中金岭南：量稳价增，Q2业绩环比增长

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a revenue of 30.641 billion yuan for 1H24, a year-on-year decrease of 17.69%, while the net profit attributable to shareholders was 542 million yuan, a slight increase of 0.3% year-on-year [2]. - The production of lead and zinc metal reached 139,500 tons in 1H24, up 4.03% year-on-year, and the production of copper, lead, and zinc products was 424,000 tons, also up 4.10% year-on-year, indicating stable production levels [2]. - The average price of zinc ingots in Q2 2024 was 23,600 yuan per ton, an increase of 11.12% quarter-on-quarter, while the average price of lead ingots was 18,000 yuan per ton, up 10.88% quarter-on-quarter, contributing to improved performance [2]. - Domestic mining production remained stable, with lead and zinc production from domestic mines at 81,700 tons, down 1% year-on-year, while overseas production increased by 13% to 57,800 tons [2]. - The report forecasts revenues of 70.6 billion, 74.7 billion, and 74.7 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.1 billion, 1.11 billion, and 1.052 billion yuan for the same years [2]. Summary by Sections Financial Performance - 1H24 revenue was 30.641 billion yuan, down 17.69% year-on-year; net profit was 542 million yuan, up 0.3% year-on-year; and adjusted net profit was 518 million yuan, up 2.94% year-on-year [2]. - Q2 2024 net profit was 303 million yuan, a quarter-on-quarter increase of 26.43% and a year-on-year increase of 37.41% [2]. Production and Pricing - Lead and zinc metal production in 1H24 was 139,500 tons, up 4.03% year-on-year; copper, lead, and zinc products production was 424,000 tons, up 4.10% year-on-year [2]. - Q2 2024 average zinc ingot price was 23,600 yuan per ton, up 11.12% quarter-on-quarter; average lead ingot price was 18,000 yuan per ton, up 10.88% quarter-on-quarter [2]. Mining Operations - Domestic lead and zinc mining production was 81,700 tons, down 1% year-on-year; overseas production was 57,800 tons, up 13% year-on-year [2]. - The increase in overseas production was attributed to improved output and cost reductions at the Brocken Mountain site [2]. Future Projections - Expected revenues for 2024, 2025, and 2026 are 70.6 billion, 74.7 billion, and 74.7 billion yuan respectively; net profits are projected at 1.1 billion, 1.11 billion, and 1.052 billion yuan [2].