中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2024-064号 中矿资源集团股份有限公司 关于全资子公司为公司提供担保的公告 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。 一、担保情况概述 中矿资源集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 5 月 17 日召开的 2023 年度股东大会审议通过了《关于公司及子公司 2024 年度对 外担保额度预计的议案》，同意公司为合并报表范围内的各级全资及控股子公司 （包含现有及授权期新设立、收购等方式取得的纳入公司合并报表范围内的各级 全资及控股子公司）提供担保；同意合并报表范围内的全资子公司为公司提供担 保。预计 2024 年度前述担保事项累计额度最高不超过 600,000.00 万元人民币 （包括公司与子公司之间、子公司与子公司之间提供的担保金额）。其中，江西 东鹏新材料有限责任公司（以下简称"东鹏新材"）为本公司的担保额度为 314,000.00 万元人民币。 公司拟向宁波银行股份有限公司北京分行（以下简称"宁波银行"）申请 50,000.00 万元人民币 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q3 performance was below expectations, with revenue of 3.6 billion yuan for the first three quarters of 2024, down 29% year-on-year, and a net profit attributable to shareholders of 550 million yuan, down 74% year-on-year [2] - Lithium salt sales in Q3 increased by 26% quarter-on-quarter, with annual sales expected to reach 40,000 to 50,000 tons, representing a year-on-year increase of 140% to 200% [2][3] - Significant cost reduction in lithium mining, with the production cost per ton dropping from 53,000 yuan in Q2 to below 50,000 yuan in Q3 [3] - The company anticipates stable profits from cesium and rubidium, with copper business expected to become a future growth point [3] Financial Performance Summary - For 2024, the company expects a net profit attributable to shareholders of 700 million yuan, down 68% year-on-year, with a projected P/E ratio of 35x [4] - The operating cash flow for the first three quarters of 2024 was -170 million yuan, a decrease of 106% year-on-year [4] - Capital expenditures for the first three quarters of 2024 were 580 million yuan, down 60% year-on-year [4] Revenue and Profit Forecast - The company forecasts total revenue of 5.28 billion yuan for 2024, down 12.2% year-on-year, with a projected net profit of 1.58 billion yuan by 2026, reflecting a year-on-year growth of 56.99% [1][4]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The report indicates that the decline in lithium prices has been largely accounted for, and occasional factors have impacted profitability [3] - The company's revenue for the first three quarters of 2024 was 3.57 billion yuan, a year-on-year decrease of 28.7%, with a net profit attributable to shareholders of 546 million yuan, down 73.6% year-on-year [3][7] - The report suggests that the current revenue reflects the significant impact of falling lithium prices, and companies with integrated upstream resources and lithium salt production capabilities are expected to benefit from cost advantages [3][5] Summary by Sections Performance Overview - The company achieved a revenue of 3.57 billion yuan in the first three quarters of 2024, down 28.7% year-on-year, and a net profit of 546 million yuan, down 73.6% year-on-year [3][7] - In Q3 2024, the company reported revenue of 1.15 billion yuan, a decrease of 18.3% year-on-year and 11.4% quarter-on-quarter, with a net profit of 72.76 million yuan, down 87.2% year-on-year and 66.4% quarter-on-quarter [3][10] Lithium Price Impact - The decline in lithium prices has significantly affected the company's revenue, with the average price of lithium carbonate falling approximately 68% year-on-year by Q3 2024 [3][10] - The report notes that the average price of lithium carbonate was around 75,740 yuan per ton as of September 30, 2024, down from over 500,000 yuan per ton at the beginning of 2023 [3][10] Sales and Production - The company’s self-owned Bikita lithium mine achieved a sales volume of 11,114 tons in Q3 2024, with total sales from self-owned mines reaching approximately 28,000 tons in the first three quarters [3][5] - The report highlights that the company is expected to further reduce production costs through the use of lithium sulfate [3][5] Profitability Trends - The company's gross margin and net margin for the first three quarters of 2024 were 35.5% and 15.2%, respectively, both showing significant declines year-on-year [3][10] - In Q3 2024, the gross margin was 22.5%, down 22.3 percentage points quarter-on-quarter, primarily due to the decline in lithium prices [3][10] Future Outlook - The report anticipates that the decline in lithium prices has been largely reflected in the company's current revenue, and a relative narrowing of price declines may support the profitability of the company's main business [3][5] - The company is expected to benefit from its integrated operations and cost advantages in the future [3][5]

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's revenue for the first three quarters of 2024 was 3.569 billion yuan, a year-on-year decrease of 28.7%, with a net profit attributable to shareholders of 546 million yuan, down 73.6% year-on-year [3]. - In Q3 2024, the company achieved revenue of 1.148 billion yuan, a year-on-year decrease of 18.3% and a quarter-on-quarter decrease of 11.4%, with a net profit of 73 million yuan, down 87.2% year-on-year and 66.4% quarter-on-quarter [3]. - The report adjusts the EPS forecast for 2024-2026 to 1.31, 1.35, and 2.49 yuan respectively, considering various factors including lithium prices and smelting plant slag pile assessments [3]. - The target price is raised to 40.5 yuan based on a 30x PE valuation for 2025, reflecting the growth potential from the company's copper and smelting slag utilization businesses [3]. Summary by Sections Financial Performance - The company's gross margin was impacted by declining lithium prices, with the SMM battery-grade lithium carbonate price falling approximately 24.5% to 80,000 yuan per ton in Q3 2024, leading to a gross margin drop of about 22 percentage points to 22.5% [3]. - Financial expenses increased to 88 million yuan due to exchange losses from currency fluctuations [3]. Growth Opportunities - The acquisition of a 98% stake in the Tsumeb smelting plant in Namibia is expected to enhance profitability through the utilization of valuable metals such as germanium, gallium, and zinc found in the slag [3]. - The company is advancing the Kitumba copper mine project in Zambia, which has a copper metal reserve of 614,000 tons and an average grade of 2.2%. Plans are in place to develop a production capacity of 50,000 tons of copper metal per year by 2025 [3]. Market Data - The current stock price is 32.86 yuan, with a target price of 40.50 yuan, indicating potential upside [4]. - The company has a total market capitalization of 23.708 billion yuan and a total share capital of 721 million shares [5]. Financial Ratios - The company’s net asset per share is 16.52 yuan, with a current price-to-book ratio of 2.0 [6]. - The net debt ratio stands at -21.75%, indicating a strong balance sheet position [6]. Future Projections - Revenue is projected to recover to 4.991 billion yuan in 2025, with a significant increase to 7.794 billion yuan by 2026 [9]. - The net profit attributable to shareholders is expected to rise to 974 million yuan in 2025 and 1.798 billion yuan in 2026 [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The lithium segment has reached a bottom, and the company is expanding into germanium and copper sectors, which will enrich profit growth points [3] - For the first three quarters of 2024, the company achieved operating revenue of 3.569 billion yuan, a year-on-year decrease of 28.69%, and a net profit attributable to the parent company of 546 million yuan, down 73.64% year-on-year [3] - The average price of lithium carbonate in Q3 2024 was approximately 80,000 yuan/ton, reflecting a year-on-year decline of 67% and a quarter-on-quarter decline of 24% [4] - The company completed the acquisition of Kitumba copper mine and Tsumeb smelter, which will provide new profit growth points [6] Financial Performance Summary - In Q3 2024, the company reported operating revenue of 1.148 billion yuan, a year-on-year decrease of 18.25% and a quarter-on-quarter decrease of 11.39% [3] - The net profit attributable to the parent company in Q3 2024 was 73 million yuan, down 87.18% year-on-year and 66.44% quarter-on-quarter [3] - The company’s financial expenses in Q3 2024 were 88 million yuan, an increase of 262.4% quarter-on-quarter, primarily due to the impact of the US dollar exchange rate [4] - The cesium and rubidium salt segment achieved operating revenue of 728 million yuan in the first three quarters of 2024, with a gross profit of 526 million yuan, and a gross margin increase of 8 percentage points year-on-year [5] Earnings Forecast - The forecast for net profit attributable to the parent company for 2024, 2025, and 2026 is 699 million yuan, 1.107 billion yuan, and 1.8 billion yuan respectively, with corresponding EPS of 0.96, 1.52, and 2.47 yuan [3] - The price-to-earnings ratio (P/E) for 2024, 2025, and 2026 is projected to be 31.2, 19.7, and 12.1 times respectively [3] - The company’s operating revenue is expected to decline to 4.925 billion yuan in 2024, followed by a recovery to 5.887 billion yuan in 2025 and 8.566 billion yuan in 2026 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The lithium sector has reached a bottom, and the company is expanding its layout in copper, which presents new profit growth points [3] - In the first three quarters of 2024, the company achieved operating revenue of 3.569 billion yuan, a year-on-year decrease of 28.69%, and a net profit attributable to the parent company of 546 million yuan, down 73.64% year-on-year [3] - The average price of lithium carbonate in Q3 2024 was approximately 80,000 yuan per ton, reflecting a year-on-year decline of 67% and a quarter-on-quarter decline of 24% [4] - The company has completed the acquisition of the Kitumba copper mine and holds a 65% stake, as well as a 98% stake in the Tsumeb smelter, which will enhance its resource value [6] Financial Performance Summary - For Q3 2024, the company reported operating revenue of 1.148 billion yuan, a year-on-year decrease of 18.25% and a quarter-on-quarter decrease of 11.39%, with a net profit of 73 million yuan, down 87.18% year-on-year and 66.44% quarter-on-quarter [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 699 million yuan, 1.107 billion yuan, and 1.8 billion yuan respectively, with corresponding EPS of 0.96 yuan, 1.52 yuan, and 2.47 yuan [3] - The gross profit margin for the refined salt segment increased by 8 percentage points year-on-year, providing stable cash flow for the company [5] - The company’s financial expenses rose significantly in Q3 2024, amounting to 88 million yuan, a quarter-on-quarter increase of 262.4% due to the impact of the US dollar exchange rate [4]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the financial performance of a company in the mining and materials industry for Q3 2024, highlighting significant declines in revenue and profit compared to the previous year [1][2][3]. Key Financial Metrics - **Q3 Revenue**: The company reported a revenue of 1.148 billion RMB, a decrease of 18.85% year-over-year [1]. - **Year-to-Date Revenue**: For the first nine months, revenue totaled 3.569 billion RMB, down from 8.869 billion RMB in the same period last year, indicating a decline of 88.69% [1]. - **Net Profit**: The net profit for Q3 was 727.6 million RMB, a drop of 7.18% compared to the previous year [1]. - **Earnings Per Share (EPS)**: The EPS for Q3 was reported at 5.16 RMB, down from 7.36 RMB year-over-year, reflecting a decline of 30.0% [1]. - **Total Assets**: As of September 30, total assets were reported at 16.24 billion RMB, an increase of 2.29% [2]. Factors Affecting Financial Performance - **Currency Fluctuations**: Significant exchange rate volatility between the US dollar and RMB resulted in a foreign exchange loss of approximately 50 million RMB [2]. - **Tax Issues**: The company faced local tax inspections leading to additional tax liabilities of over 30 million RMB [2]. - **Operational Adjustments**: Changes in sales collection policies and adjustments in the product mix were noted, particularly in response to market price fluctuations [3]. Operational Insights - **Cash Flow**: The cash flow from operating activities was negative at 168 million RMB, primarily due to tax payments and adjustments in sales policies [6]. - **Inventory Management**: The company is focusing on managing inventory levels and optimizing production costs in response to declining sales [10][11]. - **Sales Volume**: The company achieved a sales volume of 1,111,000 units in Q3, marking a historical high for the factory [7]. Market Conditions and Future Outlook - **Market Challenges**: The company is facing significant challenges due to declining metal prices and increased competition, particularly in the North American market [9][31]. - **Cost Control Measures**: The management emphasized ongoing cost reduction strategies and operational efficiencies to mitigate the impact of lower revenues [10][12]. - **Future Projects**: The company is exploring new projects and product lines, including potential expansions in Africa and adjustments in production strategies to enhance profitability [17][30]. Additional Considerations - **Regulatory Environment**: The company is actively engaging with local governments to negotiate favorable conditions to alleviate operational pressures [32]. - **Investment in Technology**: There is a focus on investing in technology and innovation to improve production efficiency and reduce costs [35]. - **Long-term Strategy**: The management expressed optimism about future growth opportunities, particularly in emerging markets and through strategic partnerships [18][19]. This summary encapsulates the critical financial data, operational insights, and strategic outlook discussed during the conference call, providing a comprehensive overview of the company's current status and future direction.

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company experienced short-term pressure on performance, with a significant decline in revenue and net profit for the first three quarters of 2024. Revenue reached 3.57 billion yuan, down 28.7% year-on-year, and net profit attributable to shareholders was 550 million yuan, down 73.6% year-on-year [2]. - The lithium price continues to decline, with efforts to reduce costs ongoing. The average market price for lithium carbonate in Q1-Q3 2024 was 95,000 yuan, a decrease of 67.8% year-on-year [2]. - The company has a strong advantage in cesium and rubidium raw materials, with revenue from this segment reaching 730 million yuan in Q1-Q3 2024, maintaining gross profit at 530 million yuan [2]. - The company is accelerating the development of copper and gallium-indium projects, which are expected to become new profit growth points. The acquisition of the Kitumba copper mine in Zambia has been completed, and project feasibility studies are underway [2]. - The investment suggestion highlights ongoing cost reduction in lithium salts, a solid advantage in cesium and rubidium, and the strategic layout in copper and gallium-indium to create new profit growth points. The projected net profits for 2024-2026 are 770 million, 1.04 billion, and 1.75 billion yuan, respectively [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported revenue of 3.57 billion yuan, a decrease of 28.7% year-on-year, and a net profit of 550 million yuan, down 73.6% year-on-year. In Q3 alone, revenue was 1.15 billion yuan, down 18.2% year-on-year [2]. - The company’s lithium sales volume for Q1-Q3 2024 was approximately 28,000 tons, with a significant increase in self-mined sales [2]. Cost Management - The company is actively working on cost reduction for lithium salts, with improvements in recovery rates at the Bikita mine and plans to establish a lithium sulfate production line in Zimbabwe [2]. Business Development - The cesium and rubidium business segment remains strong, with a gross margin increase of 8 percentage points year-on-year. The company’s Tanco mine is the largest and only operational cesium mine globally [2]. - The company is also focusing on gallium-indium projects, with significant resources identified in the Tsume project in Namibia [2]. Future Projections - The company expects to see a gradual recovery in net profits, with projections of 770 million yuan in 2024, 1.04 billion yuan in 2025, and 1.75 billion yuan in 2026, corresponding to PE ratios of 32, 24, and 14 times, respectively [2][3].

证券代码：002738 证券简称：中矿资源 中矿资源集团股份有限公司 投资者关系活动记录表 2 | 司 | 陆家嘴国际信托有限公司 | | --- | --- | | 海南谦信私募基金管理有限公司 | 民生通惠资产管理有限公司 | | 杭州博衍私募基金管理合伙企业 | 摩根士丹利国际股份有限公司 | | (有限合伙) | 摩根士丹利亚洲有限公司 | | 鸿运私募基金管理(海南)有限公 | 宁波明盛资产管理有限公司 | | 司 | 平安资产管理有限责任公司 | | 华能贵诚信托有限公司 | 乾锦豪(深圳)资产管理有限公司 | | 华润深国投信托有限公司 | 青岛青桥资产管理咨询有限公司 | | 华曦资本 | 青骊投资管理(上海)有限公司 | | 华夏未来资本管理有限公司 | 厦门财富管理顾问有限公司 | | 上海沣杨资产管理有限公司 | 山东金仕达投资管理有限公司 | | 上海贵源投资有限公司 | 上海冰河资产管理有限公司 | | 上海厚磊投资管理有限公司 | 上海递归私募基金管理有限公司 | | 上海嘉世私募基金管理有限公司 | 上海丰仓股权投资基金管理有限 | | 上海聚劲投资有限公司 | 公司 | | 上 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 1.15 billion, a decrease of 18.25% year-over-year[1] - Net profit attributable to shareholders was RMB 72.76 million, down 87.18% year-over-year[1] - Operating revenue decreased by 28.69% to 3,569,349,314.96 RMB, primarily due to a decline in lithium battery material prices[4] - Operating income for the period was 3,569,349,314.96 RMB, a decrease of 28.69% compared to the previous year's 5,005,495,445.65 RMB[12] - Net profit attributable to the parent company's owners decreased to 11,919,733,514.05 RMB from 12,177,935,356.68 RMB, a decline of 2.12%[11] - Net profit attributable to parent company shareholders was RMB 545.75 million, compared to RMB 2.07 billion in the previous period[13] - Operating profit was RMB 598.31 million, a significant decrease from RMB 2.36 billion in the previous period[13] - Total comprehensive income attributable to parent company shareholders was RMB 501.09 million, down from RMB 1.90 billion in the previous period[13] - Basic earnings per share decreased by 87.32% to RMB 0.1009[1] - Basic earnings per share were RMB 0.7564, compared to RMB 2.9966 in the previous period[13] - Diluted earnings per share were RMB 0.7564, compared to RMB 2.9255 in the previous period[13] Asset and Liability Changes - Total assets increased by 2.29% to RMB 16.25 billion compared to the end of the previous year[1] - Total assets increased to 16,248,679,108.21 RMB from 15,884,832,497.44 RMB, reflecting a growth of 2.29%[10] - Total liabilities rose to 4,022,888,696.88 RMB from 3,661,359,349.19 RMB, an increase of 9.87%[10] - Fixed assets increased by 37.76% to 3,000,304,609.21 RMB, mainly due to the completion of Chunpeng and Bikita construction projects[4] - Fixed assets increased to RMB 3,000,304,609.21 from RMB 2,177,955,358.83 at the beginning of the period[9] - Intangible assets increased to RMB 2,382,701,597.32 from RMB 1,852,634,132.41 at the beginning of the period[9] - Deferred tax assets grew to 185,869,202.35 RMB from 144,637,404.28 RMB, an increase of 28.51%[10] - Construction in progress decreased by 39.92% to 478,627,902.44 RMB, primarily due to increased construction expenditures at Tanco and the completion of Chunpeng and Bikita projects[4] - Short-term borrowings decreased by 62.99% to 338,163,898.35 RMB, mainly due to the repayment of bank loans[4] - Accounts payable increased by 82.39% to 341,910,906.49 RMB, driven by higher material and freight costs[4] - Minority interests increased significantly to 306,056,897.28 RMB from 45,537,791.57 RMB, a growth of 572.10%[11] - Total equity slightly increased to 12,225,790,411.33 RMB from 12,223,473,148.25 RMB, a marginal growth of 0.02%[11] Cash Flow and Liquidity - Cash and cash equivalents decreased by 47.96% to RMB 2.56 billion due to repayment of bank loans, dividend distribution, and share repurchase[3] - Cash and cash equivalents decreased to RMB 2,558,028,370.93 from RMB 4,915,300,196.12 at the beginning of the period[9] - Cash flow from operating activities was negative RMB 168.29 million year-to-date, a decrease of 106.39%[1] - Net cash flow from operating activities decreased by 106.39% to -168,289,144.97 RMB, impacted by lower lithium battery material prices and changes in sales collection policies[4] - Cash flow from operating activities was negative RMB 168.29 million, compared to positive RMB 2.63 billion in the previous period[14] - Total cash inflows from operating activities were RMB 4.18 billion, down from RMB 6.09 billion in the previous period[14] - Cash flow from investing activities was negative RMB 1.20 billion, an improvement from negative RMB 1.69 billion in the previous period[15] - Cash flow from financing activities was negative RMB 504.88 million, compared to positive RMB 1.87 billion in the previous period[15] - Cash and cash equivalents at the end of the period were RMB 2.36 billion, down from RMB 5.04 billion at the beginning of the period[15] Inventory and Receivables - Trade receivables increased by 33.32% to RMB 498.15 million due to expanded consolidation scope[3] - Trade receivables increased to RMB 498,148,229.03 from RMB 373,636,622.90 at the beginning of the period[9] - Inventory increased by 50.54% to RMB 2.18 billion, mainly due to higher stock and goods in transit[3] - Inventory increased to RMB 2,175,055,988.29 from RMB 1,444,864,790.98 at the beginning of the period[9] Investment and Acquisitions - Non-recurring gains amounted to RMB 102.28 million for the quarter, primarily from disposal of long-term equity investments and government subsidies[2] - Investment income surged by 2,058.48% to 33,586,152.72 RMB, driven by gains from the disposal of long-term equity investments[4] - Acquired 65% equity in Zambia's Kitumba copper mine project for a total consideration of $58.5 million, with estimated copper resources of 2.79 million tons and copper metal content of 614,000 tons at an average grade of 2.20%[8] - Acquired 98% equity in Namibia's Tsumeb smelter, which holds 294.35 million tons of polymetallic smelting slag with 746.21 tons of germanium, 409.62 tons of gallium, and 209,458.72 tons of zinc[8] - Repurchased 8,319,817 shares for a total of RMB 302,016,696.64, with the repurchased shares subsequently canceled to reduce registered capital[8] Expenses and Costs - R&D expenses decreased by 33.01% to 100,798,689.84 RMB, reflecting a reduction in the number of R&D projects[4] - R&D expenses decreased to 100,798,689.84 RMB from 150,474,751.98 RMB, a reduction of 33.01%[12] - Financial expenses increased by 71.64% to 248,675,784.45 RMB, mainly due to exchange rate losses from Zimbabwean and US dollar fluctuations[4] - Interest expenses rose to 248,675,784.45 RMB from 144,881,753.22 RMB, an increase of 71.64%[12] - Operating costs increased to 3,093,935,248.78 RMB from 2,699,394,046.11 RMB, up 14.61%[12] Shareholder and Equity Information - The top shareholder, China Nonferrous Metal Mining Group Co., Ltd., holds 13.97% of the shares, totaling 101,920,000 shares[5] - Weighted average return on equity dropped by 4.22 percentage points to 0.61%[1] Accounting and Reporting - The company's third quarter report for 2024 is unaudited[16] - The company did not apply new accounting standards adjustments for the first time in 2024[16]