Investment Rating - The report maintains a "Recommended" investment rating for Tongling Nonferrous Metals [2][4]. Core Views - The company's performance exceeded expectations, with a record high net profit attributable to shareholders in a single quarter, driven by rising prices of copper and sulfuric acid [3][4]. - The company is expected to see significant growth in copper concentrate production and the upcoming production of copper foil, which will enhance its earnings [4][5]. - The projected net profits for 2024-2026 are estimated at 40.35 billion, 44.17 billion, and 50.34 billion respectively, indicating a strong growth trajectory [4][5]. Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 715.09 billion, a year-on-year increase of 3.94%, and a net profit attributable to shareholders of 21.81 billion, up 6.24% year-on-year [2][3]. - The cash flow from operating activities reached 22.76 billion, reflecting a substantial increase of 77.34% year-on-year [2][3]. - The second quarter saw a revenue of 387.89 billion, marking a 12.56% increase year-on-year and an 18.55% increase quarter-on-quarter [3]. Production and Capacity Expansion - The company produced 1.7563 million tons of cathode copper in 2023, accounting for 13.52% of the domestic total, with plans for further production increases [4]. - The Mirador copper mine phase II project is expected to be completed by June 2025, potentially adding 250,000 tons of copper metal output annually [4]. - The copper foil production capacity is set to reach 55,000 tons, with trial production commencing soon, which is anticipated to further boost earnings [4]. Valuation and Price Target - The target price is set at 3.78 yuan, based on a 12x PE ratio for 2024, reflecting the company's valuation compared to peers [4][5].

[Table_Main] 证券研究报告 | 公司点评 铜陵有色(000630.SZ) 2024 年 08 月 28 日 买入（维持） 所属行业：有色金属/工业金属 当前价格(元)：3.05 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 谷瑜 资格编号：S0120524080002 邮箱：guyu5＠tebon.com.cn 研究助理 市场表现 铜陵有色 沪深300 -20% 0% 20% 40% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -0.97 | -13.11 | -22.50 | | 相对涨幅(%) | 2.63 | -8.25 | -12.90 | 资料来源：德邦研究所，聚源数据 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.《 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company's performance in the first half of 2024 was slightly below expectations, with revenue of 71.509 billion yuan, a year-on-year increase of 3.94%, and a net profit attributable to shareholders of 2.181 billion yuan, up 52.68% year-on-year [1]. - The increase in profits is primarily driven by rising commodity prices, particularly copper and gold, which significantly boosted gross profit [1]. - The company is focusing on integrating the copper industry chain, with ongoing capacity expansion and projects expected to enhance future profitability [1]. Financial Performance Summary - In Q2 2024, the company achieved revenue of 38.789 billion yuan, a year-on-year increase of 12.56% and a quarter-on-quarter increase of 18.55% [1]. - The gross profit from copper products, gold, and other products in the first half of 2024 was 4.716 billion yuan, 979 million yuan, and 276 million yuan, respectively, with gross profit margins of 7.79%, 11.22%, and 15.99% [1]. - The company expects net profits attributable to shareholders to be 3.722 billion yuan, 4.402 billion yuan, and 5.633 billion yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 11, 9, and 7 times based on the stock price as of August 27 [2][5]. Future Outlook - The company is set to enhance its self-sufficiency in copper production with the completion of the Mirador copper mine integration, which will increase its copper output to 175,000 tons [1]. - The copper-based new materials project is progressing, and the smelting capacity is expected to increase [1]. - The company is also expanding its downstream capacity in copper foil production, with 55,000 tons of capacity planned for 2023 and an additional 25,000 tons under construction [1].

监事会认真仔细地检查和审核了公司的财务状况，认为：公司董事会严格按照国 家有关财政法规及国家监管部门的有关规定，所编制的定期报告的内容和格式符合中 国证监会和深圳证券交易所的各项规定，所包含的信息客观真实地反映了公司 2024 年半年度的财务状况、经营成果及现金流量情况。 铜陵有色金属集团股份有限公司监事会 根据《证券法》及《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》相关法律法规的要求，作为铜陵有色金属集团股份有限公司（以下简 称"公司"）的监事会成员，本着实事求是的原则，对公司 2024 年半年度报告进行 了认真负责的核查，我们认为：经审核，监事会认为董事会编制和审议公司 2024 年 半年度报告的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、 完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 对公司 2024 年半年度报告有关事项的审核意见如下： 1、公司依法运作情况 公司严格按照《公司法》和《公司章程》以及国家有关法律法规进行规范运作。 公司各项重大经营与投资决策的制定与实施，股东大会、董事会的通知、召开、表决 等均符合法定程序， ...

铜陵有色金属集团股份有限公司 证券代码：000630 证券简称：铜陵有色 公告编号：2024－051 债券代码：124024 债券简称：铜陵定 02 2024 年半年度募集资金存放与使用情况的 专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》及《深圳证券交易所上市公司自律监管指南第 2 号——公告格式》的规定， 将铜陵有色金属集团股份有限公司（以下简称"公司"）2024 年半年度募集资金 存放与使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意铜陵有色金属集团股份有限公司发行 股份和可转换公司债券购买资产并募集配套资金注册的批复》（证监许可 [2023]1529 号文）核准，公司于 2023 年 9 月 21 日向特定对象按面值发行可转换 公司债券 2,146.00 万张，每张面值为人民币 100.00 元，应募集资金总额为人民 币 214,600.00 万元，根据有关规定扣除发行费用 1,600.00 万元后 ...

RSM 容诚 关于铜陵有色金属集团财务有限公司 风险评估报告 铜陵有色金属集团财务有限公司 容诚专字[2024]230Z2095 号 容诚会计师事务所 (特殊普通合伙) 中国 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行主 。 "进行行" 关于铜陵有色金属集团财务有限公司 = 风险评估报告 容诚专字[2024]230Z2095 号 铜陵有色金属集团股份有限公司: 我们接受委托,审核了铜陵有色金属集团财务有限公司(以下简称"有色财务 公司")管理层对 2024年 6 月 30 日与其经营资质、业务和风险状况相关的风险 评估说明。提供真实、合法、完整的资料,建立健全并合理设计各项内部控制制度, 是有色财务公司管理层的责任。我们的责任是对有色财务公司管理层所做的与其 经营资质、业务和风险状况相关的风险评估说明发表意见。 我们在审核过程中,实施了包括了解、测试和评价有色财务公司与其经营资质、 业务和风险状况相关的各项内部控制制度设计的合理性和执行情况,以及我们认 为必要的其他程序。我们相信,我们的审核为发表意见提供了合理的基础。 经审核,我们认为: ...

特别提示： 根据财政部、国务院国资委、证监会联合印发的《国有企业、上市公司选聘 会计师事务所管理办法》（以下简称"《选聘办法》"），公司连续聘用容诚会 计师事务所（特殊普通合伙）已超过 8 年，需要更换会计师事务所。考虑到公司 业态种类多、产业分布广以及更换审计机构审批程序时间等情况，为保持公司 2024 年度审计工作的持续性、稳定性和审计质量，公司十届十二次董事会会议 审议通过了《关于续聘 2024 年度审计机构的议案》。公司将按照《选聘办法》 规定，尽快在衔接期限内完成更换工作。 一、拟续聘会计师事务所的基本情况 （一）机构信息 1．基本信息 （1）概况 证券代码：000630 证券简称：铜陵有色 公告编号：2024－047 债券代码：124024 债券简称：铜陵定 02 铜陵有色金属集团股份有限公司 关于续聘会计师事务所的公告 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。 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通 合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通 合伙企业，是国内 ...

国泰君安证券股份有限公司 关于铜陵有色金属集团股份有限公司 向特定对象发行可转换公司债券募投项目结项并将节余募 集资金永久补充流动资金的核查意见 国泰君安证券股份有限公司（以下简称"本独立财务顾问"）接受铜陵有色 金属集团股份有限公司（以下简称"上市公司"、"公司"或"铜陵有色"）的 委托，担任铜陵有色发行股份、可转换公司债券及支付现金购买资产并募集配套 资金暨关联交易的独立财务顾问（主承销商）。根据《上市公司监管指引第2号 ——上市公司募集资金管理和使用的监督要求》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等 有关法律法规和规范性文件的要求，对铜陵有色向特定对象发行可转换公司债券 募投项目结项并将节余募集资金永久补充流动资金的情况进行了核查，并出具本 专项核查意见。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意铜陵有色金属集团股份有限公司发行 股份和可转换公司债券购买资产并募集配套资金注册的批复》（证监许可 [2023]1529 号文）核准，公司于2023年9月21日向特定对象按面值发行可转换公 司债券2,146.00万张， ...

Financial Performance - The company's operating revenue for the current period is CNY 71.51 billion, representing a 3.94% increase compared to CNY 68.80 billion in the same period last year[27]. - The net profit attributable to shareholders for the current period is CNY 2.18 billion, a 6.24% increase from CNY 1.43 billion in the previous year[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is CNY 2.21 billion, showing a significant increase of 54.99% compared to CNY 1.43 billion last year[27]. - The net cash flow from operating activities is CNY 2.28 billion, which is a 77.34% increase from CNY 990.92 million in the previous year[27]. - The total assets at the end of the current period amount to CNY 85.41 billion, reflecting a 9.16% increase from CNY 78.25 billion at the end of the previous year[27]. - The company's cash and cash equivalents decreased by 1.45% to ¥10,957,877,079.63 from ¥11,174,705,362.32 at the end of the previous year[52]. - The inventory level increased by 22.66% to ¥19,355,574,483.04, compared to ¥15,805,090,739.43 at the end of the previous year[52]. - The company's debt-to-asset ratio increased to 51.82% from 49.52% at the end of the previous year, reflecting a 2.30% rise[189]. - The interest coverage ratio improved to 9.6 from 7.5, indicating a 28.00% increase in the company's ability to meet interest obligations[190]. - The cash interest coverage ratio increased by 77.14%, rising from 4.2 to 7.44[190]. - The company has a loan repayment rate of 100.00%, maintaining its ability to meet debt obligations[190]. - The current ratio decreased by 6.40% to 1.61 from 1.72 at the end of the previous year[189]. Corporate Governance and Compliance - The financial report ensures the accuracy and completeness of the data presented, with all board members present for the meeting[6]. - The company is committed to maintaining transparency and accountability in its financial disclosures[6]. - The company confirmed that all information disclosures related to the transaction are true, accurate, and complete, with no misleading statements or omissions[107]. - The company has not been subject to any major administrative penalties or criminal sanctions in the last three years, ensuring compliance and integrity[108]. - The company guarantees strict adherence to the commitments made regarding the transaction, with compensation responsibilities in case of violations[107]. - The company has committed to ensuring that all disclosures and application documents are accurate and complete, with legal accountability for any discrepancies[107]. - The company has not engaged in any insider trading activities in the last 36 months, maintaining a clean regulatory record[108]. - The company will suspend the transfer of shares if any investigation is initiated, ensuring protection for investors[108]. - The company has pledged not to reduce its shareholdings during the trading period following the transaction resumption, ensuring stability for investors[109]. - The company has committed to not transferring benefits to other entities or individuals under unfair conditions, safeguarding shareholder interests[109]. Environmental Compliance - The company has implemented a safety and environmental responsibility system, focusing on risk management and environmental monitoring to ensure compliance with standards[79]. - The company is classified as a key pollutant discharge unit and complies with various environmental protection laws and standards[89]. - The company has obtained pollution discharge permits for all key pollution units in accordance with legal requirements, ensuring compliance with emission standards[90]. - The effective period for the pollution discharge permits ranges from 2023 to 2029, with specific expiration dates for each unit[90]. - The company reported a COD (Chemical Oxygen Demand) discharge of 7.7935 g/L, which is below the regulatory limit of 100 mg/L, indicating compliance with environmental standards[92]. - The company has implemented measures to ensure that ammonia nitrogen discharge does not exceed the regulatory limit of 15 mg/L, with reported values of 0.274 mg/L[92]. - The company is actively monitoring and managing the discharge of pollutants, with a focus on maintaining compliance with environmental regulations[92]. - The company has established a comprehensive waste management system to handle wastewater treatment effectively[92]. - The company is committed to sustainable practices and has achieved a pH level of 7.525, which is within the acceptable range of 6 to 9[92]. - The company has reported no exceedance of sulfur and copper discharge limits, demonstrating effective pollution control measures[92]. Production and Operations - The company's copper production reached 1.76 million tons in 2023, accounting for approximately 13.52% of the total domestic output[41]. - The company plans to increase its annual copper metal output by approximately 250,000 tons upon the completion of the second phase of the Zhongtie Construction Copper Crown Mirador Copper Mine project, expected in June 2025[41]. - The copper foil production capacity has reached 55,000 tons, with an additional capacity of 80,000 tons for high-precision electronic copper foil expected to commence trial production soon[41]. - The company received 9 provincial and ministerial-level science and technology achievement awards in 2023, including 3 first prizes for technological progress[42]. - The company benefits from its advantageous location in the Yangtze River Delta, which facilitates lower transportation costs for imported copper concentrate[42]. Research and Development - Research and development investment increased by 21.25% to ¥2,190,024,027.26, up from ¥1,806,170,943.91 in the previous year[45]. - The company plans to pursue strategic acquisitions to enhance its product portfolio, with a budget of 2 billion CNY allocated for potential deals[112]. - The R&D budget has been increased to 1.5 billion CNY, emphasizing the development of sustainable technologies[114]. Market Outlook - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[112]. - New product launches are expected to contribute an additional 1 billion CNY in revenue by the end of 2024[112]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[112]. - The company plans to maintain its growth trajectory by leveraging market trends and optimizing its supply chain strategies[131]. Shareholder Information - The company reported a total of 12,667,009,987 shares as of December 31, 2023, with a proposed cash dividend of 0.80 RMB per 10 shares, totaling 1,013,360,798.96 RMB (including tax) to be distributed to shareholders[148]. - Following the conversion of convertible bonds, the total share capital increased to 12,792,920,401 shares, adjusting the dividend to 0.792126 RMB per 10 shares[148]. - The company has a total credit limit of 993,000,000 RMB with related parties, with actual transactions amounting to 465,032.13 RMB[138]. - The company has no significant related party transactions during the reporting period[140]. - The company has not engaged in any significant external guarantees, with a total approved guarantee amount of 59,980,000 RMB, and an actual guarantee balance of 43,249,000 RMB[145].

证券代码：000630 证券简称：铜陵有色 公告编号：2024－048 债券代码：124024 债券简称：铜陵定 02 铜陵有色金属集团股份有限公司 与有色财务公司签署金融服务协议 暨持续关联交易的公告 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。 铜陵有色金属集团股份有限公司（以下简称"公司"或"甲方"）于 2024 年 5 月 21 日召开 2023 年度股东大会，其中《公司与有色财务公司签署金融服务协议暨持续关 联交易的议案》未能获得股东批准。由于金融服务的连续性，而且铜陵有色金属集团财 务有限公司（以下简称"有色财务公司"或"乙方"）为公司提供金融服务业务确实有 利于公司的生产运营，提高公司的管理效率，公司能够持续获得良好的金融服务及资金 保障，经公司十届十二次董事会审议通过，《公司与有色财务公司签署金融服务协议暨 持续关联交易的议案》将提交公司临时股东大会审议。 一、持续关联交易概述 （一）2023 年，为优化财务管理、提高资金使用效率、降低融资成本和融资风险， 经公司十届一次董事会和 2023 年第三次临时股东大会审议通过，公司与有色财务公司 签 ...