源证券 有色金属/小全属 司研究 中矿资源（002738.SZ） 2024 年 10月 31 日 锂板块触底，新增布局错、铜丰富盈利增长点 公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------------|---------------------------| | | | | 李怡然（分析师） | 温佳贝（分析师） | | liyiran@kysec.cn | wenjiabei@kysec.cn | | 证书编号：S0790523050002 | 证书编号： S0790524040009 | ● 锂板块触底,新增布局铺、铜丰富盈利增长点 2024 年前三季度公司实现营业收入 35.69 亿元,同比-28.69%,归母净利润 5.46 亿元,同比-73.64%,其中 2024Q3 实现营业收入 11.48 亿元,同比-18.25%,环 比-11.39%，归母净利润 0.73 亿元,同比-87.18%，环比-66.44%。考虑到锂盐价 格下跌,我们下调2024~2026年盈利预测,预计 2024~2026年归母净利润分别为 6.99、11.07、18 ...

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]

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：2024-062 号 中矿资源集团股份有限公司 1、中矿资源集团股份有限公司（以下简称"公司"或"本公司"）本次注销 的回购股份数量为 8,319,817 股，占公司本次回购股份注销前总股本的 1.1400%， 本次注销完成后，公司总股本由 729,811,694 股变更为 721,491,877 股。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次回购股 份注销事宜已于 2024 年 10 月 21 日办理完成。 根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关法律法规规定，现就公司本次回购股份注销完成暨股份变 动的具体情况公告如下： 一、回购股份的审批程序及实施情况 1、2023 年 9 月 1 日，公司召开第六届董事会第三次会议，审议通过了《关于 以集中竞价方式回购公司股份方案的议案》，具体内容详见公司于 2023 年 9 月 5 日 、 2023 年 9 月 7 日 在 《 中 国 证 券 报 》《 证 券 时 报 》 及 巨 潮 资 讯 网 （http://w ...

北京市嘉源律师事务所 关于中矿资源集团股份有限公司 2024 年第一次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 嘉 派官师事务所 JIA YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI AN 致:中矿资源集团股份有限公司 北京市嘉源律师事务所 关于中矿资源集团股份有限公司 2024 年第一次临时股东大会的 法律意见书 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 嘉源·法律意见书 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实信用原则, 进行了充分的核查验证,保证本法律意见所认定的事实真实、准确、完整,所发 表的结论性意见合法、准确,不存在虚假记载、误导性陈述或者重大遗漏,并承 担相应法律责任。 嘉源(2024)-04-745 北京市嘉源律师事务所(以下简称"本所")接受中矿资源集团股份有限公 司(以下简称"公司")的委托 ...

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：2024-061 号 关于变更回购股份用途并注销暨通知债权人的公告 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、公司变更回购股份用途并注销的情况 中矿资源集团股份有限公司（以下简称"公司"或"本公司"）分别于 2024 年 8 月 30 日、2024 年 10 月 11 日召开第六届董事会第十一次会议和 2024 年第一 次临时股东大会，审议通过了《关于变更回购股份用途并注销的议案》，为提高公 司长期投资价值，提升每股收益水平，进一步增强投资者信心，结合公司实际情况， 同意将回购股份用途由原方案"用于公司员工持股计划或股权激励"变更为"用 于注销并减少公司注册资本"，即对回购专用证券账户中合计已回购的 8,319,817 股进行注销。 本次注销手续完成后，公司注册资本将由目前工商登记的 729,811,694 元减少 为 721,491,877 元，股份总数由 729,811,694 股减少为 721,491,877 股。具体内容详 见公司于 2024 年 8 月 31 日 ...

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：2024-060号 中矿资源集团股份有限公司 2024 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、公司于 2024 年 8 月 31 日以公告形式刊登了《中矿资源集团股份有限公 司关于召开 2024 年第一次临时股东大会的通知》。2024 年 9 月 24 日，公司收到 控股股东中色矿业集团有限公司发来的《关于提请增加中矿资源集团股份有限公 司 2024 年第一次临时股东大会临时提案的函》，将《关于全资子公司申请银团贷 款及为其提供担保的议案》和《关于开展远期结售汇业务的议案》提交公司 2024 年第一次临时股东大会审议。公司于 2024 年 9 月 25 日以公告形式刊登了《中矿 资源集团股份有限公司关于 2024 年第一次临时股东大会增加临时提案的公告》。 2、本次股东大会无否决提案的情形。 3、本次股东大会未涉及变更前次股东大会决议的情形。 一、会议召开的基本情况 1、召开时间： （1）现场会议召开时间：2024 年 10 ...

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：2024-059号 中矿资源集团股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 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。 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 8 月 30 日召开第六届董事会第十一次会议，审议通过了《关于变更回购股份用 途并注销的议案》，同意变更经公司 2023 年 9 月 1 日召开的第六届董事会第三 次会议审议通过的《关于以集中竞价方式回购公司股份方案的议案》的回购股份 用途，由原方案"用于公司员工持股计划或股权激励"变更为"用于注销并减少 公司注册资本"。除前述内容修改外，原方案中其他内容均不作变更。本次调整 尚需提交公司 2024 年第一次临时股东大会审议。具体内容详见公司于 2023 年 9 月 5 日、2024 年 8 月 31 日刊登在《中国证券报》《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）上的《关于以集中竞价方式回购公司股份方案的公 告》( ...