Summary of Zangge Mining's 3-Quarter Economic Exchange Meeting 2024 Company Overview - **Company**: Zangge Mining - **Meeting Date**: 3rd Quarter of 2024 Key Financial Performance - **Gross Profit**: 8.68 billion yuan in Q3 2024, with a deductible profit of 8.47 billion yuan [1] - **Q3 Performance**: Gross profit of 5.71 billion yuan and deductible profit of 5.69 billion yuan [1] - **Net Income (First Three Quarters)**: 15.101 billion yuan [1] - **Production and Sales**: - Net production: 75.62 million tons - Sales: 71.50 million tons - Approximately 70% of the overall production and sales plan completed [1] Carbon Dioxide Production - **Income from Carbon Dioxide**: 8.06 billion yuan in the first three quarters [2] - **Production Volume**: 9,277 tons with sales of 10,210 tons [2] - **Cost Reduction**: Average cost of carbon dioxide decreased by 14% to 35,000 yuan per ton compared to the first half of the year [2] G-Long Project Updates - **Investment Contribution**: G-Long contributed 3.63 billion yuan [2][3] - **Project Progress**: G-Long II approved by the government; construction of mining facilities is underway [2][3] - **Future Capacity**: Planned increase in selection scale by 200,000 tons per day, raising total production from 150,000 to 200,000 tons [3] Resource Reserves - **Copper and Metal Resources**: Total resource in the giant copper mine reached 25.88 million tons [4] - **Mameituo Salt Lake Project**: Project approval and issuance are in progress [4] Cash Dividend and Share Repurchase - **Cash Dividend**: 2.6 yuan per share, totaling 4.08 billion yuan planned for distribution [5] - **Share Repurchase**: 3.03 million shares repurchased as part of a marketing strategy [5][6] Challenges and Market Conditions - **Production Decline**: Noted decline in production and sales of certain products due to climate changes and global warming [7] - **Cost Increases**: Steady increase in costs attributed to infrastructure upgrades and maintenance [8][15] Future Outlook - **Production Targets**: Anticipated completion of production targets for the year, with adjustments based on market conditions [14] - **Cost Management**: Limited room for further cost reductions; reliance on technological optimization for future cost management [15] Additional Insights - **Mining Rights**: Ongoing efforts to secure mining rights and approvals for various projects [9][10] - **Market Predictions**: Stable price expectations for key products, with potential fluctuations based on international market dynamics [19] Conclusion - The meeting highlighted Zangge Mining's strong financial performance in Q3 2024, ongoing project developments, and strategic initiatives for cost management and shareholder returns. The company remains focused on achieving its production targets while navigating market challenges and optimizing operational efficiencies.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [13]. Core Views - The company's performance is under short-term pressure due to declining prices of key products such as potassium and lithium, with a significant drop in revenue and net profit reported for the first three quarters of 2024 [2][4]. - The future potential of the Jilong Copper Mine is highlighted, with expectations for increased production and investment returns as the second phase of the project progresses towards trial production in early 2026 [4][7]. - The company is advancing various key projects, which are expected to enhance its resource reserves, particularly in potassium and lithium [5][7]. Financial Performance Summary - For 2024, the company is projected to generate revenues of 3.19 billion yuan, a decrease of 38.9% year-on-year, with a net profit of 2.45 billion yuan, down 28.5% [7]. - The company's operating income for the first three quarters of 2024 was reported at 2.32 billion yuan, a decline of 44.53% year-on-year, with a net profit of 1.87 billion yuan, down 37.08% [2][4]. - The cash flow from operating activities showed a significant decrease of 73.13% year-on-year, while investment activities generated a positive cash flow, increasing by 111.94% [3]. Product Sales and Pricing Summary - The sales volume of potassium chloride decreased by 28.22% year-on-year, with an average selling price of 2,301.21 yuan per ton, down 15.40% [2]. - The sales volume of lithium carbonate increased by 31.56% year-on-year, but the average selling price fell sharply by 63.73% to 89,250.72 yuan per ton [2]. Project Development Summary - The company has made progress in its projects, including securing potassium salt reserves in Laos and advancing lithium projects in Tibet, which are expected to significantly enhance its resource base [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The potassium and lithium sector remains sluggish, while copper mining investment returns continue to grow [1] - The company reported a significant decline in revenue and net profit for Q3 2024, with revenue at 562 million yuan, down 59.65% year-on-year, and net profit at 571 million yuan, down 39.42% year-on-year [1][4] - Despite the downturn in potassium and lithium prices, the company maintains a cost advantage in lithium extraction from salt lakes, and future growth in lithium and potassium production is expected [4] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved revenue of 2.324 billion yuan, a decrease of 44.53% year-on-year, and a net profit of 1.868 billion yuan, down 37.08% year-on-year [1][4] - The average selling price of potassium chloride decreased by 15.40% year-on-year, while sales costs increased by 16.84% [1] Production and Sales - Potassium chloride production for the first three quarters of 2024 was 756,200 tons, up 1.32% year-on-year, but sales dropped by 28.22% to 715,000 tons [1] - Lithium carbonate production for the same period was 9,277.5 tons, an increase of 12.84% year-on-year, with sales reaching 10,210 tons, up 31.56% year-on-year [1] Future Outlook - The company forecasts revenues of 3.307 billion yuan, 3.730 billion yuan, and 4.720 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.545 billion yuan, 2.768 billion yuan, and 3.267 billion yuan [4][6] - The company is expected to benefit from the expansion of copper production capacity at the Jilong Copper Mine, with copper production projected to reach 300,000 to 350,000 tons annually after the second phase is completed by the end of 2025 [2][3]

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：2024-016 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|--------------------------------|--------------------------------|----------------------------------------------|-------|--------------------------------------------------------|-------|-------|-------| | | □特定对象调研 □分析师会议 | | | | | | | | | | □媒体采访 | □业绩说明会 | | | | | | | | 投资者关系 活动类别 | □新闻发布会 □路演活动 | | | | | | | | | | □现场参观 | | | | | | | | | | ■其他 （电话会议） | | | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is in line 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 maintained 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 to be 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 company has significantly reduced costs, leading to an upward revision of profit forecasts for 2024-2026, with net profits expected to be 2.54 billion yuan, 2.73 billion yuan, and 4.26 billion yuan respectively [5] Lithium Segment - In Q3 2024, lithium carbonate revenue was 1.7 billion yuan, with an average selling price of 76,000 yuan per ton, down 25% quarter-on-quarter [2] - The average sales cost for lithium carbonate in Q3 was 35,000 yuan per ton, a decrease of 17% quarter-on-quarter [2] Potash Segment - Potash production in Q1-Q3 2024 was 760,000 tons, down 1.3% year-on-year, with sales down 28% [3] - The average selling price for potash in Q3 was 2,415 yuan per ton, an increase of 8% quarter-on-quarter [3] Copper Segment - The company’s copper production in Q1-Q3 2024 was 122,000 tons, with a net profit of 4.3 billion yuan, reflecting a strong performance [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 was 600 million yuan, down 73% year-on-year, with capital expenditure of 90 million yuan, down 63% [4]

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]

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 ...

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 ...

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].

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]