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：2024-047 号 中矿资源集团股份有限公司 关于变更回购股份用途并注销的公告 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》，同意将回购股份用途由"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"。本议案尚需提交公司股东大会审议。现将相 关情况公告如下： 一、回购公司股份实施情况 公司于 2023 年 9 月 1 日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》，同意公司使用自有资金以集中竞价方式 回购公司部分已发行的人民币普通股（A 股）股票，用于回购股份的资金总额不低 于人民币 30,000 万元（含），不超过人民币 50,000 万元（含），回购价格不超过人 民币 60 元/股（含），回购股份用于员工持股计划或股权激励, 实施期限为自公司 董事会 ...

中矿资源集团股份有限公司 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 日召开了第六届董事会第十一次会议，审议通过了《关于注销回购股份减 少公司注册资本并修订<公司章程>的议案》，公司拟注销存放于公司回购专用证 券账户的 8,319,817 股股份。本次注销完成后，公司注册资本及股份总数将相应 减少，并需相应修订公司章程中的相关条款。该议案尚需提交公司股东大会审议。 现将有关事项公告如下： 一、公司注册资本减少的原因 公司于 2023 年 9 月 1 日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》，同意公司使用自有资金以集中竞价 方式回购公司部分已发行的人民币普通股（A 股）股票，用于回购股份的资金总 额不低于人民币 30,000 万元（含），不超过人民币 50,000 万元（含），回购价格 不超过人民币 60 元/股（含），回购股份用于员工持股计划或股权激励。 截至 2024 年 8 月 30 日，公司通过回购专用证券账户以集中竞 ...

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：2024-049 号 中矿资源集团股份有限公司 关于回购公司股份实施结果暨股份变动的公告 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 2023 年 9 月 1 日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》，同意公司使用自有资金以集中竞价方式回购公司部分已发行的 人民币普通股（A 股）股票，用于回购股份的资金总额不低于人民币 30,000 万元 （含），不超过人民币 50,000 万元（含），回购价格不超过人民币 60 元/股（含）， 回购期限自董事会审议通过回购方案之日起不超过 12 个月，具体回购股份的数量 以回购完成时实际回购的股份数量为准。因公司实施 2023 年年度权益分派，自 2024 年 5 月 30 日起本次回购股份的价格上限由 60 元/股调整为 59.01 元/股。具体内容 详见公司于 2023 年 9 月 5 日、2023 年 9 月 7 日、2024 年 ...

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 编号：2024-06 | 投资者 | █特定对象调研 □分析师会议 | | --- | --- | | 关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | █现场参观 □其他 | | | Pilbara Mineral (Martin Heley/John Holmes) | | | Eramet (Antoine Prudhomme/Jean Toulorge/Gabriel Schaub) | | 参与单 | UBS (Levi Spry) | | 位名称 | IGO (John Monaghan) | | 及人员 | SQM (许丹妮/龚虹博) | | 姓名 | 厦门象屿新能源有限责任公司 （刘新忠） | | | 佑明国际有限公司 （吴燕） | | | 上海有色网 （余磊/温贺/俞文莉） | | 时间 | 2024 年 8 月 27 日 | | 地点 | 津巴布韦 Bikita 矿山 | | 上市公 | | | 司接待 | 公司证券事务部及 Bikita 公司相关负责人 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.40 CNY per share [3]. Core Insights - The company has successfully transformed from a geological exploration veteran to a multi-metal mining platform, showcasing strong resource integration and management capabilities [2][14]. - The company has significantly enhanced its lithium and cesium-rubidium salt businesses through strategic acquisitions and resource integration, achieving complete self-sufficiency in lithium mining [2][40]. - The company is rapidly expanding into copper mining, planning acquisitions to diversify its resource portfolio and enhance its cyclical resilience [2][14]. Summary by Sections Lithium Business - The company has achieved complete self-sufficiency in lithium mining, with the successful production of two 200,000-ton projects at the Bikita mine in 2023, resulting in a total integrated lithium salt capacity of 66,000 tons [2][40]. - The integration of exploration capabilities has led to a significant increase in resource reserves, with a 239.5% increase in resource volume following the acquisition of Bikita [2][40]. - Cost reduction efforts are ongoing, with plans to replace diesel power with municipal and solar energy at the Bikita mine, which is expected to further optimize lithium salt production costs [2][40]. Small Metals - The company holds two of the only three scalable cesium mines globally, providing it with strong pricing power in the market. The gross profit from cesium-rubidium business has grown from 150 million CNY in 2019 to 720 million CNY in 2023, with a CAGR of 49.2% [2][40]. - The demand for cesium-rubidium products is expected to rise due to the exit of competitors and increasing domestic high-tech industry needs [2][40]. Copper Business - The company is planning to acquire the Tsumeb copper smelter and Kitumba copper mine in 2024, marking a strategic expansion into copper mining [2][14]. - The Kitumba mine is expected to contribute 50,000 tons of copper production capacity in its first phase, with profit contributions anticipated by 2026 [2][14]. Financial Forecast - The company is projected to achieve net profits of 880 million CNY, 1 billion CNY, and 1.72 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 23, 20, and 12 times based on the closing price on August 22 [3][2].

中矿资源（ [Table_StockNameRptType] 002738） 公司点评 锂矿自给率提升，完成 Kitumba 铜矿收购 | --- | --- | |------------------------------|-------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData]收盘价（元） | 28.00 | | 近 12 个月最高/ | 42.90/25.21 | | 总股本（百万股） | 730 | | 流通股本（百万股） | 720 | | 流通股比例（%） | 98.59 | | 总市值（亿元） | 204 | | 流通市值（亿元） | 201 | [公司价格与沪深 Table_Chart] 300 走势比较 -44% -30% -16% -1% 13% 8/23 11/23 2/24 5/24 中矿资源 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq. ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company experienced a slight decline in net profit in Q2 2024 compared to Q1 2024, with a significant year-on-year decrease in both revenue and net profit for H1 2024. However, the company has shown resilience in its lithium salt profit margins despite a weak market backdrop [2][3]. - The company is actively reducing costs at its Bikita lithium mine and has initiated a new growth point through the acquisition and development of the Kitumba copper mine, which is expected to contribute to long-term profitability [3][6]. Financial Performance Summary - For H1 2024, the company reported revenue of 2.422 billion yuan, a year-on-year decrease of 32.8%, and a net profit attributable to shareholders of 473 million yuan, down 68.5%. The adjusted net profit was 445 million yuan, reflecting a 70.2% decline [2]. - In Q2 2024, the company achieved revenue of 1.296 billion yuan, a year-on-year decrease of 15.3% but a quarter-on-quarter increase of 15.0%. The net profit attributable to shareholders was 217 million yuan, down 46.7% year-on-year and 15.4% quarter-on-quarter [2]. - The gross margin for H1 2024 was 41.6%, with a net profit margin of 18.4%. In Q2 2024, the gross margin improved to 44.7%, while the net profit margin was 17.1% [2]. Business Segment Performance - The lithium salt business generated revenue of 1.59 billion yuan in H1 2024, a year-on-year decline of 41.0%. However, the sales volume from self-owned lithium mines increased significantly by 127.3% to 16,798.7 tons. The gross margin for the lithium salt business was 35.6%, down 30.2 percentage points year-on-year [2][3]. - The cesium and rubidium business reported revenue of 470 million yuan, a year-on-year decrease of 11.8%, but the gross margin improved to 72.4%, up 6.1 percentage points year-on-year [2][3]. Strategic Developments - The company has implemented cost-reduction measures at the Bikita mine, including the integration of solar power, which has significantly lowered electricity costs. The Kitumba copper mine acquisition, with a resource estimate of 27.9 million tons of copper ore, is expected to provide a new profit growth point for the company [3][6].

2024 年 08 月 16 日 证券研究报告|公司研究|公司点评 中矿资源（002738） 2024H1 点评：降本增效对冲锂周期，铜矿收购开启新曲线 业绩概要：公司 2024 年上半年实现营业收入 24.2 亿元（同比-32.8%），实 现归母净利润 4.73 亿元 (同比-68.5%)，扣非后归母净利润为 4.45 亿元 (同 比-70.2%），对应基本 EPS 为 0.66 元。其中，公司 Q2 实现营收 12.95 亿元 （同比-15.3%，环比+15.0%），归母净利润 2.17 亿元（同比-46.7%，环比- 15.4%），单季度基本 EPS 为 0.30 元； 锂盐量增价碱致营收承压: 公司的主要业务包括锂电新能源原料开发与利用 业务、稀有轻金属（饱、蚀）资源的开发与利用、固体矿产勘查和矿权开发 等，2024H1 上述三块业务分别实现营收 15.9/ 4.71/ 1.11 亿元，分别同比- 41.0%/-11.7%/+1.4%。上半年公司营收同比下降主要受到裡价承压下行拖 累，锂价方面，由于受到锂盐供给投放增加较多及下游锂电行业需求增速相 对偏慢的影响，碳酸锂现货价格自 2023 年年初超过 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that lithium prices have declined, putting pressure on the company's performance in the first half of 2024, with revenue of 2.422 billion yuan, a decrease of 33% year-on-year, and a net profit of 473 million yuan, down 69% year-on-year [6][9] - The Bikita project in Zimbabwe has successfully increased lithium self-sufficiency, with lithium salt sales from self-owned mines reaching 16,799 tons in the first half of 2024, surpassing the total sales for the previous year [6] - The company is actively reducing production costs through adjustments in raw material structure and the construction of photovoltaic power stations [6] - The completion of the Kitumba copper mine acquisition opens new growth opportunities for the company [6] - The company maintains a strong competitive advantage in the cesium and rubidium salt sector, with a gross margin of 72% in the first half of 2024, reflecting its market leadership [6] Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 2.422 billion yuan, a decrease of 33% year-on-year, and a net profit of 473 million yuan, down 69% year-on-year [6][9] - The second quarter revenue was 1.295 billion yuan, with a quarter-on-quarter increase of 15%, while net profit was 217 million yuan, a quarter-on-quarter decrease of 15% [6] Project Developments - The Bikita project has increased its lithium resource reserves from 850,000 tons LCE to 2.88 million tons LCE since acquisition [6] - The project is expected to reach full production capacity by November 2023, enhancing the company's lithium self-sufficiency [6] Cost Management - The company is implementing various cost-reduction measures, including adjusting raw material structures and enhancing power supply capabilities to lower production costs [6] Growth Opportunities - The acquisition of the Kitumba copper mine, where the company holds a 65% stake, is expected to contribute to future growth [6] Profitability Forecast - The company forecasts EPS of 1.40, 1.97, and 2.62 yuan for 2024, 2025, and 2026 respectively, with a target valuation range of 29.55 to 33.49 yuan based on a PE ratio of 15-17 times for 2025 [6][9]

Investment Rating - The investment rating for Zhongmin Resources is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with revenue of 2.4 billion yuan, a decrease of 33% year-on-year, and a net profit attributable to shareholders of 470 million yuan, down 69% year-on-year. Q2 revenue was 1.3 billion yuan, down 15% year-on-year but up 15% quarter-on-quarter, with a net profit of 220 million yuan, down 47% year-on-year and down 15% quarter-on-quarter [3] - In Q2 2024, lithium salt sales increased by 10% quarter-on-quarter, and production costs significantly decreased. The company produced 17,000 tons of lithium salt in H1 2024, with sales of 16,800 tons, exceeding last year's total sales. The average selling price of lithium salt in Q2 was nearly 100,000 yuan per ton, with production costs dropping from 60,000 yuan in Q1 to 53,000 yuan in Q2 [3] - The impact of exchange rate fluctuations significantly decreased in Q2 2024, with the all-in cost for Bikita dropping to 68,000 yuan per ton. The company expects further cost reductions as lithium spodumene production increases [3] - The cesium and rubidium business contributed stable profits, while the copper business is expected to become a future growth point. The cesium and rubidium business achieved a gross profit of 340 million yuan in H1 2024, down 4% year-on-year, with Q2 gross profit contributing 220 million yuan, up over 80% quarter-on-quarter [4] - Due to the unexpected decline in lithium prices, the company's profit forecasts for 2024-2026 have been revised downwards, with expected net profits of 1.11 billion, 1.27 billion, and 1.61 billion yuan respectively [4] Financial Summary - For 2024, the company is expected to generate total revenue of 5.758 billion yuan, a decrease of 4.25% year-on-year, and a net profit of 1.106 billion yuan, down 49.93% year-on-year. The EPS is projected to be 1.51 yuan per share, with a P/E ratio of 17.92 [2][4] - The company's total assets are projected to reach 16.817 billion yuan in 2024, with total liabilities of 3.32 billion yuan, resulting in a debt-to-asset ratio of 19.74% [9][10]