新股前瞻|二次递表的金浔资源：收入高增，但现金储备少

Core Viewpoint - Jin Xun Resources, a private copper mining company in Congo and Zambia, has achieved a remarkable revenue compound annual growth rate (CAGR) of 67% over the past three years and is quietly executing a capacity doubling plan [1] Company Overview - Jin Xun Resources submitted a secondary listing application to the Hong Kong Stock Exchange on December 1, with Huatai International as the sole sponsor [1] - The company focuses on developing and supplying high-quality copper resources and is projected to rank fifth among Chinese cathode copper producers in 2024, being the only Chinese company in the top five in both Congo and Zambia [1] - The company has a strong integrated supply chain covering mining, smelting, deep processing, and trading, with a global market presence [1] Financial Performance - The company is expected to achieve a revenue CAGR of 66.7% and a net profit CAGR of 55.5% from 2022 to 2024, with revenue and net profit growth of 61.7% and 45% respectively in the first half of 2025 [1] - As of June 2025, the company had cash and cash equivalents of 127 million yuan, while short-term bank loans amounted to 176 million yuan [1] Market Position - Jin Xun Resources has a low market share in the copper industry, with a 0.9% market share in Congo and a 0.8% market share in Zambia for cathode copper in 2024 [5] - The company primarily exports its products to China, Singapore, and Switzerland, with significant revenue contributions from these markets [5] Production Capacity and Plans - The company plans to double its production capacity, with cathode copper production expected to reach approximately 12,500 tons in the first half of 2025 [6] - The price of cathode copper has increased from 55,800 yuan/ton to 63,900 yuan/ton since 2022, contributing to revenue growth [6] - The company operates four production facilities in Congo and Zambia, with a total annual capacity of approximately 30,200 tons of cathode copper [8] Profitability - In the first half of 2025, the company's gross margin was 23.1%, a decrease of 1.3 percentage points year-on-year, while the net profit margin was 14%, down 1.6 percentage points year-on-year [8] - The company has a strong customer base, with the top five customers contributing 67.8% of revenue in the first half of 2025 [8] Industry Context - The global cathode copper production is expected to grow at a CAGR of 2.1%, with a total production of 21.14 million tons in 2024 [2] - The cobalt industry is experiencing significant growth, with a projected CAGR of 19.5%, driven by the electric vehicle and energy storage sectors [2]