证券研究报告 | 2024年05月04日 兴业银锡（000426.SZ） 买入 技改效果显著，2023 年利润同增四倍以上 核心观点 公司研究·财报点评 2023年实现归母净利润9.69亿元，同比增加4.6倍。公司2023年实现营收 有色金属·工业金属 37.06亿元，同比+66.51%；实现归母净利润9.69亿元，同比+457.41%；实 证券分析师：刘孟峦 联系人：马可远 现扣非归母净利润10.24亿元，同比+410.11%。2024Q1，公司实现营收7.64 010-88005312 liumengluan@guosen.com.cn makeyuan@guosen.com.cn 亿元，同比+66.51%，环比-40.35%；实现归母净利润2.29 亿元，同比 S0980520040001 +1539.37%，环比-46.21%；实现扣非归母净利润2.28亿元，同比+885.29%， 基础数据 环比-50.33%。此外，公司拟向全体股东每10股派发现金红利0.65元（含 投资评级 买入(维持) 税），现金分红总额约1.19亿元，占公司2023年归母净利润的12.32%。 合理估值 收盘价 12.92元 ...

[Table_Main] 证券研究报告 | 公司点评 兴业银锡(000426.SZ) 2024年04月30日 兴业银锡（000426.SZ）：技改放 买入（维持） 所属行业：有色金属/工业金属 量，23 年归母净利大增 457% 当前价格(元)：13.60 投资要点 证券分析师 翟堃 事件：公司披露 2023年报及 2024年一季报。公司全年实现营收 37亿元，同比 资格编号：s0120523050002  +77.67%；实现归母净利9.69亿元，同比+457.41%；实现扣非归母净利润10.24 邮箱：zhaikun＠tebon.com.cn 亿元，同比+410.11%，主要系子公司银漫矿业技改，锡林矿业和乾金达矿业增加 张崇欣 矿石处理量，主要产品产量均实现大幅增长。公司2024Q1单季度实现营收7.64 资格编号：S0120522100003 亿元，同比+66.51%，实现归母净利2.29亿元，同比+1539.37%，环比-46.21%。 邮箱：zhangcx＠tebon.com.cn 公司2023年度计划现金分红1.19亿元，股利支付率达12.32%。 研究助理 谷瑜  公司主要产品产销量实现大 ...

Dividend Distribution - The company plans to distribute a cash dividend of 0.65 CNY per 10 shares to all shareholders, based on a total of 1,837,192,219 shares[4]. - The total cash dividend distributed is CNY 119,417,494.24, which represents 100% of the profit distribution amount[167]. - The company has established a profit distribution policy to ensure stable returns to investors, adhering to the policy without adjustments during the reporting period[164]. Business Operations - The company has not changed its main business, which is focused on non-ferrous metal mining, since the last adjustment in December 2011[13]. - The company has not experienced any changes in its controlling shareholder during the reporting period[13]. - The company’s stock is listed on the Shenzhen Stock Exchange under the code 000426[9]. - The company’s official website is http://www.xyyxky.com/[9]. - The company’s mining operations are influenced by macroeconomic cycles and the economic cycles of downstream industries, indicating a cyclical nature[36]. - The company’s main products include silver, tin, zinc, lead, iron, copper, antimony, and gold, with diverse applications across various industries[41][42][43][44][45]. Financial Performance - The company’s operating revenue for 2023 reached ¥3,706,005,008.22, representing a 77.67% increase compared to ¥2,085,888,738.73 in 2022[16]. - The net profit attributable to shareholders for 2023 was ¥969,344,844.83, a significant increase of 457.41% from ¥173,900,470.00 in 2022[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,024,293,764.54, up 410.11% from ¥200,798,812.84 in 2022[16]. - The net cash flow from operating activities for 2023 was ¥1,749,643,341.00, an increase of 125.26% compared to ¥776,720,487.49 in 2022[16]. - The basic earnings per share for 2023 was ¥0.5276, reflecting a 457.13% increase from ¥0.0947 in 2022[16]. - The total assets at the end of 2023 amounted to ¥11,083,437,191.46, a 15.12% increase from ¥9,627,417,740.00 at the end of 2022[16]. - The net assets attributable to shareholders at the end of 2023 were ¥6,476,277,712.61, up 16.67% from ¥5,550,724,678.52 at the end of 2022[16]. Market Conditions - The macroeconomic environment remains challenging, with ongoing geopolitical conflicts and domestic economic risks, but the company is focused on high-quality development and risk management[25]. - In 2023, tin prices experienced a weak overall performance, with the annual average price around 200,000 CNY/ton, reflecting a slight surplus in the market[26]. - The average price of zinc in 2023 was 21,489 CNY/ton, a decrease of 13.8% year-on-year, with the lowest price recorded at 18,600 CNY/ton in May[28]. - Lead prices in 2023 showed a slight decline of 0.2%, closing at 15,875 CNY/ton, while the average price for 1 lead was 15,601 CNY/ton, up 2.8% year-on-year[30]. - Copper prices peaked at 9,550 USD/ton in January 2023, but overall showed a downward trend due to insufficient demand recovery, leading to a slight increase in supply surplus[31]. - The international gold price fluctuated significantly in 2023, with historical highs reached in December, driven by changes in U.S. monetary policy and geopolitical tensions[32]. Production and Sales - The company reported quarterly revenues of ¥1,281,347,664.14 in Q4 2023, with a net profit of ¥426,389,752.91 attributable to shareholders[20]. - The company’s revenue from non-ferrous metal mining accounted for 99.80% of total operating income in 2023[40]. - The sales volume of zinc concentrate increased by 32.76% year-on-year, reaching 54,972.43 tons in 2023 compared to 41,408.20 tons in 2022[69]. - The production volume of lead concentrate surged by 203.67% year-on-year, totaling 161.74 tons in 2023, up from 53.33 tons in 2022[71]. - The sales volume of copper-silver concentrate rose by 75.71% year-on-year, amounting to 118,942.12 kg in 2023, compared to 67,693.55 kg in 2022[71]. - The production volume of tin concentrate increased by 110.74% year-on-year, reaching 5,811.57 tons in 2023, up from 2,757.74 tons in 2022[70]. Risk Management - The company emphasizes the potential risks related to market price fluctuations, safety production, environmental protection, and policy changes[4]. - The company faces risks from market price fluctuations, particularly in the non-ferrous metals sector, which could significantly impact profitability if prices decline sharply[126]. - Safety production risks are present due to potential natural disasters, equipment failures, and human errors during mining operations[125]. - Environmental protection risks include waste emissions and ecological impacts from mining activities, which could adversely affect business prospects and financial performance[126]. - Strategies to mitigate risks include enhancing market price forecasting, conducting futures hedging, and improving safety and environmental management systems[127]. Research and Development - The company is focusing on technological research and development aims to enhance mining efficiency and resource recovery[40]. - The company has established high-efficiency green mining research centers in its subsidiaries to boost R&D capabilities[63]. - Research and development investment amounted to ¥107,012,793.60 in 2023, a 42.04% increase from ¥75,341,487.98 in 2022[93]. - The number of R&D personnel increased to 154 in 2023, representing a growth of 10.79% from 139 in 2022[93]. - The company has implemented advanced automation and control technologies in its processing plants, leading to industry-leading technical indicators[63]. Corporate Governance - The company has established a clear decision-making process for remuneration, ensuring transparency and alignment with industry standards[147]. - The company has a total of three independent directors, with backgrounds in finance and law, enhancing governance and oversight[141][142]. - The governance structure has been updated to align with regulatory requirements, including the establishment of an Environmental, Social, and Governance (ESG) committee[132]. - The company has not reported any penalties from regulatory bodies for its directors and supervisors in the last three years, indicating compliance with regulations[145]. - The company has established a commitment to link executive compensation to the performance of the company's return measures[200]. Environmental Responsibility - The company has invested a total of RMB 14.5154 million in environmental protection during the reporting period[181]. - The company has achieved environmental assessment approvals for subsidiaries including Xilin Mining, Rongguan Mining, and Yinman Mining, with ongoing efforts for others[178]. - The company has actively engaged in land reclamation and geological environment remediation, enhancing the ecological environment of mining areas[179]. - The company has reported no incidents of pollutant exceedance during the reporting period, adhering to environmental monitoring requirements[179]. - The company is preparing for the "Green Mine Review" initiative, aiming to enhance green mining practices across its subsidiaries[179]. Strategic Acquisitions - The company acquired a 70% stake in Boshen Mining, which owns the Bangbu Gold Mine, enhancing resource reserves and core competitiveness[40]. - The company acquired 70% equity in Tibet Boshen Mining for ¥280,000,000.00, with asset delivery completed on May 19[102]. - The company has integrated gold mining resources through the acquisition of Tibet Boson Mining, which is expected to strengthen its core competitiveness[118]. Future Outlook - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion CNY[198]. - The company plans to expand its market presence by entering two new provinces, aiming for a 25% increase in market share[198]. - A strategic acquisition of a smaller mining company is in progress, expected to enhance operational efficiency and increase production capacity by 30%[199]. - The company is committed to sustainability, with plans to reduce carbon emissions by 15% over the next three years[198].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 764,280,800.45, representing a 66.51% increase compared to CNY 458,991,934.99 in the same period last year[4] - Net profit attributable to shareholders for Q1 2024 reached CNY 229,351,084.27, a significant increase of 1,539.37% from CNY 13,990,219.80 in the previous year[4] - The net profit after deducting non-recurring gains and losses was CNY 228,211,653.93, up 885.29% from CNY 23,161,942.33 year-on-year[4] - Basic and diluted earnings per share for Q1 2024 were CNY 0.1248, reflecting a 1,542.11% increase from CNY 0.0076 in the same period last year[4] - The company reported a 1561.34% increase in total profit, reaching CNY 265,692,371.17 compared to CNY 15,992,658.47 in the same period last year[9] - Operating profit for Q1 2024 was ¥268,086,941.16, compared to ¥25,533,667.45 in Q1 2023, reflecting a substantial improvement[24] - Net profit for Q1 2024 was ¥224,840,905.69, up from ¥13,991,954.51 in the previous year, indicating a growth of 1,504.1%[25] - The company’s total comprehensive income for Q1 2024 was ¥218,735,108.67, compared to ¥14,212,092.56 in the same period last year[25] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 135,575,154.45, showing a slight increase of 4.59% compared to CNY 129,621,823.59 in the previous year[4] - The company reported a net cash outflow from investing activities of approximately ¥230.47 million, worsening from a net outflow of ¥132.95 million in the same quarter last year, indicating increased investment activities[27] - Cash inflow from financing activities was ¥423.03 million, a substantial increase from ¥24.83 million in the previous year, reflecting enhanced financing efforts[28] - The net cash flow from financing activities was ¥371.55 million, a significant turnaround from a net outflow of ¥23.72 million in the same period last year, showcasing improved financial management[28] - The ending cash and cash equivalents balance was ¥591.41 million, up from ¥314.75 million at the beginning of the period, indicating strong liquidity position[28] - The company's cash inflow from operating activities for Q1 2024 was approximately ¥982.52 million, a significant increase from ¥536.70 million in the same period last year, representing an increase of 83.0%[27] - The company received ¥50 million in new borrowings, compared to ¥24.83 million in the previous year, highlighting increased leverage for growth[28] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 11,349,281,105.67, a 2.40% increase from CNY 11,083,437,191.46 at the end of the previous year[4] - Total liabilities decreased by 33.32% for accounts payable, mainly due to payments made to suppliers[10] - The company reported a total liability of ¥4,545,374,430.60 as of Q1 2024, compared to ¥4,497,561,816.84 in the previous year[23] - Total current liabilities amounted to ¥2,974,946,905.69, slightly up from ¥2,952,998,601.06 in the same period last year[23] - The company’s lease liabilities increased by 16451.11% compared to the beginning of the year, due to a new office lease agreement[11] Operational Highlights - Operating revenue for the current period increased by 66.51% compared to the previous period, driven by increased production and sales volume of mineral products[11] - The company experienced a 271.04% increase in selling expenses, totaling CNY 1,330,076.21 compared to CNY 358,467.68 in the previous year[8] - Research and development expenses for Q1 2024 were ¥9,851,897.65, a decrease from ¥13,932,410.63 in Q1 2023[24] Legal Matters - The company is actively responding to legal matters involving litigation with Tibet Pengxi, which may impact future profits[21] - The company received a notification from the Yunnan Provincial People's Procuratorate regarding a civil supervisory application related to the equity transfer dispute[21] - The company will continue to disclose information regarding the progress of legal matters as they develop[21] Other Income and Investments - Investment income increased by 35.58% compared to the previous period, primarily due to higher futures investment returns[11] - Other income increased by 63.38% compared to the previous period, mainly due to an increase in government subsidies[11] - Accounts receivable increased by 35.13% compared to the beginning of the year, primarily due to an increase in credit sales during the reporting period[10] - Accounts receivable rose to ¥15,965,555.58 from ¥11,814,762.09, marking a growth of about 35.5%[22] - Total current assets increased to ¥1,215,580,552.53 from ¥923,833,186.70, reflecting a growth of around 31.6%[22]

证券代码：000426 证券简称：兴业银锡 公告编号：2024-17 2、案件所处的诉讼阶段：云南省人民检察院（以下简称"云南检察院"）受 理西藏鹏熙监督申请。 3、上市公司所处的当事人地位：一审本诉被告、反诉原告，二审上诉人， 再审被申请人。 内蒙古兴业银锡矿业股份有限公司 4、是否会对上市公司损益产生负面影响：西藏鹏熙的监督申请能否获得云 南检察院支持尚不确定，故对公司损益的影响情况暂无法判断。 关于诉讼进展之收到云南省人民检察院《通知书》的公告 西藏鹏熙因与本公司股权转让纠纷一案，向云南检察院申请监督，云南检察 院决定受理。近日，公司收到云南检察院《通知书》。现将相关情况公告如下： 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、诉讼基本情况 重要内容提示： 1、案件事由：内蒙古兴业银锡矿业股份有限公司（以下简称"公司"、"本 公司"或"兴业银锡"，公司原名"内蒙古兴业矿业股份有限公司"）与西藏鹏熙 投资有限公司（以下简称"西藏鹏熙"）针对昆明市东川区铜都矿业有限公司（以 下简称"铜都矿业"）51%股权转让事宜所签订的《股权转让协议》的内容及履行 产生 ...

000426 上市公司名称：内蒙古兴业银锡矿业股份有限公司 股票上市地点：深圳证券交易所 股票简称：兴业银锡 股票代码： 000426 信息披露义务人：赤峰富龙公用（集团）有限责任公司 通讯地址：内蒙古自治区赤峰市松山区临潢大街西段富龙大厦 股份变动性质：股份减少（减持） 内蒙古兴业银锡矿业股份有限公司 简式权益变动报告书 报告书签署日期：2024年3月 1 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"证券法"） 《上市公司收购管理办法》（以下简称"收购办法"） 《公开发行证券公司信息 披露内容与格式准则第 15 号—权益变动报告书》（以下简称"准则 15 号"）及 相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据证券法及相关规定， 本报告书已全面披露了信息披露义务人在兴业 银锡中拥有权益的股份变动情况。 截至本报告书签署之日， 除本报告书披露的信息外， 上述信息披露义务人没 有通过任何其他方式增加或减少其在兴业银锡中拥有权益的股份。 第二节 信息披露义务人介绍 股东情况：赤峰市城市建设投资（集团）有限公司持有富龙集团100%股权。 四、本次权益变 ...

证券代码：000426 证券简称：兴业银锡 公告编号：2024-14 内蒙古兴业银锡矿业股份有限公司 关于持股 5%以上股东减持股份超过 1%的公告 持股 5%以上股东赤峰富龙公用（集团）有限责任公司保证向本公司提供的 信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"或"本公司"）于近 日收到持股 5%以上股东赤峰富龙公用（集团）有限责任公司（以下简称"富龙 集团"）发来的《关于股份减持比例超过 1%的告知函》，获悉富龙集团于近日 通过大宗交易的方式减持其所持有本公司股份 23,479,300 股，减持股份数量占 公司总股本的 1.28%，现将减持相关情况公告如下： | 1．基本情况 | | | | | | | --- | --- | --- | --- | --- | --- | | 信息披露义务人 | | 赤峰富龙公用（集团）有限责任公司 | | | | | 住所 | | | 内蒙古自治区赤峰市松山区临潢大街西段富龙大厦 | | | | 权益变动时 ...

证券代码：000426 证券简称：兴业银锡 公告编号：2024-16 内蒙古兴业银锡矿业股份有限公司 关于变更公司网址及电子邮箱的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）因经营管理需要， 为了提升品牌形象，便于投资者、客户、社会公众及时掌握公司信息，更好地与 投资者进行沟通，公司对官方网站进行了全面升级改版，并对公司网站域名及邮 箱进行了变更，现将变更情况公告如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 公司网址 | www.nmxyky.com | www.xyyxky.com | | 电子邮箱 | nmxyky@vip.sina.com | nmxyyxky@vip.sina.com | 目前，新的公司网址已启用，电子邮箱自公告之日起启用，公司原网站及电 子邮箱不再使用，敬请广大投资者留意，若由此给您带来不便，敬请谅解。除上 述变更外，公司电话、传真、通讯地址等其他联系方式保持不变。变更后的公司 主要联系信息如下： 公司网站：www.xyyxky. ...

证券代码：000426 证券简称：兴业银锡 公告编号：2024-15 内蒙古兴业银锡矿业股份有限公司 关于持股 5%以上股东通过大宗交易减持公司部分股份 暨持股比例低于 5%的权益变动提示性公告 信息披露义务人赤峰富龙公用（集团）有限责任公司保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、本次权益变动属于减持，不触及要约收购； 2、本次权益变动未导致公司控股股东及实际控制人发生变化； 3、本次权益变动后，富龙集团持有公司股份 91,859,594 股，占公司目前 总股本的 4.999999%，不再是公司持股 5%以上的股东。 内蒙古兴业银锡矿业股份有限公司（以下简称"兴业银锡"、"公司"或"本 公司"）于近日收到持股 5%以上股东赤峰富龙公用（集团）有限责任公司（以 下简称"富龙集团"）出具的《关于股份减持比例超过 1%的告知函》及《简式权 益变动报告书》。富龙集团本次减持公司股份后，持有公司股份比例已降至 5%以 下，现将有关情况公告如下： 一、本次股东减持情况 | 股东名称 | 减持方式 ...

证券代码：000426 证券简称：兴业银锡 公告编号：2024-12 内蒙古兴业银锡矿业股份有限公司 关于公司收到赤峰市中级人民法院 《民事判决书》暨公司向内蒙古自治区高级人民法院提 起上诉的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 内蒙古兴业银锡矿业股份有限公司（原名"内蒙古兴业矿业股份有限公司"， 以下简称"公司"或"兴业银锡"）于近日收到赤峰市中级人民法院（以下简称 "赤峰中院"或"本院"）作出的（2023）内 04 民初 41 号《民事判决书》，现 将相关事项公告如下： 一、本次诉讼的基本情况 公司于 2023 年 11 月向赤峰中院就被告吉伟、吉祥、吉喆、国民信托有限公 司（以下简称"国民信托"）业绩补偿协议履行事宜提起民事诉讼，内容详见公 司于 2023 年 12 月 2 日在指定信息披露媒体《中国证券报》、《证券时报》、《上海 证券报》、《证券日报》及巨潮资讯网（www.cninfo.com.cn）披露的《兴业银锡： 关于公司收到赤峰市中级人民法院<受理案件通知书>的公告》（公告编号： 2023-82）。 （一）公司的诉讼请求 公司向赤 ...