Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 35.81 CNY per share [5]. Core Views - The company experienced a significant decline in revenue due to falling prices of potassium chloride and lithium carbonate, but investment income from its stake in Jilong Copper Industry reached a new high [2][3]. - The company’s revenue for 2024 was 3.251 billion CNY, a decrease of 37.79% year-on-year, while net profit attributable to shareholders was 2.580 billion CNY, down 24.56% year-on-year [1][4]. - The company is set to change its controlling shareholder to Zijin International, which is expected to enhance resource development and operational synergy [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 927 million CNY, a year-on-year decrease of 10.55% but a quarter-on-quarter increase of 64.98%. Net profit for the same quarter was 712 million CNY, up 57.76% year-on-year and 24.71% quarter-on-quarter [1]. - The average selling prices for potassium chloride and lithium carbonate were approximately 2,115 CNY/ton and 75,200 CNY/ton, reflecting year-on-year declines of 14.9% and 60.8%, respectively [2]. Investment Income - The investment income from Jilong Copper Industry was 1.928 billion CNY, marking a year-on-year increase of 48.7%. The copper concentrate production for the year was 166,300 tons [2]. - The second phase of the Jilong Copper Mine expansion is expected to be completed by the end of 2025, with an annual copper production capacity of 300,000 to 350,000 tons [2]. Future Outlook - The report projects net profits for 2025, 2026, and 2027 to be 3.028 billion CNY, 4.369 billion CNY, and 5.175 billion CNY, respectively, indicating a recovery in profitability [4]. - The company’s revenue is expected to grow by 10% in 2025, following the decline in 2024 [4].

藏格矿业（000408） 2024 年年报点评：Q4 钾锂销量双升，铜矿盈 利维持高位 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5226 | 3251 | 3113 | 4749 | 7987 | | 同比（%） | (36.22) | (37.79) | (4.25) | 52.58 | 68.17 | | 归母净利润（百万元） | 3420 | 2580 | 2725 | 3499 | 5425 | | 同比（%） | (39.52) | (24.56) | 5.64 | 28.40 | 55.04 | | EPS-最新摊薄（元/股） | 2.18 | 1.64 | 1.74 | 2.23 | 3.46 | | P/E（现价&最新摊薄） | 16.44 | 21.79 | 20.63 | 16.07 | 10.36 | [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：产 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [13]. Core Views - The decline in potash and lithium prices has negatively impacted the company's performance, with a reported revenue of 3.251 billion yuan in 2024, a year-on-year decrease of 37.79%. The net profit attributable to the parent company was 2.580 billion yuan, down 24.56% year-on-year [1][5]. - The company's growth potential is significantly bolstered by the Giant Dragon Copper Mine, which contributed 1.928 billion yuan to the net profit, accounting for 74.72% of the total [5]. - Future projects in the potash and lithium sectors are progressing steadily, with significant growth potential anticipated from the Ma Mi Cuo and Laos projects [5]. Financial Summary - **2024 Financial Performance**: - Total revenue: 3,251 million yuan, down 37.79% year-on-year - Net profit: 2,580 million yuan, down 24.56% year-on-year - Fourth-quarter revenue: 927 million yuan, down 10.55% year-on-year, but up 64.98% quarter-on-quarter - Fourth-quarter net profit: 712 million yuan, up 57.76% year-on-year, and up 24.71% quarter-on-quarter [1][5]. - **Future Financial Projections**: - Expected revenues for 2025-2027 are projected at 3.258 billion yuan, 3.391 billion yuan, and 3.391 billion yuan respectively, with net profits expected to rise to 3.240 billion yuan, 5.119 billion yuan, and 5.498 billion yuan [6]. - Earnings per share (EPS) is projected to increase from 1.64 yuan in 2024 to 3.50 yuan by 2027 [6]. - **Valuation Metrics**: - Price-to-earnings (P/E) ratio is expected to decrease from 22 in 2024 to 10 by 2027, indicating improved valuation as earnings grow [6]. - The target price for the stock is set at 39.2 yuan, based on a 19 times valuation for 2025 [5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7]. Core Views - The company is expected to benefit from three driving forces: potassium, lithium, and copper, with significant growth potential. The cost advantage in lithium extraction from salt lakes is notable, and the expansion projects for the giant dragon copper segment are progressing steadily. The copper segment shows significant earnings elasticity, and with Zijin Mining's involvement, project timelines may exceed expectations. The projected net profits for 2025-2027 are 2.93 billion, 4.97 billion, and 6.71 billion yuan, respectively, corresponding to PE ratios of 19, 11, and 8 based on the closing price on March 28 [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.25 billion yuan, a decrease of 37.8% year-on-year, and a net profit attributable to shareholders of 2.58 billion yuan, down 24.6% year-on-year. The fourth quarter of 2024 saw a revenue of 930 million yuan, a year-on-year decrease of 10.6%, but a quarter-on-quarter increase of 65.0%, with a net profit of 710 million yuan, up 57.8% year-on-year and 24.7% quarter-on-quarter [1]. Lithium Segment - The company met its annual production target for lithium, producing 11,600 tons of lithium carbonate in 2024, a decrease of 4.1% year-on-year, while sales increased by 31.7% to 13,600 tons. The average market price for battery-grade lithium carbonate in 2024 was 90,000 yuan, down 64.6% year-on-year, with the company's selling price at 75,000 yuan, a decrease of 60.8% [2]. Potassium Segment - The potassium chloride production and sales reached 1.07 million and 1.04 million tons, respectively, in 2024, with a significant recovery in Q4 sales, which increased by 88.7% quarter-on-quarter. The average market price for potassium chloride was 2,519 yuan, down 14.8% year-on-year, while the company's selling price was 2,115 yuan, a decrease of 14.9% [3]. Copper Segment - The giant dragon copper segment produced 166,000 tons in 2024, with a net profit of 6.26 billion yuan, achieving a net profit per ton of approximately 38,000 yuan. The average LME copper price was 9,271 USD per ton, up 8.8% year-on-year. The company holds a 30.78% stake in the giant dragon, contributing 1.93 billion yuan in investment income in 2024 [4]. Employee Stock Ownership Plan - The company announced a second employee stock ownership plan to enhance management and employee motivation, with performance targets set for 2025-2027 based on net profit growth and project milestones [5].

藏格矿业（000408.SZ）2024 年年报点评 铜矿业绩贡献再创新高，期待巨龙扩产落地 2025 年 03 月 30 日 ➢ 钾：Q4 销量大幅恢复，成本恢复正常水平。1）量：24 年氯化钾产销 107、104 万 吨，完成年度产量目标，其中 24Q4 产量 31.7 万吨，环比+35.7%，销量 33.0 万吨，环 比+88.7%，Q4 销量大幅恢复；2）价：24 年国内氯化钾市场价 2519 元，同比-14.8%， 公司 24 年氯化钾不含税销售均价 2115 元，同比-14.9%；3）本：24 年单吨生产成本 1167 元，同比+7.1%，其中 24Q4 单吨生产成本 1072 元，环比-555 元，我们预计主要 由于 Q3 盐田一次性绿色矿山投入较高，Q4 钾肥成本恢复正常。 ➢ 铜：巨龙 Q4 单吨净利约 4.1 万，投资收益亮眼。1）量：24 年巨龙铜产量 16.6 万 吨，其中 24Q4 产量 4.4 万吨，环比+8.0%；2）价&利：24 年 LME 铜均价 9271 美元/ 吨，同比+8.8%，凭借优秀的控本能力，巨龙铜业实现净利润 62.6 亿元，单吨净利约 3.8 万元，其中 24Q ...

年报数据显示，报告期内，藏格矿业销售氯化钾实现收入22.10亿元，销售碳酸锂实现收入10.22亿元； 参股公司巨龙铜业贡献投资收益19.28亿元。 具体来看，一方面扎实推进氯化钾稳产保供与成本管理。报告期内，藏格矿业积极响应国家对保障粮食 安全号召，主动上调氯化钾生产计划至年产量105万吨。报告期内，公司实际生产氯化钾107.30万吨， 完成率达102.19%；实际销售104.49万吨，完成率为100.28%。 2024年，面对外部氯化钾的价格波动，公司在"降能耗、提效率"上下功夫，实现全年氯化钾平均销售价 格(含税)2305.66元/吨，销售成本1167.06元/吨，公司最近三年氯化钾平均销售成本稳定在合理水平，夯 实了氯化钾业务作为业绩"压舱石"的地位。 另一方面，藏格矿业精研生产工艺与科学统筹产销并进，周期波动下持续夯实碳酸锂成本优势。报告期 内，公司围绕碳酸锂生产工艺，尤其在吸附工艺环节开展优化。报告期内，公司实现碳酸锂产量11566 吨，销量13582吨。报告期内，公司碳酸锂平均售价(含税)为8.50万元/吨，平均销售成本4.10万元/吨， 毛利率为45.44%。同时，公司被指定为广期所碳酸锂期货交 ...

2024年，藏格矿业参股公司巨龙铜业生产铜精矿16.63万吨，实现投资收益约19.28亿元，占归母净利润 的74.72%，投资收益同比增加6.31亿元，增幅48.72%。据了解，巨龙铜矿二期改扩建工程预计2025年底 投产，达产后一二期合计年采选矿石量将超过1亿吨，年矿产铜将达30万-35万吨，届时归属藏格矿业权 益的矿产铜产能将实现翻倍以上增长。 ESG评级持续提升"分红+回购"组合拳增强投资者回报 立足青藏高原，藏格矿业坚持做盐湖资源开发的长期主义者，将社会责任融入企业价值观和实践，把帮 扶结对、捐款捐物、关注乡村教育作为助力乡村振兴、回馈社会的重要举措，修建"新华村幸福互助 院"、推行"藏格矿业益行红光"项目，践行商业向善。提升老挝项目本地化雇佣率，改善当地就业状 况，助力"一带一路"共建国家的发展与建设。推动企业发展与社会责任同频共振，藏格矿业获得2024中 国制造业上市公司社会责任五星金奖和金曙光社会责任奖等多项荣誉。 钾锂业绩韧性十足，铜矿板块贡献利润创新高，藏格矿业（000408）2024年度归母净利润超25亿元，高 质量发展不断迸发新动能。 今年年初，紫金矿业（601899）收购藏格矿业在市场 ...

2025年3月29日，藏格矿业(000408.SZ)发布2024年年度报告。截至2025年3月28日，共有135个机构投资 者披露持有藏格矿业A股股份，合计持股量达8.40亿股，占藏格矿业总股本的53.14%。其中，前十大机 构投资者包括西藏藏格创业投资集团有限公司、宁波梅山保税港区新沙鸿运投资管理有限公司、四川省 永鸿实业有限公司、香港中央结算有限公司、招商证券股份有限公司、广发证券股份有限公司、申万宏 源证券有限公司、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金、浙江 浙期实业有限公司、嘉实沪深300ETF，前十大机构投资者合计持股比例达51.53%。相较于上一季度， 前十大机构持股比例合计下跌了0.91个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即东财有色增强A，持股增加占比小幅上 涨。本期较上一季度持股减少的公募基金共计6个，主要包括华泰柏瑞沪深300ETF、中邮核心优势灵活 配置混合A、招商和悦稳健养老一年持有期混合(FOF)A、粮食ETF、建信中证农牧主题ETF等，持股减 少占比达0.11%。本期较上一季度新披露的公募基金共计102个，主要包括嘉实 ...

藏格矿业股份有限公司 2024年度内部控制评价报告 藏格矿业股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合本公司（以下简称公司）内部控制 制度和评价办法，在内部控制日常监督和专项监督的基础上，我们对公司截至 2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化可 能导致内部控制变得不恰当，或对控制政策和程序遵循的 ...

藏格矿业股份有限公司 2024 年度财务决算报告 藏格矿业股份有限公司（以下简称"公司"或"藏格矿业"）聘请天衡会计 师事务所（特殊普通合伙）（以下简称"天衡所"）为公司 2024 年度财务报告 审计机构，天衡所对公司 2024 年度财务报告出具了标准无保留意见的审计报告。 一、2024 年度公司财务决算方案的情况说明 公司以持续经营为基础，根据实际发生的交易和事项，按照《企业会计准则》 和其他各项具体会计准则及《公司财务管理制度》等的规定，进行确认和计量， 在此基础上编制财务决算方案。本方案真实、完整地反映了公司的财务状况、经 营成果和现金流量等有关信息。 二、主要财务数据及财务指标 单位：元 | 项 | 目 | 2024 年 | 2023 年 | 变动额 | 变动比例 | | --- | --- | --- | --- | --- | --- | | 营业收入 | | 3,250,800,389.88 | 5,225,721,163.41 | -1,974,920,773.53 | -37.79% | | 营业成本 | | 1,790,881,790.62 | 1,816,172,924.47 | -25 ...