中色股份分析师会议-20250926

Group 1: Report Summary - The report is about a research on Zhongse Co., Ltd. in the non - ferrous metals industry on September 26, 2025 [16] Group 2: Research Participants - Participating institutions include CITIC Securities, Huaxia Fund, CITIC Asset Management, Huaxia Future Capital, and Cigna & CMC Life Insurance [2] - Each type of institution (securities company, fund management company, asset management company, other, and life insurance company) accounts for 20% of the total [19] Group 3: Company Overview - Zhongse Co., Ltd. was established in 1983 and listed on the Shenzhen Stock Exchange in 1997. It has evolved into an international non - ferrous metals comprehensive enterprise with international engineering contracting and non - ferrous metal resource development as its main businesses [23] - In the first half of 2025, the company achieved an operating income of 5.292 billion yuan, a year - on - year increase of 6.9%, and a net profit attributable to the parent company's owners of 441 million yuan, a 40% increase from the same period last year [23] Group 4: Company Projects - Zhongse Baikuang has obtained a mining license with an annual production scale of 1.65 million tons, up from the previous 990,000 tons, which is conducive to capacity improvement [23] - In 2024, the company signed a general agreement for a 300,000 - ton/year copper smelter project in Kazakhstan with a contract value of 141,364,250 US dollars, but the contract has not yet taken effect [25] - In 2025, the company signed a general contract for the Vietnam Dac Nong electrolytic aluminum project with a contract value of approximately 57,243,490 US dollars, and the project has entered the implementation stage [25] Group 5: Company Strategy - The company adheres to the "resources + engineering" dual - wheel drive strategy [26] - The engineering sector will leverage its brand, industry, and talent advantages to expand overseas markets and participate in the Belt and Road Initiative [26] - The resource sector will focus on increasing reserves and production, and expand the development of associated lead - zinc minerals and other rare and precious strategic metals [26] - The company aims to build resource development bases in Northwest China (Qinghai, Inner Mongolia), Central Asia (Kazakhstan), and Southeast Asia (Indonesia) [23]