深圳市中金岭南有色金属股份有限公司 投资者关系活动记录表 编号：2024-08 | --- | --- | --- | |----------------|--------------------------------------|------------------------------------------------------------------| | 投资者关系活动 | □ 特定对象调研 √ | 分析师会议 | | 类别 | □ 媒体采访 | □业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 国金证券 | | | 人员姓名 | | | | 时间 | 2024 年 8 月 28 日 | | | 地点 | 深圳 | | | 上市公司接待人 | | | | | 董事会秘书黄建民 | | | 员姓名 | | | | | 1、公司 2024 | 年半年度经营情况？ | | | | 公司主要是从事铅锌铜等有色金属的采矿、选矿、冶炼和深加工一体 | | | | 化生产的企业，目前已形 ...

该报告由该报告由 证券研究报告 中金岭南 (000060 CH) 矿山受益于价格上涨、冶炼承压 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 中金岭南 (000060 CH) 矿山受益于价格上涨、冶炼承压 华泰研究 中报点评 投资评级(维持): 增持 2024 年 8 月 28 日│中国内地 有色金属 24H1 归母净利 5.42 亿元，维持"增持"评级 公司 24H1 实现营收 306.41 亿元（yoy-17.69%），归母净利 5.42 亿元 （yoy+0.3%）。鉴于 24 年以来冶炼加工费承压，我们下调 24-25 年铜冶炼 利润，预计公司 24-26 年归母净利 10.38/13.62/15.57 亿元（前值： 13.78/14.63/-）。可比公司 Wind 一致预期 PE（24E）均值 15.0X，给予公 司 24 年 15.0XPE，对应目标价 4.18 元（前值 6.47 元），维持增持评级。 24H1 主要产品产量实现时间过半任务过半 24 H1 公司主要产品基本上实现全年产量目标的一半。矿山企业生产精矿铅 锌金属量 13.95 万吨，同比上升 4.03%（其中国内矿 ...

来源：公司年报、国金证券研究所 事件 8 月 27 日公司发布 24 年中报，1H24 实现营收 306.41 亿元，同比 -17.69%；归母净利 5.42 亿元，同比+0.3%；扣非归母净利 5.18 亿元，同比+2.94%。2Q24 实现归母净利 3.03 亿元，环比+26.43%， 同比+37.41%。 点评 量稳价增，Q2 业绩环比增长。1H24 公司生产精矿铅锌金属量 13.95 万吨，同比+4.03%，生产铜铅锌系列产品 42.4 万吨，同比+4.10%， 核心产品产量同比稳中略增；2Q24 锌锭均价 2.36 万元/吨，环比 +11.12%，铅锭均价 1.80 万元/吨，环比+10.88%。在公司产量稳 中略增，价格环比增长的背景下，二季度业绩实现同环比增长。 国产矿维持稳定，海外矿逐步放量。1H24 公司国内矿山生产铅锌 矿 8.17 万吨，同比-1%，国外矿山生产铅锌矿 5.78 万吨，同比+13%。 我们认为国内产量稳定主因公司在凡口铅锌矿产量下滑的背景 下，提升盘龙铅锌矿产量。而海外铅锌矿产量同比增长主因布罗 肯山提升产量降本有所突破。 铅锌冶炼加工费持续下滑，行业减产检修予以应对。3 ...

Financial Performance - Revenue for the reporting period was RMB 30.62 billion, a decrease of 17.71% compared to the same period last year[12] - Net profit attributable to shareholders of the listed company was RMB 541.95 million, an increase of 0.30% year-on-year[12] - Basic earnings per share (EPS) were RMB 0.15, up 7.14% year-on-year[12] - The weighted average return on equity (ROE) was 4.05%, up 0.14 percentage points year-on-year[12] - Non-recurring gains and losses amounted to RMB 25.26 million, primarily from government subsidies[14] - The company achieved a total operating revenue of 30.641 billion yuan and a net profit attributable to the parent company of 542 million yuan in the first half of 2024[33] - The company's operating income decreased by 17.71% year-on-year to 30.618 billion yuan, while operating costs decreased by 18.79% to 28.888 billion yuan[33] - Total operating revenue for the first half of 2024 was RMB 30.64 billion, a decrease of 17.7% compared to RMB 37.23 billion in the same period of 2023[136] - Net profit for the first half of 2024 was RMB 686.6 million, a decrease of 2.2% compared to RMB 701.7 million in the same period of 2023[136] - Basic earnings per share (EPS) for the first half of 2024 was RMB 0.15, compared to RMB 0.14 in the same period of 2023[136] - Total comprehensive income for the first half of 2024 was RMB 635.7 million, a decrease of 25.3% compared to RMB 851.3 million in the same period of 2023[136] - Sales revenue from goods and services in H1 2024 was RMB 28.15 billion, a decrease from RMB 31.81 billion in H1 2023[137] - Revenue for the first half of 2024 reached RMB 4,407,118,171.89, a 7.6% increase compared to RMB 4,094,536,123.34 in the same period of 2023[143] - Net profit for the first half of 2024 was RMB 288,445,295.67, a slight decrease of 2.0% from RMB 294,213,881.94 in the same period of 2023[143] - Total comprehensive income for the first half of 2024 was RMB 263,908,209.64, a 10.4% decrease from RMB 294,610,145.92 in the same period of 2023[143] Cash Flow and Liquidity - Net cash flow from operating activities was RMB 769.66 million, a significant increase of 1,529.84% compared to the same period last year[12] - The net cash flow from operating activities increased by 1,529.84% year-on-year to 769.66 million yuan, primarily due to a decrease in cash paid for goods and services[33] - The net cash flow from investing activities decreased by 80.97% year-on-year to -704.54 million yuan, mainly due to a reduction in cash paid for acquiring subsidiaries[33] - The net cash flow from financing activities decreased by 80.62% year-on-year to 806.85 million yuan, primarily due to a decrease in cash received from borrowings and investments[33] - Net cash flow from operating activities in H1 2024 was RMB 769.66 million, compared to RMB 47.22 million in H1 2023[137] - Cash received from interest and commissions in H1 2024 was RMB 22.90 million, up from RMB 18.86 million in H1 2023[137] - Tax refunds received in H1 2024 amounted to RMB 51.91 million, an increase from RMB 47.85 million in H1 2023[137] - Cash paid for goods and services in H1 2024 was RMB 24.93 billion, down from RMB 29.54 billion in H1 2023[137] - Cash paid for employee wages and taxes in H1 2024 was RMB 1.11 billion and RMB 1.49 billion respectively, compared to RMB 1.03 billion and RMB 1.11 billion in H1 2023[137] - Net cash flow from investing activities in H1 2024 was negative RMB 704.54 million, compared to negative RMB 3.70 billion in H1 2023[137] - Net cash flow from financing activities in H1 2024 was RMB 806.85 million, compared to RMB 4.16 billion in H1 2023[137] - Net increase in cash and cash equivalents in H1 2024 was RMB 815.18 million, up from RMB 483.14 million in H1 2023[137] - Ending cash and cash equivalents balance as of H1 2024 was RMB 3.68 billion, compared to RMB 3.43 billion in H1 2023[137] - Operating cash flow for the first half of 2024 was negative RMB 1,683,087,694.12, a significant decline compared to negative RMB 516,704,631.78 in the same period of 2023[144] - Investment cash flow for the first half of 2024 was negative RMB 563,565,617.33, an improvement from negative RMB 2,825,231,614.25 in the same period of 2023[144] - Financing cash flow for the first half of 2024 was positive RMB 2,476,737,880.04, a decrease from positive RMB 3,379,758,822.87 in the same period of 2023[144] - Cash and cash equivalents at the end of the first half of 2024 were RMB 1,707,892,095.22, a 3.8% decrease from RMB 1,775,713,762.34 at the end of the same period in 2023[144] Assets and Liabilities - Total assets at the end of the reporting period were RMB 45.24 billion, an increase of 5.14% compared to the end of the previous year[12] - Equity attributable to shareholders of the listed company was RMB 13.66 billion, an increase of 2.58% compared to the end of the previous year[12] - Inventory increased by 1.93% to RMB 10,180,895,727.47, accounting for 22.51% of total assets[38] - Short-term borrowings decreased by 2.38% to RMB 5,657,159,180.39[38] - The total assets of Perilya Company as of June 30, 2024, amounted to RMB 9.055 billion, accounting for 27.21% of the company's net assets[39] - The company's financial assets at the beginning of the period were RMB 1,096,274,281.81, with a decrease in fair value of RMB 66,254,017.33 during the period[40] - The company's financial liabilities at the beginning of the period were RMB 180,070,143.16, with a decrease in fair value of RMB 79,905,120.09 during the period[40] - The company's restricted assets at the end of the reporting period amounted to RMB 9,000,448,505.19, including RMB 624,573,091.68 in monetary funds and RMB 4,244,590,602.14 in fixed assets[41][42] - Total assets increased to 45,236,461,013.57 yuan, up from 43,024,515,727.83 yuan at the end of the previous year[134] - Total liabilities rose to 28,220,912,105.80 yuan, compared to 25,909,448,974.83 yuan at the end of the previous year[135] - Shareholders' equity slightly decreased to 17,015,548,907.77 yuan from 17,115,066,753.00 yuan at the end of the previous year[135] - Inventory increased to 10,180,895,727.47 yuan, up from 8,855,612,459.50 yuan at the end of the previous year[134] - Total assets increased to RMB 32.18 billion as of June 30, 2024, up from RMB 30.33 billion at the end of 2023[141] - Current assets rose to RMB 11.20 billion, compared to RMB 9.58 billion at the end of 2023[141] - Non-current assets grew to RMB 20.97 billion, up from RMB 20.75 billion at the end of 2023[141] - Total liabilities increased to RMB 20.01 billion, compared to RMB 18.23 billion at the end of 2023[142] - Current liabilities decreased slightly to RMB 9.41 billion, down from RMB 9.61 billion at the end of 2023[142] - Non-current liabilities rose to RMB 10.60 billion, up from RMB 8.62 billion at the end of 2023[142] - Shareholders' equity increased to RMB 12.17 billion, compared to RMB 12.11 billion at the end of 2023[142] - Inventory grew to RMB 2.27 billion, up from RMB 1.91 billion at the end of 2023[141] - Long-term equity investments increased to RMB 11.83 billion, up from RMB 11.55 billion at the end of 2023[141] - Short-term borrowings decreased to RMB 2.07 billion, down from RMB 2.66 billion at the end of 2023[142] Production and Operations - The company's mining enterprises produced 139,500 tons of lead and zinc concentrate in the first half of 2024, a year-on-year increase of 4.03%[20] - The company's smelting enterprises produced 424,000 tons of copper, lead, and zinc products in the first half of 2024, a year-on-year increase of 4.10%[20] - The company's deep processing enterprises produced 7,600 tons of aluminum profiles and 8,600 tons of mercury-free battery zinc powder in the first half of 2024[20] - As of June 2024, the company's total metal reserves include 6.64 million tons of zinc, 3.08 million tons of lead, and 1.02 million tons of copper[21] - The company completed 16 drilling holes at the Fankou lead-zinc mine, adding 26,000 tons of lead and zinc resources[23] - The company drilled 47 exploration holes at the Panlong mine, upgrading geological reserves by approximately 330,000 tons[24] - The company conducted exploration work at the Broken Hill mine in Australia, focusing on tailings resource investigation[25] - The company's La Yaguaza-Los Sosa porphyry copper deposit in the Dominican Republic shows significant exploration potential[25] - The company directly controls over 10 million tons of proven copper, lead, and zinc resources, with an annual production capacity of approximately 300,000 tons of lead and zinc[26] - The company produced 139,500 tons of lead and zinc metal in concentrate and 424,000 tons of smelted copper, lead, and zinc, representing year-on-year increases of 4.03% and 4.10%, respectively[33] - Revenue from lead, zinc, and copper mining, smelting, and sales increased by 12.98% to RMB 20,163,794,150.19, accounting for 65.86% of total revenue[34] - Revenue from aluminum, nickel, and zinc processing and sales grew by 16.82% to RMB 924,495,893.58[34] - Revenue from non-ferrous metal trade business decreased significantly by 48.14% to RMB 9,679,661,329.72[34] - Revenue from battery and composite materials surged by 150.31% to RMB 678,418,982.52[34] - Mainland China revenue increased by 9.76% to RMB 29,557,797,610.64, accounting for 96.54% of total revenue[34] - Gross profit margin for lead, zinc, and copper mining, smelting, and sales decreased slightly by 0.51% to 7.50%[35] - Gross profit margin for battery and composite materials improved by 5.14% to 15.01%[36] Investments and Financing - The company's investment in the reporting period was RMB 278,340,755.88, a decrease of 92.00% compared to the same period last year[43] - The company's investment in China Great Wall (stock code: 000066) resulted in a loss of RMB 15,957,003.76 during the reporting period[43] - The company's investment in Maccura Biotechnology (stock code: 300463) resulted in a loss of RMB 13,126,997.88 during the reporting period[43] - The company's total investment in derivatives for hedging purposes amounted to 963.43493 million yuan, with a net asset ratio of 8.18%[46] - Zinc derivatives had an initial investment of 269,280.85 thousand yuan, with a final amount of 53,132.2 thousand yuan, accounting for 3.12% of net assets[46] - Copper derivatives showed an initial investment of 599,514.96 thousand yuan, with a final amount of 56,856.78 thousand yuan, representing 3.34% of net assets[46] - The company's total securities investment at the end of the period was 926,537,190.09 yuan, with a net decrease of 53,739,234.66 yuan[45] - The company's investment in public funds amounted to 61,085,397.27 yuan, with a decrease of 654,659.34 yuan[44] - The company's investment in private funds was 32,384,446.48 yuan, with a decrease of 1,400,206.82 yuan[44] - The company's investment in trust products totaled 60,659,286.22 yuan, with an increase of 1,176,103.98 yuan[44] - The company's investment in bank wealth management products was 14,759,231.35 yuan, with a slight decrease of 109,748.96 yuan[45] - The company's investment in asset management plans was 200,040,852.80 yuan, with a decrease of 2,393,787.86 yuan[44] - The company's investment in convertible bonds was 1,336,325.33 yuan, with a decrease of 5,720.81 yuan[44] - The company's hedging activities effectively mitigated the impact of market price fluctuations on profits, achieving the expected hedging effect[47] - The company's derivatives investment is funded by its own capital, with no speculative derivatives investments reported[47][48] - The company's total raised funds amount to 3,800,000,000.00 yuan, with 336,725.36 million yuan already utilized and 41,724.17 million yuan remaining unused[49][50][51] - The investment progress for the Dominican Mining Company's Maimon Mine project is 81.21%, with a total investment of 173,000 million yuan[52] - The Danxia Smelter's zinc slag green upgrade project achieved 92.36% of its investment progress, with a total investment of 141,000 million yuan[52] - The Fankou Lead-Zinc Mine's waste rock resource utilization project has exceeded its investment target, achieving 100.11% progress with a total investment of 16,000 million yuan[52] - The general working capital supplement project has fully utilized its 50,000 million yuan investment, achieving 100% progress[52] - The company successfully issued two tranches of ultra-short-term commercial papers in 2024, totaling 1.6 billion RMB, with interest rates of 2.36% and 1.98% respectively[110] - The company issued four tranches of medium-term notes in 2024, totaling 2.8 billion RMB, with interest rates ranging from 2.29% to 2.94%[111] - The company approved a 1.297 billion RMB investment for the expansion and optimization of the Panlong Lead-Zinc Mine's daily mining and processing capacity to 6,000 tons[112] - The company invested 107.5 million RMB in its subsidiary, Zhongjin Lingnan (Hong Kong) Mining Co., Ltd., to advance the construction of the Dominican mining project[113] - The company participated in the bankruptcy restructuring of 20 companies, including Dongying Fangyuan Nonferrous Metals Co., Ltd., with a total investment of 11.1 billion RMB, resulting in a 63% equity stake in Zhongjin Rongsheng[106] - The company acquired 10.7128% equity in Zhongjin Copper through the purchase of convertible debt, increasing its total equity in Zhongjin Copper from 39.2574% to 49.9702%[107] - The company completed the acquisition of 75% equity in Foshan Precision Alloy Co., Ltd. for 254.85 million RMB, and later increased its stake to 96.565% through additional acquisitions[108] - The company approved a 913 million RMB investment for the expansion of the Shiling East mining section of the Fankou Lead-Zinc Mine, increasing annual mining capacity by 300,000 tons[109] Environmental and Social Responsibility - The company adheres to environmental protection laws and standards, focusing on pollution reduction and energy conservation[69] - Subsidiaries such as Fankou Lead-Zinc Mine, Shaoguan Smelter, and Guangxi Mining have re-applied for national pollutant discharge permits in 2024[70] - Fankou Lead-Zinc Mine's wastewater discharge includes COD, ammonia nitrogen, total mercury, total cadmium, total chromium, total arsenic, and total lead, with all emissions within the permitted limits[71] - Shaoguan Smelter's emissions include particulate matter, SO2, nitrogen oxides, lead compounds, and mercury compounds, all within the permitted limits[73] - Danxia Smelter's wastewater discharge includes COD, ammonia nitrogen, total lead, total cadmium, total arsenic, and total mercury, all within the permitted limits[73] - Danxia Smelter's emissions include particulate matter, SO2, nitrogen oxides, and lead compounds, all within the permitted limits[73] - The company's wastewater treatment achieved compliance

证券代码:000060 证券简称:中金岭南 深圳市中金岭南有色金属股份有限公司 投资者关系活动记录表 编号:2024-07 投资者关系活动 □ 特定对象调研 √分析师会议 类别 □ 媒体采访 □业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 (请文字说明其他活动内容) 参与单位名称及 中信建投证券 人员姓名 时间 2024 年 7 月 16 日 地点 深圳 上市公司接待人 员姓名 董事会秘书黄建民 1、公司矿产资源情况? 公司以资源战略为引领,加快建设"世界一流的多金属国际化全产业 链资源公司",推动高质量发展,实现新跨越。依托国内外两大矿业平台, 加大资源开发、并购与整合力度,加强现有矿权勘查力度,大幅提升公司 国内外铜铅锌等有色金属资源掌控水平。公司直接掌控的已探明的铜铅锌 等有色金属资源总量超千万吨,形成立足国内,走向世界的多金属矿产资 投资者关系活动 源格局,现已具备铅锌采选年产金属量约 30 万吨的生产能力。 主要内容介绍 截至 2023 年底,公司所属矿山保有金属资源量锌 676 万吨,铅 312 万吨,铜 103 万吨,银 5722 吨,金 66 吨,镍 9.24 万吨,镓 7 ...

中金岭南（ [Table_StockNameRptType] 000060） 公司研究/公司点评 铅锌矿扩建+铜矿投产，业绩有望增厚 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

资料来源：公司公告、Wind、国信证券经济研究所整理 证券研究报告 北京 | --- | --- | --- | --- | --- | --- | |-------------------|-------|-------|--------------------------|----------------------------------------------------------------------|-------------------------------| | | | | | | | | 100 90 80 | | | 6,000 5,000 | | 300.00 - 250. 00 | | 70 60 50 40 30 20 | | | 4, 000 3,000 2.000 1,000 | | 200.00 150.00 100.00 - 50. 00 | | 10 0 | | | 0 | 平均价:加工费:锌精矿(50%):广 平均价:加工费:锌精矿(48%):主要港口 右轴 | 0. 00 | | | | | 00 | | 03 | 证券研究报告 | 2024年05月12日 金属价 ...

证券研究报告 | 2024年05月12日 中金岭南（000060.SZ） 增持 金属价格上涨将增厚矿山版块利润 2023 年公司归母净利润同比下降 43%。2023 年公司实现营收 656 亿元 （+18.5%），归母净利润 6.9 亿元（-43.3%），扣非归母净利润 6.43 亿元（-45%），经营性净现金流 15.7 亿元（+45.3%）。2023 年公司盈 利下降主因铅锌价格下跌及铅锌精矿产量下降，2023 年国内锌现货年均 价 21635 元/吨，同比降幅达 14.2%；2023 年公司境内铅锌精矿产量 17.04 万吨，同比下降 6.2%。 从子公司来看，增利主要来自收购的铜冶炼厂-山东中金铜业，2023 年 中金铜业阴极铜产量 40.3 万吨，净利润达 5.5 亿元，上市公司持股比 例 39.26%；减利主要来自子公司佩利雅，2023 年佩利雅净利润亏损 3.01 亿元，去年盈利 5400 万元。 国外铜矿项目将成为重要的盈利增长点。展望 2024 年，多年罕见的铜精 矿低加工费、锌精矿低加工费将给冶炼业务带来一定压力，但是受益于 铜、锌、铅价格上涨，公司精矿产品盈利增加。更远期看，迈蒙矿投产 ...

24Q1 期间费用率环比下降，铜冶炼业务增厚业绩 ➢ 2023 年铅锌精矿产量下降，并表铜冶炼企业增厚业绩 ➢ 2024Q1 期间费用率环比下降 截至 2024/4/30，沪铜/锌/铅期货收盘价分别为 8.22/2.35/1.74 万元/吨， 较年初上涨 19.2%/8.7%/8.7%。受益于金属价格上涨，公司毛利率水平提 升，2024 Q1 公司销售毛利率 4.65%，同比提高 0.16 pct。2024 年公司矿 山企业计划完成精矿铅锌金属量 26.31 万吨，其中铅金属量 8.25 万吨、锌 金属量 18.06 万吨；铜金属量 1.27 万吨，银金属量 106.93 吨，金金属量 280 公斤；冶炼企业计划完成铅锌铜产量 88.57 万吨，其中铅锭 16.03 万 吨，锌锭及锌制品 29.67 万吨，阴极铜 42.87 万吨。 我们预计公司 2024-2026 年归母净利润分别为 9.60/11.30/13.63 亿元， EPS 分别为 0.26/0.30/0.36 元。参考可比公司估值，我们给予公司 2024 年 20 倍 PE，目标价 5.11 元，维持"买入"评级。 | --- | --- | - ...

来源：公司年报、国金证券研究所 4 月 29 日公司发布 24 年一季报，1Q24 实现营收 180.23 亿元，环 比+40.82%，同比+7.33%；归母净利 2.39 亿元，环比扭亏，同比 -25.23%；扣非归母净利 2.35 亿元，环比扭亏，同比-23.94%。 盈利预测&投资评级 市价 (人民币): 4.78元 | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|---------|--------|--------|--------| | 公司基本情况（人民币） \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 55,367 | 65,620 | 74,612 | 84,545 | 91,701 | | 营业收入增长率 | 24.50% | 18.52% | 13.70% | 13.31% | 8.46% | | 归母净利润(百万元 ) | 1,212 | 688 | 885 | 1,040 | 1,228 | | 归母 ...