Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.87 CNY per share [6][8]. Core Insights - The company benefited from rising copper prices, leading to improved profitability in Q1 2024, with a net profit of 1.097 billion CNY, a year-on-year increase of 7.39% [5][6]. - The company reported a total revenue of 137.45 billion CNY in 2023, a year-on-year growth of 12.81%, although the net profit decreased by 35.49% to 2.699 billion CNY [2][6]. Financial Performance - In 2023, the company produced 1.7563 million tons of cathode copper, a year-on-year increase of 7.83%, accounting for 13.52% of the domestic total production [3]. - The company plans to produce 1.73 million tons of cathode copper in 2024, alongside other production targets for various metals [3][4]. - The company’s self-sufficient copper concentrate production increased significantly by 239.34% in 2023, reaching 175,100 tons [4]. Profitability and Forecast - The report forecasts the company's net profit for 2024-2026 to be 3.974 billion CNY, 4.349 billion CNY, and 4.658 billion CNY respectively, with corresponding EPS of 0.31 CNY, 0.34 CNY, and 0.37 CNY [6][11]. - The company’s sales gross margin and net margin for Q1 2024 were reported at 8.32% and 4.19%, respectively, both showing year-on-year improvements [5][6]. Market Conditions - Global supply disruptions in copper mining are expected to widen the supply-demand gap in 2024, supporting an upward trend in copper prices [5]. - As of April 30, 2024, the LME copper futures price was 10,071 USD per ton, reflecting a 17.9% increase since the beginning of the year [5].

证券代码：000630 证券简称：铜陵有色 公告编号：2024－029 债券代码：124023 债券简称：铜陵定转 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 关于召开 2023 年度网上业绩说明会的 通知公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 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"）已于 2024 年 4 月 29 日在《中国证券报》《证券时报》及巨潮资讯网（www.cninfo.com.cn） 披露公司 2023 年年度报告，并定于 2024 年 5 月 14 日下午 15:00 召开 2023 年度业绩说明会。 一、说明会类型 公司参会人员：总经理梁洪流先生，董事会秘书、总会计师姚兵先生， 独立董事姚禄仕先生等相关人员。 四、投资者参加方式 （一）投资者可通过深圳证券交易所"互动易"平台 （http://irm.cninfo.com.cn/）在线参与本次业绩说明会。 （二）为了做好中小投资者的保护工作，本公司现就本次业绩说明会 提前向投资者征集相关问题，广泛听取投资者的意见和建议。 投资者可于202 ...

Investment Rating - The report maintains a "Recommended" rating for Tongling Nonferrous Metals Group Co., Ltd. with a target price of 5.1 CNY [2][4]. Core Views - The company's 2023 performance was impacted by increased taxes and expenses due to the acquisition of China Railway Construction Copper Crown, leading to a net profit decrease of 35.49% year-on-year [2]. - In Q1 2024, the company benefited from rising copper prices, achieving a net profit increase of 7.39% year-on-year [2]. - The company is expected to see significant profit growth in the coming years, with projected net profits of 4.035 billion CNY, 4.417 billion CNY, and 5.034 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 49.5%, 9.5%, and 14% [2][5]. Financial Performance Summary - In 2023, the company reported total revenue of 137.454 billion CNY, a year-on-year increase of 12.81%, while net profit was 2.699 billion CNY, a decrease of 35.49% [2][5]. - For Q1 2024, the company achieved revenue of 32.72 billion CNY, a decrease of 4.71% year-on-year, but net profit rose to 1.097 billion CNY, an increase of 7.39% [2]. - The company’s gross margin improved to 8.32% in Q1 2024, up 3.47 percentage points year-on-year, driven by higher copper prices [2]. Production and Resource Development - In 2023, the company produced 1.7563 million tons of cathode copper, a year-on-year increase of 7.83%, accounting for 13.52% of domestic production [2]. - The company is set to launch a lithium battery copper foil project with an annual capacity of 25,000 tons, expected to reach 80,000 tons in the first half of 2024, further solidifying its industry leadership [2]. - The integration of China Railway Construction Copper Crown is expected to enhance the company's self-sufficiency in copper concentrate, with a significant increase in self-produced copper concentrate output [2].

铜陵有色金属集团股份有限公司监事会 铜陵有色金属集团股份有限公司监事会 关于公司编制的 2024 年第一季度报告书面审核意见 2024 年 4 月 29 日 1 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 年第一季度报告进行 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 第一季度报告的程序符合法律、行政法规、中国证监会及深圳证券交易所的规定，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 年第一季度报告有关事项的审核意见如下： 2、检查公司财务的情况 监事会认真仔细地检查和审核了公司的财务状况，认为：公司财务部门严格按照 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 年第一季度的财务状况、经营成果及现金流量情况。 1、公司依法 ...

证券代码：000630 证券简称：铜陵有色 公告编号：2024－027 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、误导性陈述或者重大遗漏。 一、监事会会议召开情况 铜陵有色金属集团股份有限公司（以下简称"公司"）十届六次监事会于 2024 年 4 月 25 日在安徽省铜陵市铜陵有色展示馆二楼会议室召开，会议通知于 2024 年 4 月 12 日以电子邮件及专人送达的方式发出。会议由监事会主席汪农生主持，会 议应出席监事 6 人，实际出席监事 6 人。会议符合《公司法》和《公司章程》的规定。 二、监事会会议审议情况 经与会监事认真审议，会议审议通过了《公司 2024 年第一季度报告》。 详细内容见公司同日披露在巨潮资讯网上的《公司 2024 年第一季度报告》。 债券代码：124023 债券简称：铜陵定转 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 十届六次监事会会议决议公告 表决结果：6 票同意；0 票反对；0 票弃权。 1 三、备查文件 十届六次监事会会议决议。 特此公告 铜陵有色金属集团股份有限公司监事会 2024 年 4 月 29 日 2 ...

证券代码：000630 证券简称：铜陵有色 公告编号：2024－013 债券代码：124023 债券简称：铜陵定转 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 十届十次董事会会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 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 铜陵有色金属集团股份有限公司（以下简称"公司"）十届十次董事会 会议于2024年4月25日在安徽省铜陵市五松山宾馆三楼B会议室召开。会前公 司董事会秘书室于2024年4月12日以电子邮件及专人送达的方式通知了全体 董事。会议以现场方式召开，应出席会议董事10人，亲自出席会议董事9人， 委托出席董事1人（董事梁洪流因公出差，书面委托董事姚兵代为出席并行使 表决权）。公司监事会成员及高管人员列席了会议，公司董事长龚华东主持 会议。会议符合《公司法》和《公司章程》的有关规定，形成的决议合法、 有效。 二、董事会会议审议情况 经与会董事认真审议，会议通过了以下事项： （一）审议通过了《公司 2023 年度董事会工作报告》。 本报告需提交公司 2023 年度股东大会审议。详细内容见 ...

RSM | 容诚 审计报告 铜陵有色金属集团股份有限公司 容诚审字[2024]230Z1387 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://ace.mof.gov.cn）"我在企业 "我 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 7 | | 3 | 合并利润表 | 8 | | 4 | 合并现金流量表 | 9 | | 5 | 合并所有者权益变动表 | 10-11 | | 6 | 母公司资产负债表 | 12 | | 7 | 母公司利润表 | 13 | | 8 | 母公司现金流量表 | 14 | | 9 | 母公司所有者权益变动表 | 15-16 | | 10 | 财务报表附注 | 17-166 | 审 计 报 告 容诚审字[2024]230Z1387 与 铜陵有色金属集团股份有限公司全体股东: 一、审计意见 我们审计了铜陵有色金属集团股份有限公司(以下简称铜陵有色)财务报表, 包括 2023 年 12 月 31 日的合并及母公 ...

Financial Performance - Tongling Nonferrous Metals Group Co., Ltd. reported a significant increase in revenue, with total revenue reaching CNY 10 billion, representing a year-on-year growth of 15%[14]. - The company achieved a net profit of CNY 1.5 billion, which is a 20% increase compared to the previous year[14]. - The company's operating revenue for 2023 was ¥137.45 billion, an increase of 12.81% compared to ¥121.85 billion in 2022[18]. - The net profit attributable to shareholders for 2023 was ¥2.70 billion, a decrease of 35.49% from ¥2.73 billion in 2022[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1.87 billion, down 25.01% from ¥2.49 billion in 2022[18]. - The company reported a quarterly operating revenue of ¥34.86 billion in Q4 2023, showing a stable performance compared to previous quarters[21]. - The company reported a total revenue of 3,380.93 million CNY for the year 2023, reflecting a year-on-year increase of 15%[180]. - The net profit attributable to shareholders was 1,200.45 million CNY, representing a growth of 20% compared to the previous year[181]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of 0.8 RMB per 10 shares to all shareholders, based on a total of 12,667,009,987 shares[4]. - The proposed cash dividend for 2023 is CNY 0.80 per 10 shares, totaling CNY 1,013,360,798.96, which represents 100% of the total profit distribution[130]. - The cash dividend for 2022 was CNY 0.50 per 10 shares, amounting to CNY 526,326,665.40, with a net profit of CNY 2,730,365,502.55 attributable to shareholders[130]. - The cash dividend for 2021 was CNY 1.00 per 10 shares, totaling CNY 1,052,653,330.80, with a net profit of CNY 3,101,437,393.52 attributable to shareholders[131]. - The company has established a profit distribution policy that emphasizes continuity and stability, ensuring that minority shareholders have opportunities to express their opinions[129]. Market Expansion and Strategy - Market expansion efforts have led to a 30% increase in sales in international markets, particularly in Southeast Asia[14]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[99]. - A strategic acquisition was announced, with the company acquiring a competitor for 2 billion CNY to enhance its product offerings[95]. - The company is exploring potential mergers and acquisitions to enhance its market position and diversify its product offerings[14]. - The company plans to produce 173,000 tons of cathode copper and 42,800 tons of copper processing materials in 2024[75]. Research and Development - The company plans to invest CNY 500 million in new product development and technology research in the upcoming fiscal year[14]. - Research and development (R&D) expenses amounted to ¥4,164,108,087.00, up 24.18% from ¥3,353,339,180.00 in 2022, accounting for 3.03% of total revenue[52]. - The company’s R&D expenses increased by 36.26% to CNY 802.48 million, reflecting a focus on innovation and the establishment of multiple key laboratories[35]. - The company is developing a 5G-based autonomous transport control system for mining, with the goal of achieving fully automated operations[50]. - The R&D project for high-pressure drive motor electromagnetic wire for new energy vehicles is expected to increase annual production by 5,694 tons and generate additional revenue of approximately ¥362.71 million[51]. Sustainability and Environmental Compliance - The company is committed to sustainability initiatives, aiming for a 15% reduction in carbon emissions by 2025[14]. - The company reported a total wastewater discharge of 7.83357 tons/year for COD and 0.49289 tons/year for ammonia nitrogen, which are below the approved limits of 58.774 tons/year and 2.875 tons/year respectively[149]. - The total carbon emissions decreased by 3.41% year-on-year, while the carbon emission intensity per unit of output decreased by 12.12% compared to 2022[164]. - The company has implemented measures to ensure that all reported emissions are below the regulatory limits, with no instances of exceeding the allowed discharge levels[150]. - The company has established a comprehensive solid waste utilization system, promoting resource recycling and reducing waste[163]. Governance and Management - The company held a total of 92,190 resignations from various positions, including board members and supervisors, due to retirement and job changes[88]. - The board of directors consists of 10 members, including 4 independent directors, and held 14 board meetings during the reporting period, adhering to all procedural requirements[79]. - The company has established various specialized committees within the board, including a strategy committee and an audit committee, to enhance governance and decision-making efficiency[79]. - The company has a dedicated financial department that ensures independent financial management and compliance with accounting standards[82]. - The company is committed to maintaining a strong governance structure with the appointment of independent directors and supervisors[88]. Financial Health and Investments - The company’s total assets at the end of 2023 were ¥78.25 billion, an increase of 2.47% from ¥76.36 billion at the end of 2022[18]. - The company’s debt-to-asset ratio was 49.52%, a decrease of 2.24 percentage points from the beginning of the year[35]. - The company reported a significant increase in total investments to ¥9,341,810,029.57, a 406.28% increase compared to the previous year[59]. - The company has engaged financial advisors for continuous supervision from August 2023 to December 2024, indicating ongoing strategic planning[17]. - The company has established a management system for foreign exchange derivative risk, ensuring effective risk control measures are in place[63]. Compliance and Legal Matters - The company has not faced any significant administrative penalties or criminal charges in the last five years, indicating a strong compliance record[175]. - The company reported no significant litigation or arbitration matters during the reporting period[195]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[189]. - The company has confirmed that there are no insider trading activities related to the current transaction, ensuring transparency[175]. - The company has committed to publicly disclose any failures to fulfill its promises and apologize to shareholders[187].

证券代码：000630 证券简称：铜陵有色 公告编号：2024－020 债券代码：124023 债券简称：铜陵定转 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 关于计提资产减值准备的公告 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。 为真实反映公司2023年度财务状况和经营成果，根据《企业会计准则》以及 公司会计政策规定，本着谨慎性原则，公司对合并范围内各项资产进行减值测试， 并对其中存在减值迹象的资产计提减值准备。公司于2024年4月25日召开的十届 十次董事会、十届五次监事会审议通过了《关于计提资产减值准备的议案》，本 议案还需提交年度股东大会审议。 一、计提资产减值准备情况 单位：万元 的预测，以预期信用损失为基础确认损失准备。 公司子公司句容市仙人桥矿业有限公司破产清算，铜陵有色股份凤凰山矿业 有限公司因生态环境保护政策停产闭坑，本期母公司报表层面对其他应收款分别 计提信用减值损失1,196.16万元、5,053.79万元。以上计提信用减值损失 6,249.95万元，在合并报表中予以抵销，对2023年度合并报表的当期 ...

国泰君安证券股份有限公司、华泰联合证券有限责任公司 关于铜陵有色金属集团股份有限公司发行股份、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 2023 年度业绩承诺实现情况的核查意见 国泰君安证券股份有限公司和华泰联合证券有限责任公司（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。根据《上市公司 重大资产重组管理办法》等法律法规的有关规定，对业绩承诺方做出的关于中铁 建铜冠投资有限公司（以下简称"中铁建铜冠"、"标的公司"）2023 年度业绩 承诺的实现情况进行了核查，并发表意见如下： 一、业绩承诺情况 根据上市公司与铜陵有色金属集团控股有限公司签订的《资产购买协议》《铜 陵有色金属集团股份有限公司与铜陵有色金属集团控股有限公司之盈利补偿协 议》及补充协议，本次交易的业绩承诺期为 2023 年至 2027 年，包含本次交易预 计实施完成当年起的连续五个会计年度（含本次交易实施完毕当年）。本次业绩 承诺将采用承诺期内累计预测净利润的 ...