华福证券 司 研 河钢资源（000923.SZ） 2024 年半年报点评：经营环境改善，铁矿石销量 回升支撑业绩增长，铜二期放量可期 投资要点： 事件 公司发布 2024 年半年报：2024 年上半年，公司实现营业收入 32.56 亿 元，同比+37.85%；实现归母净利润 4.77 亿元，同比+25.36%。2024 年 Q2， 公司实现营业收入 16.44 亿元，环比+2.03%/同比+34.57%；实现归母净利 润 2.37 亿元，环比-1.12%/同比+22.85%。 铁矿石业务低成本护城河，铜业务实现扭亏 1）量：受南非经营环境改善影响，上半年主要金属矿开采及销售同比 增长。分品种，磁铁矿/金属铜/蛭石产量分别为 475.5/1.13/9.34 万吨，分别 同比+80%/+26%/+15%；磁铁矿/金属铜/蛭石销量分别为441/1.16/5.94万吨， 分别同比+61%/+26%/-14%。 2）价：铁矿石价格回落，铜价中枢上移。上半年磁铁矿/金属铜/蛭石 不含税销售均价分别为 538/54,860/2999 元/吨，分别较去年全年-13.1%/ +16.4%/-5.3%。 3）利：铁矿石业务具有低 ...

Investment Rating - The report maintains a "Buy - A" rating for the company with a 6-month target price of 21.36 CNY per share, corresponding to a PE ratio of approximately 12 times for 2024 [5][8]. Core Insights - In the first half of 2024, the company achieved operating revenue of 3.256 billion CNY, a year-on-year increase of 37.85%, and a net profit attributable to shareholders of 477 million CNY, up 25.36% year-on-year [1]. - The sales volume of magnetite ore increased significantly, with a production volume of 4.755 million tons, a year-on-year increase of 80%, and sales volume of 4.41 million tons, up 61% year-on-year [2]. - The copper segment showed a positive gross margin of 15.69%, a significant recovery from negative margins, with production and sales both increasing by 26% year-on-year [3]. Summary by Sections Revenue and Profitability - The company reported a total revenue of 3.256 billion CNY in H1 2024, with a breakdown showing magnetite ore contributing 2.371 billion CNY (72.84% of total revenue), copper contributing 636 million CNY (19.55%), and vermiculite contributing 178 million CNY (5.47%) [1]. - The gross margin for magnetite ore was 82.48%, reflecting a year-on-year increase of 2.87 percentage points [2]. Production and Sales - Magnetite ore production in H1 2024 reached 4.755 million tons, with a target of 7.5 million tons for the full year, while sales are projected to reach 10 million tons [2]. - Copper production was reported at 11,300 tons, with a target of 30,000 tons for the year, and the copper project in South Africa is expected to be completed by December 2024 [3]. Financial Projections - The report forecasts the company to achieve operating revenues of 5.938 billion CNY, 6.117 billion CNY, and 7.432 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 1.161 billion CNY, 1.245 billion CNY, and 1.535 billion CNY for the same years [5][9].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's performance has improved due to increased iron ore sales and higher interest income, with a year-on-year net profit growth of 25.36% in H1 2024 [1][2]. - The copper phase II project is progressing, contributing positively to the company's future profitability [3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 3.256 billion yuan, a year-on-year increase of 37.85%, and a net profit attributable to shareholders of 477 million yuan, up 25.36% [2][3]. - The average price of iron ore (62% grade) was 117.73 USD/ton in H1 2024, a slight decline of 0.48% year-on-year, while the shipment volume increased significantly by 61% to approximately 4.41 million tons [1][2]. Business Segments - Iron Ore: The company maintained strong performance with increased shipment volumes despite a slight price decline [1][2]. - Copper: The phase II project has begun partial production, with copper shipments reaching approximately 11,600 tons in H1 2024, a 26% increase year-on-year [1][3]. - Vermiculite: Shipment volume is expected to decline slightly, but its impact on overall performance is limited due to its lower profit contribution [1][2]. Future Outlook - The copper phase II project is expected to ramp up production, potentially reaching full capacity by 2026, which will enhance profitability [3][4]. - Profit forecasts for 2024-2026 are adjusted to 873 million, 1.187 billion, and 1.338 billion yuan respectively, with corresponding EPS of 1.34, 1.82, and 2.05 yuan [3][4].

Investment Rating - The report maintains a "Recommend" rating for the company [3][5] Core Views - The company's H1 2024 revenue reached 3.256 billion yuan, a year-on-year increase of 37.8%, with net profit attributable to the parent company of 477 million yuan, up 25.4% year-on-year [1] - Iron ore sales volume recovered significantly in H1 2024, with magnetite sales volume reaching 4.41 million tons, a year-on-year increase of 61% [2] - The company's gross profit margin in H1 2024 was 66.58%, a year-on-year increase of 7.76 percentage points [2] - The copper phase II project is progressing steadily, with an expected annual production capacity of 70,000 tons of metal copper after completion in December 2024 [3] - The company's magnetite cost advantage is prominent, with existing stockpiles of approximately 130 million tons of magnetite with an average grade of 58% [3] Financial Performance - In Q2 2024, the company achieved revenue of 1.644 billion yuan, a year-on-year increase of 34.6%, with net profit attributable to the parent company of 237 million yuan, up 22.9% year-on-year [1] - The company's sales expenses in H1 2024 increased by 71.78% year-on-year, mainly due to the increase in iron ore sales volume [2] - The company's financial expenses in H1 2024 decreased by 29.09% year-on-year, mainly due to reduced exchange gains [2] Future Outlook - The company's iron concentrate sales volume is expected to gradually recover, and copper production capacity is expected to be gradually released [3] - The company's net profit attributable to the parent company is expected to be 1.004 billion yuan, 1.223 billion yuan, and 1.417 billion yuan in 2024, 2025, and 2026, respectively [3][4] - The company's PE ratio is expected to be 8x, 7x, and 6x in 2024, 2025, and 2026, respectively [3][4] Industry Position - The company's PC vermiculite mine is one of the top three vermiculite mines in the world, accounting for about 1/3 of the global market share [3] - The company has established a solid supply relationship with downstream vermiculite customers and exports vermiculite to European and Asian customers on a long-term basis [3]

河钢资源股份有限公司 独立董事候选人声明与承诺 声明人王汀汀，作为河钢资源股份有限公司第八届董事会独立董事候选人， 已充分了解并同意由提名人河钢资源股份有限公司提名为河钢资源股份有限 公司（以下简称该公司）第八届董事会独立董事候选人。现公开声明和保证， 本人与该公司之间不存在任何影响本人独立性的关系，且符合相关法律、行政 法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任 职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过河钢资源股份有限公司第七届董事会提名委员会或者独 立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影响独 立履职情形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担 任公司董事的情形。 √是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 √ 是 □ 否 如否，请详细说明：__ ...

河钢资源股份有限公司 独立董事提名人声明与承诺 提名人河钢资源股份有限公司董事会现就提名侯东喜为河钢资源股份有 限公司第八届董事会独立董事候选人发表公开声明。被提名人已书面同意作为 河钢资源股份有限公司第八届董事会独立董事候选人（参见该独立董事候选人 声明）。本次提名是在充分了解被提名人职业、学历、职称、详细的工作经历、 全部兼职、有无重大失信等不良记录等情况后作出的，本提名人认为被提名人 符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则 对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过河钢资源股份有限公司第七届董事会提名委员会或 者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其他可 能影响独立履职情形的密切关系。 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券 交易所业务规则规定的独立董事任职资格和条件。 √是 □ 否 如否，请详细说明：______________________________ 四、被提名人符合公司章程规定的独立董事任职条件。 √是 □ 否 √是 □ 否 如否，请详细说明：____________ ...

证券代码：000923 证券简称：河钢资源 公告编号：2024- 20 河钢资源股份有限公司 第七届监事会第十次会议决议公告 本公司及监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。 一、会议召开情况 监事会认为：公司 2024 年半年度募集资金存放和使用情况符合《深圳证券 交易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和 1 使用的监管要求（2023 年修订）》以及公司募集资金管理制度等的相关规定，报 告期内公司不存在违规使用募集资金的情形，不存在变相改变募集资金用途和损 害股东利益的情况。 表决结果为：同意 3 票，反对 0 票，弃权 0 票。 河钢资源股份有限公司第七届监事会第十次会议于 2024 年 8 月 28 日下午 4:30 在石家庄市体育南大街 385 号 501 会议室以现场结合视频方式召开，2024 年 8 月 23 日公司以电话、电子邮件及书面方式向全体监事发出会议通知。会议 应到监事 3 人，实到监事 3 人，樊海泉先生主持会议，相关人员列席会议，会议 的召集、召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的 ...

如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 河钢资源股份有限公司 独立董事候选人声明与承诺 声明人侯东喜，作为河钢资源股份有限公司第八届董事会独立董事候选人， 已充分了解并同意由提名人河钢资源股份有限公司提名为河钢资源股份有限 公司（以下简称该公司）第八届董事会独立董事候选人。现公开声明和保证， 本人与该公司之间不存在任何影响本人独立性的关系，且符合相关法律、行政 法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任 职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过河钢资源股份有限公司第七届董事会提名委员会或者独 立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影响独 立履职情形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担 任公司董事的情形。 √是 □ 否 √ 是 □ 否 如否，请详细说明：__ ...

单位：万元 | 非经营性资金占用 | 资金占用方 | 占用方与上市 | 上市公司核 | 2024 | 年期初 | 2024 年半年度 占用累计发生 | 2024 年半年 | 2024 年半年 | 2024 年半年 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 公司的关联关 | 算的会计科 | | 占用资金余 | | 度占用资金的 | 度偿还累计发 | 度期末占用 | | 占用性质 | | | 名称 | | | | | 金额（不含利 | | | | 原因 | | | | | 系 | 目 | 额 | | | 利息（如有） | 生金额 | 资金余额 | | | | | | | | | | 息） | | | | | | | 控股股东、实际控制 人及其附属企业 | 不适用 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | | | - | | 前控股股东、实际控 制人及其附属企业 | 不适用 | | | | | | | | ...

河钢资源股份有限公司 独立董事提名人声明与承诺 提名人河钢资源股份有限公司董事会现就提名肖金泉为河钢资源股份有 限公司第八届董事会独立董事候选人发表公开声明。被提名人已书面同意作为 河钢资源股份有限公司第八届董事会独立董事候选人（参见该独立董事候选人 声明）。本次提名是在充分了解被提名人职业、学历、职称、详细的工作经历、 全部兼职、有无重大失信等不良记录等情况后作出的，本提名人认为被提名人 符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则 对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过河钢资源股份有限公司第七届董事会提名委员会或 者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其他可 能影响独立履职情形的密切关系。 √是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不 得担任公司董事的情形。 √是 □ 否 如否，请详细说明：______________________________ 三、被提名人符合中国证监会《上市公司独立董事管理 ...