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 ...

Core Viewpoint - Luoyang Molybdenum's recent quarterly report indicates strong financial performance driven by rising copper and cobalt prices, with net profit increasing by 90.47% year-on-year to 3.946 billion yuan, and total revenue surpassing 200 billion yuan for the first time [1][2]. Financial Performance - The company reported stable revenue in the first quarter, with net profit reaching 39.46 billion yuan, a 90.47% increase compared to the same period last year [1]. - As of the end of the first quarter, Luoyang Molybdenum had cash reserves of 32.05 billion yuan, with total current assets reaching 92.3 billion yuan [2][13]. - The company's operating cash flow for 2024 is projected to be approximately 32.4 billion yuan, reflecting a year-on-year growth of 108.4% [12]. Production Capacity and Market Dynamics - Luoyang Molybdenum's copper production capacity is now among the top ten globally, and it remains the largest cobalt producer worldwide [1]. - The company achieved a copper production of 170,500 tons in the first quarter, slightly below the previous quarter but exceeding annual guidance [4]. - Cobalt production increased by 20.68% during the same period, despite a temporary suspension of cobalt exports from the Democratic Republic of Congo [4][5]. Strategic Acquisitions and Management Changes - The company announced a 30 billion yuan acquisition of Canadian Lumina Gold, aiming to enhance its asset portfolio amid rising gold prices [8]. - Recent management changes, including the resignation of the chairman and vice-chairman, suggest a strategic shift towards external acquisitions and international expansion [2][14]. - New executives with extensive experience in mining investment and operations have been appointed, aligning with the company's growth strategy [16][17]. Future Outlook - The company aims to achieve a copper production target of 800,000 to 1 million tons by 2028, although this may lead to a lack of immediate performance growth in the next three years [1][3]. - The management's "three-step" strategy focuses on cost reduction, capacity expansion, and achieving world-class operational standards, indicating a clear roadmap for future growth [19].

Core Insights - The overall performance of the non-ferrous metal industry in 2024 is positive, with over 70% of companies reporting revenue growth and nearly 90% achieving profitability [1] - The demand for non-ferrous metals is increasing, driven by rising gold prices and a significant upward shift in the prices of traditional industrial metals like copper, aluminum, and zinc [1][2] - Companies are actively expanding their resource reserves and production capacity through acquisitions and exploration [2] Industry Performance - As of April 27, 2024, 124 non-ferrous metal companies have released their annual reports, showing a comprehensive index of industry prosperity on the rise [1] - The average annual prices for copper and lead have reached their highest levels in five years [1] Company Highlights - China Aluminum Corporation reported a revenue of 237.066 billion yuan, a year-on-year increase of 5.21%, and a net profit of 12.4 billion yuan, up 85.38% [1] - Zijin Mining Group achieved a revenue of 303.64 billion yuan, a 3.49% increase, and a net profit of 32.051 billion yuan, up 51.76% [2] - Jinhui Mining reported a revenue of 1.539 billion yuan, a 19.97% increase, and a net profit of 477 million yuan, up 39.06% [1] Strategic Moves - Companies are accelerating resource acquisition and capacity expansion, with Jinhui Mining successfully bidding for mining rights and establishing new subsidiaries [2] - Tongling Nonferrous Metals Group completed a 70% acquisition of China Railway Construction Copper Crown Investment Co., enhancing its resource reserves and production capabilities [2] Future Outlook - Experts predict that non-ferrous metal prices will remain high into 2025, sustaining a high level of industry prosperity [3]

Summary of Luoyang Molybdenum's Q1 2025 Earnings Call Company Overview - **Company**: Luoyang Molybdenum Co., Ltd. (洛阳钼业) - **Date of Earnings Call**: Q1 2025 Key Financial Highlights - **Revenue**: Q1 2025 revenue was 460.1 billion CNY, approximately flat year-on-year, with the mining segment revenue increasing by 44% to 197.5 billion CNY, driven by higher gross margins for copper and molybdenum products [2][6] - **Gross Margins**: Copper product gross margin reached 55%, while molybdenum product gross margin was 61% [2][6] - **Cost Management**: Selling and administrative expenses decreased by 30% year-on-year, and interest expenses fell by 27% due to optimized debt structure [2][6] - **EBITDA**: Increased by 47% to 8.6 billion CNY [2][6] - **Net Profit**: Net profit attributable to shareholders surged by 90% to 3.95 billion CNY, with a return on equity of 5.49% [2][6] - **Debt Levels**: Asset-liability ratio decreased to a historical low of 50%, with cash reserves at 32.1 billion CNY [2][7] Production and Sales Performance - **Copper Production**: Total copper production reached 170,000 tons, a 15.6% increase year-on-year, with sales of 124,000 tons, impacted by delays in sales contracts [3][11] - **Molybdenum Production**: Molybdenum production was stable at 3,341 tons, achieving 25% of the production guidance [3][6] - **Nickel and Phosphate Production**: Nickel production in Brazil was 2,616 tons, up 4.4% year-on-year, while phosphate production was slightly up by 0.2% [3] Strategic Developments - **Acquisition of Ecuador Gold Mine**: A new gold mine project in Ecuador was acquired, expected to start development by late 2026 or early 2027, with production anticipated by 2029 [4][17] - **Management Changes**: Recent management adjustments aim to enhance leadership and execution capabilities, with a focus on flexible acquisition strategies [4][10][12] - **ESG Initiatives**: The company maintains a strong ESG commitment, achieving 100% coverage across all operations and maintaining an MSCI ESG rating of two A's [8][9] Market and Regulatory Environment - **Congo Policy Impact**: The company is monitoring the impact of export policies in the Democratic Republic of Congo on cobalt sales, with no immediate effects noted in Q1 [2][15] - **Geopolitical Risks**: Luoyang Molybdenum is aware of geopolitical risks in its operating regions and is taking measures to mitigate these risks [21][23] Future Outlook - **Production Capacity Expansion**: Plans to achieve copper and cobalt production capacity of 800,000 to 1,000,000 tons by 2028 in the Democratic Republic of Congo [2][14] - **Market Strategy**: The company will continue to adapt its strategies to market changes, ensuring stable sales performance [11][12] - **Focus on Gold Projects**: The company is optimistic about gold projects, with a strategic focus on expanding its portfolio in this area [27][28] Additional Insights - **Cash Flow**: Free cash flow for Q1 was 890 million CNY, with significant reductions in capital expenditures by 74% [7][12] - **Inventory Management**: The company is managing copper inventory effectively, with a current stock of over 140,000 tons [13] - **Long-term Growth Strategy**: Luoyang Molybdenum aims to leverage its strong balance sheet and cash reserves to pursue growth opportunities in both existing and new markets [12][24]

Core Viewpoint - The research team led by Wang Jian from the China Nonferrous Metals Industry Association conducted a special investigation at Jinhui Co., focusing on the progress of the largest core museum and achievements in green mining construction [2][5]. Group 1: Green Mining and Core Museum - Jinhui Co. has demonstrated the practical path of "lucid waters and lush mountains are invaluable assets" in green mining construction, providing significant reference value for the industry [5]. - The core museum, covering over 10,000 square meters, is the largest professional facility for core storage, designed to store 2 million meters of core samples, and plays a crucial role in collecting, preserving, processing, digitizing, and sharing geological data [7]. - The core samples stored in the museum serve as a "geological gene bank," providing direct evidence for mineral formation research and analysis of mineralization laws, thus holding immense scientific value [10]. Group 2: Employee Welfare and Corporate Culture - Jinhui Co. emphasizes employee welfare by providing a scenic work-life environment, free meals, accommodation, medical services, and various benefits, enhancing employees' sense of belonging and happiness [11]. - The company has established a unique "Jinhui Family Culture," focusing on creating a better life and sharing development achievements with employees [11]. Group 3: Industry Transformation and Collaboration - Wang Jian noted that Jinhui Co.'s practices provide a vivid model for the industry's transformation and upgrading, with plans to establish a regular communication mechanism for standard setting, technology promotion, and policy recommendations [13]. - The association aims to promote the nonferrous metals industry towards high-end, intelligent, and green development during the "14th Five-Year Plan" period, encouraging Jinhui Co. to continue enhancing its green mining construction system [13].

新任命4位管理层人员 洛阳钼业公告显示，因个人原因，袁宏林向公司董事会申请辞去董事长、非执行董事及董事会相关专门 委员会委员职务，该辞呈于公司股东大会增补相关董事的决议作出之时生效；辞呈生效之前，袁宏林将 继续履行前述相关职务。因个人原因，李朝春向公司董事会申请辞去副董事长、执行董事、战略及可持 续发展委员会委员及首席投资官职务，辞呈生效日期为送达董事会当日。 4月25日，洛阳钼业召开相关会议，同意增补阙朝阳、刘建锋为公司第七届董事会执行董事候选人。另 外，公司同意聘任阙朝阳为常务副总裁兼首席运营官、刘建锋为首席投资官、Kenny Ives为副总裁兼首 席商务官、谭啸为副总裁。 公告显示，阙朝阳1970年9月出生，曾任紫金矿业集团海内外多个大型项目、区域公司、事业部总经 理，集团公司副总裁兼总工程师。阙朝阳具有丰富的矿业投资并购、勘查、项目建设及运营经验。 刘建锋1977年1月出生，历任中国海油集团商务总监、复星国际洛克石油执行董事兼首席财务官、洲际 油气执行总裁兼首席财务官、新奥能源执行董事兼总裁及湖州燃气股份有限公司副董事长兼非执行董 事，主导多宗大型跨国并购与资源整合项目。 每经记者 王佳飞 每经编辑 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601168 证券简称：西部矿业 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ ■ (二)持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经 ...

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0437 | -0.0487 | 10.27 | -0.2815 | | 每股净资产（元） | 2.75 | 2.76 | -0.36 | 2.73 | | 每股公积金(元) | 1.49 | 1.49 | 0 | 1.47 | | 每股未分配利润(元) | 0.13 | 0.15 | -13.33 | 0.20 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 51.33 | 53.73 | -4.47 | 83.52 | | 净利润(亿元) | -0.97 | -1.08 | 10.19 | -6.23 | | 净资产收益率(%) | -1.59 | -1.79 | 11.17 | -10.52 | | 名称 持有数量(万股) 占总股本比例(%) | | | 增减情 ...

鹏欣资源（600490）公告，2025年第一季度实现营业收入15.3亿元，同比增长156.54%；归属于上市公 司股东的净利润1.08亿元，同比增长283.52%；基本每股收益0.0487元。 ...