| 证券代码：002237 | 证券简称：恒邦股份 公告编号：2024-059 | | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | （（鲁烟牟）应急复查〔2024〕13号），经复查，同意公司冶炼一公司复工复产。 据此，公司冶炼一公司正在开展有序复产的各项准备工作。 公司将按照《整改复查意见书》要求，严格落实企业主体职责，做好各项安全 防护措施，及时排查和消除隐患，确保公司生产安全稳定。 本事项后续如有进展，公司将按照相关规定及时履行信息披露义务，敬请广大 投资者注意投资风险。 特此公告。 山东恒邦冶炼股份有限公司 关于公司冶炼一公司复产的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 前期，山东恒邦冶炼股份有限公司（以下简称"公司"）披露了冶炼一公司发 生安全事故，事故发生后，所涉冶炼一公司停产整顿，具体内容详见公司于2024年8 月13日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于公司发生安全事 故的公告》（公告编号：2024-046）。 事故发生后，公司严格按照上级监管部门的要求对事 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 11.97 [7][8]. Core Views - The company's Q3 revenue was RMB 17.19 billion, a year-over-year decrease of 6.91% and a quarter-over-quarter decrease of 14.74%. However, the net profit attributable to the parent company was RMB 166 million, showing a year-over-year increase of 40.19% and a quarter-over-quarter increase of 5.82% [1]. - The company has a gold smelting capacity of 98.33 tons and is actively promoting the equity transfer of the Shiwuk gold mine [3]. - The report indicates that gold prices have long-term upward potential, and gold stocks still hold investment value [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of RMB 58.16 billion, a year-over-year increase of 14.73%, and a net profit of RMB 465 million, a year-over-year increase of 13.23% [1]. - The company's Q3 gross margin was 2.10%, down 1.04 percentage points quarter-over-quarter, primarily due to a decline in profitability from gold smelting and a drop in prices of non-ferrous metals [2]. - The company reported non-recurring gains of RMB 83.55 million in Q3, mainly from hedging gains [2]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is RMB 606 million, RMB 1.087 billion, and RMB 1.384 billion, respectively. The expected EPS for the same period is RMB 0.53, RMB 0.95, and RMB 1.21 [5][11].

Revenue and Profitability - Revenue for Q3 2024 was CNY 17,190,408,976.73, a decrease of 6.91% compared to the same period last year[2] - Net profit attributable to shareholders increased by 40.19% to CNY 166,102,398.94 in Q3 2024[2] - Net profit excluding non-recurring gains and losses decreased by 49.13% to CNY 82,551,412.86 in Q3 2024[2] - Total operating revenue for the current period reached ¥58.16 billion, an increase of 14.4% compared to ¥50.69 billion in the previous period[14] - Net profit attributable to shareholders of the parent company was ¥464.53 million, a rise of 13.2% from ¥410.27 million year-over-year[15] - Operating profit for the current period was ¥509.03 million, compared to ¥461.37 million in the previous period, reflecting an increase of 10.3%[14] - The company reported a total comprehensive income of ¥448.89 million, compared to ¥391.72 million in the previous period, indicating a growth of 14.6%[15] - Basic earnings per share rose to ¥0.40, compared to ¥0.36 in the previous period, reflecting a growth of 11.1%[15] Cash Flow and Investments - Cash flow from operating activities increased by 745.18% to CNY 805,523,256.29 year-to-date[2] - Cash flow from operating activities totaled ¥60.91 billion, an increase of 11.8% from ¥54.75 billion in the previous period[16] - Cash inflow from financing activities decreased to ¥8,298,545,385.92 from ¥9,595,274,585.38, reflecting a reduction in financing activities[17] - Cash paid for operating activities totaled ¥60,107,959,707.10, compared to ¥54,653,019,433.38, indicating higher operational costs[17] - Cash received from investment activities was ¥397,531,157.28, significantly higher than ¥94,260,812.42 in the previous period[17] - The company’s cash flow from investment activities showed a net outflow of ¥2,567,621,083.51, compared to a net outflow of ¥1,004,545,572.86 previously, indicating increased investment activity[17] Assets and Liabilities - Total assets as of the end of Q3 2024 were CNY 24,784,776,657.32, up 13.17% from the end of the previous year[2] - Total assets increased to CNY 24.78 billion, up from CNY 21.90 billion, representing a growth of approximately 13.2% year-over-year[12] - Current assets rose to CNY 16.82 billion, compared to CNY 15.27 billion at the beginning of the year, marking an increase of about 9.8%[12] - Total liabilities reached CNY 15.30 billion, up from CNY 12.72 billion, which is an increase of about 20.4%[13] - Long-term borrowings increased to CNY 1.96 billion from CNY 1.20 billion, representing a growth of approximately 63.1%[13] - Owner's equity totaled CNY 9.48 billion, compared to CNY 9.18 billion, reflecting an increase of about 3.2%[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 48,636, with the largest shareholder, Jiangxi Copper Co., holding 44.48% of shares, totaling 510,643,360 shares[8] - Yantai Hengbang Group holds 5.89% of shares, amounting to 67,674,706 shares, with 11,700,000 shares pledged and 28,663,000 shares frozen[8] - Wang Dening, a natural person shareholder, holds 2.06% of shares, totaling 23,677,300 shares, with 23,000,000 shares pledged[8] - The company has received a report from Jiangxi Copper regarding the fulfillment of commitments to avoid competition, with ongoing regulatory oversight from the Shandong Securities Regulatory Bureau[10] - The report indicates that there are no known relationships among the top shareholders that would classify them as acting in concert under the regulations[9] - The company has not reported any significant changes in the number of shares held by the top ten unrestricted shareholders[8] Other Financial Metrics - Cash and cash equivalents decreased to CNY 4.47 billion from CNY 4.81 billion, a decline of approximately 7.1%[12] - Inventory increased significantly to CNY 10.40 billion, up from CNY 9.31 billion, reflecting a growth of around 11.7%[12] - Short-term borrowings increased by 47.73% compared to the beginning of the year, due to the use of low-cost short-term loans[6] - The company reported a significant rise in derivative financial liabilities to CNY 502.31 million from CNY 232.63 million, an increase of approximately 115.5%[13] - Research and development expenses increased to ¥188.35 million, up 15.0% from ¥163.79 million in the previous period[14] - Other income increased significantly to ¥73.54 million, compared to ¥8.92 million in the previous period, marking a substantial growth[14]

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2024-057 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 关于控股股东履行避免同业竞争承诺的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 山东恒邦冶炼股份有限公司（以下简称"公司"）于 2024 年 10 月 11 日收到了 江西铜业股份有限公司（以下简称"江西铜业"）出具的《关于向山东恒邦冶炼股 份有限公司协议转让石坞金矿矿权及江西黄金股份有限公司股份的函》，现将相关 情况公告如下： 一、履行避免同业竞争承诺的进展情况 1.2019 年以来，江西铜业先后出具了《关于避免同业竞争的承诺函》《关于避 免同业竞争的补充承诺》《关于履行承诺不存在重大障碍的说明》《关于避免同业 竞争承诺履行情况的说明》《关于向山东恒邦冶炼股份有限公司出售江西黄金股份 有限公司股份事宜的函》。 2.2024 年 4 月 22 日，中国证券监督管理委员会山东监管局（以下简称"山东证 监局"）对江西铜业出具了《关于对江西铜业 ...

根据《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 15 号——可转换公司债券》的有关规定，山东恒邦冶炼股份有限公司（以下简称 "公司"）现将 2024 年第三季度可转换公司债券转股情况及公司股本变动情况公告 如下： | 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2024-056 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 2024 年第三季度可转债转股情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 一、可转换公司债券上市发行概况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意山东恒邦冶 炼股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕 1132 号）核准，公司于 2023 年 6 月 12 日公开发行了 3,160 万张可转换公司债券， 每张面值 100 元，募集资金总额为 316,000 万元。扣除各项发行费用合计人民币 30,032,603 ...

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2024-055 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 关于预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.证券代码：002237，证券简称：恒邦股份 2.债券代码：127086，债券简称：恒邦转债 3.转股价格：11.33 元/股 4.转股时间：2023 年 12 月 18 日至 2029 年 6 月 11 日 5.根据山东恒邦冶炼股份有限公司（以下简称"公司"）《山东恒邦冶炼股份有 限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 规定：在本次发行的可转换公司债券存续期内，当公司股票在任意连续三十个交易日 中至少十五个交易日的收盘价低于当期转股价格 85%时，公司董事会有权提出转股价 格向下修正方案并提交公司股东大会表决。 2024 年 9 月 2 日至 2024 年 9 月 13 日，公司股票在连续三十个交易日中 ...

发生安全事故的公告 山东恒邦冶炼股份有限公司（以下简称"恒邦股份"或"公司"）于 2023 年 6 月在深圳证券交易所发行的"2023 年山东恒邦冶炼股份有限公司向不特定对 象发行可转换公司债券（证券简称：恒邦转债）"由中诚信国际信用评级有限责 任公司（以下简称"中诚信国际"）进行相关评级工作。中诚信国际于 2024 年 5 月 24 日对主体及债项进行了跟踪评级，维持公司主体信用等级为 AA+，评级展 望为稳定，维持"恒邦转债"的信用等级为 AA+，评级结果有效期为 2024 年 5 月 24 日至受评债券的到期日。 2024 年 8 月 13 日公司公告称，近日冶炼一公司1侧吹炉放铜口突发喷溅， 造成现场人员受伤。事故发生后，所涉冶炼一公司停产整顿，待调查部门出具结 论意见并整改验收合格完成后恢复生产。截至公告披露日，3 名员工在住院治疗 期间死亡；3 名正在住院治疗中，状况平稳；伤情较轻的 11 名员工已经出院。 对此，山东省人民政府已成立调查组，事故原因与人员死亡原因还在进一步分析 调查中，公司尚未收到事故调查组对本次事故出具的事故调查报告及相关处理 1 冶炼一公司 2023 年度营业收入 1,309 ...

[Table_Main] 证券研究报告 | 公司点评 恒邦股份(002237.SZ) 2024 年 08 月 21 日 买入（维持） 所属行业：有色金属/贵金属 当前价格(元)：10.36 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 市场表现 -34% -23% -11% 0% 11% 23% 2023-08 2023-12 2024-04 恒邦股份 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -13.67 | -12.50 | -19.23 | | 相对涨幅 (%) | -7.84 | -6.94 | -9.85 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《黄金：降息预期提升 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥40,970,187,512.09, representing a 27.13% increase compared to ¥32,227,691,463.29 in the same period last year[11]. - Net profit attributable to shareholders of the listed company was ¥298,425,786.23, a 2.28% increase from ¥291,784,075.27 year-on-year[11]. - The net profit after deducting non-recurring gains and losses surged by 87.33% to ¥548,811,733.99 from ¥292,967,965.03 in the previous year[11]. - The net cash flow from operating activities increased significantly by 113.36% to ¥285,964,279.09 compared to ¥134,028,724.90 in the same period last year[11]. - The company reported a net loss of approximately CNY 250.39 million for the first half of 2024, with a significant impact from income tax and minority interests[15]. - The company reported a significant increase in revenue, with a total of 652.64 million CNY from related transactions, accounting for 1.64% of similar transaction amounts[89]. - The total revenue for the first half of 2024 was reported at 742,084,500.68 RMB, reflecting a decrease of 19.73% compared to the previous period[163]. Assets and Liabilities - Total assets at the end of the reporting period were ¥23,776,617,611.20, an 8.56% increase from ¥21,901,000,176.97 at the end of the previous year[11]. - The company's cash and cash equivalents decreased by 4.10% to ¥4,249,189,533.35, representing 17.87% of total assets[36]. - The company's inventory increased to ¥10,299,679,005.46, accounting for 43.32% of total assets[37]. - The company's total liabilities increased to CNY 3,203,965,241.48 in the first half of 2024 from CNY 4,107,776,807.71 in the same period of 2023, indicating a reduction of approximately 22.0%[149]. - The company's debt-to-asset ratio increased to 60.82%, up from 58.10% at the end of the previous year, reflecting a 2.72% rise[132]. Production and Operations - The main business activities include gold mining, precious metal smelting, high-tech material R&D and production, and international trade, with a focus on enhancing core technologies in precious metal recovery[16]. - The gold production capacity is 98.33 tons per year, with actual production in the first half of 2024 at 49.29 tons[29]. - The silver production capacity is 1,000 tons per year, with actual production in the first half of 2024 at 412.52 tons[29]. - The company has shifted its procurement model to include direct purchases from mines and trade merchants, enhancing control over raw material supply and reducing costs[19]. - The production model emphasizes efficiency and quality control, with a focus on matching raw materials to the specific technical characteristics of each smelting division[20]. Research and Development - Research and development investment increased by 12.89% to ¥115.92 million from ¥102.68 million in the previous year[30]. - The company has established several research centers and partnerships with universities to enhance its technological capabilities in precious metal recycling and smelting[27]. - The company has developed proprietary technologies for efficient recovery of valuable elements from complex ores, enhancing its processing efficiency and recovery rates[26]. - The company is focusing on market price strategies for its products, ensuring transparency and fairness in transactions[93]. Environmental Management - The company holds a pollution discharge permit valid from May 23, 2024, to May 22, 2029, indicating compliance with environmental regulations[67]. - The company has implemented a series of environmental protection measures, ensuring compliance with multiple national and provincial environmental laws and standards[67]. - The company has achieved zero discharge of industrial wastewater through a complete internal water recycling system[75]. - The company has invested CNY 98.99 million in environmental protection measures, achieving a utilization rate of 98.26%[75]. Shareholder and Corporate Governance - The company has a total of 942 employees participating in the employee stock ownership plan, holding 5,076,100 shares, which represents 0.44% of the total equity[62]. - The company reported that the total number of shares held by directors and senior management remained unchanged during the reporting period, with the total shareholding representing 0.01% of the company's total equity[63]. - The company has not engaged in any violations regarding external guarantees during the reporting period[84]. - The company is committed to fair competition and will not engage in actions that harm the interests of minority shareholders during the control period by Jiangxi Copper[79]. Financial Instruments and Investments - The company reported an investment loss of CNY 296.65 million, a significant increase from a loss of CNY 48.57 million in the same period last year[142]. - The company has issued convertible bonds totaling 3,160 million CNY to fund the construction of a comprehensive recovery technology project[110]. - The convertible bonds were officially listed on the Shenzhen Stock Exchange on July 7, 2023[111]. - The company has not reported any significant guarantees or entrusted financial management during the reporting period[106][107]. Market and Sales - The revenue from gold sales was ¥25,870,556,219.70, with a year-on-year growth of 93.29%[33]. - Domestic revenue accounted for 99.72% of total revenue, with a year-on-year increase of 29.03%[32]. - The company plans to expand its market presence and enhance its product offerings through ongoing research and development initiatives[38]. - The company is exploring new product lines and technologies to enhance its market position and competitiveness[95].

山东恒邦冶炼股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人：曲胜利 主管会计工作负责人： 陈祖志 会计机构负责人：牟晓垒 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的会 | 2024 年期初占用 | 2024 年半年度占用 累计发生金额（不含 | 2024 年半年度占用 | 2024 年半年度偿还 | 2024 年半年期末占 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 计科目 | 资金余额 | 利息） | 资金的利息（如有） | 累计发生金额 | 用资金余额 | 因 | | | 控股股东、实际控制人及其附属 企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控制人及其附 | | | | | | | | | | 非经营性占用 | | 属企业 | | | | | | | | | | ...