized its recovery process, and the Lonshi copper mine is expected to reach full production by the end of 2024, with an annual output of approximately 40,000 tons of copper metal [2]. Financial Summary - In 2023, the company achieved total revenue of 7.399 billion CNY, a year-on-year growth of 38.2%. The projected revenues for 2024, 2025, and 2026 are 10.469 billion CNY, 13.256 billion CNY, and 17.328 billion CNY, respectively [3]. - The net profit for 2023 was 1.031 billion CNY, with projections of 1.751 billion CNY for 2024, 2.553 billion CNY for 2025, and 3.153 billion CNY for 2026, reflecting year-on-year growth rates of 69.1%, 69.8%, and 45.8% respectively [3]. - The company’s earnings per share (EPS) for 2023 was 1.67 CNY, with forecasts of 2.84 CNY for 2024, 4.13 CNY for 2025, and 5.11 CNY for 2026 [3].

金诚信矿业管理股份有限公司 2023 年年度股东大会会议资料 金诚信矿业管理股份有限公司 2023年年度股东大会 会议资料 2024年6月7日 金诚信矿业管理股份有限公司 2023 年年度股东大会会议资料 材料目录 | 会议须知 | 2 | | --- | --- | | 会议议程 | 3 | | 会议表决办法 | 6 | | 议案一：关于审议《金诚信矿业管理股份有限公司 2023 年度董事会工作报告（草 | | | 案）》的议案 | 8 | | 议案二：关于审议《金诚信矿业管理股份有限公司 2023 年度监事会工作报告（草 | | | 案）》的议案 | 24 | | 议案三：关于审议《金诚信矿业管理股份有限公司 2023 年度财务决算报告（草 | | | 案）》的议案 | 33 | | 议案四：关于审议《金诚信矿业管理股份有限公司 2023 年度利润分配方案（草 | | | 案）》的议案 | 46 | | 议案五：关于审议《金诚信矿业管理股份有限公司 2023 年年度报告及摘要》的 | | | 议案（草案） | 49 | | 议案六：关于审议《金诚信矿业管理股份有限公司 2023 年度独立董事述职报告 | ...

[Table_MainInfo] 公司研究/有色金属 证券研究报告 金诚信（603979）公司研究报告 2024年04月26日 [Table_InvestInfo] 首次 金诚信：铜业新秀，资源板块有望集中放 投资评级 优于大市 覆盖 量 股票数据 0[4Ta月b2le5_日S收to盘ck价I（nf元o]） 52.70 [Table_Summary] 投资要点： 52周股价波动（元） 28.80-58.95 总股本/流通A股（百万股） 618/618 总市值/流通市值（百万元） 32544/32544  “矿山服务”与“资源开发”双轮驱动。公司在矿山服务板块已形成矿山产 相关研究 业链上下游的综合服务能力，并在此基础上积极向资源开发领域延伸。我们 [Table_ReportInfo] 认为，矿服业务将为公司带来稳定的现金流和安全边际，而随着自有资源的 逐步投产及放量，资源开发板块将进一步增厚公司业绩。 矿服业务稳定增长。我们认为，公司矿服业务的竞争优势在于技术经验和客  市场表现 户资源。技术经验方面，公司具备集工程建设、采矿运营、设计研发、设备 [Table_QuoteInfo] 制造等业务于一体的综合 ...

金诚信矿业管理股份有限公司 2023 年度审计报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23. Block A. UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 您可使用手机"扫一扫" 此码用于证明该审计报告是否由具有执业许可的会计师事 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.com/ 后 当半台 (http://a 19 18 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | ...

汇总表的专项审计报告 关于金诚信矿业管理股份有限公司 非经营性资金占用及其他关联资金往来情况 目 录 1、 专项审计报告 2、 附表 委托单位：金诚信矿业管理股份有限公司 审计单位：中汇会计师事务所(特殊普通合伙) 目 录 | 一、非经营性资金占用及其他关联资金往来情况的专项 | | | --- | --- | | 审核说明 | 页 次 1-2 | 二、非经营性资金占用及其他关联资金往来情况汇总表 3-4 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 www.zhcpa.cn 关于金诚信矿业管理股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 中汇会专[2024]5272号 金诚信矿业管理股份有限公司全体股东: 我们接受委托,审计了金诚信矿业管理股份有限公司(以下简称金诚信公 司)2023年度财务报表,并出具了中汇会审[2024]52 ...

金诚信矿业管理股份有限公司 年度募集资金存放与使用情况鉴证报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5~8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 目 录 | | 页 次 | | --- | --- | | 一、年度募集资金存放与使用情况鉴证报告 | 1-2 | | 二、金诚信矿业管理股份有限公司关于 2023 年度募集资金 | | | 存放与使用情况的专项报告 | 3-7 | 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 www.zhcpa.cn 中汇会鉴[2024] ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,972,694,120.13, representing a year-on-year increase of 33.67%[4] - Net profit attributable to shareholders was ¥273,789,839.97, reflecting a growth of 48.07% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥269,865,876.15, an increase of 46.03% year-on-year[4] - Basic earnings per share (EPS) for the period was ¥0.45, up by 45.16%[5] - Diluted EPS was ¥0.43, representing an increase of 48.28%[5] - Total operating revenue for Q1 2024 reached ¥1,972,694,120.13, a 33.8% increase from ¥1,475,739,342.21 in Q1 2023[24] - Net profit for Q1 2024 was ¥271,707,262.63, representing a 48.1% increase compared to ¥183,428,280.49 in Q1 2023[25] - Total comprehensive income for Q1 2024 was ¥246,521,147.46, compared to ¥134,049,888.52 in Q1 2023[25] Cash Flow - The net cash flow from operating activities was ¥69,067,207.44, showing a significant increase of 123.38%[4] - Cash flow from operating activities for Q1 2024 was ¥69,067,207.44, compared to ¥30,919,438.71 in Q1 2023, indicating improved cash generation[27] - The company reported a significant increase in cash inflow from sales, totaling ¥1,773,230,144.55 in Q1 2024, compared to ¥1,122,347,622.66 in Q1 2023[27] - Cash and cash equivalents at the end of the period amounted to $1,471,488,166.10, down from $1,617,384,382.01, reflecting a decrease of about 9.0%[28] - Cash outflow from investment activities totaled $379,209,641.40, compared to $392,888,326.78 in the previous period, indicating a decrease of approximately 3.5%[28] - Net cash flow from financing activities was $38,169,017.80, a significant decline of 68.0% from $118,901,091.67 in the prior period[28] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥13,769,627,538.01, a slight increase of 1.06% from the end of the previous year[5] - The total current assets decreased slightly to RMB 7,314,467,756.65 from RMB 7,330,552,385.53, indicating a reduction of about 0.22%[20] - The total liabilities decreased to RMB 6,068,687,191.42 from RMB 6,346,092,642.49, a reduction of approximately 4.38%[21] - The company's equity attributable to shareholders increased to RMB 7,641,824,527.54 from RMB 7,217,984,218.41, reflecting a growth of about 5.86%[21] - Long-term borrowings rose to RMB 1,512,512,639.22 from RMB 1,406,164,470.78, indicating an increase of approximately 7.56%[21] Revenue Breakdown - Revenue from mining services was RMB 155,059.26 million, with a year-over-year growth of 7.31%[18] - Revenue from mining resource development surged to RMB 38,941.17 million, marking a 100% increase compared to the same period last year[18] - The gross profit for the company was RMB 57,505.52 million, reflecting a 52.90% increase year-over-year[18] - The gross profit from mining services was RMB 40,570.32 million, with a 6.99% increase year-over-year[18] - The gross profit from mining resource development was RMB 16,935.20 million, also showing a 100% increase year-over-year[18] Shareholder Information - The top shareholder, Jincheng Group, holds 40.28% of the shares, with a total of 242,519,049 shares[13] - As of March 31, 2024, a total of RMB 427,617,000 of convertible bonds had been converted into 34,123,687 shares, accounting for 5.8490% of the total shares before conversion[16] - The company has not yet converted RMB 572,383,000 of its convertible bonds, which represents 57.2383% of the total issuance[16] - The company has seen no changes in the number of shares lent out for margin trading, remaining at zero for the top shareholders[12] Expenses - Total operating costs for Q1 2024 were ¥1,613,889,849.81, up 30% from ¥1,241,742,129.01 in Q1 2023[24] - Research and development expenses for Q1 2024 totaled ¥28,342,178.43, slightly up from ¥26,417,312.16 in Q1 2023[24] - Financial expenses increased significantly to ¥66,475,331.66 in Q1 2024 from ¥23,068,213.57 in Q1 2023, primarily due to higher interest expenses[24] Other Financial Metrics - The return on equity (ROE) increased by 0.74 percentage points to 3.74%[5] - Other comprehensive income after tax for Q1 2024 was -¥25,186,115.17, an improvement from -¥49,378,391.97 in Q1 2023[25] - The company incurred cash payments for fixed assets, intangible assets, and other long-term assets totaling $147,155,497.40[28] - Cash outflow for debt repayment was $243,400,874.32, an increase from $196,545,484.34, representing a rise of approximately 23.8%[28] - The impact of exchange rate changes on cash and cash equivalents was a positive $2,097,313.74, contrasting with a negative impact of $18,125,898.63 in the previous period[28] - The company did not apply new accounting standards or interpretations for the first time in 2024[28]

Financial Performance - The company's operating revenue for 2023 reached CNY 7,399,214,496.30, representing a 38.18% increase compared to CNY 5,354,859,889.97 in 2022[14]. - Net profit attributable to shareholders for 2023 was CNY 1,031,227,318.67, a 68.74% increase from CNY 611,137,902.21 in 2022[14]. - The net cash flow from operating activities for 2023 was CNY 1,084,971,497.35, reflecting a 13.38% increase compared to CNY 956,900,102.14 in 2022[14]. - Basic earnings per share for 2023 were CNY 1.71, up 67.65% from CNY 1.02 in 2022[15]. - The company's total assets as of the end of 2023 amounted to CNY 13,625,275,257.28, a 20.87% increase from CNY 11,272,303,918.94 in 2022[14]. - The weighted average return on equity for 2023 was 15.44%, an increase of 4.73 percentage points from 10.71% in 2022[15]. - The company reported a total of CNY 12,243,375.19 in government subsidies for 2023, compared to CNY 8,727,019.72 in 2022[19]. - The company achieved an annual revenue of RMB 739,921.45 million, representing a year-on-year growth of 38.18%[23]. - The net profit attributable to shareholders reached RMB 103,122.73 million, an increase of 68.74% compared to the previous year[23]. Dividends and Shareholder Returns - The company plans to distribute cash dividends of RMB 2.00 per 10 shares for the 2023 profit distribution plan, subject to shareholder approval[2]. - The company distributed cash dividends of RMB 7,190.29 million for the 2022 fiscal year, with a ratio of RMB 1.20 per 10 shares[198]. - The proposed cash dividend for the 2023 fiscal year is RMB 2.00 per 10 shares, with an estimated total distribution of RMB 12,042.76 million[199]. Governance and Compliance - The company has received a standard unqualified audit report from Zhonghui Certified Public Accountants[2]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[2]. - The company has not violated decision-making procedures for providing guarantees[2]. - The company has confirmed that there are no significant omissions or misleading statements in the annual report[2]. - The board of directors and supervisory board members have all attended the board meeting, ensuring governance compliance[2]. - The company adheres to strict governance practices, ensuring compliance with relevant laws and regulations, and maintaining transparency in shareholder communications[156]. - The company has not faced any penalties from securities regulatory authorities in the past three years[176]. Risk Management - The company has detailed potential risk factors and countermeasures in the management discussion and analysis section of the report[2]. - The company acknowledges potential risks from macroeconomic fluctuations that could impact the mining resource development sector[141]. - The company faces risks related to the estimation of mineral resources and reserves, which could impact project implementation and profitability if actual amounts differ significantly from estimates[150]. - The company is exposed to risks from unforeseen events such as natural disasters and regulatory changes, which could adversely affect project timelines and operational efficiency[154]. - The company has implemented measures to enhance risk management and improve operational resilience, including strengthening safety protocols and financial management[154]. Operational Highlights - The company achieved a total mining supply of 39.33 million tons in 2023, with the deepest completed vertical shaft reaching 1,526 meters and the longest inclined roadway measuring 8,008 meters, ranking among the top in the country[36]. - The company has established a leading position in the mining engineering construction and mining operation management sectors, holding first-level qualifications for general contracting of mining engineering[36]. - The company has undertaken nearly 40 large-scale mining engineering construction and mining operation management projects both domestically and internationally[36]. - The company has expanded its mining resource development business, focusing on copper and phosphate rock, with copper prices experiencing significant fluctuations in 2023 due to supply constraints and strong demand expectations[33]. - The company has established a comprehensive quality control system and has not experienced significant quality disputes with clients during the reporting period[107]. - The company has implemented a robust safety management system, resulting in no major production safety accidents during the reporting period[108]. Technological Advancements - The company implemented an intelligent control system for underground shovels, enhancing operational efficiency and safety[27]. - The company made significant advancements in technology capabilities, including upgrades in qualifications and innovation in processes[28]. - The company has accumulated 4 national-level construction methods, 89 departmental-level construction methods, 18 invention patents, and 173 utility model patents, showcasing its strong technical capabilities[52]. - The company has developed a remote intelligent control system for underground shovels, achieving significant advancements in automation and efficiency[57]. Market Expansion and Strategic Focus - The company has expanded its international operations, establishing a management and technology output model that aligns with international standards[64]. - The company is focusing on integrated operations, enhancing its service capabilities across the mining industry chain[65]. - The company is pursuing international market expansion in mining services, aligning with the global trend of Chinese mining enterprises seeking overseas projects[131]. - The company plans to continue its market expansion through strategic acquisitions and partnerships in the mining sector[115]. - The company is committed to updating its resource data in accordance with the latest national standards for geological exploration[110]. Human Resources and Talent Development - The company has established a comprehensive talent development system, with an average employee tenure exceeding 5 years and a focus on cultivating international talent[56]. - The company has implemented a comprehensive training program focusing on talent development and retention, including online and practical training methods[196]. - The company has developed a competitive talent retention strategy, but faces risks from intense competition for skilled professionals in the mining sector[153]. Future Outlook - The company plans to focus on high-end mining services as the low-end service market shrinks, driven by increasing market entry barriers[130]. - The company’s strategic vision includes becoming a leading planner, builder, and operator of safe, ecological, and intelligent mines, with a dual focus on domestic and international markets[131]. - The total mining supply target for 2024 is set at 4,441.58 thousand tons, an increase from the 2023 actual of 3,933.10 thousand tons[133]. - The company aims to develop 1-2 large new projects in the mining service sector, focusing on high-mechanization projects[135].

金诚信矿业管理股份有限公司 金诚信矿业管理股份有限公司 2023 年度独立董事述职报告 (第四届董事会独立董事 宋衍薇) 作为金诚信矿业管理股份有限公司(以下简称"公司")第四 届董事会独立董事,本人严格按照《证券法》《上海证券交易所股 票上市规则》《上海证券交易所自律监管指引第1号 -- 规范运作》 等法律法规、规范性文件以及《公司章程》、公司《独立董事工作 制度》的相关规定和要求,勤勉尽责,持续关注公司的经营发展状 况,忠实履行独立董事职责,积极出席公司相关会议,认真审议董 事会各项议案,对相关事项发表独立意见,有效保障了公司的规范 运作,维护了公司整体利益及中小股东的合法权益。现将本人 2023 年任期内履职情况报告如下: 一、基本情况 本人宋衍衛,1973年3月出生,中国国籍,无境外永久居留权, 博士研究生,中共党员,中国注册会计师,澳洲会计师公会会员, 现任北京外国语大学国际商学院副教授、会计与财务管理系系主任。 本人自 2017年5月起担任公司独立董事,于 2023年5月任期届满 离任。报告期内,兼任西藏旅游股份有限公司独立董事、发达控股 集团股份有限公司独立董事。 作为公司独立董事,本人具有相关 ...