2025年4月28日晚间，西藏珠峰（600338）(600338.SH)披露了2024年年度报告及2025年第一季度报告。 2024年，公司实现营业收入16.39亿元，同比增加11.64%；归属于上市公司股东的净利润2.30亿元，同 比扭亏为盈。2025年一季度，公司实现营业收入5.73亿元，同比增长86.67%；归属于上市公司股东的净 利润1.26亿元，同比扭亏为盈。 报告期内，公司在新一届管理层的带领下，全面梳理发展战略，聚焦做强主业和降本增效。同时，大力 推进塔吉克斯坦基建探矿工程和阿根廷盐湖提锂等项目建设，夯实发展根基。2025年，公司表示将继续 秉持和深化"一体两域"的发展战略布局，以"盘活存量、做优增量、提升质量"，推动有色金属开发业务 提质增产、降本增效，加速实现锂资源的规模开发，扎实推动公司实现高质量发展。 聚焦做强主业多措并举降本增效 2024年以来，中国有色金属工业增长强劲，行业整体呈现出生产增长、投资加速、进出口活跃的良好发 展态势。公司紧抓市场机遇，聚焦自身主业发展实现经营质效的稳步提升。 受益于有色金属市场景气度提升，公司采选矿业务实现营业收入16.36亿元，同比增长11.59%；毛 ...

华锡有色（600301）公告，2025年第一季度营收为12.45亿元，同比增长20.16%；净利润为1.53亿元， 同比增长12.07%。 ...

事件：公司发布2024年年报与2025年一季报。公司2024年实现营业收入 53.64亿元，同比-10.80%；实现 归属于上市公司股东净利润7.57亿元，同比 65.72%；实现扣非后归属于上市公司股东净利润6.03亿元， 同比-71.71%。公司2025年一季度实现营业收入15.36亿元，同比+36.37%；实现归属于上市公司股东净 利润1.35亿元，同比-47.38%；实现扣非后归属于上市公司股东净利润0.43亿元，同比-81.28%。公司拟 向全体股东每10股派发现金红利 5元（含税）。 锂价大幅下跌拖累公司业绩：随着Bikita锂矿200万吨/年（锂辉石）建设工程项目、Bikita锂矿200方吨/ 年（透锂长台）改扩律工程项目与江西申包锂业投资修建的年产3.5万吨高纯锂盐项目的投产达产，公 司2024年锂盐产量同比大幅增长137.75%至4.37万吨。2024年公司锂盐销量达到4.26万吨同比增长 145.01%；其中公司自有矿共实现锂盐销量3.95万吨，同比增长 164%。公司自有锂矿自给率的提升，有 效降低了锂盐的生产成本。但2024年国内电池级碳酸锂均价同比下跌65.70%至9.02万元/吨， ...

Investment Rating - Industry Rating: Recommended [4] Core Viewpoints - The report indicates a decrease in copper production and sales in Q1 2025, primarily due to a large maintenance project in Indonesia, while the average realized price for copper has increased [1][2] - The report highlights a significant drop in gold production and sales, attributed to shipping schedule issues related to copper concentrate export permits [2][3] - The financial performance shows a decrease in sales revenue and net income year-on-year, but a quarter-on-quarter increase in net income attributable to common stockholders [6] Summary by Sections Production and Sales - Q1 2025 copper production was 868 million pounds (39.37 thousand tons), a year-on-year decrease of 20% and a quarter-on-quarter decrease of 16.62% [1] - Q1 2025 copper sales were 872 million pounds (39.55 thousand tons), down 21.3% year-on-year and 12.1% quarter-on-quarter [1] - Q1 2025 gold production was 287 thousand ounces (8.93 tons), a year-on-year decrease of 47.72% and a quarter-on-quarter decrease of 33.56% [2][3] - Q1 2025 molybdenum production was 23 million pounds (10.43 thousand tons), a year-on-year increase of 27.78% and a quarter-on-quarter increase of 4.55% [3] Financial Performance - Q1 2025 sales revenue was $5.728 billion, a year-on-year decrease of 9.38% [6] - Q1 2025 net income attributable to common stock was $352 million, a year-on-year decrease of 25.58% but a quarter-on-quarter increase of 28.47% [6][24] - Q1 2025 operating cash flow totaled $1.058 billion, with capital expenditures of $1.172 billion [6][24] Cost Structure - Q1 2025 unit net cash cost for copper was $2.07 per pound, a year-on-year increase of 37.09% [2] - Q1 2025 average realized price for copper was $4.44 per pound, a year-on-year increase of 12.69% [1][21] - Q1 2025 average realized price for gold was $3,072 per ounce, a year-on-year increase of 43.22% [3][21] Future Outlook - The company expects an increase in copper and gold sales in the remaining quarters of 2025, with projected annual sales of approximately 4 billion pounds of copper and 1.6 million ounces of gold [12] - The report outlines various expansion projects in the U.S., South America, and Indonesia aimed at increasing production capacity and efficiency [15][16][17][18]

Core Viewpoint - The company reported its Q1 2025 financial results, showing a slight decline in revenue but a significant increase in net profit, indicating strong operational performance despite market challenges [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 46.006 billion yuan, a year-on-year decrease of 0.25% and a quarter-on-quarter decrease of 21.05% [1]. - The net profit attributable to shareholders was 3.946 billion yuan, reflecting a year-on-year increase of 90.47% but a quarter-on-quarter decrease of 24.97% [1]. - The non-recurring net profit was 3.928 billion yuan, with a year-on-year increase of 87.82% and a quarter-on-quarter decrease of 13.99% [1]. Production Performance - The company continued to increase production across its main products, achieving overproduction in copper, cobalt, tungsten, and niobium [2]. - Q1 2025 production figures included copper at 170,600 tons (+15.65% YoY), cobalt at 30,400 tons (+20.68% YoY), tungsten at 2,000 tons (+3.75% YoY), niobium at 2,600 tons (+4.39% YoY), and phosphate fertilizer at 279,500 tons (+0.24% YoY) [2]. - The production completion rates for copper, cobalt, molybdenum, tungsten, niobium, and phosphate fertilizer were 27%, 28%, 25%, 28%, 26%, and 24%, respectively [2]. Strategic Expansion - The company announced the acquisition of Lumina Gold Company for 581 million Canadian dollars, aiming to fill the gap in its gold segment and enhance its resilience to cyclical fluctuations [3]. - The Cangrejos gold mine in Ecuador, the core asset of this acquisition, has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [3]. - The mine is characterized by low stripping ratios and competitive mining costs due to its favorable infrastructure [3]. Earnings Forecast - The company projects earnings per share (EPS) of 0.68, 0.77, and 0.84 yuan for 2025, 2026, and 2027, respectively, with price-to-earnings (PE) ratios of 11, 9, and 9 times [3].

证券研究报告|行业研究报告 [Table_Title] 南方铜业 2025Q1 矿产铜同比持平/环比增长 0.6% 至 24.02 万吨，单位运营现金成本同比下降 28.0%/ 环比下降 19.8%至 0.77 美元/磅 [Table_Title2] 有色金属-海外季报 [Table_Date] 2025 年 4 月 28 日 [Table_Summary] 季报重点内容: ► 生产经营情况 1.铜 2025Q1 矿产铜产量为 24.02 万吨，同比持平。本季度， Buenavista 的 SX-EW 阴极铜产量（+23.7%）有所恢复， Toquepala 的铜精矿产量也有所增长（+1.9%）。由于矿石品位 和回收率降低，La Caridad 的铜产量下降（-6.2%），部分抵消 了上述积极成果。环比增长 0.6%，产量增长主要归因于 Toquepala 矿山产量的增加（+11.6%），而其他露天矿山产量 的下降部分抵消了这一增长。这些结果是由矿石品位和回收率 的变化驱动的。 2025Q1 铜销量为 24.36 万吨，同比增长 3.6%，环比增长 6.3%。 扣除副产品收入抵扣后，2025Q1 铜单位运营现 ...

Financial Performance - The company reported a basic earnings per share of 0.3200 yuan for 2024, a significant increase of 255.56% compared to 0.0900 yuan in 2023 [1] - The total revenue for 2024 reached 16.14 billion yuan, reflecting an 85.3% growth from 8.71 billion yuan in 2023 [1] - Net profit for 2024 was 2.53 billion yuan, up 241.89% from 0.74 billion yuan in the previous year [1] - The return on equity (ROE) improved to 8.25% in 2024, compared to 2.56% in 2023, marking a 222.27% increase [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 25,202 million shares, accounting for 30.74% of the circulating shares, with a decrease of 799.34 million shares from the previous period [1] - Major shareholders include Tibet Daoheng Investment Co., Ltd. with 12,656.37 million shares (15.44%) and Qinghai Western Rare Precious Metals Co., Ltd. with 8,029.86 million shares (9.79%), both remaining unchanged [2] Dividend Distribution - The company announced a dividend distribution plan of 0.4 yuan per share (including tax) [3]

证券研究报告：有色金属 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 12.53 | | --- | --- | | 总股本/流通股本（亿股）17.76 | / 17.75 | | 总市值/流通市值（亿元）222 | / 222 | | 52 周内最高/最低价 | 15.53 / 9.75 | | 资产负债率(%) | 34.4% | | 市盈率 | 15.01 | | 第一大股东 | 国民信托有限公司-国 | | 民信托·恒盈 | 5 号事务 | | | 管理类集合资金信托计 | | 划 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 兴业银锡(000426) 银锡产量延续增长，资源优势进一步加强 l 投资要点 事件：公司发布 2024 年年报和 2025 年一季报，2024 年公司实 现营业收入 42.70 亿元，同比增长 15.23%；实现归母净利润/扣非归 母净利润 15.30/15.39 亿元 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 4 月 28 日 [Table_Title] 泰克资源 2025Q1 铜产量环比减少 13.11%至 10.06 万吨，2025 年铜产量指引为 49-56.5 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1.铜 2025Q1 铜产量为 10.6 万吨，同比增长 7.07%，环比减少 13.11%。 2025Q1 铜销量为 10.6 万吨，同比增长 11.58%，环比减少 15.20%。 2025Q1 铜实现价格为 4.27 美元/磅，同比增长 10.62%，环比 增长 2.40%。 不包括 QB 铜矿，2025Q1 总现金单位成本为 2.15 美元/磅，而 2024Q1 为 2.25 美元/磅，2024Q4 为 2.18 美元/磅，这主要归因 于冶炼厂加工费降低以及 Carmen de Andacollo 铜矿和 Highland Valley 铜矿的铜产量增加。 包括 QB 铜矿，2025Q1 总现金单位成本为每磅 2.48 美元，而 去年同期为每磅 2.58 ...

星标 ★ IPO日报 精彩文章第一时间推送 近日，西藏智汇矿业股份有限公司（下称"智汇矿业"）向港交所递交招股书，拟在香港主板上市，联席保荐人为 国金证券 和迈时资本。 IPO日报注意到，智汇矿业营收、净利润2024年分别下降44.87%、31.17%，毛利率波动明显。 智汇矿业是一家矿业公司，专注在中国西藏的锌、铅及铜的探矿、采矿、精矿生产及销售业务。 根据上海有色网的资料，2022年至2024年，以锌精矿平均年产量、铅精矿平均年产量、铜精矿平均年产量计，智汇矿业在西藏分别排名第二、第三、第 五。 智汇矿业的采矿作业位于西藏那曲市嘉黎县绒多乡。智汇矿业的蒙亚啊矿主要包括一个自2007年起已投入商业营运阶段的露天矿场和一个开发中的地下采 矿项目。地下矿场预期于2025年下半年进入商业运营阶段。当地下采矿项目建设完成后，公司的蒙亚啊矿场每年可合计供应40万吨矿石供选矿厂进行精矿 生产。 智汇矿业的采矿作业位于国家指定的金达整装勘查区内，在海拔5000米至5300米之间，区内已被发现拥有丰富的矿产资源。智汇矿业分别持有面积约58.5 平方公里的探矿权及面积约4.5平方公里的采矿权。 目前，智汇矿业控股股东西藏智峰 ...