一、主要会计数据和财务指标 三、分红送配方案情况 不分配不转增 | 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） | -0.3200 | -0.4700 | 31.91 | -0.1500 | | 每股净资产（元） | 2.53 | 2.98 | -15.1 | 3.44 | | 每股公积金(元) | 0.86 | 0.8 | 7.5 | 0.83 | | 每股未分配利润(元) | 0.35 | 0.68 | -48.53 | 1.14 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 17.49 | 17.99 | -2.78 | 16.74 | | 净利润(亿元) | -0.9 | -1.29 | 30.23 | -0.41 | | 净资产收益率(%) | -11.49 | -14.56 | 21.09 | -4.17 | 前十大流通股东累计持有： 7692.47万股，累计占流通股比： 34.98%，较上期变化： 340. ...

国投期页 | | 操作评级 | 2025年04月28日 | | --- | --- | --- | | 铜 | ★☆☆ | 肖静 首席分析师 | | | | F3047773 Z0014087 | | 铝 | ☆☆☆ | 刘冬博 高级分析师 | | 氧化铝 | ☆☆☆ | F3062795 Z0015311 | | 学 | ★☆★ | | | 蜡 | ☆☆☆ | 吴江 高级分析师 | | 镍及不锈钢 ★☆☆ | | F3085524 Z0016394 | | | | 张秀容 中级分析师 | | 锡 | ★☆☆ | F03099436 Z0021022 | | 碳酸锂 | ★☆☆ | 孙芳芳 中级分析师 | | 工业硅 | ななな | F03111330 Z0018905 | | 多晶硅 | ななな | | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【铜】 周一铜价减仓震荡,价格基本收平在年线上方,临近长假,风控为先。今日现铜下调到77565元/吨,上海铜升 水180元/吨,节前备货情绪较好,SMM社库再减2.66万吨至15.51万吨,跌 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The market anticipates that after the May Day holiday, iron water production will peak, potentially squeezing iron ore profits, leading to downward price feedback [8][13]. - The steel sector has experienced three years of adjustment, positioning it as a high-value investment opportunity. The profitability and stability of leading enterprises have significantly improved, and the supply structure of iron ore may undergo substantial changes, allowing profits to flow back to the domestic steel industry [8][13]. Summary by Sections Steel Industry - The consumption of rebar has decreased, with a reported national consumption of 2.6 million tons, reflecting a week-on-week decline of 5.07%. The average price of rebar has slightly increased to 3,323 CNY/ton, while cold-rolled prices have decreased to 3,812 CNY/ton, down 1.54% week-on-week [14][37]. - The total steel inventory has decreased significantly, with a total inventory of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of long and short process rebar has increased, with long process rebar profit rising by 25 CNY/ton and short process rebar profit increasing by 350 CNY/ton [34]. Industrial Metals - The copper treatment charge (TC) and refining charge (RC) have deepened into negative territory, indicating challenges in the copper market. The LME aluminum price has risen to 2,412 USD/ton, a week-on-week increase of 3.63% [16]. - The production costs for electrolytic aluminum have decreased significantly, with costs in Xinjiang dropping by 16.22% and profits increasing by 3,455 CNY/ton [16]. Precious Metals - Tariffs may drive up demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. The COMEX gold price is reported at 3,330.2 USD/ounce, with a slight week-on-week decline of 0.33% [16][49]. New Energy Metals - Lithium carbonate production in China has significantly increased, with a reported production of 56,110 tons in February 2025, a year-on-year increase of 57.44% [15][40]. - The price of battery-grade lithium carbonate is currently 69,600 CNY/ton, reflecting a slight week-on-week decrease of 1.21% [49].

锡周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锡：基本面平稳，价格震荡 强弱分析：中性 价格区间：254000-273000元/吨 2025年4月印尼出口累计4210吨 0 5000 10000 15000 20000 25000 01-03 01-14 01-26 02-10 02-24 03-07 03-18 03-29 04-11 04-22 05-06 05-20 05-31 06-12 06-25 07-08 07-19 07-30 08-11 08-21 09-02 09-13 09-24 10-13 10-23 11-04 11-15 11-26 12-08 12-18 12-30 吨 SMM社会库存 2020 2021 2022 2023 2024 2025 最新社会库存小幅去库 -200 0 200 400 600 800 1000 1200 202 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.27 RMB [7][8]. Core Views - The company achieved a revenue of 8.983 billion RMB in 2024, a year-on-year increase of 17.39%, but the net profit attributable to the parent company was only 160 million RMB, down 47.91% year-on-year, primarily due to unexpected declines in magnesium prices [1][2]. - The global magnesium production is expected to grow by 12% in 2024, leading to a significant oversupply and a projected 16% decrease in magnesium ingot prices to 19,759 RMB per ton [2][4]. - The company is positioned as a leader in the magnesium industry, with a robust production capacity of 100,000 tons of raw magnesium and 200,000 tons of magnesium alloy, alongside ongoing expansions [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.636 billion RMB, a year-on-year increase of 26.20%, but a net profit of only 5.8688 million RMB, reflecting a 94.07% decline year-on-year [1][2]. - The company's main business revenue is expected to grow by 19.27% in 2024, while the gross margin is projected to decline by 1.75 percentage points [2]. Industry Positioning - The company is leveraging opportunities in automotive lightweighting, securing contracts with major automotive manufacturers for large magnesium alloy components [3]. - Collaborations with technology partners have led to the development of innovative magnesium alloy products, including a lightweight electric drive assembly and a new magnesium alloy robot [3]. Future Projections - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.42 RMB, 0.67 RMB, and 0.94 RMB respectively, with significant downward adjustments of 55% and 54% for 2025 and 2026 EPS estimates [4][6]. - The target price is based on a price-to-earnings (PE) ratio of 34 times for 2025, reflecting the company's strong market position and growth potential despite current challenges [4][6].

Core Viewpoint - The copper market is experiencing volatility due to escalating global trade disputes, with recent price fluctuations reflecting a return to previous levels after a significant drop [2][11] Group 1: Trade and Economic Impact - The U.S. has been facing significant economic challenges, including a large debt scale and trade deficits, leading to increased tariffs as a means to address domestic issues [2] - Recent tariff measures have heightened concerns about potential disruptions in global trade chains, which could negatively impact economic growth and increase inflation [3] - The U.S. administration's shift towards a more conciliatory trade stance has improved market sentiment, resulting in a rebound in risk assets that were previously affected [2][3] Group 2: Supply and Demand Dynamics - Despite a slight increase in global copper production, the expansion of smelting capacity has outpaced it, leading to a tightening supply situation [4] - Recent incidents in Peru, particularly at the Antamina mine, could further strain copper supply if production is disrupted for an extended period [4] - Domestic copper smelting facilities are facing challenges due to low processing fees, which have dropped significantly, impacting their production viability [7] Group 3: Market Sentiment and Price Trends - Domestic refined copper inventories have been rapidly decreasing, influenced by high prices and a subsequent drop in purchasing enthusiasm from downstream sectors [8] - The traditional peak season for copper demand is nearing its end, and concerns about future demand are growing due to the potential impact of tariffs on exports, particularly in the machinery and electronics sectors [10] - Overall, while there is strong support for copper prices in the short term, the long-term outlook remains uncertain due to macroeconomic pressures and potential demand weakening [11]

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2025年4月22日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 259700 | 257100 | 2600 | 1.01% | | | SMM 1#锡升贴水 | 1000 | 1150 | -150 | -13.04% | 元/吨 | | 长江 1#锡 | 260200 | 257600 | 2600 | 1.01% | | | LME 0-3升贴水 | -249.00 | -264.00 | 15.00 | 5.68% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -7068.36 | -8160.60 | 1092.24 | 13.38% | 元/吨 | | 沪伦比值 | 8.27 | 8. ...

国际铜夜盘收涨0.13%，沪铜收涨0.41%，沪铝收涨0.20%，沪锌收涨0.27%，沪铅收涨0.09%，沪镍收跌 0.18%，沪锡收跌0.40%。 氧化铝夜盘收涨0.35%。 不锈钢夜盘收平。 ...

| | 20250421申万期货有色金属基差日报 | | | --- | --- | --- | | | 铜： 短期可能宽幅波动 | | | | 锌： 可能宽幅区间波动 | | | 摘要 | 铝： 可能短期震荡偏弱 | | | | 镍： 可能宽幅震荡 | | | 品种 | 观点 | 策略方向 | | 铜 | 铜：周末夜盘铜价收低。目前精矿加工费总体低位以及低铜价 ，考验冶炼产 量。根据国家统计局数据来看，国内下游需求总体稳定向好，电网带动电力 投资高增长，家电产量延续增长，需关注出口变化，新能源渗透率提升有望 巩固汽车铜需求，地产数据降幅缩窄。铜价短期可能宽幅波动，关注美国关 | 短期可能宽 幅波动 | | | 税谈判进展，以及美元、人民币汇率、库存和基差等变化。 | | | | 锌：周末夜盘锌价收涨。近期精矿加工费持续回升。由国家统计局数据来 看，国内汽车产销正增长，基建稳定增长，家电表现良好，地产数据降幅缩 | 可能宽幅区 | | 锌 | 窄。市场预期今年精矿供应明显改善，冶炼供应可能恢复，前期锌价的回落 已部分消化产量增长预期。短期锌价可能宽幅波动，关注美国关税谈判进 | 间波动 | | | 展，以及美 ...