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中矿资源(002738):中报点评报告:铜冶炼拖累业绩,铜矿业务稳步推进
ZHESHANG SECURITIES· 2025-08-31 08:03
Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 3.27 billion yuan for H1 2025, a year-on-year increase of 34.9%, but a net profit attributable to shareholders of only 90 million yuan, down 81.2% year-on-year [1] - The cesium and rubidium business showed strong growth, with revenues of 710 million yuan in H1 2025, up 50.4% year-on-year, and gross profit of 510 million yuan, also up 50.2% [1] - The lithium salt sales increased slightly, with a volume of 18,000 tons in H1 2025, a 6.4% year-on-year growth, but the average price of lithium carbonate fell by 32.5% [2] - The copper smelting segment faced significant pressure, leading to a loss of approximately 200 million yuan in the Namibia smelting business, but measures are being taken to reduce costs and improve profitability [3] - The copper mining and gallium-germanium smelting projects are progressing steadily and are expected to contribute profits in the future [4] - The company is expected to achieve net profits of 530 million yuan, 1.32 billion yuan, and 1.98 billion yuan for the years 2025 to 2027, respectively, with corresponding EPS of 0.73, 1.83, and 2.74 yuan per share [5] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 3.27 billion yuan, with a net profit of 90 million yuan, reflecting a significant decline in profitability [1] - The cesium and rubidium segment reported revenues of 710 million yuan, with a gross profit of 510 million yuan, indicating robust growth [1] - Lithium salt sales reached 18,000 tons, but the average price of lithium carbonate decreased significantly, impacting margins [2] Business Development - The copper smelting operations are under pressure due to global supply constraints, leading to losses, but the company is implementing cost-cutting measures [3] - The Kitumba copper mine in Zambia and the Tsumeb project in Namibia are progressing as planned, with expected production in 2026 [4] Profit Forecast and Valuation - The company is projected to have net profits of 530 million yuan in 2025, increasing to 1.98 billion yuan by 2027, with a corresponding decrease in P/E ratio over the same period [5]
铜锡及铝产业链早评:国内铜冶炼厂9月检修产能或环增,国内电解铜社会库存量环比增加-20250829
Hong Yuan Qi Huo· 2025-08-29 09:13
Report Industry Investment Rating - Not provided Core View - Fed's September rate - cut expectation is rising, there's an expectation of a shift from the traditional domestic consumption off - season to the peak season, and the global total inventory of electrolytic copper shows an initial decline, which may lead to a relatively strong performance of Shanghai copper prices. It is recommended that investors lightly go long on the main contract on dips, and pay attention to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. Summary by Relevant Data Shanghai Copper Futures Data (2025 - 08 - 28) - Closing price: 78,930, down 260 from the previous day [2] - Trading volume: 73,403 lots, an increase of 15,585 lots from the previous day [2] - Open interest: 168,997 lots, a decrease of 6,000 lots from the previous day [2] - Inventory: 21,232 tons, down 55 tons from the previous day [2] - SMM 1 electrolytic copper average price: 79,616, down 355 from the previous day [2] - Shanghai copper basis: 260, down 95 from the previous day [2] Other Price and Spread Data - LME 3 - month copper futures closing price: 9,818, up 62.5 from the previous day [2] - Total registered and cancelled warehouse receipt inventory: 0, a decrease of 157,950 from the previous day [2] - LME copper futures 0 - 3 - month contract spread: - 82.79, up 7.14 from the previous day [2] - LME copper futures 3 - 15 - month contract spread: - 167.53, up 2.04 from the previous day [2] - Shanghai - London copper price ratio: 8.0393, down 0.08 from the previous day [2] - COMEX 9 copper futures active contract closing price: 4.5445, down 0.0025 from the previous day [2] - Total inventory weight: 275,226 tons, an increase of 3,121 tons from the previous day [2] Industry News - Hudbay Minerals restarted the operation of its Snow Lake mine in Manitoba on August 22 [2] - European high - quality copper exports are restricted, and Sino - US tariff negotiation uncertainty affects scrap copper imports. Domestic electrolytic copper and scrap copper price difference is negative, and the scrap copper import window is closed. Some copper smelters are shut down or have production cuts, while some new projects are under construction or planned to be put into production [2] - The weekly processing fee of crude copper in northern (southern) China remains flat (decreases), and the operating rate of domestic scrap - produced anode plate capacity decreases compared with last week. Domestic smelters' crude copper maintenance capacity in August may decrease month - on - month, and the production (import) volume of domestic crude copper in August may increase [2] - Some domestic electrolytic copper production projects are planned to be put into production in the future, and some overseas copper smelters have maintenance or production - cut situations. African agricultural exports delay ship bookings, which may lead to a decrease in domestic electrolytic copper imports in August. The import window opening may increase imports, and the social inventory of domestic electrolytic copper increases [2]
402家公司获机构调研(附名单)
Summary of Key Points Core Viewpoint - In the past five trading days, a total of 402 companies were investigated by institutions, with Tianfu Communication, Proya, and Zhongkuang Resources being the most frequently researched companies by multiple institutions [1]. Group 1: Institutional Research Activity - 390 companies, accounting for 97.01% of the listed companies, were investigated by securities firms, while 341 companies were researched by fund companies, and 270 companies by private equity institutions [1]. - Among the companies, 244 received attention from more than 20 institutions, with Tianfu Communication being the most popular, attracting 306 institutions [1]. - Other notable companies include Proya with 233 institutions and Zhongkuang Resources with 200 institutions participating in the research [1]. Group 2: Fund Flow and Performance - In the past five days, 67 stocks that attracted more than 20 institutions saw net capital inflows, with Chip Origin receiving the highest net inflow of 776 million yuan [1]. - Other companies with significant net inflows include Shenzhen South Circuit and Zhongji Xuchuang, with net inflows of 670 million yuan and 534 million yuan, respectively [1]. - Among the stocks investigated, 125 experienced price increases, with Cambridge Technology, Tianfu Communication, and Haon Automotive showing the highest gains of 51.72%, 50.35%, and 47.01% respectively [2]. Group 3: Financial Performance - Among the 244 companies that have released their semi-annual reports, Fuji Lai and Sanyou Medical reported the highest year-on-year net profit growth of 12430.96% and 2083.64% respectively [2].
中矿资源涨2.24%,成交额2.78亿元,主力资金净流出4.47万元
Xin Lang Cai Jing· 2025-08-28 06:22
Core Viewpoint - Zhongkuang Resources has shown a significant increase in stock price and trading activity, indicating positive market sentiment despite some fluctuations in net profit [2][3]. Group 1: Stock Performance - Zhongkuang Resources' stock price increased by 16.29% year-to-date, with a 0.07% rise in the last five trading days, a 12.56% increase over the last 20 days, and a 35.22% increase over the last 60 days [2]. - As of August 28, the stock was trading at 40.70 CNY per share, with a market capitalization of 29.365 billion CNY [1]. Group 2: Financial Performance - For the first half of 2025, Zhongkuang Resources reported revenue of 3.267 billion CNY, a year-on-year increase of 34.89%, while net profit attributable to shareholders was 89.129 million CNY, reflecting a significant decrease of 81.16% [2]. - The company has distributed a total of 1.728 billion CNY in dividends since its A-share listing, with 1.592 billion CNY distributed over the past three years [3]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased to 65,900, with an average of 10,786 circulating shares per person, a decrease of 3.67% from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 16.4078 million shares, an increase of 786,100 shares from the previous period [3].
287家公司获机构调研(附名单)
Group 1 - In the past five trading days, a total of 287 companies were investigated by institutions, with Tianfu Communication, Desai Xiwai, and Zhongkuang Resources being the most frequently researched [1][2] - Among the companies investigated, 177 had more than 20 institutions participating, with Tianfu Communication receiving attention from 306 institutions, ranking first [1] - The types of institutions involved in the research included 277 securities companies, 247 fund companies, and 190 private equity firms [1] Group 2 - In terms of market performance, 121 of the investigated stocks rose, with Tianrongxin, Shengyi Electronics, and Jinli Permanent Magnet showing the highest increases of 38.21%, 31.14%, and 29.68% respectively [2] - Conversely, 54 stocks experienced declines, with Furuishi, Xingyun Co., and Yuanhang Precision showing the largest drops of 16.06%, 13.10%, and 10.29% respectively [2] - Among the stocks investigated, 176 have released semi-annual reports, with Fuji Lai and Suotong Development reporting the highest year-on-year net profit growth of 12430.96% and 1568.52% respectively [2] Group 3 - The most frequently investigated stock was Ice Wheel Environment, which received 7 institutional research visits [1] - Other companies with multiple investigations included Hualing Steel and Youfa Group, each receiving 3 visits [1] - The net inflow of funds in the past five days for stocks with more than 20 institutions researching was positive for 55 stocks, with Zhaoyi Innovation seeing a net inflow of 912 million yuan, the highest among them [1]
天风证券晨会集萃-20250827
Tianfeng Securities· 2025-08-26 23:46
制作:产品中心 《策略|"十五五"前瞻初探——"十五五"研究系列》 1、"十五五"规划展望。自 1953 年开始制定第一个"五年计划"以来, 我国已发布十四个"五年规划"。完善统一大市场:推进统一大市场建设 重点在于打破地方保护和市场分割,促进资源的高效配置流动,激发各类 市场主体活力与创造力。2、促进民生消费:"十五五"规划可能在以下几 方面进一步对消费进行支持:1.财政支出从投资进一步转向民生;2.大力 支持消费结构升级。3、深化国有企业改革:整体来看,预计"十五五" 中,国有企业改革整体思路或依旧延续精细化区分、"一企一策"的思路, 同时要积极探索尝试有利于创新的国有企业经营机制和公司治理模式。4、 健全资本市场稳定机制:"十五五"期间资本市场改革思路或转向"构建 内在稳定、韧性强的现代化资本市场生态系统"。整体来看,"十五五"期 间的资本市场稳定机制建设将是一个系统性的工程,完成从"政策驱动" 到"制度驱动"、从"单一维度"到"生态系统"的转型,推动资本市场 高质量发展,助力加快建设金融强国。 证券研究报告 | 2025 年 08 月 27 日 $$\overline{{{\prod_{\mathrm ...
中矿资源(002738):二季度锂价和Tsumeb冶炼厂拖累业绩,中长期向好态势不改
Tianfeng Securities· 2025-08-26 11:44
Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company's performance in the second quarter was significantly impacted by declining lithium prices and ongoing losses at the Tsumeb smelter, but the long-term outlook remains positive [1][4] - The lithium and cesium rubidium segments together account for 62% of the company's revenue, indicating their importance to the overall business [3] - The company is expected to recover in the medium to long term, with anticipated improvements in lithium prices and operational efficiencies at the Tsumeb smelter [4][5] Summary by Sections Performance Overview - In the first half of 2025, the company achieved revenue of 3.267 billion yuan, a year-on-year increase of 34.89%, with Q2 revenue of 1.730 billion yuan, up 33.6% year-on-year and 12.62% quarter-on-quarter [1] - The net profit attributable to shareholders for the first half of 2025 was 89 million yuan, down 81.16% year-on-year, primarily due to the decline in lithium prices and a loss of 205 million yuan from the Tsumeb smelter [1] Production and Sales - The company's lithium salt production capacity is set to increase to 71,000 tons, with lithium concentrate capacity at 4.18 million tons [2] - In the first half of 2025, the company sold 17,869 tons of lithium salt, a 6.37% increase year-on-year, and directly sold 34,834 tons of lithium spodumene concentrate [2] Profitability Analysis - The gross margin for the company in the first half of 2025 was 17.96%, a decrease of 23.66 percentage points year-on-year, mainly due to falling lithium prices and losses from the Tsumeb smelter [4] - The gross margin for the lithium segment was 10.89%, down 24.66 percentage points year-on-year, with lithium carbonate prices dropping to a low of 59,100 yuan [4] Future Outlook - The company maintains a multi-metal platform development strategy, with expectations for net profits of 375 million yuan, 779 million yuan, and 1.027 billion yuan for 2025, 2026, and 2027 respectively [5] - The report suggests a long-term perspective on the company, with a maintained "Accumulate" rating due to potential recovery in the lithium segment and overall market conditions [5]
碳酸锂日评:波动再放大,持仓注意保护-20250826
Hong Yuan Qi Huo· 2025-08-26 06:18
Report Title - Carbonate Lithium Daily Review 20250826: Fluctuations Amplified Again, Protect Positions [2] Industry Investment Rating - Not provided Core View - The price of lithium carbonate is expected to fluctuate widely. Short - term supply and demand are both strong, the fundamentals change little in the short term, and it is necessary to guard against the recurrence of "contrarian" sentiment. It is recommended to operate in the short - term range, buy on dips if there is an oversell, and appropriately buy options for protection [3] Summary by Relevant Catalogs Market Data - **Futures Prices**: On August 25, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures increased compared to the previous trading day, with increases of 400 yuan/ton, 400 yuan/ton, 420 yuan/ton, and 420 yuan/ton respectively [3] - **Trading Volume**: The trading volume of lithium carbonate futures on August 25, 2025, was 626,916 lots, a decrease of 305,759 lots compared to the previous trading day [3] - **Open Interest**: The open interest of active contracts on August 25, 2025, was 368,667 lots, an increase of 6,413 lots compared to the previous trading day [3] - **Inventory**: The inventory on August 25, 2025, was 25,630 tons, an increase of 640 tons compared to the previous trading day [3] - **Price Spreads**: The spread between near - month and consecutive - one contracts was 0 yuan/ton; the spread between consecutive - one and consecutive - two contracts decreased by 20 yuan/ton to 540 yuan/ton; the spread between consecutive - two and consecutive - three contracts was 0 yuan/ton [3] - **Spot Prices**: The average price of 99.5% battery - grade domestic lithium carbonate decreased by 1,400 yuan/ton to 82,500 yuan/ton; the average price of 99.2% industrial - grade domestic lithium carbonate decreased by 1,400 yuan/ton to 80,200 yuan/ton [3] Company News - **Zhongkuang Resources**: In the first half of 2025, the company's self - supplied raw materials achieved a lithium salt output of 17,900 tons, a year - on - year increase of about 6.37%. It also directly sold 34,800 tons of self - produced spodumene powder ore and adjusted the raw material supply structure to reduce lithium salt production costs [3] - **Global Lithium Resources**: The Manna lithium mine project in Australia has obtained a 21 - year mining lease. The final feasibility study (DFS) is expected to be optimized by the end of 2025 [3] - **Pilbara Minerals**: In the fiscal year 2025, the company's spodumene concentrate output reached 754,600 tons, a 4% increase compared to the fiscal year 2024 [3] Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate decreased, but the production of mica - based lithium carbonate decreased, and the production of spodumene - based lithium carbonate increased. In August, the planned production of lithium carbonate decreased, and the scheduled production increased [3] - **Demand**: Last week, the production of lithium iron phosphate decreased, and the production of ternary materials increased. In July, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month. The 3C product shipments were average. In August, the scheduled production of energy - storage batteries increased [3] Inventory Situation - The registered warehouse receipts were 25,630 tons, an increase of 640 tons. Social inventory decreased, with smelters and others reducing inventory and downstream increasing inventory [3] Investment Strategy - It is recommended to operate in the short - term range. If there is an oversell, buy on dips and appropriately buy options for protection [3]
中矿资源涨2.02%,成交额5.51亿元,主力资金净流入3497.92万元
Xin Lang Zheng Quan· 2025-08-26 03:31
责任编辑:小浪快报 中矿资源所属申万行业为:有色金属-小金属-其他小金属。所属概念板块包括:小金属、稀缺资源、稀 土永磁、锂电池、中盘等。 截至6月30日,中矿资源股东户数6.59万,较上期增加3.78%;人均流通股10786股,较上期减少3.67%。 2025年1月-6月,中矿资源实现营业收入32.67亿元,同比增长34.89%;归母净利润8912.89万元,同比减 少81.16%。 分红方面,中矿资源A股上市后累计派现17.28亿元。近三年,累计派现15.92亿元。 机构持仓方面,截止2025年6月30日,中矿资源十大流通股东中,香港中央结算有限公司位居第三大流 通股东,持股1640.78万股,相比上期增加78.61万股。东方新能源汽车主题混合(400015)位居第六大 流通股东,持股1110.35万股,持股数量较上期不变。南方中证500ETF(510500)位居第七大流通股 东,持股1074.06万股,相比上期增加144.03万股。 8月26日,中矿资源盘中上涨2.02%,截至11:24,报41.46元/股,成交5.51亿元,换手率1.90%,总市值 299.13亿元。 资金流向方面,主力资金净流入34 ...
241家公司获机构调研(附名单)
近5日机构合计调研241家公司,水晶光电、德赛西威、中矿资源等被多家机构扎堆调研。 证券时报·数据宝统计,近5个交易日(8月19日至8月25日)两市约241家公司被机构调研,调研机构类 型显示,证券公司共对235家公司进行调研,即97.51%的上市公司调研活动有证券公司参与;基金公司 调研209家,位列其后;阳光私募机构调研163家,排名第三。 机构调研榜单中,共有159家公司获20家以上机构扎堆调研。水晶光电最受关注,参与调研的机构达到 231家;德赛西威被230家机构调研,榜单中排名第二;中矿资源、百利天恒等分别被200家、188家机构 调研。 机构调研次数来看,冰轮环境机构调研最为密集,共获机构7次调研。友发集团、美盈森等机构调研也 较为密集,分别被机构调研4次、3次。 数据宝统计,20家以上机构扎堆调研股中,近5日资金净流入的有56只,兆易创新近5日净流入资金 11.11亿元,主力资金净流入最多;净流入资金较多的还有京北方、金力永磁等,净流入资金分别为9.42 亿元、5.81亿元。 市场表现上,机构扎堆调研股中,近5日上涨的有115只,涨幅居前的有汇嘉时代、芯原股份、生益电子 等,涨幅为45.18%、 ...