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A股有色金属行业2024年半年报业绩回顾：盈利能力增强，行业业绩反转
2024-09-09 08:30

Industry Investment Rating - The report maintains a "Recommended" rating for the A-share non-ferrous metals industry [3] Core Views - The non-ferrous metals industry experienced a performance reversal in 2024Q2, with a significant increase in profitability driven by rising metal prices [2] - The industry's ROE rebounded in 2024Q2, primarily due to improved sales profit margins [2] - The report suggests focusing on gold, aluminum, and energy metal sectors for potential investment opportunities [2] Industry Performance Overview - In 2024H1, the A-share non-ferrous metals industry saw a 1.38% YoY increase in revenue, but a 1.62% YoY decline in net profit [6] - In 2024Q2, revenue grew by 6.58% YoY, while net profit surged by 27.95% YoY [6] - Over 60% of companies in the industry reported YoY profit growth in 2024H1, with 22.22% of companies achieving over 100% growth [8] Profitability and ROE - The industry's ROE increased by 1.09 percentage points to 2.74% in 2024Q2, marking the highest level since 2022Q3 [2] - Sales profit margin rose from 3.18% in 2024Q1 to 4.54% in 2024Q2, contributing 0.82 percentage points to the ROE increase [2] - The industry's gross margin improved to 12.81% in 2024Q2, up 2.48 percentage points from the previous quarter [25] Metal Price Trends - Gold prices surged in 2024Q2, with the average domestic gold price reaching 552.42 yuan/gram, up 23.42% YoY and 12.87% QoQ [15] - Copper prices rose to 79,750.34 yuan/ton in 2024Q2, up 18.05% YoY and 14.85% QoQ [15] - Aluminum prices increased to 20,536.78 yuan/ton in 2024Q2, up 10.90% YoY and 7.82% QoQ [15] Investment Recommendations - The report recommends focusing on gold-related companies such as Zijin Mining (601899) and Shandong Gold (600547) due to the strong performance of gold prices [2] - Aluminum companies with high self-sufficiency in alumina, such as Chalco (601600) and Tianshan Aluminum (002532), are also recommended [2] - Energy metal companies like Huayou Cobalt (603799) and Sinomine Resource (002738) are suggested for potential recovery in demand [2] Valuation and Market Performance - The A-share non-ferrous metals industry's valuation remains at historically low levels, with a P/E ratio of 13.86x and a P/B ratio of 1.81x [42] - The industry's stock performance has declined by 9.76% year-to-date, ranking 10th among the 31 primary industries [42]