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藏格矿业:2024年三季报点评:碳酸锂成本优势显著,
Soochow Securities· 2024-10-28 11:31
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance aligns with expectations, with Q1-Q3 2024 revenue at 2.32 billion yuan, down 45% year-on-year, and net profit attributable to shareholders at 1.87 billion yuan, down 37% year-on-year [2] - Lithium production and sales met expectations, with Q1-Q3 2024 lithium carbonate production at 9,278 tons, up 13% year-on-year, and sales at 10,210 tons, up 32% year-on-year [2] - The copper segment maintains high profitability, with Q1-Q3 2024 copper production at 122,000 tons and net profit of 4.3 billion yuan, reflecting a 34% year-on-year increase in investment income [4] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 3.124 billion yuan, a decrease of 40.21% year-on-year, while net profit is expected to be 2.538 billion yuan, down 25.77% year-on-year [1][5] - The average diluted EPS for 2024 is estimated at 1.61 yuan per share, with a P/E ratio of 17.73 [1][5] Lithium Segment - Q3 2024 lithium carbonate production was 3,469 tons, with sales of 2,580 tons, reflecting a 30% decrease in sales compared to the previous quarter [2] - The average sales price for lithium carbonate in Q3 was 76,000 yuan per ton, down 25% quarter-on-quarter, while the average sales cost was 35,000 yuan per ton, down 17% [2] Potash Segment - Q3 2024 potash production was affected by maintenance, with production down 36% quarter-on-quarter and sales down 56% [3] - The average sales price for potash in Q3 was 2,415 yuan per ton, up 8% quarter-on-quarter, while the average sales cost increased by 48% to 1,629 yuan per ton [3] Copper Segment - Q3 2024 copper production increased by 5% quarter-on-quarter, with a net profit of 4.0 million yuan per ton [4] - The company anticipates that the second phase of the copper project will begin trial production in Q1 2026, increasing annual copper production capacity to 300,000-350,000 tons [4] Cash Flow and Capital Expenditure - Operating cash flow for Q1-Q3 2024 decreased by 73% year-on-year, with capital expenditure down 63% [4]
藏格矿业2024年三季报业绩点评:参股铜矿盈利强劲,资源扩张有序展开
股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——藏格矿业 2024 年三季报业绩点评 参股铜矿盈利强劲,资源扩张有序展开 藏格矿业(000408) 金属,采矿,制品 [Table_Industry] /原材料 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 于嘉懿 ( 分析师 ) | 宁紫微 ( 分析师 ) | | | | | | | | 021-38038404 | 021-38038438 | | | | | | | | yujiayi@gtjas.com | ningziwei@gtjas.com | | | | | | | 登记编号 | S0880522080001 | S0880523080002 | | | | | | 本报告导读 ...
藏格矿业(000408) - 藏格矿业投资者关系管理信息
2024-10-27 09:36
证券代码:000408 证券简称:藏格矿业 藏格矿业股份有限公司投资者关系活动记录表 编号:2024-015 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|------------------------------------------------------|-------|--------------------------------------------------|-------|-------|-------|----------------| | | □特定对象调研 □分析师会议 | | | | | | | | 投资者关系 | □媒体采访 | | ■业绩说明会 | | | | | | 活动类别 | □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 称及人员姓 | 线上参与公司 2024 | | 年三季度网上业绩说明 ...
藏格矿业:2024年三季报点评:巨龙持续降本盈利亮眼,三轮驱动成长可期
Minsheng Securities· 2024-10-27 06:00
Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 28.32 CNY [3]. Core Views - The company is expected to benefit from three driving forces: lithium, potassium, and copper, with significant growth potential in all three business segments. The report anticipates limited downside for potassium prices, notable cost advantages in lithium operations, and growth opportunities from the expansion projects in the copper segment [1][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 2.32 billion CNY, a year-on-year decrease of 44.5%, and a net profit attributable to shareholders of 1.87 billion CNY, down 37.1% year-on-year. In Q3 2024 alone, revenues were 560 million CNY, a decline of 59.7% year-on-year and 51.0% quarter-on-quarter [1]. - Lithium production and sales met expectations, with a total of 9,300 tons produced and 10,200 tons sold in the first three quarters of 2024. The average selling price for lithium carbonate fell to 67,000 CNY per ton in Q3 2024, reflecting a significant year-on-year drop of 67.8% [1]. - Potassium chloride sales decreased significantly in Q3 2024, with production and sales of 233,000 tons and 175,000 tons respectively, down 35.9% and 56.3% quarter-on-quarter. The average selling price for potassium chloride was 2,218 CNY per ton in Q3 2024, an increase of 8% from the previous quarter [1]. - Copper production reached 122,000 tons in the first three quarters of 2024, with Q3 production at 41,000 tons, reflecting a 5.7% increase quarter-on-quarter. The net profit from copper operations was 1.65 billion CNY in Q3 2024, with a net profit per ton of 42,000 CNY [1]. Growth Drivers - The company is expanding its lithium production capacity, with plans for a 100,000-ton lithium carbonate production facility at the Marmitsuo Salt Lake, with the first phase of 50,000 tons currently in the permitting process [1]. - In the potassium segment, the company has established a presence in Laos with a planned production capacity of 2 million tons per year, which will double its current capacity upon completion [1]. - The copper segment is expected to see significant growth with the second and third phases of the expansion project at the Giant Dragon Copper Company, projected to increase the company's equity copper production capacity to 185,000 tons by the end of 2025 [1].
藏格矿业(000408) - 2024 Q3 - 季度财报
2024-10-25 10:22
Financial Performance - The company's operating revenue for Q3 2024 was ¥561,981,918.99, a decrease of 59.65% compared to the same period last year[2] - The net profit attributable to shareholders for the same period was ¥570,950,254.74, down 39.42% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥568,962,642.94, reflecting a 40.09% decline compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.3635, down 39.43% year-on-year[2] - Total operating revenue for the current period is CNY 2,323,639,964.17, a decrease of 44.5% compared to CNY 4,189,191,852.89 in the previous period[25] - Net profit for the current period is CNY 1,860,282,559.05, a decline of 37.2% from CNY 2,963,479,857.14 in the previous period[26] - The net profit attributable to shareholders of the parent company is CNY 1,867,944,077.75, down 37.1% from CNY 2,968,524,601.00[26] - The company’s total profit for the current period is CNY 1,951,920,657.37, down from CNY 3,308,253,217.40, reflecting a decline of 41.0%[26] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥612,418,717.18, a significant decrease of 73.13% compared to the same period last year[2] - The cash inflow from operating activities for the current period is CNY 2,977,248,405.68, a decrease of 36% compared to CNY 4,647,021,890.88 in the previous period[27] - The net cash flow from operating activities is CNY 612,418,717.18, significantly down from CNY 2,279,129,286.13 in the same period last year, indicating a decline of approximately 73%[27] - The total cash and cash equivalents at the end of the period is CNY 769,407,535.62, down from CNY 1,199,600,562.52 in the previous year, representing a decline of approximately 36%[28] - The cash inflow from other operating activities increased to CNY 635,547,780.01 from CNY 338,629,596.84, marking an increase of approximately 88%[27] - The company reported a significant reduction in cash flow from sales of goods and services, which totaled CNY 2,249,429,214.54, down 48% from CNY 4,308,392,294.04 in the previous period[27] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥13,872,178,630.50, a decrease of 1.56% from the end of the previous year[2] - The company's total assets decreased to 13,872,178,630.50 CNY from 14,091,584,562.19 CNY at the beginning of the period[23] - Current assets decreased significantly from 3,143,978,232.09 CNY to 1,785,393,271.13 CNY[22] - The company's total liabilities decreased from 1,041,334,695.19 CNY to 672,470,864.76 CNY[23] - The company's retained earnings increased from 8,760,969,504.48 CNY to 8,964,168,655.31 CNY[23] Investment and Projects - The company's long-term equity investments increased by ¥137,456.74 million, a growth of 33.28% year-on-year, primarily due to investment income from Jilong Copper Industry[6] - The company completed the acquisition of a 39% stake in Guoneng Mining for 4.08 billion RMB, which holds mining rights for lithium and potassium resources[18] - The company has made progress on the Xizang Mami Cuo salt lake project, with project approval and mining rights application currently underway[16] - The Laos potassium salt mine project has confirmed potassium salt resources of approximately 984 million tons within a 157.72 square kilometer area, with feasibility and environmental impact reports in progress[17] Sales and Production - The sales volume of potassium chloride products decreased by 28.22%, and the sales price decreased by 15.40%, contributing to a total revenue decline of ¥186,555.19 million, or 44.53% year-on-year[6] - In the first three quarters of 2024, the production of potassium chloride was 756,200 tons, with sales of 715,000 tons, resulting in a revenue of 1,509.54 million RMB, a year-on-year decrease in production of 1.32% and a decrease in sales of 28.22%[14] - Lithium carbonate production reached 9,277.50 tons with sales of 10,210.00 tons, generating a revenue of 806.42 million RMB, reflecting a year-on-year increase in production of 12.84% and sales of 31.56%[14] Shareholder Actions - The company distributed a cash dividend of 2.60 CNY per 10 shares, totaling 408,333,661.32 CNY (including tax) to shareholders[20] - The company plans to repurchase shares with a budget of 150 million to 300 million CNY, adjusting the maximum repurchase price to 35.64 CNY per share[20] - As of the report date, the company has repurchased 3,032,528 shares, accounting for 0.19% of the total share capital, with a total transaction amount of 71,546,438.56 CNY[21]
藏格矿业:董事会决议公告
2024-10-25 10:22
证券代码:000408 证券简称:藏格矿业 公告编号:2024-072 藏格矿业股份有限公司 第九届董事会第十六次(临时)会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 藏格矿业股份有限公司(以下简称"公司")第九届董事会第十六次(临时) 会议通知及会议议案资料于2024年10月21日以邮件、电子通讯等方式送达第九届 董事会全体董事和列席人员。会议采取现场结合通讯方式于2024年10月25日在成 都市高新区天府大道北段1199号2栋19楼会议室召开。会议应到董事9名,实到董 事9名。会议由董事长肖宁先生主持,董事钱正先生、方丽女士、张萍女士、朱 建红女士以及独立董事王作全先生、胡山鹰先生采取通讯方式参加会议。公司全 体监事、部分高级管理人员列席了会议。本次会议召集召开符合《公司法》及《公 司章程》的有关规定,会议合法、有效。 二、董事会会议审议情况 本议案已经公司第九届董事会审计委员会第十次会议审议通过,并同意提交 至董事会进行审议。 (二)审议通过了《关于公司及全资子公司开展融资提款业务的议案》 公司已于 2024 年 8 ...
藏格矿业:监事会决议公告
2024-10-25 10:22
证券代码:000408 证券简称:藏格矿业 公告编号:2024-073 藏格矿业股份有限公司 经认真审阅,监事会认为:董事会编制和审议公司《2024 年第三季度报告》 的程序符合法律、行政法规、深圳证券交易所及《公司章程》的相关规定。公司 《2024 年第三季度报告》内容真实、准确、完整地反映了公司 2024 年第三季度 的经营成果和财务状况,不存在任何虚假记载、误导性陈述或者重大遗漏。具体 内容详见公司同日刊登于巨潮资讯网(http://www.cninfo.com.cn)上的《2024 年 第三季度报告》。 表决结果:同意 3 票,反对 0 票,弃权 0 票。 三、备查文件 第九届监事会第十二次(临时)会议决议。 特此公告。 第九届监事会第十二次(临时)会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整,没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 藏格矿业股份有限公司(以下简称"公司")第九届监事会第十二次(临时) 会议通知及会议议案材料于 2024 年 10 月 21 日以邮件、电子通讯等方式送达第 九届监事会全体监事和其他列席人员。会议采取现场结合通讯方式于 2 ...
藏格矿业:关于召开2024年第三季度网上业绩说明会的公告
2024-10-25 10:22
藏格矿业股份有限公司(以下简称"公司")于 2024 年 10 月 26 日在巨潮资 讯网(http://www.cninfo.com.cn)披露了《2024 年第三季度报告》。 为便于广大投资者进一步了解公司 2024 年前三季度经营情况,公司定于 2024 年 10 月 27 日(星期日)下午 3:00 至 5:00 在"藏格矿业投资者关系"小程 序举行 2024 年第三季度网上业绩说明会。 本次网上业绩说明会将采用网络远程的方式举行,投资者可登录"藏格矿业 投资者关系"小程序参与互动交流。为广泛听取投资者的意见和建议,公司提前 向投资者征集问题,提问通道自发出公告之日起开放。 证券代码:000408 证券简称:藏格矿业 公告编号:2024-074 藏格矿业股份有限公司 关于召开2024年第三季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 特此公告。 藏格矿业股份有限公司董事会 2024年10月26日 参与方式一:在微信小程序中搜索"藏格矿业投资者关系"; 2 参与方式二:微信扫一扫以下二维码: 投资者依据提示,授权登录"藏格矿业投 ...
藏格矿业:关于实际控制人解除监视居住的公告
2024-10-14 11:27
证券代码:000408 证券简称:藏格矿业 公告编号:2024-070 特此公告。 藏格矿业股份有限公司董事会 2024年10月15日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚 假记载、误导性陈述或重大遗漏。 藏格矿业股份有限公司(以下简称"公司")于2024年4月16日披露了《关于 实际控制人被采取强制措施的公告》(公告编号:2024-025),公司实际控制人肖 永明先生被自贡市公安局采取监视居住措施,涉及事项与公司无关,对公司日常 生产经营不构成影响。 近日,公司收到实际控制人肖永明先生家属的通知,自贡市公安局已解除对 肖永明先生的监视居住措施。 公司指定信息披露媒体为《中国证券报》《上海证券报》《证券时报》《证券 日报》和巨潮资讯网(http://www.cninfo.com.cn),公司所有信息均以上述指定媒 体刊登的公告为准。敬请广大投资者理性投资,注意投资风险。 藏格矿业股份有限公司 关于实际控制人解除监视居住的公告 1 ...
藏格矿业:关于国能矿业39%股权完成工商变更登记的公告
2024-10-14 07:47
关于国能矿业39%股权完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 一、交易概述 2023 年 11 月 9 日、2024 年 9 月 27 日,藏格矿业股份有限公司(以下简称 "公司")全资子公司藏格矿业投资(成都)有限公司参与投资的西藏藏青新能源 产业发展基金合伙企业(有限合伙)(以下简称"西藏藏青基金")分别与西藏金 泰工贸有限责任公司、宁波东义永睿创业投资合伙企业(有限合伙)签署了《关 于西藏国能矿业发展有限公司 34%股权之股权转让协议》《关于西藏国能矿业发 展有限公司 5%股权之股权转让协议》,西藏藏青基金分别以现金 40.8 亿元人民 币、6 亿元人民币购买前述主体持有的西藏国能矿业发展有限公司(以下简称"国 能矿业")合计 39%的股权。具体内容详见公司在巨潮资讯网(http://www.cninfo. com.cn)披露的《关于产业发展基金收购国能矿业股权的进展公告》(公告编号: 2023-060)、《关于产业发展基金收购国能矿业股权的进展公告》(公告编号:202 4-066)。 证券代码:000408 证券简称:藏格 ...