证券代码：000408 证券简称：藏格矿业 公告编号：2024-054 藏格矿业股份有限公司 关于召开2024年第一次临时股东大会的提示性公告 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"）第九届董事会第十四次会议决 定于 2024 年 8 月 26 日（星期一）在成都市高新区天府大道北段 1199 号 2 栋 19 楼会议室以现场与网络表决相结合的方式召开 2024 年第一次临时股东大会，具 体内容详见公司于 2024 年 8 月 10 日在巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于召开 2024 年第一次临时股东大会的通知》（公告编号：2024-047）。 为维护广大投资者的合法权益，方便公司各位股东行使股东大会表决权，现将公 司召开 2024 年第一次临时股东大会的有关事项提示如下： 一、召开会议的基本情况 1、会议届次：2024 年第一次临时股东大会。 2、会议召集人：公司第九届董事会。 3、会议召开的合法、合规性：公司第九届董事会第十四次会议审议通过了 《关于召开公司 202 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [3]. Core Insights - The company's revenue and profit showed significant improvement in Q2 2024, with a Q2 revenue of 1.15 billion yuan, a year-on-year decline of 19.4% but a quarter-on-quarter increase of 86.8% [2]. - The company achieved a net profit of 770 million yuan in Q2 2024, down 30.6% year-on-year but up 45.1% quarter-on-quarter [2]. - The report highlights the recovery in potassium chloride sales and substantial growth in investment income from the copper mining sector [2][3]. Financial Performance Summary - For H1 2024, the company reported total revenue of 1.762 billion yuan, a year-on-year decrease of 37.0%, and a net profit of 1.297 billion yuan, down 36.0% year-on-year [2]. - The average price of potassium chloride was 2,265.4 yuan/ton, reflecting a 26.5% year-on-year decline, while sales volume for potassium chloride reached 540,000 tons, down 8.4% year-on-year [2]. - The company’s investment income from Jilong Copper Industry reached 860 million yuan in H1 2024, marking a 46.1% year-on-year increase [2]. Project Development Summary - The Mali Mico Salt Lake project is progressing with the completion of site selection and preliminary land leveling [3]. - The Laos project has received government approval for its exploration report, estimating a total potassium salt resource of 6.285 billion tons, including 970 million tons of potassium chloride [3]. - The company is advancing the acquisition of a 34% stake in Tibet Zangqing Fund, with the second payment completed as per the agreement [3]. Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 3.47 billion yuan, 3.69 billion yuan, and 4.34 billion yuan, respectively [6]. - Expected net profits for the same years are 2.59 billion yuan, 2.87 billion yuan, and 3.99 billion yuan, with corresponding EPS of 1.64 yuan, 1.82 yuan, and 2.52 yuan [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with revenue of 1.76 billion yuan, a decrease of 37% year-on-year, and a net profit attributable to shareholders of 1.3 billion yuan, down 36% year-on-year [3] - The company maintains a significant cost advantage in lithium production, with H1 2024 lithium carbonate production reaching 5,809 tons, completing 55% of the annual target, and sales of 7,630 tons, completing 73% of the annual target [3] - Copper price increases have led to substantial investment returns, with the company's associate, Jilong Copper, producing 81,000 tons of copper in H1 2024, generating revenue of 6.1 billion yuan and a net profit of 2.8 billion yuan [4] - The company has announced a mid-term cash dividend of 4.08 billion yuan, continuing its trend of mid-term dividends for three consecutive years, and a share buyback plan of 150-300 million yuan [4] Financial Performance Summary - H1 2024 revenue was 1.76 billion yuan, down 37% year-on-year, with Q2 revenue at 1.15 billion yuan, down 19% year-on-year but up 87% quarter-on-quarter [3] - H1 2024 net profit attributable to shareholders was 1.3 billion yuan, down 36% year-on-year, with Q2 net profit at 770 million yuan, down 31% year-on-year but up 45% quarter-on-quarter [3] - The average selling price of lithium carbonate in H1 2024 was 94,000 yuan/ton, down 64% year-on-year, while the average sales cost was 41,300 yuan/ton, down 0.4% [3] - The company expects net profits for 2024-2026 to be 2.27 billion, 2.49 billion, and 3.41 billion yuan respectively, reflecting a year-on-year change of -34%, +10%, and +37% [4]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company's profitability is under pressure due to declining prices of potassium and lithium, while investment returns from copper mining are increasing [2] - The company reported a significant decrease in revenue and net profit for the first half of 2024, with revenue at 1.762 billion yuan, down 37% year-on-year, and net profit at 1.297 billion yuan, down 35.99% year-on-year [2][4] - Despite the current challenges, the company is expected to see long-term growth due to its cost advantages in lithium extraction and the expansion of copper production [4] Summary by Sections Production and Sales - Potassium chloride production for the first half of 2024 was 522,800 tons, a year-on-year increase of 1.47%, while sales were 540,100 tons, down 8.41% year-on-year [2] - Lithium carbonate production was 5,809 tons, up 28.89% year-on-year, and sales were 7,630 tons, up 56.83% year-on-year [2] Financial Performance - The average selling price of potassium chloride (including tax) was 2,265.41 yuan/ton, down 26.52% year-on-year, while the average cost of sales was 1,075.01 yuan/ton, up 6.27% year-on-year [2] - The company’s revenue from potassium chloride was 1.122 billion yuan, down 32.70% year-on-year, with a gross margin of 48.28%, down 15.95 percentage points [2] Future Outlook - Revenue projections for 2024-2026 are 3.515 billion yuan, 3.950 billion yuan, and 4.980 billion yuan respectively, with net profits of 2.705 billion yuan, 2.937 billion yuan, and 3.467 billion yuan [4] - The company is expected to benefit from the expansion of the Jilong copper mine, which is projected to significantly increase copper production [3][4] Project Developments - The company is advancing the construction of the Marmicuo salt lake project and the potassium salt project in Laos, with significant resources identified [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next 6-12 months [3][5]. Core Insights - The company's revenue for the first half of 2024 was CNY 1.762 billion, a decrease of 37.0% year-on-year, while the net profit attributable to shareholders was CNY 1.297 billion, down 36.0% year-on-year [2]. - The decline in revenue and profit is attributed to falling prices of potassium chloride and lithium carbonate, which saw average selling price drops of 26.5% and 63.9% respectively [2]. - Despite the challenges in the potassium and lithium sectors, the investment income from the company's stake in Jilong Copper Industry increased significantly, with a net profit of CNY 2.778 billion, up 46.1% year-on-year [2][3]. - The company is actively expanding its potassium and lithium resource base, with significant resources identified in Laos and ongoing developments in Tibet [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of CNY 1.147 billion, a year-on-year decrease of 19.4% but a quarter-on-quarter increase of 86.7% [2]. - The gross margin for H1 2024 decreased by 22.1 percentage points to 49.1% due to lower prices of key products [2]. Resource Development - The company has confirmed a total potassium chloride resource of 970 million tons in Laos, with over 79% classified as proven and controlled [2]. - The lithium resource project in the Mami Cuo salt lake is progressing, with infrastructure development underway [2]. Profit Forecast - The report projects net profits for the company to be CNY 2.515 billion, CNY 3.028 billion, and CNY 4.369 billion for 2024, 2025, and 2026 respectively [3].

关于回购股份事项前十名股东 和前十名无限售条件股东持股情况的公告 证券代码：000408 证券简称：藏格矿业 公告编号：2024-053 藏格矿业股份有限公司 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。 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的持股数量。 二、前十名无限售条件的股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占总股本的比例 | | --- | --- | --- | --- | | 1 | 西藏藏格创业投资集团有限公司 | 361,588,493 | 22.88% | | 2 | 宁波梅山保税港区新沙鸿运投资管理有限 | 271,921,719 | 17.21% | | | 公司 | | | | 3 | 肖永明 | 155,643,647 | 9.85% | | 4 | 四川省永鸿实业有限公司 | 72,042,679 | 4.56% | | 5 | 香港中央结算有限公司 | 24,589,772 | 1.56% | | 6 | 浙江弘悦私募基金管理有限公司－弘悦晟 | 18,602,258 | 1.18% ...

Group 1: Production and Sales Plans - The company plans to produce 1 million tons of potassium chloride and sell 1.04 million tons in 2024, achieving 52.28% of the annual production target with 522,800 tons produced in the first half of the year [2] - The company aims to produce and sell 10,500 tons of lithium carbonate in 2024, with 5,809 tons produced in the first half, reaching 55.32% of the annual production target [2] - The sales volume of lithium carbonate in the first half was 7,630 tons, achieving 72.67% of the annual sales target [2] Group 2: Project Developments - The company is progressing with the mining rights application for the Mami Cuo project, pending approval from the regional government [2] - The Laos project has an estimated total potassium salt resource of 6.285 billion tons, with over 79% classified as proven and controlled resources [3] - The construction period for the Laos project is expected to be 36 months, with work commencing after obtaining the mining license [3] Group 3: Cost Management and Pricing - The company is focused on cost reduction through technical research and process optimization [2] - The pricing of old brine is dynamically adjusted based on the market price of lithium carbonate [3] - The increase in lithium carbonate costs in Q2 compared to Q1 was due to adjustments in brine water pricing and cost differences from the previous quarter [3] Group 4: Strategic Planning - The company aims to leverage its experience in high-altitude resource extraction and maintain a leading position in lithium extraction from salt lakes [3] - Future dividend plans will consider the funding needs of ongoing projects while ensuring normal operations and long-term development [3]

Summary of Conference Call Transcript Company and Industry Involved - The document pertains to a company involved in the production and sale of carbonate products, specifically focusing on carbonates with a reported quantity of 5809 tons. Core Points and Arguments - The company reported a year-on-year increase in carbonate quantity sold by 28.89% [1] - The average sales cost of carbonates was noted to be 41,300 yuan per ton, which represents a year-on-year decrease of 0.44% [1] - The company is actively expanding its downstream market by securing long-term clients and enhancing the proportion of long-term customers [1] Other Important but Possibly Overlooked Content - The focus on increasing the share of long-term customers indicates a strategic shift towards building sustainable relationships in the market, which may enhance revenue stability in the future [1]

Summary of Conference Call Records Company Overview - The conference call discusses the performance and outlook of Cangge Mining, focusing on its various segments including copper, lithium carbonate, and potassium chloride [1][2][3][4]. Key Points by Segment Copper Segment - **Production and Revenue**: Expected copper production for 2024 is 15.83 million tons, with a target of 16.6 million tons. H1 production exceeded expectations by 50% [2]. - **Financials**: Revenue reached 61.2 million, with a profit of 27.78 million. The company holds a 30.78% stake, generating investment income of 8.55 million [2]. - **Resource Expansion**: New resource addition of 1,472 million tons, totaling 25.88 million tons, making it the largest copper mine in China [2]. - **Future Plans**: Phase II expected to be completed by the end of 2025, with production starting in Q1 2026. Phase III is planned to start in 2025 and be completed by 2028, targeting a total copper production of 60 million tons per year [2]. - **Share Transfer**: Significant share transfers to Zijin Mining, altering the ownership structure [2]. Lithium Carbonate Segment - **Production and Sales**: LCE production was 5,809 tons, with sales of 7,630 tons. Annual targets are set at 10,500 tons for production and 10,499 tons for sales [3]. - **Financial Performance**: Revenue was 6.34 million, down 43.4% year-on-year, with a gross margin of 50.3% [3]. - **Price Trends**: Average LCE price fell to 93,900 per ton, a 63.9% decrease year-on-year. The company remains optimistic about downstream demand despite rising inventory levels [3]. - **Market Conditions**: Industry inventory is increasing, with current stock at 10.69 million tons, indicating a potential oversupply [3]. Potassium Chloride Segment - **Production and Sales**: KCl production was 52.28 million tons, with sales of 54.01 million tons, aligning with annual targets [4]. - **Financials**: Revenue from KCl sales was 11.22 million, down 32.7% year-on-year, with a gross margin of 48.3% [4]. - **Market Outlook**: The domestic KCl apparent consumption increased by 15.5% year-on-year, with a positive price outlook for the second half of the year due to seasonal demand [4]. Other Important Insights - **Tax Payments**: The company paid 399 million in resource taxes and penalties, with a total of 480 million for the period 2021-2023. It also received tax refunds totaling 265 million [7]. - **Dividend and Share Buyback**: The company announced a cash dividend of 408 million, with a current share price of 22.48, resulting in a dividend yield of 1.15%. Plans for a share buyback of 150-300 million are in place [6]. - **Capital Expenditure**: The company has no bank loans and has applied for a credit line of 3 billion to balance dividends and capital expenditures [6]. - **Project Developments**: Ongoing projects in Laos and Tibet are progressing, with significant resource estimates and plans for further development [5]. Conclusion - Cangge Mining is navigating a challenging market environment with mixed performance across its segments. The company is focusing on production expansion, managing costs, and maintaining a balanced approach to dividends and capital investments while addressing tax obligations and project developments.

[Table_Main] 证券研究报告 | 公司点评 藏格矿业(000408.SZ) 2024 年 08 月 12 日 买入（维持） 所属行业：有色金属/能源金属 当前价格(元)：22.48 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 市场表现 藏格矿业 沪深300 -29% -14% 0% 14% 29% 43% 57% 2023-08 2023-12 2024-04 相关研究 1.《铜行业跟踪：24Q2 铜价创新高， Q3TC 骤 降 ， 供 需 持 续 紧 张 》， 2024.7.11 2.《铜行业跟踪：TC 走低致冶炼减产 预期， 2024Q1 铜 价 震 荡 升 高 》， 2024.4.2 3.《藏格矿业（000408.SZ）：钾为基 石，锂为成长，铜为助力，共创未来》， 2024.4.1 沪深300对比 1M 2M 3M 绝对涨幅(%) -12.66 -12.56 -21.46 相对涨幅(%) -8.73 -6.60 -12.33 资 ...