| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2024-040 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 特别提示： 关于全资子公司为公司提供担保的进展公告 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。 1、内蒙古大中矿业股份有限公司（以下简称"公司"）及子公司累计对外 担保余额为 370,465 万元（包含本次担保金额），占公司最近一期经审计净资产 的 62.80%。 2、公司及子公司未对合并报表范围外的公司提供担保。 3、公司及子公司未发生逾期担保、涉及诉讼的担保及因担保被判决败诉而 应承担损失的情况。 一、担保情况概述 公司分别于 2023 年 3 月 29 日、2023 年 4 月 19 日召开第五届董事会第三十 次会议和 2022 年度股东大会，审议通过了《关于公司及子公司 2023 年度对外担 保额度预计的议案》。同意公司及子公司根据正常生产经营的资金需求,公司为 子公司提供担保、子公司为公司提供担保额度总计不超过 260,000 万元。该预计 担保额度可循环使用， ...

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2024-039 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 1、内蒙古大中矿业股份有限公司（以下简称"公司"）及子公司累计对外 担保余额为 336,700 万元（包含本次担保金额），占公司最近一期经审计净资产 的 57.07%。 内蒙古大中矿业股份有限公司 关于全资子公司为公司提供担保的进展公告 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。 特别提示： 2、公司及子公司未对合并报表范围外的公司提供担保。 3、公司及子公司未发生逾期担保、涉及诉讼的担保及因担保被判决败诉而 应承担损失的情况。 1、公司名称：内蒙古大中矿业股份有限公司 2、统一信用代码：91150800701444800H 一、担保情况概述 公司分别于 2023 年 3 月 29 日、2023 年 4 月 19 日召开第五届董事会第三十 次会议和 2022 年度股东大会，审议通过了《关于公司及子公司 2023 年度对外担 保额度预计的议案》。同意公司及子公司根据正常生产 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.60 CNY, down from the previous target of 15.30 CNY [1][11]. Core Views - The company's 2023 performance met expectations, with iron ore profits rising alongside prices. The completion of payments for the Jada lithium mine and the commencement of construction for the lithium carbonate project indicate the company's resource layout is beginning to materialize [1][11]. - The report highlights that the company's iron ore production continues to increase, with a projected net profit for 2024 and 2025 of 12.72 billion CNY and 14.54 billion CNY, respectively, and a forecast for 2026 of 15.75 billion CNY [1][11]. - The company is expected to maintain a higher-than-average valuation of 15 times PE, reflecting its stable profitability in the iron ore business and the potential growth from lithium mining [1][11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 40.03 billion CNY, a year-on-year decrease of 3.7%, and a net profit attributable to shareholders of 11.41 billion CNY, an increase of 4.39% [1][11]. - The average selling price of iron concentrate was 893 CNY per ton, with a gross profit of 527 CNY per ton [1][11]. - The company’s iron ore production reached 3.76 million tons in 2023, an increase from the previous year [1][11]. Production and Sales - The company reduced its pellet production and sales volume, with total pellet sales of 534,900 tons in 2023, a decrease of 144,620 tons [1][11]. - The report notes that the company’s iron ore business profitability remains stable, supported by rising steel production in China [1][11]. Lithium Project Development - The company has successfully acquired land for the Hunan Jijiao Mountain lithium mine and has obtained exploration rights for the Jada lithium mine, with estimated lithium oxide resources ranging from 370,000 to 600,000 tons [1][11]. - The first phase of the Hunan Jijiao Mountain lithium mine is expected to produce 20,000 tons per year starting in 2024 [1][11]. Valuation Metrics - The report provides various financial metrics, including an expected EPS of 0.84 for 2024, with a projected increase to 1.04 by 2026 [1][11]. - The company’s net asset return rate is projected to be 19.4% in 2023, increasing to 17.6% by 2024 [1][11].

民生证券股份有限公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。 本报告仅供本公司境内客户使用。本公司不会因接收人收到本报告而视其为客户。本报告仅为参考之用，并不构成对客户的投资 建议，不应被视为买卖任何证券、金融工具的要约或要约邀请。本报告所包含的观点及建议并未考虑个别客户的特殊状况、目标或需 要，客户应当充分考虑自身特定状况，不应单纯依靠本报告所载的内容而取代个人的独立判断。在任何情况下，本公司不对任何人因 使用本报告中的任何内容而导致的任何可能的损失负任何责任。 本报告是基于已公开信息撰写，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、意见及预测仅反映本公司于发 上海：上海市浦东新区浦明路 8 号财富金融广场 1 幢 5F； 200120 ① 量：铁精粉产量同比提升。2023 年，公司铁精粉产量 376.38 万吨，同比增 长 16.78%，其中内蒙矿山铁精粉产量 190.80 万吨，同比增长 18.42%，安徽矿 山铁精粉产量 185.58 万吨，同比增长 15.14%，公司球团销量 53.49 万吨，同 比下滑 73%。 ② 价：公司毛利率保持稳定。2023 年，铁精 ...

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2024-038 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 内蒙古大中矿业股份有限公司 关于持股 5%以上股东、高级管理人员股份减持计划的公告 梁欣雨、张杰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： 截至本公告披露日，内蒙古大中矿业股份有限公司（以下简称"公司"）持 股 5%以上股东梁欣雨女士持有公司股份 127,906,000 股，占公司总股本比例 8.60%。梁欣雨女士计划自本公告披露之日起 3 个交易日后的 6 个月内通过深圳 证券交易所系统以大宗交易的方式减持公司股份，减持股份总数为 30,160,432 股，占公司总股本的比例为 2.03%。梁欣雨女士拟减持的股份，将由公司董事会 秘书林圃正先生通过大宗交易的方式增持。 高级管理人员张杰先生持有公司股份 2,500,000 股，占公司总股本比例 0.17%。张杰先生计划自本公告披露之日起 15 个交易日后的 ...

| 证券代码：001203 | 证券简称：大中矿业 公告编号：2024-037 | | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | 内蒙古大中矿业股份有限公司 关于董事会秘书增持公司股份计划的公告 林圃正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： 截至本公告披露日，内蒙古大中矿业股份有限公司（以下简称"公司"）董 事会秘书林圃正先生持有公司股份 532,200 股，占公司总股本比例 0.04%。基于 对公司未来发展的信心及公司长期投资价值的认可，董事会秘书林圃正先生计划 自本公告披露之日起3个交易日后的6个月内通过大宗交易方式或集中竞价交易 方式增持公司股份数量不低于 30,160,432 股，即不低于公司总股本（已剔除公 司回购专用账户中的股份数量）的 2.03%，增持股份的主要来源为持股 5%以上股 东梁欣雨女士拟减持的股份。 公司于近期收到林圃正先生出具的《关于计划增持公司股份的告知函》，现 将相关事项公告如下： 一、增持主体的基本情况 1、姓名：林 ...

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2024-036 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 内蒙古大中矿业股份有限公司 1、内蒙古大中矿业股份有限公司（以下简称"公司"）及子公司累计对外 担保余额为 358,885 万元（包含本次担保金额），占公司最近一期经审计净资产 的 60.83%。 2、公司及子公司未对合并报表范围外的公司提供担保。 3、公司及子公司未发生逾期担保、涉及诉讼的担保及因担保被判决败诉而 应承担损失的情况。 一、担保情况概述 公司分别于 2023 年 9 月 6 日、2023 年 9 月 22 日召开第五届董事会第四十 次会议和 2023 年第五次临时股东大会，审议通过了《关于新增公司及子公司对 外担保额度的议案》。同意公司及子公司在原担保额度的基础上，增加担保额度 及被担保方，新增对外担保额度 215,000 万元。该预计担保额度可循环使用，也 可根据实际情况，在公司及子公司相互担保的额度之间进行调剂。担保的有效期 为自公司 2023 年第五次临时股东大会审议通过之日起 12 个月内有效，在上述 ...

证券代码：001203 证券简称：大中矿业 债券代码：127070 债券简称：大中转债 内蒙古大中矿业股份有限公司投资者关系活动记录表 编号：2024-002 特定对象调研 □分析师会议 投资者关系活动 □媒体采访  业绩说明会 类别 □新闻发布会  路演活动 现场参观 其他 星展证券、广发证券、上海玛纳经贸投资、海通证券、杭州沭堡投资、 国信证券、上海力顺燃机、上海力驶投资、海南矿业、海通证券研究 所、上海明溪资产、西藏合众易晟投资、长江联合金融租赁、华福证 参与单位名称 券、中国太平、中信证券、德邦证券、上海莫暮投资、太平养老保险、 国泰君安、利星行能源、申银万国投资、个人投资者（排名不分先后、 按照报名顺序） 时间 2024年3 月19日 地点 上海浦东丽思卡尔顿酒店3楼多功能 A厅 1、董事长牛国锋先生 上市公司接待人 2、董事、总经理林圃生先生 ...

| --- | --- | |---------------------------------------------------|------------------------------| | 大中矿业（ 买入（维持） | 001203.SZ ）： 23 年 | | 所属行业：钢铁 / 冶钢原料 当前价格 ( 元 ) ： 9.62 | 净利同比增长，铁锂双轮驱动初 | | 证券分析师 | 步成型 | 市场表现 | --- | --- | --- | --- | |----------------------------------|----------------|--------------|--------| | -43% 2023-03 \n沪深 300 对比 | 2023-07 \n1M | 2023-11 \n2M | 3M | | 绝对涨幅 (%) | 1.58 | -1.05 | -4.32 | | 相对涨幅 (%) | -5.51 | -11.09 | -12.55 | | 资料来源：德邦研究所，聚源数据 | | | | 投资要点 [Table_Main] 证券研究报告 | 公司点评 ...

Sales and Revenue - The total sales amount from the top five customers reached ¥2,392,000,923.52, accounting for 59.74% of the annual total sales[3] - The sales amount from the largest customer was ¥810,878,767.88, representing 20.25% of the annual total sales[3] - The company's operating revenue for 2023 was CNY 4,003,457,182.52, a decrease of 3.70% compared to 2022[25] - Net profit attributable to shareholders for 2023 was CNY 1,141,264,834.63, representing an increase of 4.39% year-over-year[25] - The net profit after deducting non-recurring gains and losses was CNY 1,097,458,426.62, which is a 16.52% increase from the previous year[25] - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth[107] - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 1.32 billion RMB[107] - New product launches are expected to contribute an additional 200 million RMB in revenue over the next year[107] - The company's total revenue for the first quarter was approximately CNY 640.46 million, with a net profit attributable to shareholders of CNY 193.74 million[149] - In the second quarter, the company reported revenue of approximately CNY 1.152 billion and a net profit of CNY 310.76 million[149] - The third quarter revenue was approximately CNY 1.046 billion, with a net profit of CNY 324.32 million[149] - The fourth quarter revenue reached approximately CNY 1.165 billion, with a net profit of CNY 312.44 million[149] Expenses and Financial Performance - Research and development expenses increased by 24.57% to ¥152,198,363.23 due to increased investment in R&D[5] - Financial expenses rose by 30.02% to ¥156,842,079.93, attributed to increased loans and interest expenses[5] - The total sales expenses increased by 34.05% to ¥5,026,073.94, driven by increased sales volume and costs[5] - The company reported a significant increase in cash flow from operations, indicating improved operational efficiency[25] - The net cash flow from operating activities increased by 33.30% to CNY 1,606,652,607.09 in 2023[25] - The company reported a non-operating profit from the disposal of non-current assets amounting to CNY 55.89 million in 2023[151] - The company received government subsidies amounting to 41,498,088.61, which positively impacted its financial performance[155] - The company experienced a net loss of 1,447,346.77 from subsidiaries from the beginning of the merger to the merger date[155] - The company’s effective tax impact was 15,678,776.86, primarily due to profits from previously loss-making enterprises[155] Assets and Investments - The company reported an asset impairment loss of ¥19,948,957.59, which accounted for -1.52% of the total profit, due to inventory price decline provisions[13] - The company achieved an operating income of ¥9,987,506.91 from asset gains, representing 0.76% of total profit[13] - Total assets as of the end of 2023 reached CNY 14,057,391,279.82, a growth of 20.38% compared to the previous year[26] - The net assets attributable to shareholders decreased by 10.13% to CNY 5,897,941,414.16[26] - The company has invested CNY 210,349,974.44 in the 1.5 million tons/year pellet project, achieving 39.73% of the planned progress[23] - The company reported a net cash outflow from investment activities due to increased cash outflow for the exploration rights of the Sichuan Jiada lithium mine[166] Research and Development - The company is currently in the R&D phase for several projects aimed at improving mining efficiency and safety, including a dynamic monitoring system for hoisting machines[9] - The company plans to enhance its filling quality by increasing the filling slurry concentration from 60% to 66% through new technology[9] - Research and development investments increased by 30%, focusing on innovative technologies in the mining sector[107] - The company is focusing on market expansion and new product development to enhance its competitive position in the industry[138] - The company is actively exploring new mining rights to enhance its resource base and ensure sustainable growth[194] - The company plans to invest in new technologies for mining and processing to improve efficiency and reduce costs[199] Market and Strategic Initiatives - The company is focusing on market expansion and technological advancements to ensure sustainable growth and operational efficiency[9] - The company aims to deepen its core iron ore business and continue technical upgrades to enhance production capacity and quality, focusing on expanding high-quality iron ore resources domestically and internationally[41] - The company is actively promoting the integration project of lithium mining at Hunan Jijieshan, which is expected to complement its iron ore operations[43] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[107] - The company is considering strategic acquisitions to bolster its market position and expand its operational capabilities[199] - The company anticipates a recovery in lithium prices as market conditions stabilize, which may positively impact future revenue[199] Governance and Compliance - The company has established a robust internal control system to ensure compliance with regulatory requirements and protect investor interests[107] - Governance structures have been strengthened, aligning with the latest regulatory standards to improve decision-making processes[107] - The company maintains independent operations and decision-making capabilities, ensuring no interference from controlling shareholders[108] - The board of directors has established four specialized committees to provide professional opinions for decision-making, enhancing governance[109] - The company has implemented a performance-based compensation system linking individual salaries to performance metrics[110] - The company emphasizes balancing the interests of stakeholders while ensuring steady growth in operational performance[111] - The company has established a robust governance structure, ensuring independence from controlling shareholders in all operational aspects[113] - The company held seven shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[78] Industry Trends and Challenges - The company faces risks related to price fluctuations in the steel industry, which is closely tied to macroeconomic cycles, potentially impacting demand for iron concentrate and pellets[46] - In 2023, the global crude steel production was 1.888 billion tons, with China's production accounting for over 50% of the total[136] - China's pig iron, crude steel, and steel output in 2023 were 871 million tons, 1.019 billion tons, and 1.363 billion tons, representing year-on-year growth of 0.83%, 0.60%, and 1.67% respectively[136] - The demand for iron concentrate in China in 2023 was approximately 1.394 billion tons, an increase of 12 million tons from 2022, with a growth rate of 0.87%[139] - The iron ore price increased from $117 per ton at the beginning of the year to $140 per ton by the end, representing a growth of 19.66%[162] - The demand for lithium carbonate, a key raw material for the new energy industry, continues to grow rapidly, although the growth rate has slowed down[199] - Lithium carbonate prices have experienced significant fluctuations during the reporting period, currently positioned at the bottom of a cyclical volatility[199] Social Responsibility and Sustainability - The company is committed to social responsibility and stakeholder communication, promoting sustainable and stable development[111] - The company is committed to building green mines and enhancing safety measures in its operations[45][70] - The company is responding to national strategies for carbon neutrality by expanding into the lithium industry while maintaining its core iron ore business[159]